0000004457-18-000005.txt : 20180207 0000004457-18-000005.hdr.sgml : 20180207 20180207160651 ACCESSION NUMBER: 0000004457-18-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 81 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180207 DATE AS OF CHANGE: 20180207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERCO /NV/ CENTRAL INDEX KEY: 0000004457 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 880106815 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11255 FILM NUMBER: 18581171 BUSINESS ADDRESS: STREET 1: 5555 KIETZKE LANE STE 100 CITY: RENO STATE: NV ZIP: 89511 BUSINESS PHONE: 7756886300 MAIL ADDRESS: STREET 1: 5555 KIETZKE LANE STREET 2: SUITE 100 CITY: RENO STATE: NV ZIP: 89511 FORMER COMPANY: FORMER CONFORMED NAME: AMERCO DATE OF NAME CHANGE: 19770926 10-Q 1 dec201710q.htm DECEMBER 31, 2017 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2017

or

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

 

 

 

Commission

File Number

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

1-11255

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane, Ste. 100

 

 

Reno, Nevada 89511

 

 

Telephone (775) 688-6300

 

 

 

 

 

N/A

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x]  No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [x] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [x]   Accelerated filer [ ]  

Non-accelerated filer [ ] (Do not check if a smaller reporting company)    Smaller reporting company [ ]

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [x]

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at February 1, 2018.


TABLE OF CONTENTS

 

 

Page 

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of December 31, 2017 (unaudited) and March 31, 2017

1

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2017 and 2016 (unaudited)

2

 

c) Condensed Consolidated Statement of Operations for the Nine Months Ended December 31, 2017 and 2016 (unaudited)

3

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2017 and 2016 (unaudited)

4

 

e) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2017 and 2016 (unaudited)

5

 

f) Notes to Condensed Consolidated Financial Statements (unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4.

Controls and Procedures

59

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults Upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

62

 



 

Part i Financial information

ITEM 1. Financial Statements

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED balance sheets

 

 

December 31,

 

March 31,

 

 

2017

 

2017

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

1,022,887

$

697,806

Reinsurance recoverables and trade receivables, net

 

205,873

 

178,081

Inventories, net

 

95,672

 

82,439

Prepaid expenses

 

147,375

 

124,728

Investments, fixed maturities and marketable equities

 

1,868,314

 

1,663,768

Investments, other

 

407,822

 

367,830

Deferred policy acquisition costs, net

 

124,820

 

130,213

Other assets

 

93,608

 

97,525

Related party assets

 

42,909

 

86,168

 

 

4,009,280

 

3,428,558

Property, plant and equipment, at cost:

 

 

 

 

Land

 

738,525

 

648,757

Buildings and improvements

 

3,000,208

 

2,618,265

Furniture and equipment

 

600,216

 

510,415

Rental trailers and other rental equipment

 

538,334

 

492,280

Rental trucks

 

4,243,305

 

4,091,598

 

 

9,120,588

 

8,361,315

Less: Accumulated depreciation

 

(2,632,909)

 

(2,384,033)

Total property, plant and equipment

 

6,487,679

 

5,977,282

Total assets

$

10,496,959

$

9,405,840

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

469,955

$

450,541

Notes, loans and leases payable

 

3,493,908

 

3,262,880

Policy benefits and losses, claims and loss expenses payable

 

1,090,206

 

1,086,322

Liabilities from investment contracts

 

1,319,945

 

1,112,498

Other policyholders' funds and liabilities

 

10,739

 

10,150

Deferred income

 

27,491

 

28,696

Deferred income taxes

 

671,548

 

835,009

Total liabilities

 

7,083,792

 

6,786,096

 

 

 

 

 

Commitments and contingencies (notes 4, 9 and 10)

 

 

 

 

Stockholders' equity:

 

 

 

 

Series preferred stock, with or without par value, 50,000,000 shares authorized:

 

 

 

 

Series A preferred stock, with no par value, 6,100,000 shares authorized;

 

 

 

 

6,100,000 shares issued and none outstanding as of December 31 and March 31, 2017

 

 

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding as of December 31 and March 31, 2017

 

 

Serial common stock, with or without par value, 250,000,000 shares authorized:

 

 

 

 

Serial common stock of $0.25 par value, 10,000,000 shares authorized;

 

 

 

 

none issued and outstanding as of December 31 and March 31, 2017

 

 

Common stock, with $0.25 par value, 250,000,000 shares authorized:

 

 

 

 

Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700

 

 

 

 

issued and 19,607,788 outstanding as of December 31 and March 31, 2017

 

10,497

 

10,497

Additional paid-in capital

 

452,619

 

452,172

Accumulated other comprehensive loss

 

(9,911)

 

(51,236)

Retained earnings

 

3,643,253

 

2,892,893

Cost of common shares in treasury, net (22,377,912 shares as of December 31 and March 31, 2017)

 

(525,653)

 

(525,653)

Cost of preferred shares in treasury, net (6,100,000 shares as of December 31 and March 31, 2017)

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan shares

 

(5,641)

 

(6,932)

Total stockholders' equity

 

3,413,167

 

2,619,744

Total liabilities and stockholders' equity

$

10,496,959

$

9,405,840

The accompanying notes are an integral part of these condensed consolidated financial statements.


AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED Statements of operations

 

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

574,801

$

541,473

Self-storage revenues

 

82,127

 

72,309

Self-moving and self-storage products and service sales

 

53,130

 

51,562

Property management fees

 

9,881

 

9,734

Life insurance premiums

 

38,957

 

41,279

Property and casualty insurance premiums

 

16,093

 

14,938

Net investment and interest income

 

28,821

 

22,833

Other revenue

 

39,072

 

36,327

Total revenues

 

842,882

 

790,455

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

438,071

 

389,352

Commission expenses

 

63,487

 

61,052

Cost of sales

 

33,995

 

32,537

Benefits and losses

 

45,168

 

45,403

Amortization of deferred policy acquisition costs

 

5,952

 

5,200

Lease expense

 

8,415

 

8,807

Depreciation, net of (gains) losses on disposal of (($4,235) and ($2,099), respectively)

 

137,061

 

118,541

Net (gains) losses on disposal of real estate

 

(192,404)

 

(2,418)

Total costs and expenses

 

539,745

 

658,474

 

 

 

 

 

Earnings from operations

 

303,137

 

131,981

Interest expense

 

(31,558)

 

(28,782)

Amortization on early extinguishment of debt

 

 

(499)

Pretax earnings

 

271,579

 

102,700

Income tax (expense) benefit

 

257,315

 

(37,472)

Earnings available to common stockholders

$

528,894

$

65,228

Basic and diluted earnings per common share

$

27.00

$

3.33

Weighted average common shares outstanding: Basic and diluted

 

19,589,218

 

19,586,694

 

Related party revenues for the third quarter of fiscal 2018 and 2017, net of eliminations, were $10.8 million and $11.0 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2018 and 2017, net of eliminations, were $14.1 million and $13.7 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

 


AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED Statements of operations

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,985,217

$

1,899,519

Self-storage revenues

 

239,317

 

212,194

Self-moving and self-storage products and service sales

 

205,309

 

199,195

Property management fees

 

23,474

 

23,050

Life insurance premiums

 

116,910

 

123,064

Property and casualty insurance premiums

 

42,934

 

40,202

Net investment and interest income

 

82,507

 

75,754

Other revenue

 

147,825

 

139,353

Total revenues

 

2,843,493

 

2,712,331

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,347,477

 

1,172,647

Commission expenses

 

222,203

 

215,330

Cost of sales

 

124,456

 

116,851

Benefits and losses

 

139,997

 

139,242

Amortization of deferred policy acquisition costs

 

18,217

 

19,131

Lease expense

 

25,277

 

29,204

Depreciation, net of (gains) losses on disposal of (($14,260) and ($30,398), respectively)

 

396,540

 

323,785

Net (gains) losses on disposal of real estate

 

(192,223)

 

(2,377)

Total costs and expenses

 

2,081,944

 

2,013,813

 

 

 

 

 

Earnings from operations

 

761,549

 

698,518

Interest expense

 

(93,926)

 

(83,197)

Amortization on early extinguishment of debt

 

 

(499)

Pretax earnings

 

667,623

 

614,822

Income tax (expense) benefit

 

112,117

 

(225,946)

Earnings available to common stockholders

$

779,740

$

388,876

Basic and diluted earnings per common share

$

39.81

$

19.85

Weighted average common shares outstanding: Basic and diluted

 

19,588,558

 

19,586,389

 

Related party revenues for the first nine months of fiscal 2018 and 2017, net of eliminations, were $26.8 million and $26.7 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2018 and 2017, net of eliminations, were $48.9 million and $47.9 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

 


AMERCO AND CONSOLIDATED ENTITIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended December 31, 2017

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

271,579

$

257,315

$

528,894

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(1,794)

 

 

(1,794)

Unrealized net gain on investments

 

4,388

 

(1,536)

 

2,852

Change in fair value of cash flow hedges

 

911

 

(346)

 

565

Total comprehensive income

$

275,084

$

255,433

$

530,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31, 2016

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

102,700

$

(37,472)

$

65,228

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(5,821)

 

 

(5,821)

Unrealized net gain on investments

 

4,238

 

(1,483)

 

2,755

Change in fair value of cash flow hedges

 

2,853

 

(931)

 

1,922

Total comprehensive income

$

103,970

$

(39,886)

$

64,084

 

Nine Months Ended December 31, 2017

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

667,623

$

112,117

$

779,740

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

19,240

 

 

19,240

Unrealized net gain on investments

 

30,492

 

(10,672)

 

19,820

Change in fair value of cash flow hedges

 

3,655

 

(1,390)

 

2,265

Total comprehensive income

$

721,010

$

100,055

$

821,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2016

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

614,822

$

(225,946)

$

388,876

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(7,803)

 

 

(7,803)

Unrealized net gain on investments

 

64,856

 

(22,700)

 

42,156

Change in fair value of cash flow hedges

 

8,039

 

(2,901)

 

5,138

Total comprehensive income

$

679,914

$

(251,547)

$

428,367

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.


AMERCO AND CONSOLIDATED ENTITIES

Condensed consolidatED statements of cash flows

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Cash flow from operating activities:

 

 

 

 

Net earnings

$ 

779,740

$ 

388,876

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

410,800

 

354,183

Amortization of deferred policy acquisition costs

 

18,217

 

19,131

Amortization of debt issuance costs

 

2,910

 

3,125

Interest credited to policyholders

 

23,250

 

18,190

Change in allowance for losses on trade receivables

 

(25)

 

(28)

Change in allowance for inventory reserves

 

4,334

 

1,897

Net (gains) losses on disposal of personal property

 

(14,260)

 

(30,398)

Net (gains) losses on disposal of real estate

 

(192,223)

 

(2,377)

Net (gains) losses on sales of investments

 

(4,250)

 

(3,948)

Deferred income taxes

 

(179,047)

 

112,448

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

(27,659)

 

(23,919)

Inventories

 

(17,410)

 

(1,901)

Prepaid expenses

 

(22,220)

 

79,578

Capitalization of deferred policy acquisition costs

 

(21,501)

 

(21,040)

Other assets

 

6,279

 

(663)

Related party assets

 

47,804

 

(5,469)

Accounts payable and accrued expenses

 

26,764

 

30,773

Policy benefits and losses, claims and loss expenses payable

 

2,767

 

12,843

Other policyholders' funds and liabilities

 

590

 

(382)

Deferred income

 

(1,297)

 

1,105

Related party liabilities

 

(4,542)

 

(711)

Net cash provided by operating activities

 

839,021

 

931,313

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Escrow deposits

 

19,707

 

(768)

Purchases of:

 

 

 

 

Property, plant and equipment

 

(970,472)

 

(981,316)

Short term investments

 

(48,743)

 

(566,371)

Fixed maturities investments

 

(274,283)

 

(261,851)

Equity securities

 

(662)

 

(489)

Preferred stock

 

(1,000)

 

Real estate

 

(1,783)

 

(15,863)

Mortgage loans

 

(80,707)

 

(159,309)

Proceeds from sales and paydowns of:

 

 

 

 

Property, plant and equipment

 

591,040

 

412,892

Short term investments

 

54,319

 

566,955

Fixed maturities investments

 

102,404

 

147,233

Preferred stock

 

3,188

 

3,351

Real estate

 

5,348

 

1,681

Mortgage loans

 

23,726

 

109,260

Net cash used by investing activities

 

(577,918)

 

(744,595)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings from credit facilities

 

426,262

 

534,008

Principal repayments on credit facilities

 

(303,212)

 

(244,545)

Debt issuance costs

 

(4,581)

 

(4,529)

Capital lease payments

 

(219,623)

 

(141,750)

Employee Stock Ownership Plan

 

(6,764)

 

(7,541)

Securitization deposits

 

(2,181)

 

371

Common stock dividends paid

 

(19,587)

 

(39,171)

Investment contract deposits

 

347,695

 

180,554

Investment contract withdrawals

 

(163,499)

 

(64,459)

Net cash provided by financing activities

 

54,510

 

212,938

 

 

 

 

 

Effects of exchange rate on cash

 

9,468

 

(16,117)

 

 

 

 

 

Increase in cash and cash equivalents

 

325,081

 

383,539

Cash and cash equivalents at the beginning of period

 

697,806

 

600,646

Cash and cash equivalents at the end of period

$ 

1,022,887

$ 

984,185

The accompanying notes are an integral part of these condensed consolidated financial statements.


AMERCO and consolidated entities

notes to condensed consolidatED financial statements

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose any material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2017 and 2016 correspond to fiscal 2018 and 2017 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of December 31, 2017 and the related condensed consolidated statements of operations, comprehensive income (loss) for the third quarter and first nine months and cash flows for the first nine months of fiscal 2018 and 2017 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”),

Amerco Real Estate Company (“Real Estate”),

Repwest Insurance Company (“Repwest”), and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.


AMERCO and consolidated entities

notes to condensed consolidatED financial statements (Continued)

The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly-owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly-owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 18,279 and 20,958 as of December 31, 2017 and 2016, respectively.

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $30.2 million and $16.8 million at December 31, 2017 and March 31, 2017, respectively.

Available-for-Sale Investments

Available-for-sale investments at December 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,695

$

3,529

$

(770)

$

(390)

$ 

126,064

U.S. government agency mortgage-backed securities

 

26,598

 

1,373

 

(1)

 

(5)

 

27,965

Obligations of states and political subdivisions

 

173,039

 

10,055

 

(148)

 

(81)

 

182,865

Corporate securities

 

1,351,074

 

51,228

 

(2,957)

 

(2,556)

 

1,396,789

Mortgage-backed securities

 

94,208

 

2,072

 

 

(100)

 

96,180

Redeemable preferred stocks

 

11,589

 

428

 

 

(31)

 

11,986

Common stocks

 

15,732

 

10,743

 

(10)

 

 

26,465

 

$

1,795,935

$

79,428

$

(3,886)

$

(3,163)

$ 

1,868,314

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Available-for-sale investments at March 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,474

$

2,892

$

$

(1,675)

$ 

124,691

U.S. government agency mortgage-backed securities

 

27,908

 

1,070

 

(6)

 

(377)

 

28,595

Obligations of states and political subdivisions

 

159,417

 

9,466

 

(23)

 

(424)

 

168,436

Corporate securities

 

1,263,703

 

32,901

 

(5,731)

 

(13,837)

 

1,277,036

Mortgage-backed securities

 

26,577

 

515

 

 

(5)

 

27,087

Redeemable preferred stocks

 

13,789

 

168

 

 

(468)

 

13,489

Common stocks

 

15,732

 

8,728

 

(10)

 

(16)

 

24,434

 

$

1,630,600

$

55,740

$

(5,770)

$

(16,802)

$ 

1,663,768

The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $101.2 million during the first nine months of fiscal 2018. The gross realized gains on these sales totaled $3.8 million. The gross realized losses on these sales totaled $0.1 million.

The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate it on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognize these write-downs, if any, through earnings. There were no write downs for the first nine months of fiscal 2018 or 2017.

The investment portfolio primarily consists of corporate securities and obligations of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs.

The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage-backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral.

There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income (loss) for first nine months of fiscal 2018 and fiscal 2017, respectively.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:

 

 

December 31, 2017

 

March 31, 2017

 

 

Amortized

Cost

 

Estimated

Market

Value

 

Amortized

Cost

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

41,025

$

41,353

$

35,399

$

35,795

Due after one year through five years

 

396,559

 

408,603

 

324,286

 

333,016

Due after five years through ten years

 

611,026

 

631,009

 

598,232

 

607,184

Due after ten years

 

625,796

 

652,718

 

616,585

 

622,763

 

 

1,674,406

 

1,733,683

 

1,574,502

 

1,598,758

 

 

 

 

 

 

 

 

 

Mortgage backed securities

 

94,208

 

96,180

 

26,577

 

27,087

Redeemable preferred stocks

 

11,589

 

11,986

 

13,789

 

13,489

Common stocks

 

15,732

 

26,465

 

15,732

 

24,434

 

$

1,795,935

$

1,868,314

$

1,630,600

$

1,663,768

4. Borrowings

Long Term Debt

Long term debt was as follows:

 

 

 

 

 

December 31,

 

March 31,

 

2018 Rate (a)

 

Maturities

 

2017

 

2017

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands)

Real estate loan (amortizing term)

2.94% - 6.93%

 

2023

$

137,786

$

169,289

Senior mortgages

3.72% - 6.62%

 

2021 - 2038

 

1,472,209

 

1,292,160

Working capital loans (revolving credit)

2.83%

 

2018

 

55,000

 

85,000

Fleet loans (amortizing term)

1.95% - 4.76%

 

2018 - 2024

 

322,542

 

324,977

Fleet loans (securitization)

4.90%

 

-

 

 

52,112

Fleet loans (revolving credit)

2.50% - 2.51%

 

2020 - 2021

 

477,000

 

417,000

Capital leases (rental equipment)

1.92% - 4.86%

 

2018 - 2025

 

982,653

 

876,828

Other obligations

2.75% - 8.00%

 

2018 - 2047

 

72,788

 

69,867

Notes, loans and leases payable

 

 

 

 

3,519,978

 

3,287,233

Less: Debt issuance costs

 

 

 

 

(26,070)

 

(24,353)

Total notes, loans and leases payable

 

 

 

$

3,493,908

$

3,262,880

 

 

 

 

 

 

 

 

(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.

 

 

 

 

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. As of December 31, 2017, the outstanding balance on the Real Estate Loan was $137.8 million.  The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The final maturity of the term loan is April 2023

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At December 31, 2017, the applicable LIBOR was 1.44% and the applicable margin was 1.50%, the sum of which was 2.94%, which was applied to $75.6 million of the Real Estate Loan. The rate of the remaining balance of $62.2 million of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin. The interest rate swap expires in August 2018, after which date the remaining balance will incur interest at a rate of LIBOR plus a margin of 1.50%. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of December 31, 2017 were in the aggregate amount of $1,472.2 million and mature between 2021 and 2038. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.72% and 6.62%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. 

Working Capital Loans

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $55.0 million. At December 31, 2017, the outstanding balance was $55.0 million. This loan is secured by certain properties owned by the borrowers. This loan agreement provides for term loans, subject to the terms of the loan agreement. The final maturity of the loan is November 2018. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin. At December 31, 2017, the applicable LIBOR was 1.33% and the margin was 1.50%, the sum of which was 2.83%. AMERCO is the guarantor of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

AMERCO is a borrower under working capital loan. The current maximum credit commitment is $150.0 million, which can be increased to $300.0 million by bringing in other lenders. At December 31, 2017, the full $150.0 million was available to be drawn. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2020. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate is the applicable LIBOR plus a margin between 1.38% and 1.50% depending on the amount outstanding. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30% fee charged for unused capacity.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the loans as of December 31, 2017 was $322.5 million with the final maturities between June 2018 and November 2024.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margins. At December 31, 2017, the applicable LIBOR was between 1.36% and 1.48% and applicable margins were between 1.72% and 2.38%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 4.76% based on current margins. Additionally, $265.7 million of these loans are carried at fixed rates ranging between 1.95% and 3.94%.

AMERCO and, in some cases, U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Rental Truck Securitizations

2010 U-Haul S Fleet and its subsidiaries (collectively, “2010 USF”) issued a $155.0 million asset-backed note (“2010 Box Truck Note”). 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acted as the trustee for this securitization. The 2010 Box Truck Note had a fixed interest rate of 4.90% and in October 2017 the note was repaid in full.

Rental Truck Revolvers

Various subsidiaries of U-Haul International, Inc. entered into three revolving fleet loans in aggregate for $490.0 million, which can be increased to a maximum of $565.0 million. These loans mature between March 2020 and November 2021. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. At December 31, 2017, the applicable LIBOR was between 1.35% and 1.36% and the margin was 1.15%, the sum of which was between 2.50% and 2.51%. Only interest is paid on the loans until the last nine months when principal is due monthly. As of December 31, 2017, the outstanding balance of the loans was $477.0 million.

Capital Leases

We regularly enter into capital leases for new equipment with the terms of the leases between five and seven years. During the first nine months of fiscal 2018, we entered into $323.7 million of new capital leases. At December 31, 2017 and March 31, 2017, the balance of our capital leases was $982.7 million and $876.8 million, respectively. The net book value of the corresponding capitalized assets was $1,382.5 million and $1,233.3 million at December 31, 2017 and March 31, 2017, respectively.

Other Obligations

In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club® Indenture.  AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes®”). The U-Notes® are secured by various types of collateral including, but not limited to, rental equipment and real estate.  U-Notes® are issued in smaller series that vary as to principal amount, interest rate and maturity.  U-Notes® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries.

At December 31, 2017, the aggregate outstanding principal balance of the U-Notes® issued was $76.7 million of which $3.9 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.75% and 8.00% and maturity dates range between 2018 and 2047.

Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2017, the four deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.33% and 1.75% with maturities between March 29, 2018 and March 30, 2022. As of September 30, 2017, available-for-sale investments held with the FHLB totaled $129.6 million, of which $73.4 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the consolidated balance sheet.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt, including capital leases and excluding debt issuance costs, as of December 31, 2017 for the next five years and thereafter are as follows:

 

 

Twelve Months Ending December 31,

 

 

2018

 

2019

 

2020

 

2021

 

2022

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

Notes, loans and leases payable, secured

$

496,383

$

482,569

$

362,073

$

564,235

$

226,771

$

1,387,947

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

31,983

$

27,220

Capitalized interest

 

(2,075)

 

(1,119)

Amortization of transaction costs

 

963

 

863

Interest expense resulting from derivatives

 

687

 

1,818

Total interest expense

 

31,558

 

28,782

Amortization on early extinguishment of debt

 

 

499

Total

 

31,558

 

29,281

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

93,475

$

77,184

Capitalized interest

 

(5,769)

 

(3,417)

Amortization of transaction costs

 

2,909

 

2,510

Interest expense resulting from derivatives

 

3,311

 

6,920

Total interest expense

 

93,926

 

83,197

Amortization on early extinguishment of debt

 

 

499

Total

 

93,926

 

83,696

Interest paid in cash, including payments related to derivative contracts, amounted to $32.7 million and $28.7 million for the third quarter of fiscal 2018 and 2017, respectively and $96.1 million and $84.0 million for the first nine months of fiscal 2018 and 2017, respectively.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Interest Rates

Interest rates and Company borrowings were as follows:

 

 

Revolving Credit Activity

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the quarter

 

2.47%

 

1.82%

Interest rate at the end of the quarter

 

2.56%

 

1.89%

Maximum amount outstanding during the quarter

$

535,000

$

597,000

Average amount outstanding during the quarter

$

532,261

$

550,304

Facility fees

$

159

$

10

 

 

 

Revolving Credit Activity

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the period

 

2.38%

 

1.76%

Interest rate at the end of the period

 

2.56%

 

1.89%

Maximum amount outstanding during the period

$

538,000

$

597,000

Average amount outstanding during the period

$

516,349

$

450,880

Facility fees

$

284

$

99

5. Derivatives

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

 

Original variable rate debt amount

 

Agreement Date

 

Effective Date

 

Expiration Date

 

Designated cash flow hedge date

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

$

300.0

 

 

8/16/2006

 

8/18/2006

 

8/10/2018

 

8/4/2006

 

25.0

(a)

 

4/26/2011

 

6/1/2011

 

6/1/2018

 

6/1/2011

 

50.0

(a)

 

7/29/2011

 

8/15/2011

 

8/15/2018

 

7/29/2011

 

20.0

(a)

 

8/3/2011

 

9/12/2011

 

9/10/2018

 

8/3/2011

 

15.1

(b)

 

3/27/2012

 

3/28/2012

 

3/28/2019

 

3/26/2012

 

25.0

 

 

4/13/2012

 

4/16/2012

 

4/1/2019

 

4/12/2012

 

44.3

 

 

1/11/2013

 

1/15/2013

 

12/15/2019

 

1/11/2013

 

 

 

 

 

 

 

 

 

 

 

 

(a) forward swap

 

 

 

 

 

 

 

 

 

 

(b) operating lease

 

 

 

 

 

 

 

 

 

As of December 31, 2017, the total notional amount of our variable interest rate swaps on debt and an operating lease was $120.3 million and $6.6 million, respectively.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


The derivative fair values located in Accounts payable and accrued expenses in the balance sheets were as follows:

 

 

Liability Derivatives Fair Values as of

 

 

December 31, 2017

 

March 31, 2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

Interest rate contracts designated as hedging instruments

$

1,253

$

4,903

 

 

 

The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended

 

 

 

 

December 31, 2017

 

December 31, 2016

 

 

(Unaudited)

 

 

(In thousands)

Loss recognized in income on interest rate contracts

$

3,311

$

6,920

Gain recognized in AOCI on interest rate contracts (effective portion)

$

(3,655)

$

(8,039)

Loss reclassified from AOCI into income (effective portion)

$

3,308

$

6,940

(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)

$

3

$

(20)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first nine months of fiscal 2018, we recognized a net increase in the fair value of our cash flow hedges of $2.3 million, net of taxes. Embedded in this change was $3.3 million of losses reclassified from accumulated other comprehensive income to interest expense during the first nine months of fiscal 2018. At December 31, 2017, we expect to reclassify $1.5 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

6. Accumulated Other Comprehensive Income (Loss)

A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:

 

 

Foreign Currency Translation

 

Unrealized Net Gain on Investments

 

Fair Market Value of Cash Flow Hedges

 

Postretirement Benefit Obligation Net Loss

 

Accumulated Other Comprehensive Income (Loss)

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$

(69,505)

$

23,099

$

(3,059)

$

(1,771)

$

(51,236)

Foreign currency translation

 

19,240

 

 

 

 

19,240

Unrealized net gain on investments

 

 

19,820

 

 

 

19,820

Change in fair value of cash flow hedges

 

 

 

5,573

 

 

5,573

Amounts reclassified from AOCI

 

 

 

(3,308)

 

 

(3,308)

Other comprehensive income (loss)

 

19,240

 

19,820

 

2,265

 

 

41,325

Balance at December 31, 2017

$

(50,265)

$

42,919

$

(794)

$

(1,771)

$

(9,911)

7. Stockholders’ Equity

On July 5, 2017, we declared a cash dividend on our Common Stock of $1.00 per share to holders of record on July 20, 2017. The dividend was paid on August 3, 2017.

On December 6, 2017, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on December 21, 2017. The dividend was paid on January 5, 2018.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


On June 8, 2016, the stockholder’s approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2017, no awards had been issued under this plan.

8. Income Taxes

The 2017 Tax Reform Act (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. A 31.55% Federal Tax Rate will apply to earnings for the full 2018 fiscal year. Accordingly, first and second quarter income previously subject to tax at the 35% Federal Tax Rate will benefit from the 31.55% Federal Tax Rate. At December 31, 2017, we have not completed our accounting for the tax effects of enactment of the Tax Reform Act; however, we have made a reasonable estimate of the effects of all items affected by the Tax Reform Act. For these items, we recognized a provisional benefit amount of $339.2 million, which is included as a component of income tax expense from continuing operations.

Provisional amounts:

We re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Tax Reform Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the re-measurement of our deferred tax balance was $349.2 million.

Foreign tax effects:

The one-time transition tax is based on our total post-1986 earnings and profits (“E&P”) from our Canadian subsidiaries that we previously deferred from U.S. income taxes. We recorded a provisional amount for our one-time transition tax liability for our foreign subsidiaries, resulting in an increase in income tax expense of $10.0 million. We have not yet completed our calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable.

Insurance Companies:

Our insurance companies are included in this financial statement at a one quarter lag, meaning the nine month period ended September 30, 2017. As such, the effects of the Tax Reform Act on Repwest and Oxford are not recognized in these financial statements as presented. If the effects of the Tax Reform Act were applied to our Insurance Company balances as presented, the result would have been as follows:

With regard to Oxford; we estimate a provisional tax benefit of $5.1 million, which would be a component of income tax expense from continuing operations. The Financial Accounting Standards Board (“FASB”) is still reviewing the treatment of certain deferred tax accounts which could change the ultimate presentation of where these amounts are recorded.

We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The provisional amount resulting from the re-measurement of the deferred tax liability balance would be a reduction in tax expense of about $9.1 million. In addition, the Tax Reform Act repeals the special rules with regard to distribution to shareholders from pre-1984 policyholders surplus account. The one-time tax was based on the balance of our pre-1984 policyholder surplus account. We estimated a provisional amount for our one-time tax liability for Phase Three Tax, resulting in a increase in income tax expense of $4.0 million.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


With regard to Repwest; we estimate a provisional tax benefit of $5.4 million, which would be a component of income tax expense from continuing operations. This provisional amount would result from the re-measurement of the deferred tax liability balance. We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%.

9. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of December 31, 2017, we have guaranteed $16.2 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees.  

Operating and ground lease commitments for leases having terms of more than one year were as follows:

 

 

Property, Plant and Equipment

 

Rental

Equipment

 

 

 

 

Ground

 

Operating

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

Year-ended December 31:

 

 

 

 

 

 

 

 

2018

$

974

$

16,150

$

9,927

$

27,051

2019

 

1,024

 

15,652

 

3,086

 

19,762

2020

 

1,024

 

15,664

 

 

16,688

2021

 

1,028

 

14,977

 

 

16,005

2022

 

1,030

 

14,779

 

 

15,809

Thereafter

 

49,907

 

23,329

 

 

73,236

Total

$

54,987

$

100,551

$

13,013

$

168,551

10. Contingencies

Environmental

Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


11. Related Party Transactions

As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight.

AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm’s-length transactions.

SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini Storage Realty, L.P. (“Private Mini”) are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant shareholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant shareholder) and Mark V. Shoen.

Related Party Revenue

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

908

$

1,226

U-Haul management fee revenue from Blackwater

 

5,661

 

5,562

U-Haul management fee revenue from Mercury

 

4,220

 

4,172

 

$

10,789

$

10,960

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

3,326

$

3,681

U-Haul management fee revenue from Blackwater

 

18,054

 

17,702

U-Haul management fee revenue from Mercury

 

5,420

 

5,348

 

$

26,800

$

26,731

During the first nine months of fiscal 2018, a subsidiary of ours held a junior unsecured note from SAC Holding Corporation. We do not have an equity ownership interest in SAC Holding Corporation. We received cash interest payments of $8.7 million and $3.4 million from SAC Holding Corporation during the first nine months of fiscal 2018 and 2017, respectively. The largest aggregate amount of note receivable outstanding during the first nine months of fiscal 2018 was $48.1 million. In December 2017, this note and interest receivables were repaid in full as we received payments of $53.0 million.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received cash payments for management fees, exclusive of reimbursed expenses, of $23.3 million and $21.8 million from the above mentioned entities during the first nine months of fiscal 2018 and 2017, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen (a significant shareholder) and a trust benefitting the children and grandchildren of Edward J. Shoen.

Related Party Costs and Expenses

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

658

$

684

U-Haul commission expenses to Blackwater

 

13,433

 

12,983

 

$

14,091

$

13,667

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

2,014

$

2,056

U-Haul commission expenses to Blackwater

 

46,875

 

45,864

 

$

48,889

$

47,920

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At December 31, 2017, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements and note with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $21.4 million, expenses of $2.0 million and cash flows of $72.9 million during the first nine months of fiscal 2018. Revenues and commission expenses related to the Dealer Agreements were $218.6 million and $46.9 million, respectively during the first nine months of fiscal 2018.

Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that the management agreements with subsidiaries of Blackwater represents potential variable interests for us. Management evaluated whether it should be identified as the primary beneficiary of one or more of these VIEs using a two-step approach in which management (i) identified all other parties that hold interests in the VIEs, and (ii) determined if any variable interest holder has the power to direct the activities of the VIEs that most significantly impact their economic performance.

Management determined that we do not have a variable interest in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities' assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance.  As a result, we have no basis under ASC 810 to consolidate these entities.

We have not provided financial or other support explicitly or implicitly during the quarter ended December 31, 2017 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities:

Related Party Assets

 

 

December 31,

 

March 31,

 

 

2017

 

2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

U-Haul notes receivable from Blackwater

 

 

48,098

U-Haul interest receivable from Blackwater

 

 

5,397

U-Haul receivable from Blackwater

 

31,915

 

23,202

U-Haul receivable from Mercury

 

9,273

 

9,195

Other (a)

 

1,721

 

276

 

$

42,909

$

86,168

(a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.

12. 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.

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


12. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of December 31, 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

$

978,264

$

12,296

$

32,327

$

 

$

1,022,887

Reinsurance recoverables and trade receivables, net

 

74,264

 

100,849

 

30,760

 

 

 

205,873

Inventories, net

 

95,672

 

 

 

 

 

95,672

Prepaid expenses

 

147,375

 

 

 

 

 

147,375

Investments, fixed maturities and marketable equities

 

 

272,939

 

1,595,375

 

 

 

1,868,314

Investments, other

 

23,144

 

67,879

 

316,799

 

 

 

407,822

Deferred policy acquisition costs, net

 

 

 

124,820

 

 

 

124,820

Other assets

 

90,442

 

594

 

2,572

 

 

 

93,608

Related party assets

 

45,111

 

7,521

 

18,364

 

(28,087)

(c)

 

42,909

 

 

1,454,272

 

462,078

 

2,121,017

 

(28,087)

 

 

4,009,280

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

522,874

 

 

 

(522,874)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

738,525

 

 

 

 

 

738,525

Buildings and improvements

 

3,000,208

 

 

 

 

 

3,000,208

Furniture and equipment

 

600,216

 

 

 

 

 

600,216

Rental trailers and other rental equipment

 

538,334

 

 

 

 

 

538,334

Rental trucks

 

4,243,305

 

 

 

 

 

4,243,305

 

 

9,120,588

 

 

 

 

 

9,120,588

Less:  Accumulated depreciation

 

(2,632,909)

 

 

 

 

 

(2,632,909)

Total property, plant and equipment

 

6,487,679

 

 

 

 

 

6,487,679

Total assets

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating balance sheets by industry segment as of December 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

461,518

$

3,158

$

5,279

$

 

$

469,955

Notes, loans and leases payable

 

3,493,908

 

 

 

 

 

3,493,908

Policy benefits and losses, claims and loss expenses payable

 

408,724

 

238,085

 

443,397

 

 

 

1,090,206

Liabilities from investment contracts

 

 

 

1,319,945

 

 

 

1,319,945

Other policyholders' funds and liabilities

 

 

5,282

 

5,457

 

 

 

10,739

Deferred income

 

27,491

 

 

 

 

 

27,491

Deferred income taxes

 

634,388

 

13,510

 

23,650

 

 

 

671,548

Related party liabilities

 

25,629

 

2,341

 

117

 

(28,087)

(c)

 

Total liabilities

 

5,051,658

 

262,376

 

1,797,845

 

(28,087)

 

 

7,083,792

 

 

 

 

 

 

 

 

 

 

 

 

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

 

452,829

 

91,120

 

26,271

 

(117,601)

(b)

 

452,619

Accumulated other comprehensive income (loss)

 

(9,911)

 

12,301

 

30,616

 

(42,917)

(b)

 

(9,911)

Retained earnings

 

3,643,043

 

92,980

 

263,785

 

(356,555)

(b)

 

3,643,253

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

 

(5,641)

 

 

 

 

 

(5,641)

Total stockholders' equity

 

3,413,167

 

199,702

 

323,172

 

(522,874)

 

 

3,413,167

Total liabilities and stockholders' equity

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


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

 

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating statement of operations by industry segment for the quarter ended December 31, 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

$

576,018

$

$

$

(1,217)

(c)

$

574,801

Self-storage revenues

 

82,127

 

 

 

 

 

82,127

Self-moving and self-storage products and service sales

 

53,130

 

 

 

 

 

53,130

Property management fees

 

9,881

 

 

 

 

 

9,881

Life insurance premiums

 

 

 

38,957

 

 

 

38,957

Property and casualty insurance premiums

 

 

16,754

 

 

(661)

(c)

 

16,093

Net investment and interest income

 

3,662

 

3,645

 

21,887

 

(373)

(b)

 

28,821

Other revenue

 

37,669

 

 

1,535

 

(132)

(b)

 

39,072

Total revenues

 

762,487

 

20,399

 

62,379

 

(2,383)

 

 

842,882

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

426,394

 

8,160

 

5,521

 

(2,004)

(b,c)

 

438,071

Commission expenses

 

63,487

 

 

 

 

 

63,487

Cost of sales

 

33,995

 

 

 

 

 

33,995

Benefits and losses

 

 

4,644

 

40,524

 

 

 

45,168

Amortization of deferred policy acquisition costs

 

 

 

5,952

 

 

 

5,952

Lease expense

 

8,498

 

 

 

(83)

(b)

 

8,415

Depreciation, net of (gains) losses on disposal

 

137,061

 

 

 

 

 

137,061

Net (gains) losses on disposal of real estate

 

(192,404)

 

 

 

 

 

(192,404)

Total costs and expenses

 

477,031

 

12,804

 

51,997

 

(2,087)

 

 

539,745

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

285,456

 

7,595

 

10,382

 

(296)

 

 

303,137

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

11,823

 

 

 

(11,823)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

297,279

 

7,595

 

10,382

 

(12,119)

 

 

303,137

Interest expense

 

(31,854)

 

 

 

296

(b)

 

(31,558)

Pretax earnings

 

265,425

 

7,595

 

10,382

 

(11,823)

 

 

271,579

Income tax (expense) benefit

 

263,469

 

(2,528)

 

(3,626)

 

 

 

257,315

Earnings available to common shareholders

$

528,894

$

5,067

$

6,756

$

(11,823)

 

$

528,894

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating statement of operations by industry segment for the quarter ended December 31, 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

$

542,545

$

$

$

(1,072)

(c)

$

541,473

Self-storage revenues

 

72,309

 

 

 

 

 

72,309

Self-moving and self-storage products and service sales

 

51,562

 

 

 

 

 

51,562

Property management fees

 

9,734

 

 

 

 

 

9,734

Life insurance premiums

 

 

 

41,279

 

 

 

41,279

Property and casualty insurance premiums

 

 

14,938

 

 

 

 

14,938

Net investment and interest income

 

2,570

 

3,443

 

17,221

 

(401)

(b)

 

22,833

Other revenue

 

35,264

 

 

1,194

 

(131)

(b)

 

36,327

Total revenues

 

713,984

 

18,381

 

59,694

 

(1,604)

 

 

790,455

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

377,165

 

7,688

 

5,693

 

(1,194)

(b,c)

 

389,352

Commission expenses

 

61,052

 

 

 

 

 

61,052

Cost of sales

 

32,537

 

 

 

 

 

32,537

Benefits and losses

 

 

3,474

 

41,929

 

 

 

45,403

Amortization of deferred policy acquisition costs

 

 

 

5,200

 

 

 

5,200

Lease expense

 

8,854

 

 

 

(47)

(b)

 

8,807

Depreciation, net of (gains) losses on disposal

 

118,541

 

 

 

 

 

118,541

Net (gains) losses on disposal of real estate

 

(2,418)

 

 

 

 

 

(2,418)

Total costs and expenses

 

595,731

 

11,162

 

52,822

 

(1,241)

 

 

658,474

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

118,253

 

7,219

 

6,872

 

(363)

 

 

131,981

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,046

 

 

 

(9,046)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

127,299

 

7,219

 

6,872

 

(9,409)

 

 

131,981

Interest expense

 

(29,145)

 

 

 

363

(b)

 

(28,782)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

97,655

 

7,219

 

6,872

 

(9,046)

 

 

102,700

Income tax expense

 

(32,427)

 

(2,488)

 

(2,557)

 

 

 

(37,472)

Earnings available to common shareholders

$

65,228

$

4,731

$

4,315

$

(9,046)

 

$

65,228

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$

1,988,430

$

$

$

(3,213)

(c)

$

1,985,217

Self-storage revenues

 

239,317

 

 

 

 

 

239,317

Self-moving and self-storage products and service sales

 

205,309

 

 

 

 

 

205,309

Property management fees

 

23,474

 

 

 

 

 

23,474

Life insurance premiums

 

 

 

116,910

 

 

 

116,910

Property and casualty insurance premiums

 

 

44,067

 

 

(1,133)

(c)

 

42,934

Net investment and interest income

 

9,496

 

11,637

 

62,531

 

(1,157)

(b)

 

82,507

Other revenue

 

144,196

 

 

4,024

 

(395)

(b)

 

147,825

Total revenues

 

2,610,222

 

55,704

 

183,465

 

(5,898)

 

 

2,843,493

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,310,892

 

24,632

 

16,669

 

(4,716)

(b,c)

 

1,347,477

Commission expenses

 

222,203

 

 

 

 

 

222,203

Cost of sales

 

124,456

 

 

 

 

 

124,456

Benefits and losses

 

 

11,954

 

128,043

 

 

 

139,997

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Lease expense

 

25,460

 

 

 

(183)

(b)

 

25,277

Depreciation, net of (gains) losses on disposal

 

396,540

 

 

 

 

 

396,540

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Total costs and expenses

 

1,887,328

 

36,586

 

162,929

 

(4,899)

 

 

2,081,944

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

722,894

 

19,118

 

20,536

 

(999)

 

 

761,549

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,998

 

 

 

(25,998)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

748,892

 

19,118

 

20,536

 

(26,997)

 

 

761,549

Interest expense

 

(94,925)

 

 

 

999

(b)

 

(93,926)

Pretax earnings

 

653,967

 

19,118

 

20,536

 

(25,998)

 

 

667,623

Income tax (expense) benefit

 

125,773

 

(6,481)

 

(7,175)

 

 

 

112,117

Earnings available to common shareholders

$

779,740

$

12,637

$

13,361

$

(25,998)

 

$

779,740

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$

1,902,400

$

$

$

(2,881)

(c)

$

1,899,519

Self-storage revenues

 

212,194

 

 

 

 

 

212,194

Self-moving and self-storage products and service sales

 

199,195

 

 

 

 

 

199,195

Property management fees

 

23,050

 

 

 

 

 

23,050

Life insurance premiums

 

 

 

123,064

 

 

 

123,064

Property and casualty insurance premiums

 

 

40,202

 

 

 

 

40,202

Net investment and interest income

 

7,035

 

12,951

 

56,982

 

(1,214)

(b)

 

75,754

Other revenue

 

136,341

 

 

3,404

 

(392)

(b)

 

139,353

Total revenues

 

2,480,215

 

53,153

 

183,450

 

(4,487)

 

 

2,712,331

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,137,364

 

21,193

 

17,335

 

(3,245)

(b,c)

 

1,172,647

Commission expenses

 

215,330

 

 

 

 

 

215,330

Cost of sales

 

116,851

 

 

 

 

 

116,851

Benefits and losses

 

 

10,144

 

129,098

 

 

 

139,242

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Lease expense

 

29,344

 

 

 

(140)

(b)

 

29,204

Depreciation, net of (gains) losses on disposal

 

323,785

 

 

 

 

 

323,785

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Total costs and expenses

 

1,820,297

 

31,337

 

165,564

 

(3,385)

 

 

2,013,813

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

659,918

 

21,816

 

17,886

 

(1,102)

 

 

698,518

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,925

 

 

 

(25,925)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

685,843

 

21,816

 

17,886

 

(27,027)

 

 

698,518

Interest expense

 

(84,299)

 

 

 

1,102

(b)

 

(83,197)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

601,045

 

21,816

 

17,886

 

(25,925)

 

 

614,822

Income tax expense

 

(212,169)

 

(7,520)

 

(6,257)

 

 

 

(225,946)

Earnings available to common shareholders

$

388,876

$

14,296

$

11,629

$

(25,925)

 

$

388,876

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating cash flow statements by industry segment for the nine months ended December 31, 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

$

779,740

$

12,637

$

13,361

$

(25,998)

 

$

779,740

Earnings from consolidated entities

 

(25,998)

 

 

 

25,998

 

 

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

410,800

 

 

 

 

 

410,800

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Amortization of debt issuance costs

 

2,910

 

 

 

 

 

2,910

Interest credited to policyholders

 

 

 

23,250

 

 

 

23,250

Change in allowance for losses on trade receivables

 

(22)

 

 

(3)

 

 

 

(25)

Change in allowance for inventory reserve

 

4,334

 

 

 

 

 

4,334

Net (gains) losses on disposal of personal property

 

(14,260)

 

 

 

 

 

(14,260)

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Net (gains) losses on sales of investments

 

 

(881)

 

(3,369)

 

 

 

(4,250)

Deferred income taxes

 

(176,566)

 

(1,315)

 

(1,166)

 

 

 

(179,047)

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(32,898)

 

6,908

 

(1,669)

 

 

 

(27,659)

Inventories

 

(17,410)

 

 

 

 

 

(17,410)

Prepaid expenses

 

(22,220)

 

 

 

 

 

(22,220)

Capitalization of deferred policy acquisition costs

 

 

 

(21,501)

 

 

 

(21,501)

Other assets

 

4,649

 

1,796

 

(166)

 

 

 

6,279

Related party assets

 

43,822

 

3,982

 

 

 

 

47,804

Accounts payable and accrued expenses

 

15,455

 

1,229

 

10,080

 

 

 

26,764

Policy benefits and losses, claims and loss expenses payable

 

8,427

 

(6,896)

 

1,236

 

 

 

2,767

Other policyholders' funds and liabilities

 

 

1,099

 

(509)

 

 

 

590

Deferred income

 

(1,297)

 

 

 

 

 

(1,297)

Related party liabilities

 

(4,412)

 

(205)

 

75

 

 

 

(4,542)

Net cash provided (used) by operating activities

 

782,831

 

18,354

 

37,836

 

 

 

839,021

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

19,707

 

 

 

 

 

19,707

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(970,472)

 

 

 

 

 

(970,472)

Short term investments

 

 

(39,701)

 

(9,042)

 

 

 

(48,743)

Fixed maturities investments

 

 

(34,284)

 

(239,999)

 

 

 

(274,283)

Equity securities

 

 

 

(662)

 

 

 

(662)

Preferred stock

 

 

(1,000)

 

 

 

 

(1,000)

Real estate

 

(1,637)

 

(16)

 

(130)

 

 

 

(1,783)

Mortgage loans

 

 

(11,609)

 

(69,098)

 

 

 

(80,707)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

591,040

 

 

 

 

 

591,040

Short term investments

 

 

43,570

 

10,749

 

 

 

54,319

Fixed maturities investments

 

 

17,821

 

84,583

 

 

 

102,404

Preferred stock

 

 

3,188

 

 

 

 

3,188

Real estate

 

5,348

 

 

 

 

 

5,348

Mortgage loans

 

 

3,248

 

20,478

 

 

 

23,726

Net cash provided (used) by investing activities

 

(356,014)

 

(18,783)

 

(203,121)

 

 

 

(577,918)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 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

 

426,262

 

 

 

 

 

426,262

Principal repayments on credit facilities

 

(303,212)

 

 

 

 

 

(303,212)

Debt issuance costs

 

(4,581)

 

 

 

 

 

(4,581)

Capital lease payments

 

(219,623)

 

 

 

 

 

(219,623)

Employee Stock Ownership Plan

 

(6,764)

 

 

 

 

 

(6,764)

Securitization deposits

 

(2,181)

 

 

 

 

 

(2,181)

Common stock dividend paid

 

(19,587)

 

 

 

 

 

(19,587)

Investment contract deposits

 

 

 

347,695

 

 

 

347,695

Investment contract withdrawals

 

 

 

(163,499)

 

 

 

(163,499)

Net cash provided (used) by financing activities

 

(129,686)

 

 

184,196

 

 

 

54,510

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

9,468

 

 

 

 

 

9,468

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

306,599

 

(429)

 

18,911

 

 

 

325,081

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

 

 

697,806

Cash and cash equivalents at end of period

$

978,264

$

12,296

$

32,327

$

 

$

1,022,887

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$

388,876

$

14,296

$

11,629

$

(25,925)

 

$

388,876

Earnings from consolidated entities

 

(25,925)

 

 

 

25,925

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

354,183

 

 

 

 

 

354,183

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Amortization of debt issuance costs

 

3,125

 

 

 

 

 

3,125

Interest credited to policyholders

 

 

 

18,190

 

 

 

18,190

Change in allowance for losses on trade receivables

 

22

 

 

(50)

 

 

 

(28)

Change in allowance for inventory reserve

 

1,897

 

 

 

 

 

1,897

Net (gains) losses on disposal of personal property

 

(30,398)

 

 

 

 

 

(30,398)

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Net (gains) losses on sales of investments

 

 

(2,717)

 

(1,231)

 

 

 

(3,948)

Deferred income taxes

 

114,017

 

(549)

 

(1,020)

 

 

 

112,448

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(24,147)

 

2,388

 

(2,160)

 

 

 

(23,919)

Inventories

 

(1,901)

 

 

 

 

 

(1,901)

Prepaid expenses

 

79,578

 

 

 

 

 

79,578

Capitalization of deferred policy acquisition costs

 

 

 

(21,040)

 

 

 

(21,040)

Other assets

 

(3,185)

 

2,439

 

83

 

 

 

(663)

Related party assets

 

(5,906)

 

437

 

 

 

 

(5,469)

Accounts payable and accrued expenses

 

22,313

 

2,363

 

6,097

 

 

 

30,773

Policy benefits and losses, claims and loss expenses payable

 

11,805

 

(5,650)

 

6,688

 

 

 

12,843

Other policyholders' funds and liabilities

 

 

1,024

 

(1,406)

 

 

 

(382)

Deferred income

 

1,105

 

 

 

 

 

1,105

Related party liabilities

 

(1,018)

 

371

 

(64)

 

 

 

(711)

Net cash provided (used) by operating activities

 

882,064

 

14,402

 

34,847

 

 

 

931,313

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

(768)

 

 

 

 

 

(768)

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(981,316)

 

 

 

 

 

(981,316)

Short term investments

 

 

(67,094)

 

(499,277)

 

 

 

(566,371)

Fixed maturities investments

 

 

(22,138)

 

(239,713)

 

 

 

(261,851)

Equity securities

 

 

 

(489)

 

 

 

(489)

Real estate

 

(3,510)

 

(4,648)

 

(7,705)

 

 

 

(15,863)

Mortgage loans

 

(9,738)

 

(16,686)

 

(132,885)

 

 

 

(159,309)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

412,892

 

 

 

 

 

412,892

Short term investments

 

 

59,583

 

507,372

 

 

 

566,955

Fixed maturities investments

 

 

20,697

 

126,536

 

 

 

147,233

Preferred stock

 

 

3,351

 

 

 

 

3,351

Real estate

 

 

 

1,681

 

 

 

1,681

Mortgage loans

 

4,986

 

9,742

 

94,532

 

 

 

109,260

Net cash provided (used) by investing activities

 

(577,454)

 

(17,193)

 

(149,948)

 

 

 

(744,595)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

507,008

 

 

27,000

 

 

 

534,008

Principal repayments on credit facilities

 

(217,545)

 

 

(27,000)

 

 

 

(244,545)

Debt issuance costs

 

(4,529)

 

 

 

 

 

(4,529)

Capital lease payments

 

(141,750)

 

 

 

 

 

(141,750)

Employee Stock Ownership Plan

 

(7,541)

 

 

 

 

 

(7,541)

Securitization deposits

 

371

 

 

 

 

 

371

Common stock dividend paid

 

(39,171)

 

 

 

 

 

(39,171)

Investment contract deposits

 

 

 

180,554

 

 

 

180,554

Investment contract withdrawals

 

 

 

(64,459)

 

 

 

(64,459)

Net cash provided (used) by financing activities

 

96,843

 

 

116,095

 

 

 

212,938

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(16,117)

 

 

 

 

 

(16,117)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

385,336

 

(2,791)

 

994

 

 

 

383,539

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$

971,002

$

11,258

$

1,925

$

 

$

984,185

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

13. Industry Segment and Geographic Area Data

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Quarter Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

805,692

$

37,190

$

842,882

Depreciation and amortization, net of (gains) losses on disposal

 

141,193

 

1,820

 

143,013

Interest expense

 

30,824

 

734

 

31,558

Pretax earnings

 

269,830

 

1,749

 

271,579

Income tax (expense) benefit

 

264,361

 

(7,046)

 

257,315

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Quarter Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

757,477

$

32,978

$

790,455

Depreciation and amortization, net of (gains) losses on disposal

 

122,242

 

1,499

 

123,741

Interest expense

 

28,779

 

3

 

28,782

Pretax earnings

 

99,660

 

3,040

 

102,700

Income tax expense

 

(36,678)

 

(794)

 

(37,472)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Nine Months Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

2,707,614

$

135,879

$

2,843,493

Depreciation and amortization, net of (gains) losses on disposal

 

216,885

 

5,649

 

222,534

Interest expense

 

91,735

 

2,191

 

93,926

Pretax earnings

 

654,388

 

13,235

 

667,623

Income tax (expense) benefit

 

115,855

 

(3,738)

 

112,117

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Nine Months Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

2,588,121

$

124,210

$

2,712,331

Depreciation and amortization, net of (gains) losses on disposal

 

336,618

 

3,921

 

340,539

Interest expense

 

83,192

 

5

 

83,197

Pretax earnings

 

595,217

 

19,605

 

614,822

Income tax expense

 

(220,695)

 

(5,251)

 

(225,946)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 


AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

269

$ 

256

Interest cost on accumulated postretirement benefit

 

218

 

204

Other components

 

13

 

22

Net periodic postretirement benefit cost

$

500

$ 

482

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

805

$ 

769

Interest cost on accumulated postretirement benefit

 

652

 

611

Other components

 

43

 

66

Net periodic postretirement benefit cost

$

1,500

$ 

1,446

 

 

 

 

 

15. Fair Value Measurements

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments, including short term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

 


AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure (“ASC 820”) requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; 

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables represent the financial assets and liabilities on the condensed consolidated balance sheet at December 31, 2017 and March 31, 2017, that are subject to ASC 820 and the valuation approach applied to each of these items.

As of December 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(Unaudited)

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

778,878

$

778,678

$

200

$

Fixed maturities - available for sale

 

1,829,863

 

7,647

 

1,821,938

 

278

Preferred stock

 

11,986

 

11,986

 

 

Common stock

 

26,465

 

26,465

 

 

Derivatives

 

4,190

 

4,190

 

 

Total

$

2,651,382

$

828,966

$

1,822,138

$

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

1,253

$

$

1,253

$

Total

$

1,253

$

$

1,253

$

 

As of March 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

521,911

$

521,710

$

201

$

Fixed maturities - available for sale

 

1,625,845

 

6,491

 

1,619,024

 

330

Preferred stock

 

13,489

 

13,489

 

 

Common stock

 

24,434

 

24,434

 

 

Derivatives

 

4,260

 

4,260

 

 

Total

$

2,189,939

$

570,384

$

1,619,225

$

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

4,903

$

$

4,903

$

Total

$

4,903

$

$

4,903

$

 

 


AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following table represents the fair value measurements for our assets at December 31, 2017 using significant unobservable inputs (Level 3).

.

 

Fixed Maturities - Asset Backed Securities

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$

330

 

 

 

Fixed Maturities - Asset Backed Securities - redeemed

 

(89)

Fixed Maturities - Asset Backed Securities - net gain (unrealized)

 

37

Balance at December 31, 2017

$

278

16. Real Estate Agreements

In February 2017, Real Estate entered into an agreement with a qualified intermediary regarding a potential 1031 Exchange related to the sale of a portion of our Chelsea, New York location.  The qualified intermediary formed an LLC to facilitate the reverse exchange portion of the 1031 Exchange, which was determined to be a VIE.  Real Estate was deemed to be the primary beneficiary of this VIE as it has the ability to direct the activities that most significantly impact its economic performance and has all of the risks and rewards of ownership.  Accordingly, Real Estate consolidated this VIE. 

On October 10, 2017, the sale of a portion of our Chelsea, New York property into the 1031 Exchange was completed and the net sales proceeds of $194.2 million were transferred to the qualified intermediary.  The qualified intermediary closed on the reverse exchange and transferred $95.1 million to Real Estate.  The sole membership interest in each property held within the VIE was assigned to Real Estate in satisfaction of the outstanding loan. As of December 31, 2017, $9.4 million remained in deposit with the qualified intermediary. In January 2018, the acquisitions of the remaining properties to complete the exchange were closed.

Real Estate recorded a gain of $190.7 million (sales proceeds price of $200.3 million less $9.6 million book value and associated costs) in the third quarter of fiscal 2018.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2018, compared with the third quarter and first nine months of fiscal 2017, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2018.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

 


AMERCO, a Nevada corporation, has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose any material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2017 and 2016 correspond to fiscal 2018 and 2017 for AMERCO.

Overall Strategy

Our overall strategy is to maintain our leadership position in the United States and Canada “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage rooms and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our eMove® capabilities.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates. 

Life Insurance is focused on long-term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

Description of Operating Segments

AMERCO’s three reportable segments are:

  • Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate,
  • Property and Casualty Insurance, comprised of Repwest and its wholly-owned subsidiaries and ARCOA, and
  • Life Insurance, comprised of Oxford and its wholly-owned subsidiaries.

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers and expanding the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul brand self-moving related products and services, such as boxes, pads and tape allow our customers to, among other things; protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services, all over the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

 


Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul® related programs.

Life Insurance

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

Critical Accounting Policies and Estimates

Our financial statements have been prepared in accordance with GAAP in the United States. The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our financial statements. Certain accounting policies require us to make difficult and subjective judgments and assumptions, often as a result of the need to estimate matters that are inherently uncertain.

Following is a detailed description of the accounting policies that we deem most critical to us and that require management’s most difficult and subjective judgments. These estimates are based on historical experience, observance of trends in particular areas, information and valuations available from outside sources and on various other assumptions that are believed to be reasonable under the circumstances and which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions and conditions; such differences may be material.

We also have other policies that we consider key accounting policies, such as revenue recognition; however, these policies do not meet the definition of critical accounting estimates, because they do not generally require us to make estimates or judgments that are difficult or subjective. The accounting policies that we deem most critical to us, and involve the most difficult, subjective or complex judgments include the following:

Principles of Consolidation

We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control.

As promulgated by ASC 810, a VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration under the provisions of ASC 810. After a triggering event occurs, the facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary.

We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events.

 


Recoverability of Property, Plant and Equipment

Our property, plant and equipment is stated at cost. Interest expense incurred during the initial construction of buildings and rental equipment is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment are netted against depreciation expense when realized. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of the changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, the Company has changed its depreciation policy to raise the value threshold before certain assets are capitalized. This change in procedure, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had additional operating expenses of $18.4 million and $17.6 million in the first nine months of fiscal 2018 and 2017, respectively. This change in procedure is expected to benefit the Company through the immediate recognition of tax deductible costs.

We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives.

Management determined that additions to the fleet resulting from purchases should be depreciated on an accelerated method based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16%, 13%, 11%, 9%, 8%, 7%, and 6% during years one through seven, respectively, and then reduced on a straight line basis to a salvage value of 15% by the end of year fifteen. Prior to October 2012, rental equipment subject to this depreciation schedule was depreciated to a salvage value of 20%. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7% per year over the life of the truck.

Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle. We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions.

Insurance Reserves

Liabilities for life insurance and certain annuity and health policies are established to meet the estimated future obligations of policies in force, and are based on mortality, morbidity and withdrawal assumptions from recognized actuarial tables which contain margins for adverse deviation. In addition, liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of losses incurred, but not yet reported (“IBNR”). Liabilities for annuity contracts consist of contract account balances that accrue to the benefit of the policyholders.

 


Insurance reserves for Property and Casualty Insurance and U-Haul take into account losses incurred based upon actuarial estimates and are management’s best approximation of future payments.  These estimates are based upon past claims experience and current claim trends as well as social and economic conditions such as changes in legal theories and inflation.  These reserves consist of case reserves for reported losses and a provision for IBNR losses, both reduced by applicable reinsurance recoverables, resulting in a net liability.

Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation.  As a result of the long-tailed nature of the excess workers compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled.

On a regular basis, management reviews insurance reserve adequacy to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers compensation reserves, management considers multiple factors including:

  • Claimant longevity
  • Cost trends associated with claimant treatments
  • Changes in ceding entity and third party administrator reporting practices
  • Changes in environmental factors including legal and regulatory
  • Current conditions affecting claim settlements
  • Future economic conditions including inflation

We reserve each claim based upon the accumulation of claim costs projected through each claimants life expectancy, and then adjust for applicable reinsurance arrangements.  Management reviews each claim bi-annually to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time.  We factor in an estimate of potential cost increases in our IBNR liability.  We do not assume settlement of existing claims in calculating the reserve amount, unless it is in the final stages of completion.

Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.  Conversely, settlement of existing claims or injured workers returning to work or expiring prematurely, could lead to future positive development.

Impairment of Investments

Investments are evaluated pursuant to guidance contained in ASC 320 - Investments - Debt and Equity Securities to determine if and when a decline in market value below amortized cost is other-than-temporary. Management makes certain assumptions or judgments in its assessment including but not limited to: our ability and intent to hold the security, quoted market prices, dealer quotes or discounted cash flows, industry factors, financial factors, and issuer specific information such as credit strength. Other-than-temporary impairment in value is recognized in the current period operating results. There were no write downs in the third quarter or first nine months of fiscal 2018 or 2017.

 


Income Taxes

We file a consolidated tax return with all of our legal subsidiaries.

Our tax returns are periodically reviewed by various taxing authorities. The final outcome of these audits may cause changes that could materially impact our financial results.

Fair Values

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

Adoption of New Accounting Pronouncements

In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-17, Interests Held through Related Parties That Are Under Common Control, which modifies existing guidance with respect to how a decision maker that holds an indirect interest in a VIE through a common control party determines whether it is the primary beneficiary of the VIE as part of the analysis of whether the VIE would need to be consolidated. Under ASU 2016-17, a decision maker would need to consider only its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. As a result of ASU 2016-17, in certain cases, previous consolidation conclusions may change. We adopted this standard in the first quarter of fiscal 2018. The adoption of this standard did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), an updated standard on revenue recognition.  The standard outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers.  The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees.  The standard also requires expanded disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.  ASU 2014-09 becomes effective for the Company on April 1, 2018 and may be adopted on either a full or modified retrospective basis.  We are currently evaluating and planning for the implementation of ASU 2014-09 and have determined we will adopt the requirements of the new standard on a modified retrospective basis, but do not expect it to have a material effect on our consolidated financial statements.  

 


In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other provisions, the new guidance requires the fair value measurement of investments in certain equity securities. For investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost adjusted for changes in observable prices minus impairment. All changes in measurement will be recognized in net income. The guidance is effective for interim periods and annual period beginning after December 15, 2017. Early adoption is not permitted, except for certain provisions relating to financial liabilities. We do not expect adoption of ASU 2016-01 to have a material effect on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update will require lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. This update maintains the dual model for lease accounting, requiring leases to be classified as either operating or finance, with lease classification determined in a manner similar to existing lease guidance. The basic principle is that leases of all types convey the right to direct the use and obtain substantially all the economic benefits of an identified asset, meaning they create an asset and liability for lessees. Lessees will classify leases as either finance leases (comparable to current capital leases) or operating leases (comparable to current operating leases). Costs for a finance lease will be split between amortization and interest expense, with a single lease expense reported for operating leases. This update will also require both qualitative and quantitative disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; however, early adoption is permitted. We have determined that the provisions of ASU 2016-02 may result in an increase in assets to recognize the present value of the lease obligations with a corresponding increase in liabilities. We are still in the process of determining the impact on our consolidated financial statements. For the last ten years, we have reported a discounted estimate of the off-balance sheet lease obligations in our MD&A.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This update will require that financial assets measured at amortized cost be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected credit losses during the period. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. This update will become effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact of this standard on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The effective date of ASU 2016-15 is for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This update will become effective for the Company for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years with early adoption permitted.  We are currently evaluating the impact of this standard on our consolidated financial statements.

 


In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash. The new guidance requires that the reconciliation of the beginning-of-period and end-of-period amounts shown in the statements of cash flows include restricted cash and restricted cash equivalents. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies will be required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies will also need to disclose information about the nature of the restrictions. This update will become effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We do not expect adoption of ASU 2016-18 to have a material effect on our consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. This update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. This update will become effective for the Company for fiscal years beginning after December 15, 2017, including interim periods within those years. We do not expect adoption of ASU 2017-01 to have a material effect on our consolidated financial statements.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which changes how companies that sponsor defined benefit pension plans present the related net periodic benefit cost in the income statement. The service cost component of the net periodic benefit cost will continue to be presented in the same income statement line items, however other components of the net periodic benefit cost will be presented as a component of other income and excluded from operating profit. ASU 2017-07 will become effective for public companies during interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. We do not expect adoption of ASU 2017-07 to have a material effect on our consolidated financial statements.

In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Cost (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements.

From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.

 


Results of Operations

AMERCO and Consolidated Entities

Quarter Ended December 31, 2017 compared with the Quarter Ended December 31, 2016

Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2018 and the third quarter of fiscal 2017:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Self-moving equipment rentals

$

574,801

$

541,473

Self-storage revenues

 

82,127

 

72,309

Self-moving and self-storage products and service sales

 

53,130

 

51,562

Property management fees

 

9,881

 

9,734

Life insurance premiums

 

38,957

 

41,279

Property and casualty insurance premiums

 

16,093

 

14,938

Net investment and interest income

 

28,821

 

22,833

Other revenue

 

39,072

 

36,327

Consolidated revenue

$

842,882

$

790,455

Self-moving equipment rental revenues increased $33.3 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017The revenue improvement was primarily transaction driven and came from our truck and trailer rental fleets.  Transaction and revenue increases were recognized in both the one-way and in-town markets.  We increased the number of trucks, trailers, towing devices, independent dealers and Company-owned locations compared with the same period last year.

Self-storage revenues increased $9.8 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017.  The average monthly amount of occupied square feet increased by 9.2% during the third quarter of fiscal 2018, compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of improved rates per square foot, occupancy gains at existing locations and from the addition of new facilities to the portfolio. Over the last twelve months, we added approximately 3.5 million net rentable square feet or a 13.2% increase, with approximately 0.7 million of that coming on during the third quarter of fiscal 2018.

Sales of self-moving and self-storage products and services increased $1.6 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017. Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Life insurance premiums decreased $2.3 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017 due to decreased Medicare Supplement premiums.

Property and casualty insurance premiums increased $1.2 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017 due to an increase in Safetow® sales which corresponds with increased equipment rental transactions.

Net investment and interest income increased $6.0 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017 due to a larger invested asset base at our insurance companies and gains generated from our mortgage loan portfolio.    

Other revenue increased $2.7 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017, primarily coming from growth in our U-Box® program.

As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $842.9 million for the third quarter of fiscal 2018, compared with $790.5 million for the third quarter of fiscal 2017.

 


Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2018 and the third quarter of fiscal 2017. The insurance companies third quarters ended September 30, 2017 and 2016.

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Moving and storage

 

 

 

 

Revenues

$

762,487

$

713,984

Earnings from operations before equity in earnings of subsidiaries

 

285,456

 

118,253

Property and casualty insurance 

 

 

 

 

Revenues

 

20,399

 

18,381

Earnings from operations

 

7,595

 

7,219

Life insurance  

 

 

 

 

Revenues

 

62,379

 

59,694

Earnings from operations

 

10,382

 

6,872

Eliminations

 

 

 

 

Revenues

 

(2,383)

 

(1,604)

Earnings from operations before equity in earnings of subsidiaries

 

(296)

 

(363)

Consolidated results

 

 

 

 

Revenues

 

842,882

 

790,455

Earnings from operations

 

303,137

 

131,981

Total costs and expenses increased $71.3 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017, excluding Net (gains) losses on disposal of real estate, primarily due to increased personnel costs, equipment maintenance, payment processing fees and property tax.  The rate of increase in Moving and Storage personnel expense was less than the rate of increase in Moving and Storage revenues, while repair costs, payment processing fees and property taxes increased at a rate in excess of revenue growth.  Repair costs, primarily associated with the portion of the fleet nearing resale, accounted for $32.3 million of the increase during the quarter. Gains from the disposal of rental equipment increased $2.1 million primarily due to a higher volume of sales partially offset by lower gains per unit.  Depreciation expense associated with our rental fleet increased $17.9 million due to a larger fleet.  Depreciation expense on all other assets, largely from buildings and improvements increased $2.7 million.  Net gains on disposal of real estate increased $190.0 million.  The increase was caused by the sale of a portion of our Chelsea, NY property which resulted in a pre-tax gain of $190.7 million.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $303.1 million for the third quarter of fiscal 2018, compared with $132.0 million for the third quarter of fiscal 2017.

Interest expense for the third quarter of fiscal 2018 was $31.6 million, compared with $28.8 million for the third quarter of fiscal 2017 primarily due to increased borrowings in fiscal 2018 partially offset by lower average borrowing costs. In addition, we incurred costs associated with the early extinguishment of debt during the third quarter of fiscal 2017 of $0.5 million for the write-off of transaction cost amortization related to defeased debt.

Income tax (expense) benefit was $257.3 million for the third quarter of fiscal 2018, compared with ($37.5) million for the third quarter of fiscal 2017, due to the effects of the Tax Reform Act as enacted on December 22, 2017. Our effective tax rate was (94.7%) of net income before taxes for the quarter, compared with 36.5% in the prior-year quarter. The decrease in our deferred tax liability resulting from the offset of the new Federal income tax rate accounted for a $349.2 million decrease, partially offset by a $10.0 million one time increase resulting from the deemed repatriation of foreign earnings. Although we have not yet fully assessed the impact of the Tax Reform Act on our future taxes or net earnings, we currently expect our all-inclusive effective tax rate for the year ending March 31, 2018 to be highly distorted by these one-time events. See Note 8 to the financial statements for more information on income taxes.

As a result of the above mentioned items, earnings available to common shareholders were $528.9 million for the third quarter of fiscal 2018, compared with $65.2 million for the third quarter of fiscal 2017.

 


Basic and diluted earnings per share for the third quarter of fiscal 2018 were $27.00, compared with $3.33 for the third quarter of fiscal 2017.

The weighted average common shares outstanding basic and diluted were 19,589,218 for the third quarter of fiscal 2018, compared with 19,586,694 for the third quarter of fiscal 2017.

Moving and Storage

Quarter Ended December 31, 2017 compared with the Quarter Ended December 31, 2016

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the third quarter of fiscal 2018 and the third quarter of fiscal 2017:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Self-moving equipment rentals

$

576,018

$

542,545

Self-storage revenues

 

82,127

 

72,309

Self-moving and self-storage products and service sales

 

53,130

 

51,562

Property management fees

 

9,881

 

9,734

Net investment and interest income

 

3,662

 

2,570

Other revenue

 

37,669

 

35,264

Moving and Storage revenue

$

762,487

$

713,984

 

 

 

 

 

Self-moving equipment rental revenues increased $33.5 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017. The revenue improvement was primarily transaction driven and came from our truck and trailer rental fleets.  Transaction and revenue increases were recognized in both the one-way and in-town markets.  We increased the number of trucks, trailers, towing devices, independent dealers and Company-owned locations compared with the same period last year.

Self-storage revenues increased $9.8 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017.  The average monthly amount of occupied square feet increased by 9.2% during the third quarter of fiscal 2018, compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of improved rates per square foot, occupancy gains at existing locations and from the addition of new facilities to the portfolio. Over the last twelve months, we added approximately 3.5 million net rentable square feet or a 13.2% increase, with approximately 0.7 million of that coming on during the third quarter of fiscal 2018.

Sales of self-moving and self-storage products and services increased $1.6 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017. Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Net investment and interest income increased $1.1 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017.  

Other revenue increased $2.4 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017 caused primarily by growth in the U-Box® program.

 


The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except occupancy rate)

Room count as of December 31

 

352

 

305

Square footage as of December 31

 

29,780

 

26,310

Average number of rooms occupied

 

247

 

227

Average occupancy rate based on room count

 

70.9%

 

75.1%

Average square footage occupied

 

22,401

 

20,515

Over the last twelve months we added approximately 3.5 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development. On average, the occupancy rate of this new capacity on the date it was added was 6.5%.

Total costs and expenses increased $71.3 million during the third quarter of fiscal 2018, compared with the third quarter of fiscal 2017, excluding Net (gains) losses on disposal of real estate, primarily due to increased personnel costs, equipment maintenance, payment processing fees and property tax.  The rate of increase in Moving and Storage personnel expense was less than the rate of increase in Moving and Storage revenues, while repair costs, payment processing fees and property taxes increased at a rate in excess of revenue growth.  Repair costs, primarily associated with the portion of the fleet nearing resale, accounted for $32.3 million of the increase during the quarter.  Gains from the disposal of rental equipment increased $2.1 million primarily due to a higher volume of sales partially offset by lower gains per unit.  Depreciation expense associated with our rental fleet increased $17.9 million due to a larger fleet.  Depreciation expense on all other assets, largely from buildings and improvements increased $2.7 million. Net gains on disposal of real estate increased $190.0 million.  The increase was caused by the sale of a portion of our Chelsea, NY property which resulted in a pre-tax gain of $190.7 million.

As a result of the above mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries, increased to $285.5 million for the third quarter of fiscal 2018, compared with $118.3 million for the third quarter of fiscal 2017.

Equity in the earnings of AMERCO’s insurance subsidiaries was $11.8 million and $9.0 million for the third quarter of fiscal 2018 and 2017, respectively.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $297.3 million for the third quarter of fiscal 2018, compared with $127.3 million for the third quarter of fiscal 2017.

Property and Casualty Insurance

Quarter Ended September 30, 2017 compared with the Quarter Ended September 30, 2016

Net premiums were $16.8 million and $14.9 million for the quarters ended September 30, 2017 and 2016, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $3.6 million and $3.4 million for the quarters ended September 30, 2017 and 2016, respectively. Realized investment gains increased by $0.1 million.

Net operating expenses were $8.2 million and $7.7 million for the quarters ended September 30, 2017 and 2016, respectively due to an increase in commissions and decreased loss adjusting fees.

Benefits and losses incurred were $4.6 million and $3.5 million for the quarters ended September 30, 2017 and 2016, respectively due to increased premium volume.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $7.6 million and $7.2 million for the quarters ended September 30, 2017 and 2016, respectively.

 


Life Insurance

Quarter Ended September 30, 2017 compared with the Quarter Ended September 30, 2016

Net premiums were $39.0 million and $41.3 million for the quarters ended September 30, 2017 and 2016, respectively. Medicare Supplement premiums decreased by $2.7 million due to the reduction in new sales and declined premiums on the existing business partially offset by rate increases on renewal premiums. Other premiums increased $0.4 million. Deferred annuity deposits were $69.9 million or $19.6 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment and interest income was $21.9 million and $17.2 million for the quarters ended September 30, 2017 and 2016, respectively. Investment income and realized gain from fixed maturities increased $3.6 million from a larger invested asset base. An additional increase of $1.1 million was from the mortgage loan portfolio.

Net operating expenses were $5.5 million and $5.7 million for the quarters ended September 30, 2017 and 2016, respectively. A decrease was primarily due to a reduction in Medicare Supplement commission and general expenses from the decreased sales and reduced business in force.

Benefits and losses incurred were $40.5 million and $41.9 million for the quarters ended September 30, 2017 and 2016, respectively. The decrease was due to a $2.1 million reduction in Medicare supplement benefits from an improved benefit to premium ratio and a $0.3 million net decrease in the remaining lines of business. Partially offsetting this was a $1.0 million increase in interest credited to policyholders as a result of the increased annuity deposit base.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $6.0 million and $5.2 million for the quarters ended September 30, 2017 and 2016, respectively. The variance was primarily due to the increased DAC amortization on the annuity products from the increase in sales.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $10.4 million and $6.9 million for the quarters ended September 30, 2017 and 2016, respectively.

AMERCO and Consolidated Entities

Nine Months Ended December 31, 2017 compared with the Nine Months Ended December 31, 2016

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2018 and the first nine months of fiscal 2017:

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Self-moving equipment rentals

$

1,985,217

$

1,899,519

Self-storage revenues

 

239,317

 

212,194

Self-moving and self-storage products and service sales

 

205,309

 

199,195

Property management fees

 

23,474

 

23,050

Life insurance premiums

 

116,910

 

123,064

Property and casualty insurance premiums

 

42,934

 

40,202

Net investment and interest income

 

82,507

 

75,754

Other revenue

 

147,825

 

139,353

Consolidated revenue

$

2,843,493

$

2,712,331

 

 


Self-moving equipment rental revenues increased $85.7 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017. The revenue improvement was primarily transaction driven and came from our truck and trailer rental fleets.  Transaction and revenue increases were recognized in both the one-way and in-town markets.  We increased the number of trucks, trailers, towing devices, independent dealers and Company-owned locations compared with the same period last year.

Self-storage revenues increased $27.1 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017.  The average monthly amount of occupied square feet increased by 8.5% during the first nine months of fiscal 2018, compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of improved rates per square foot, occupancy gains at existing locations and from the addition of new facilities to the portfolio. Over the last twelve months we added approximately 3.5 million net rentable square feet or a 13.2% increase, with approximately 2.5 million of that coming on during the first nine months of fiscal 2018.

Sales of self-moving and self-storage products and services increased $6.1 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017. Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Life insurance premiums decreased $6.2 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017 due primarily to decreased Medicare supplement premiums.

Property and casualty insurance premiums increased $2.7 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017 due to an increase in Safetow® sales which corresponds with increased equipment rental transactions.

Net investment and interest income increased $6.8 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017 due to a larger invested asset base at our insurance companies and gains generated from our mortgage loan portfolio.   

Other revenue increased $8.5 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017, primarily coming from growth in our U-Box® program.

As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $2,843.5 million for the first nine months of fiscal 2018, as compared with $2,712.3 million for the first nine months of fiscal 2017.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2018 and the first nine months of fiscal 2017. The insurance companies first nine months ended September 30, 2017 and 2016.

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Moving and storage

 

 

 

 

Revenues

$

2,610,222

$

2,480,215

Earnings from operations before equity in earnings of subsidiaries

 

722,894

 

659,918

Property and casualty insurance 

 

 

 

 

Revenues

 

55,704

 

53,153

Earnings from operations

 

19,118

 

21,816

Life insurance  

 

 

 

 

Revenues

 

183,465

 

183,450

Earnings from operations

 

20,536

 

17,886

Eliminations

 

 

 

 

Revenues

 

(5,898)

 

(4,487)

Earnings from operations before equity in earnings of subsidiaries

 

(999)

 

(1,102)

Consolidated results

 

 

 

 

Revenues

 

2,843,493

 

2,712,331

Earnings from operations

 

761,549

 

698,518

 


Total costs and expenses increased $258.0 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017, excluding Net (gains) losses on disposal of real estate. Operating expenses at Moving and Storage increased $173.5 million.  In the second quarter of fiscal 2017, we recognized the difference between the accrued amount and actual settlement amount of the PODS case as a $24.6 million reduction of operating expenses. Excluding this effect in the prior year, operating expenses for Moving and Storage increased $148.9 million. This was primarily due to increased personnel costs, equipment maintenance, payment processing fees and property tax.  Repair costs, primarily associated with the portion of the fleet nearing resale, accounted for $55.1 million of the increase during the nine months ended December 31, 2017.  Lease expense decreased $3.9 million as a result of our shift in financing new equipment on the balance sheet versus through operating leasesGains from the disposal of rental equipment decreased $16.1 million.  Compared with the first nine months of fiscal 2017, we have sold fewer used trucks. On average the trucks sold had a higher average cost and we experienced a decrease in the average sales proceeds per unit. Depreciation expense associated with our rental fleet increased $45.7 million due to a larger fleet.  Depreciation expense on all other assets, largely from buildings and improvements increased $11.0 million. Net gains on disposal of real estate increased $189.8 million.  The increase was caused by the sale of a portion of our Chelsea, NY property which resulted in a pre-tax gain of $190.7 million.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $761.5 million for the first nine months of fiscal 2018, as compared with $698.5 million for the first nine months of fiscal 2017.

Interest expense for the first nine months of fiscal 2018 was $93.9 million, compared with $83.2 million for the first nine months of fiscal 2017 due to increased borrowings in fiscal 2018 partially offset by lower borrowing costs. In addition, we incurred costs associated with the early extinguishment of debt during the third quarter of fiscal 2017 of $0.5 million for the write-off of transaction cost amortization related to defeased debt.

Income tax (expense) benefit was $112.1 million for the first nine months of fiscal 2018, compared with ($225.9) million for first nine months of fiscal 2017 due to the effects of the Tax Reform Act as enacted on December 22, 2017. Our effective tax rate was (16.8%) of net income before taxes for the first nine months of fiscal 2018, compared to 36.7% in the prior-year period. The decrease in our deferred tax liability resulting from the offset of the new Federal income tax rate accounted for a $349.2 million decrease, partially offset by a $10.0 million one time increase resulting from the deemed repatriation of foreign earnings. Although we have not yet fully assessed the impact of the Tax Reform Act on our future taxes or net earnings, we currently expect our all-inclusive effective income tax rate for the year ending March 31, 2018 to be highly distorted by these one-time events. Excluding the one-time benefits and charges mentioned above, our effective tax rate for all of fiscal 2018, post Tax Reform Act, was now approximately 34.3%, compared with 36.6% for fiscal 2017. We project that our effective tax rate for the fiscal year ending March 31, 2019 will be approximately 24.3%. See Note 8 to the financial statements for more information on income taxes.

As a result of the above mentioned items, earnings available to common shareholders were $779.7 million for the first nine months of fiscal 2018, compared with $388.9 million for the first nine months of fiscal 2017.

Basic and diluted earnings per common share for the first nine months of fiscal 2018 were $39.81, compared with $19.85 for the first nine months of fiscal 2017.

The weighted average common shares outstanding basic and diluted were 19,588,558 for the first nine months of fiscal 2018, compared with 19,586,389 for the first nine months of fiscal 2017.

 


Moving and Storage

Nine Months Ended December 31, 2017 compared with the Nine Months Ended December 31, 2016

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2018 and the first nine months of fiscal 2017:

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Self-moving equipment rentals

$

1,988,430

$

1,902,400

Self-storage revenues

 

239,317

 

212,194

Self-moving and self-storage products and service sales

 

205,309

 

199,195

Property management fees

 

23,474

 

23,050

Net investment and interest income

 

9,496

 

7,035

Other revenue

 

144,196

 

136,341

Moving and Storage revenue

$

2,610,222

$

2,480,215

Self-moving equipment rental revenues increased $86.0 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017. The revenue improvement was primarily transaction driven and came from our truck and trailer rental fleets.  Transaction and revenue increases were recognized in both the one-way and in-town markets.  We increased the number of trucks, trailers, towing devices, independent dealers and Company-owned locations compared with the same period last year.

Self-storage revenues increased $27.1 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017.  The average monthly amount of occupied square feet increased by 8.5% during the first nine months of fiscal 2018, compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of improved rates per square foot, occupancy gains at existing locations and from the addition of new facilities to the portfolio. Over the last twelve months we added approximately 3.5 million net rentable square feet or a 13.2% increase, with approximately 2.5 million of that coming on during the first nine months of fiscal 2018.

Sales of self-moving and self-storage products and services increased $6.1 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017. Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Net investment and interest income increased $2.5 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017.  

Other revenue increased $7.9 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017 caused primarily by growth in the U-Box® program.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except occupancy rate)

Room count as of December 31

 

352

 

305

Square footage as of December 31

 

29,780

 

26,310

Average number of rooms occupied

 

245

 

226

Average occupancy rate based on room count

 

72.6%

 

77.1%

Average square footage occupied

 

22,064

 

20,343

Over the last twelve months we added approximately 3.5 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development. On average, the occupancy rate of this new capacity on the date it was added was 6.5%.

 


Moving and Storage total costs and expenses increased $256.9 million during the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017 excluding Net (gains) losses on disposal of real estate.  Operating expenses at Moving and Storage increased $173.5 million.  In the second quarter of fiscal 2017, we recognized the difference between the accrued amount and actual settlement amount of the PODS case as a $24.6 million reduction of operating expenses. Excluding this effect in the prior year, operating expenses for Moving and Storage increased $148.9 million. This was primarily due to increased personnel costs, equipment maintenance, payment processing fees and property tax.  Repair costs, primarily associated with the portion of the fleet nearing resale, accounted for $55.1 million of the increase during the nine months ended December 31, 2017.  Lease expense decreased $3.9 million as a result of our shift in financing new equipment on the balance sheet versus through operating leases; this ongoing shift in financing allocation also contributed to the increase in depreciation expense.  Gains from the disposal of rental equipment decreased $16.1 million.  Compared with the first nine months of fiscal 2017, we have sold fewer used trucks. On average the trucks sold had a higher average cost and we experienced a decrease in the average sales proceeds per unit. Depreciation expense associated with our rental fleet increased $45.7 million due to a larger fleet.  Depreciation expense on all other assets, largely from buildings and improvements increased $11.0 million. Net gains on disposal of real estate increased $189.8 million.  The increase was caused by the sale of a portion of our Chelsea, NY property which resulted in a pre-tax gain of $190.7 million.

As a result of the above mentioned changes in revenues and expenses, earnings from operations for the Moving and Storage operating segment before consolidation of the equity in the earnings of the insurance subsidiaries increased to $722.9 million for the first nine months of fiscal 2018, compared with $659.9 million for the first nine months of fiscal 2017.

Equity in the earnings of AMERCO’s insurance subsidiaries was $26.0 million for the first nine months of fiscal 2018, compared with $25.9 million for the first nine months of fiscal 2017.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $748.9 million for the first nine months of fiscal 2018, compared with $685.8 million for the first nine months of fiscal 2017.

Property and Casualty Insurance

Nine Months Ended September 30, 2017 compared with the Nine Months Ended September 30, 2016

Net premiums were $44.1 million and $40.2 million for the nine months ended September 30, 2017 and 2016, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $11.6 million and $13.0 million for the nine months ended September 30, 2017 and 2016, respectively. Realized investment gains decreased by $1.8 million.

Net operating expenses were $24.6 million and $21.2 million for the nine months ended September 30, 2017 and 2016, respectively, due to an increase in commissions and decreased loss adjusting fees.

Benefits and losses incurred were $12.0 million and $10.1 million for the nine months ended September 30, 2017 and 2016, respectively, due to increased premium volume in the Safe and Self Storage Programs.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $19.1 million and $21.8 million for the nine months ended September 30, 2017 and 2016, respectively.

 


Life Insurance

Nine Months Ended September 30, 2017 compared with the Nine Months Ended September 30, 2016

Net premiums were $116.9 million and $123.1 million for the nine months ended September 30, 2017 and 2016, respectively. Medicare Supplement premiums decreased by $6.3 million due to the reduction in new sales and declined premiums on the existing business offset by rate increases on renewal premiums. The remaining lines of business had a net increase of $0.1 million. Deferred annuity deposits were $242.7 million or $80.5 million above prior year and are accounted for on balance sheet as deposits rather than premiums.

Net investment income was $62.5 million and $57.0 million for the nine months ended September 30, 2017 and 2016, respectively. Investment income and realized gain from fixed maturities increased $9.0 million from a larger invested asset base, partially offset by a $3.5 million decrease in gains from mortgage loan portfolio.

Net operating expenses were $16.7 million and $17.3 million for the nine months ended September 30, 2017 and 2016, respectively. A decrease was primarily due to a reduction in commission expense from decreased Medicare Supplement premiums.

Benefits and losses incurred were $128.0 million and $129.1 million for the nine months ended September 30, 2017 and 2016, respectively. The decrease was due to $7.0 million reduction in Medicare supplement benefits from an improved benefit to premium ratio and a $0.5 million decrease in supplemental contract and immediate annuity payouts. Partially offsetting this was a $5.2 million increase in interest credited to policyholders as a result of the increased annuity deposit base along with $1.3 million from life insurance benefits.

Amortization of DAC, SIA and VOBA was $18.2 million and $19.1 million for the nine months ended September 30, 2017 and 2016, respectively. The decrease was primarily due to additional DAC amortization in the first quarter of the prior year generated by added gains on discounted mortgage loan investments partially offset by the increased amortization from a larger DAC asset in the current year.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $20.5 million and $17.9 million for the nine months ended September 30, 2017 and 2016, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals, and provide us with sufficient liquidity for the foreseeable future. There are many factors which could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

At December 31, 2017, cash and cash equivalents totaled $1,022.9 million, compared with $697.8 million at March 31, 2017. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 31, 2017 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

 

 

Moving & Storage

 

Property & Casualty Insurance (a)

 

Life Insurance (a)

 

 

(Unaudited)

 

 

(In thousands)

Cash and cash equivalents

$

978,264

$

12,296

$

32,327

Other financial assets

 

142,519

 

449,188

 

1,961,298

Debt obligations

 

3,493,908

 

 

 

 

 

 

 

 

 

(a) As of September 30, 2017

 

 

 

 

 

 

 


At December 31, 2017, Moving and Storage had additional borrowing capacity available under existing credit facilities of $163.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities decreased $92.3 million in the first nine months of fiscal 2018 compared with the first nine months of fiscal 2017.  Reduced profitability at the Moving and Storage segment combined with a $53.1 million increase in income tax payments accounted for the majority of the decline in fiscal 2018.

Net cash used in investing activities decreased $166.7 million in the first nine months of fiscal 2018, compared with the first nine months of fiscal 2017. Purchases of property, plant and equipment, which are reported net of cash from sales and lease-back transactions, decreased $10.8 million. Cash from the sales of property, plant and equipment increased $178.1 million largely due to reduced fleet sales. For our insurance subsidiaries, net cash used in investing activities increased $54.8 million compared with the prior year period. 

Net cash provided by financing activities decreased $158.4 million in the first nine months of fiscal 2018, as compared with the first nine months of fiscal 2017. This was due to a combination of increased debt and capital lease repayments of $136.6 million, a decrease in cash from borrowings of $107.7 million, an increase in net annuity deposits from Life Insurance of $68.1 million and a decrease in common stock dividends paid of $19.6 million.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2018, we will reinvest in our truck and trailer rental fleet approximately $540 million, net of equipment sales excluding any lease buyouts. Through the first nine months of fiscal 2018, we have invested, net of equipment sales, approximately $400 million before any lease buyouts in our truck and trailer fleet of this projected amount. Fleet investments in fiscal 2018 and beyond will be dependent upon several factors including availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the remaining fiscal 2018 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations and sales. Our plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. We are funding these development projects through construction loans and internally generated funds. For the first nine months of fiscal 2018, we invested approximately $400 million in real estate acquisitions, new construction and renovation and major repairs. For the remainder of fiscal 2018, the timing of new projects will be dependent upon several factors including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

 


Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $379.4 million and $568.4 million for the first nine months of fiscal 2018 and 2017, respectively. The components of our net capital expenditures are provided in the following table:

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Purchases of rental equipment

$

787,976

$

869,878

Equipment lease buyouts

 

2,942

 

16,840

Purchases of real estate, construction and renovations

 

399,510

 

378,017

Other capital expenditures

 

103,783

 

95,942

Gross capital expenditures

 

1,294,211

 

1,360,677

Less: Lease proceeds

 

(323,739)

 

(379,361)

Less: Sales of property, plant and equipment

 

(591,040)

 

(412,892)

Net capital expenditures

 

379,432

 

568,424

 

 

 

 

 

Moving and Storage continues to hold significant cash and has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage market place or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

We believe that stockholder’s equity at Property and Casualty Insurance remains sufficient and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $199.7 million and $180.9 million at September 30, 2017 and December 31, 2016, respectively. The increase resulted from net earnings of $12.6 million and an increase in other comprehensive income of $6.2 million. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations including investment contract withdrawals and deposits. Life Insurance’s net deposits for the nine months ended September 30, 2017 were $184.2 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s funds are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $323.2 million and $296.1 million at September 30, 2017 and December 31, 2016, respectively. The increase resulted from net earnings of $13.4 million and an increase in other comprehensive income of $13.7 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. However, as of September 30, 2017, Oxford had outstanding deposits of $60 million through its membership in the FHLB system. For a more detailed discussion of this deposit, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

 


Cash Provided from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $782.8 million and $882.1 million for the first nine months of fiscal 2018 and 2017, respectively. Reduced profitability combined with a $53.1 million increase in income tax payments accounted for the majority of the decline in fiscal 2018.

Property and Casualty Insurance

Net cash provided by operating activities were $18.4 million and $14.4 million for the nine months ended September 30, 2017 and 2016, respectively. The increase was the result of changes in intercompany balances and the timing of payable’s activity.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $16.4 million and $20.7 million at September 30, 2017 and December 31, 2016, respectively. These balances reflect funds in transition from maturity proceeds to long term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $37.8 million and $34.8 million for the nine months ended September 30, 2017 and 2016, respectively. The increase in operating cash flows was due to the increase in investment income, lower benefit payments and timing of collection of receivables and settlement of payables, offset by a decrease in collected premiums and a federal income tax payment.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. At September 30, 2017 and December 31, 2016, cash and cash equivalents and short-term investments amounted to $37.5 million and $20.6 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

Our borrowing strategy is primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and hedge floating rate loans through the use of interest rate swaps. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. At December 31, 2017, we had available borrowing capacity under existing credit facilities of $163.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

Fair Value of Financial Instruments

Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 requires that financial assets and liabilities recorded at fair value be classified and disclosed in a Level 1, Level 2 or Level 3 category. For more information, please see Note 15, Fair Value Measurements, of the Notes to Condensed Consolidated Financial Statements. 

 


The available-for-sale securities held by us are recorded at fair value. These values are determined primarily from actively traded markets where prices are based either on direct market quotes or observed transactions. Liquidity is a factor considered during the determination of the fair value of these securities. Market price quotes may not be readily available for certain securities or the market for them has slowed or ceased. In situations where the market is determined to be illiquid, fair value is determined based upon limited available information and other factors including expected cash flows. At December 31, 2017, we had $0.3 million of available-for-sale assets classified in Level 3.

The interest rate swaps held by us as hedges against interest rate risk for our variable rate debt are recorded at fair value. These values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2.

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.

Off-Balance Sheet Arrangements

We use off-balance sheet arrangements in situations where management believes that the economics and sound business principles warrant their use.

We utilize operating leases for certain rental equipment and facilities with terms expiring substantially through 2019. In the event of a shortfall in proceeds from the sales of the underlying rental equipment assets, we have guaranteed $16.2 million of residual values at December 31, 2017 for these assets at the end of their respective lease terms. We have been leasing rental equipment since 1987. To date, we have not experienced residual value shortfalls related to these leasing arrangements. Using the average cost of fleet related debt as the discount rate, the present value of our minimum lease payments and residual value guarantees were $28.5 million at December 31, 2017.

Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 11, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when our overall borrowing structure was more limited. We do not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Blackwater is wholly-owned by Willow Grove Holding LP, which is owned by Mark V. Shoen (a significant shareholder) and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant shareholder) and Mark V. Shoen.

We currently manage the self-storage properties owned or leased by Blackwater and Mercury pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $23.3 million and $21.8 million from the above mentioned entities during the first nine months of fiscal 2018 and 2017, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen (a significant shareholder) and a trust benefitting the children and grandchildren of Edward J. Shoen.

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. Total lease payments pursuant to such leases were $2.0 million and $2.1 million in the first nine months of fiscal 2018 and 2017, respectively. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

 


At December 31, 2017, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based on equipment rental revenues. We paid the above mentioned entities $46.9 million and $45.9 million in commissions pursuant to such dealership contracts during the first nine months of fiscal 2018 and 2017, respectively.

During the first nine months of fiscal 2018, a subsidiary of ours held a junior unsecured note of SAC Holding Corporation. We do not have an equity ownership interest in SAC Holding Corporation. We recorded interest income of $3.3 million and $3.7 million and received cash interest payments of $8.7 million and $3.4 million, from SAC Holding Corporation during the first nine months of fiscal 2018 and 2017, respectively. The largest aggregate amount of the note receivable outstanding during the first nine months of fiscal 2018 was $48.1 million. In December 2017, this note and interest receivable was repaid in full as we received payments of $53.0 million.

These agreements along with a note with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $21.4 million, expenses of $2.0 million and cash flows of $72.9 million during the first nine months of fiscal 2018. Revenues and commission expenses related to the Dealer Agreements were $218.6 million and $46.9 million, respectively during the first nine months of fiscal 2018.

Fiscal 2018 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals. Revenue in the U-Move program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded at existing locations. For the remainder of fiscal 2018, we are actively looking to acquire new locations, complete current projects and increase occupancy in our existing portfolio of locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2018.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

 


Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease.  We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations. Following is a summary of our interest rate swap agreements at December 31, 2017:

 

Notional Amount

 

 

Fair Value

 

Effective Date

 

Expiration Date

 

Fixed Rate

 

Floating Rate

 

(Unaudited)

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

$

62,222

 

$

(1,551)

 

8/18/2006

 

8/10/2018

 

5.43%

 

1 Month LIBOR

 

8,125

(a)

 

(25)

 

6/1/2011

 

6/1/2018

 

2.38%

 

1 Month LIBOR

 

16,667

(a)

 

(19)

 

8/15/2011

 

8/15/2018

 

1.86%

 

1 Month LIBOR

 

6,600

(a)

 

(3)

 

9/12/2011

 

9/10/2018

 

1.75%

 

1 Month LIBOR

 

6,587

(b)

 

27

 

3/28/2012

 

3/28/2019

 

1.42%

 

1 Month LIBOR

 

9,167

 

 

56

 

4/16/2012

 

4/1/2019

 

1.28%

 

1 Month LIBOR

 

17,550

 

 

262

 

1/15/2013

 

12/15/2019

 

1.07%

 

1 Month LIBOR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) forward swap

 

 

 

 

 

 

 

(b) operating lease

 

 

 

 

 

 

As of December 31, 2017, we had $726.6 million of variable rate debt obligations and $6.6 million of a variable rate operating lease. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $6.1 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities as compared to the characteristics of the supporting assets. Management uses these outcomes to determine an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 4.8% and 4.6% of our revenue was generated in Canada during the first nine months of fiscal 2018 and 2017, respectively. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

 


Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, estimates of capital expenditures, plans for future operations, products or services, financing needs, plans and strategies, our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets, the impact of our compliance with environmental laws and cleanup costs, our used vehicle disposition strategy, the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans, our plan to expand our U-Haul storage affiliate program, that additional leverage can be supported by our operations and business, the availability of alternative vehicle manufacturers, our estimates of the residual values of our equipment fleet, our plans with respect to off-balance sheet arrangements, our plans to continue to invest in the U-Box® program, the impact of interest rate and foreign currency exchange rate changes on our operations, the sufficiency of our capital resources and the sufficiency of capital of our insurance subsidiaries as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A. Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

Attached as exhibits to this Quarterly Report are certifications of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), which are required in accordance with Rule 13a-14 of the Exchange Act. This "Controls and Procedures" section includes information concerning the controls and procedures evaluation referred to in the certifications and it should be read in conjunction with the certifications for a more complete understanding of the topics presented in the section titled Evaluation of Disclosure Controls and Procedures.

 


Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end of the most recently completed fiscal quarter covered by this Quarterly Report. Our Disclosure Controls are designed to  ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our Disclosure Controls are also designed to  ensure that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report, our Disclosure Controls were effective at a reasonable assurance level related to the above stated design purposes.

Inherent Limitations on the Effectiveness of Controls

Our management, including our CEO and CFO, does not expect that our Disclosure Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 


PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

We refer you to documents filed by us with the SEC, specifically “Item 1A. Risk Factors” of our most recent annual report on Form 10-K for the year ended March 31, 2017, which identify important risk factors that could materially affect our business, financial condition and future results. We also refer you to the factors and cautionary language set forth in the section entitled “Cautionary Statements Regarding Forward-Looking Statements” in our MD&A of this quarterly report on Form 10-Q. MD&A and the consolidated financial statements and related notes should be read in conjunction with such risks and other factors for a full understanding of our operations and financial conditions. The risks described in our Form 10-K and herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Below we set forth material updates to the risk factors contained in “Item 1A. Risk Factors” or our most recently filed Form 10-K:

Recent changes to U.S. tax laws may adversely affect our financial condition or results of operations and create the risk that we may need to adjust our accounting for these changes.

The Tax Reform Act makes significant changes to U.S. tax laws and includes numerous provisions that affect businesses, including ours.  For instance, as a result of lower corporate tax rates, the Tax Reform Act tends to reduce both the value of deferred tax assets and the amount of deferred tax liabilities.  It also limits interest rate deductions and the amount of net operating losses that can be used each year and alters the expensing of capital expenditures.  Other provisions have international tax consequences for businesses like ours that operate internationally. The Tax Reform Act is unclear in certain respects and will require interpretations and implementing regulations by the IRS, as well as state tax authorities, and the Tax Reform Act could be subject to amendments and technical corrections, any of which could lessen or increase the adverse (and positive) impacts of the Tax Reform Act. The accounting treatment of these tax law changes is complex, and some of the changes may affect both current and future periods.  Others will primarily affect future periods.  As discussed elsewhere in this Report on Form 10-Q, we believe our analysis and computations of the tax effects of the Tax Reform Act on us is substantially, but not entirely, complete. Consistent with guidance from the Securities and Exchange Commission, our financial statements reflect our estimates of the tax effects of the Tax Reform Act on us.  Although we believe these estimates are reasonable, they are provisional and may be adjusted prior to the end of fiscal 2018. Any such adjustments could affect our current or future financial statements, or both.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

 


Item 6. Exhibits

The following documents are filed as part of this report:

 

Exhibit Number

Description

Page or Method of Filing

3.1

Amended and Restated Articles of Incorporation of AMERCO

Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255

 

3.2

Restated Bylaws of AMERCO

Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255

 

31.1

Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO

 

Filed herewith

31.2

Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of AMERCO

 

Filed herewith

32.1

Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Furnished herewith

32.2

Certificate of Jason A. Berg, Chief Financial Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Furnished herewith

101.INS

XBRL Instance Document

 

Filed herewith

101.SCH

XBRL Taxonomy Extension Schema

 

Filed herewith

101.CAL

XBRL Taxonomy Extension Calculation Linkbase

 

Filed herewith

101.LAB

XBRL Taxonomy Extension Label Linkbase

 

Filed herewith

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

 

Filed herewith

101.DEF

XBRL Taxonomy Extension Definition Linkbase

 

Filed herewith


 


 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Date:  February 7, 2018

 

/s/ Edward J. Shoen          

 

 

Edward J. Shoen

 

 

President and Chairman of the Board

 

 

(Duly Authorized Officer)

 

 

 

 

 

 

 

 

 

Date:  February 7, 2018

 

/s/ Jason A. Berg                 

 

 

Jason A. Berg

 

 

Chief Financial Officer

 

 

(Principal Financial Officer)

 

 

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EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Edward J. Shoen, certify that:

1.I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

/s/  Edward J. Shoen

 

 

Edward J. Shoen

 

 

President and Chairman of the

Date: February 7, 2018

 

Board of AMERCO

 

EX-31.2 4 ex312.htm EX 31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Jason A. Berg, certify that:

1.I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

/s/  Jason A. Berg

 

 

Jason A. Berg

Date: February 7, 2018

 

Chief Financial Officer of AMERCO

 

EX-32.1 5 ex321.htm EX 32.1

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended December 31, 2017 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 7, 2018 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

 

AMERCO

 

 

a Nevada corporation

 

 

 

 

 

/s/  Edward J. Shoen

 

 

Edward J. Shoen

Date: February 7, 2018

 

President and Chairman of the Board

 

EX-32.2 6 ex322.htm EX 32.2

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended December 31, 2017 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 7, 2018 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

 

 

AMERCO

 

 

a Nevada corporation

 

 

 

 

 

/s/  Jason A. Berg

 

 

Jason A. Berg

Date: February 7, 2018

 

Chief Financial Officer of AMERCO

 

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95100000 9400000 190700000 200300000 9600000 0.3155 339200000 349200000 10000000 5100000 9100000 4000000 5400000 <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">AMERCO, a Nevada corporation (&#8220;AMERCO&#8221;), has a third fiscal quarter that ends on the 31</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">st</font><font style="font-family:Arial; font-size:10pt"> of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">th</font><font style="font-family:Arial; font-size:10pt"> of September </font><font style="font-family:Arial; font-size:10pt">for each year that is referenced. They have been consolidated on that basis. Our insurance companies&#8217; financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their </font><font style="font-family:Arial; font-size:10pt">calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose any material events, if any, occurring during the intervening period. Consequently, all referenc</font><font style="font-family:Arial; font-size:10pt">es to our insurance subsidiaries&#8217; years 2017 and 2016 correspond to fiscal 2018 and 2017 for AMERCO.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to co</font><font style="font-family:Arial; font-size:10pt">nform to the current presentation. </font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The condensed consolidated balance sheet as of December 31, 2017 and the related condensed consolidated statements of operations, comprehensive income (loss) for the third quarter and first nine months and cash flows for</font><font style="font-family:Arial; font-size:10pt"> the first nine months of fiscal 2018 and 2017 are unaudited.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring item</font><font style="font-family:Arial; font-size:10pt">s. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (&#8220;Quarterly Report&#8221;) should be read in conjunction with Management&#8217;s Discussion and Analysis of Financial Condition and Resu</font><font style="font-family:Arial; font-size:10pt">lts of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Intercompany accounts and transactions have been eliminated.</font></p><p style="margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Description of Legal Entities</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 6pt 14.4pt"><font style="font-family:Arial; font-size:10pt">AMERCO is the </font><font style="font-family:Arial; font-size:10pt">holding company for:</font></p><p style="margin:0pt 0pt 6pt 28.8pt"><font style="font-family:Arial; font-size:10pt">U-Haul International, Inc. (&#8220;U-Haul&#8221;),</font></p><p style="margin:0pt 0pt 6pt 28.8pt"><font style="font-family:Arial; font-size:10pt">Amerco Real Estate Company (&#8220;Real Estate&#8221;),</font></p><p style="margin:0pt 0pt 6pt 28.8pt"><font style="font-family:Arial; font-size:10pt">Repwest Insurance Company (&#8220;Repwest&#8221;), and</font></p><p style="margin:0pt 0pt 6pt 28.8pt"><font style="font-family:Arial; font-size:10pt">Oxford Life Insurance Company (&#8220;Oxford&#8221;).</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Unless the context otherwise requires, the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;</font><font style="font-family:Arial; font-size:10pt">us&#8221; or &#8220;our&#8221; refer to AMERCO and all of its legal subsidiaries.</font></p><p style="margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Description of Operating Segments</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The Moving and Storage operating segmen</font><font style="font-family:Arial; font-size:10pt">t (&#8220;Moving and Storage&#8221;) includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane </font><font style="font-family:Arial; font-size:10pt">and the rental of fixed and portable moving and storage units to the &#8220;do-it-yourself&#8221; mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> throughout the United States and Canada.</font></p><p style="margin:0pt 0pt 6pt; text-align:center"><br style="page-break-before:always; clear:both" /></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The Property and Casualty Insurance operating segment (&#8220;Property and Casualty Insurance&#8221;) includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (&#8220;ARCOA&#8221;). Property and Casualty Insurance provides loss adjusting and claims han</font><font style="font-family:Arial; font-size:10pt">dling for U-Haul</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt">, Safetow</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt">, Safemove Plus</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt">, Safestor</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> and Safestor Mobile</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> protection packages to U-Haul customers. 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Life Insurance provides life and health insurance products primarily to the senior market th</font><font style="font-family:Arial; font-size:10pt">rough the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Our earnings per share is calculated by dividing our earnings available to common st</font><font style="font-family:Arial; font-size:10pt">ockholders by the weighted average common shares outstanding, basic and diluted.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The weighted average common shares outstanding exclude</font><font style="font-family:Arial; font-size:10pt"> post-1992 shares of the employee stock ownership plan that have not been committed to be released. 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text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gains</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses More than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses Less than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Value</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. treasury securities and government obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,695</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,529</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(770)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(390)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">126,064</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. government agency mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,598</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,373</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,965</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Obligations of states and political subdivisions</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">173,039</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,055</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(148)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(81)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">182,865</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Corporate securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,351,074</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,228</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,957)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,556)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,396,789</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">94,208</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,072</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(100)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">96,180</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Redeemable preferred stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,589</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">428</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,986</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Common stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">15,732</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,743</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(10)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,465</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,795,935</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">79,428</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,886)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,163)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,868,314</font></p></td></tr><tr style="height:0pt"><td style="width:201.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:58.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54pt; border:none"></td></tr></table></div><br style="page-break-before:always; clear:both" /><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Available-for-sale investments at March 31, 2017 were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:522.75pt; text-align:left"><tr style="height:56.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><a name="DOC_TBL00009_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gains</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses More than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses Less than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Value</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. treasury securities and government obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,892</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,675)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,691</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. government agency mortgage-backed </font><font style="font-family:Arial; font-size:8pt">securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,070</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(377)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">28,595</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Obligations of states and political subdivisions</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">159,417</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,466</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(23)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(424)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">168,436</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Corporate securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,263,703</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,901</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,731)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(13,837)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,277,036</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,577</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">515</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,087</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Redeemable preferred stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,789</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">168</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(468)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,489</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Common stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">15,732</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,728</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(10)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(16)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">24,434</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,630,600</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">55,740</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,770)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(16,802)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,663,768</font></p></td></tr><tr style="height:0pt"><td style="width:201.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:58.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54pt; border:none"></td></tr></table></div><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:489.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><a name="DOC_TBL00010_1_1"></a><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31, 2017</font></p></td></tr><tr style="height:38.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Value</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Value</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:247.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due in one year or less</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">41,025</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">41,353</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">35,399</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">35,795</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after one year through five years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">396,559</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">408,603</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">324,286</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">333,016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after five years through ten years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">611,026</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">631,009</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">598,232</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">607,184</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after ten years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">625,796</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">652,718</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">616,585</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">622,763</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,674,406</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,733,683</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,574,502</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,598,758</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Mortgage backed securities</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">94,208</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">96,180</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,577</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,087</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Redeemable preferred stocks</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">11,589</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">11,986</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,789</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,489</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Common stocks</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,732</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,465</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,732</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">24,434</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,795,935</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,868,314</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,630,600</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,663,768</font></p></td></tr><tr style="height:0pt"><td style="width:225.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Expect</font><font style="font-family:Arial; font-size:10pt">ed maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adju</font><font style="font-family:Arial; font-size:10pt">sted cost of bonds on deposit with insurance regulatory authorities was $30.2 million and $16.8 million at </font><font style="font-family:Arial; font-size:10pt">December 31, 2017 and March 31, 2017, respectively.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Available-for-Sale Investments</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><a name="DM_MAP_02d547220d244c94a6b85b0e71eb1303"><font style="font-family:Arial; font-size:10pt">Available-for-sale investments at December 31, 2017 were as follow</font><font style="font-family:Arial; font-size:10pt">s:</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:522.75pt; text-align:left"><tr style="height:63.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><a name="DOC_TBL00008_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gains</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses More than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses Less than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Value</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. treasury securities and government obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,695</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,529</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(770)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(390)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">126,064</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. government agency mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,598</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,373</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,965</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Obligations of states and political subdivisions</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">173,039</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,055</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(148)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(81)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">182,865</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Corporate securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,351,074</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,228</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,957)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,556)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,396,789</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">94,208</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,072</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(100)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">96,180</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Redeemable preferred stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,589</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">428</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,986</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Common stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">15,732</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,743</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(10)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,465</font></p></td></tr><tr style="height:12.6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,795,935</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">79,428</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,886)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,163)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,868,314</font></p></td></tr><tr style="height:0pt"><td style="width:201.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:58.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54pt; border:none"></td></tr></table></div><br style="page-break-before:always; clear:both" /><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Available-for-sale investments at March 31, 2017 were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin:0 auto; width:522.75pt; text-align:left"><tr style="height:56.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><a name="DOC_TBL00009_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gains</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses More than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Gross</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Losses Less than 12 Months</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Value</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:306.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. treasury securities and government obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,892</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,675)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,691</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">U.S. government agency mortgage-backed </font><font style="font-family:Arial; font-size:8pt">securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,070</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(377)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">28,595</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Obligations of states and political subdivisions</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">159,417</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,466</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(23)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(424)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">168,436</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Corporate securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,263,703</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,901</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,731)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(13,837)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,277,036</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Mortgage-backed securities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">26,577</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">515</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">27,087</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Redeemable preferred stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,789</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">168</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(468)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,489</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Common stocks</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">15,732</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,728</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(10)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(16)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">24,434</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:195.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,630,600</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">55,740</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,770)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(16,802)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,663,768</font></p></td></tr><tr style="height:0pt"><td style="width:201.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:58.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54pt; border:none"></td></tr></table></div><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_02d547220d244c94a6b85b0e71eb1303"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of t</font><font style="font-family:Arial; font-size:10pt">ime that individual securities have been in a continuous unrealized loss position.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We sold available-for-sale securities with a fair value of $101.2 million during the first nine months of fiscal 2018. The gross realized gains on these sales totaled $3.8 m</font><font style="font-family:Arial; font-size:10pt">illion. The gross realized losses on these sales totaled $0.1 million.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate it on </font><font style="font-family:Arial; font-size:10pt">an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management&#8217;s future plans. Certain of these investments may have declines determined by ma</font><font style="font-family:Arial; font-size:10pt">nagement to be other-than-temporary and we recognize these write-downs, if any, through earnings. There were no write downs for the first nine months of fiscal 2018 or 2017.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The investment portfolio primarily consists of corporate securities and obligation</font><font style="font-family:Arial; font-size:10pt">s of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors in</font><font style="font-family:Arial; font-size:10pt">cluding the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and princip</font><font style="font-family:Arial; font-size:10pt">al payments. Nothing has come to management&#8217;s attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent n</font><font style="font-family:Arial; font-size:10pt">ot to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized </font><font style="font-family:Arial; font-size:10pt">in the evaluation of mortgage-backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recov</font><font style="font-family:Arial; font-size:10pt">ery and the subordination and value of the underlying collateral.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income (loss) for first nine mo</font><font style="font-family:Arial; font-size:10pt">nths of fiscal 2018 and fiscal 2017, respectively.</font></p><br style="page-break-before:always; clear:both" /><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><a name="DM_MAP_1b0caf73f1b046438c4b33cd266526db"><font style="font-family:Arial; font-size:10pt">The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:489.75pt; text-align:left"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><a name="DOC_TBL00010_1_1"></a><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31, 2017</font></p></td></tr><tr style="height:38.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Value</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Amortized</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Estimated</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Market</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Value</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:115.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:247.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due in one year or less</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">41,025</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">41,353</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">35,399</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">35,795</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after one year through five years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">396,559</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">408,603</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">324,286</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">333,016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after five years through ten years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">611,026</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">631,009</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">598,232</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">607,184</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Due after ten years</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">625,796</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">652,718</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">616,585</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">622,763</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,674,406</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,733,683</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,574,502</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,598,758</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Mortgage backed securities</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">94,208</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">96,180</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,577</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,087</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Redeemable preferred stocks</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">11,589</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">11,986</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,789</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,489</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Common stocks</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,732</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,465</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,732</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">24,434</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:219.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,795,935</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,868,314</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,630,600</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,663,768</font></p></td></tr><tr style="height:0pt"><td style="width:225.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:54.75pt; border:none"></td></tr></table><p style="font-size:11pt; line-height:115%; margin:6pt 0pt"><font style="-aw-bookmark-end:DM_MAP_1b0caf73f1b046438c4b33cd266526db"></font><font style="font-family:Arial; font-size:11pt; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; page-break-inside:avoid; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Long term debt was as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:480.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><a name="DOC_TBL00011_1_1"></a><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31,</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">March 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2018 Rate (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Maturities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2017</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:141pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Real estate loan (amortizing term)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.94% - 6.93%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2023</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">137,786</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">169,289</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Senior </font><font style="font-family:Arial; font-size:9pt">mortgages</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3.72% - 6.62%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2021 - 2038</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,472,209</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,292,160</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Working capital loans (revolving credit)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.83%</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">55,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">85,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (amortizing term)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1.95% - 4.76%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">322,542</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">324,977</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (securitization)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4.90%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">52,112</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (revolving credit)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.50% - 2.51%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2020 - 2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">477,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">417,000</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Capital leases (rental equipment)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1.92% - 4.86%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2025</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">982,653</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">876,828</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Other obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.75% - 8.00%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2047</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">72,788</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">69,867</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,519,978</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,287,233</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less: Debt issuance costs</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(26,070)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(24,353)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:70.5pt"><p style="margin:0pt 0pt 0pt 10pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt 0pt 0pt 10pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:319.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:180.75pt; border:none"></td><td style="width:70.5pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:66.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:484.5pt"><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Twelve Months Ending December 31,</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2020</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:34.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2022</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:43.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Thereafter</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Notes, loans and leases payable, secured</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">496,383</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">482,569</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">362,073</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:34.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">564,235</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">226,771</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:43.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,387,947</font></p></td></tr><tr style="height:0pt"><td style="width:162pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:40.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:49.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:493.5pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,983</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,220</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Capitalized interest</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">(2,075)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">(1,119)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Amortization of transaction costs </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">963</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">863</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest expense resulting from derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">687</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,818</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt">Total interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,558</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">28,782</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Amortization on early </font><font style="font-family:Arial; font-size:10pt">extinguishment of debt</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">499</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 30pt"><font style="font-family:Arial; font-size:10pt">Total </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,558</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">29,281</font></p></td></tr><tr style="height:0pt"><td style="width:314.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:493.5pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><a name="DOC_TBL00014_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,475</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">77,184</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Capitalized interest</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">(5,769)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">(3,417)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Amortization of transaction costs </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">2,909</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">2,510</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Interest expense resulting from derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">3,311</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">6,920</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 10pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Total interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">83,197</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Amortization on early extinguishment of debt</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">499</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 30pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Total </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">83,696</font></p></td></tr><tr style="height:0pt"><td style="width:314.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Revolving Credit Activity</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; width:173.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(In thousands, except interest rates)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Weighted average interest rate during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.47%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.82%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate at the end of the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.56%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.89%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Maximum amount outstanding during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">535,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">597,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Average amount outstanding during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">532,261</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">550,304</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Facility fees</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">159</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10</font></p></td></tr><tr style="height:0pt"><td style="width:268.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:79.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:85.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><a name="DOC_TBL00016_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Revolving Credit </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Activity</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; width:173.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(In thousands, except interest rates)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Weighted average interest rate during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.38%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.76%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate at the end of the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.56%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.89%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Maximum amount </font><font style="font-family:Arial; font-size:10pt">outstanding during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">538,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">597,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Average amount outstanding during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">516,349</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">450,880</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Facility fees</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">284</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">99</font></p></td></tr><tr style="height:0pt"><td style="width:268.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:79.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:85.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Long Term Debt</font></p><p style="margin:0pt 0pt 6pt; page-break-inside:avoid; text-align:justify; text-indent:14.4pt"><a name="DM_MAP_3185173d19894ce885ec6754c0e08d05"><font style="font-family:Arial; font-size:10pt">Long term debt was as follows:</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:480.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><a name="DOC_TBL00011_1_1"></a><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31,</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">March 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2018 Rate (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Maturities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">2017</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:141pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Real estate loan (amortizing term)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.94% - 6.93%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2023</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">137,786</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">169,289</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Senior </font><font style="font-family:Arial; font-size:9pt">mortgages</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3.72% - 6.62%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2021 - 2038</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,472,209</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,292,160</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Working capital loans (revolving credit)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.83%</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">55,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">85,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (amortizing term)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1.95% - 4.76%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">322,542</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">324,977</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (securitization)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4.90%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">-</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">52,112</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fleet loans (revolving credit)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.50% - 2.51%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2020 - 2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">477,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">417,000</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Capital leases (rental equipment)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1.92% - 4.86%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2025</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">982,653</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">876,828</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Other obligations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2.75% - 8.00%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2018 - 2047</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">72,788</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">69,867</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,519,978</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,287,233</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less: Debt issuance costs</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(26,070)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(24,353)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:70.5pt"><p style="margin:0pt 0pt 0pt 10pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt 0pt 0pt 10pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:174.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:64.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:319.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:180.75pt; border:none"></td><td style="width:70.5pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:66.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69.75pt; border:none"></td></tr></table><p style="margin:6pt 0pt"><font style="-aw-bookmark-end:DM_MAP_3185173d19894ce885ec6754c0e08d05"></font><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">&#xa0;</font></p><p style="margin:6pt 0pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Real</font><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold"> Estate Backed Loans</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Real Estate Loan</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. As of December 31, 2017, the outstanding balance on the Real Estate Loan was $137.8 milli</font><font style="font-family:Arial; font-size:10pt">on.&#160; The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The final maturity of th</font><font style="font-family:Arial; font-size:10pt">e term loan is April 2023.&#160; </font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (&#8220;LIBOR&#8221;) plus the applicable margin. At December 31, 2017, the applicable LIBOR was 1.44% and the applicable m</font><font style="font-family:Arial; font-size:10pt">argin was 1.50%, the sum of which was 2.94%, which was applied to $75.6 million of the Real Estate Loan. The rate of the remaining balance of $62.2 million of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on curre</font><font style="font-family:Arial; font-size:10pt">nt margin. The interest rate swap expires in August 2018, after which date the remaining balance will incur interest at a rate of LIBOR plus a margin of 1.50%. The default provisions of the Real Estate Loan include non-payment of principal or interest and </font><font style="font-family:Arial; font-size:10pt">other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Senior Mortgages</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior m</font><font style="font-family:Arial; font-size:10pt">ortgages. These senior mortgage loan balances as of December 31, 2017 were in the aggregate amount of $1,472.2 million and mature between 2021 and 2038. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured </font><font style="font-family:Arial; font-size:10pt">by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.72% and 6.62%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages ar</font><font style="font-family:Arial; font-size:10pt">e not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Amerco Real Estate Company and U-Haul International, Inc</font><font style="font-family:Arial; font-size:10pt">. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding o</font><font style="font-family:Arial; font-size:10pt">ur use of the funds.&#160; </font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Working Capital Loans</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $55.0 million. </font><font style="font-family:Arial; font-size:10pt">At December 31, 2017, the outstanding balance was $55.0 million. This loan is secured by certain properties owned by the borrowers. This loan agreement provides for term loans, subject to the terms of the loan agreement. The final maturity of the loan is N</font><font style="font-family:Arial; font-size:10pt">ovember 2018. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin. At Dece</font><font style="font-family:Arial; font-size:10pt">mber 31, 2017, the applicable LIBOR was 1.33% and the margin was 1.50%, the sum of which was 2.83%. AMERCO is the guarantor of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and chang</font><font style="font-family:Arial; font-size:10pt">e-in-control covenants.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">AMERCO is a borrower under working capital loan. The current maximum credit commitment is $150.0 million, which can be increased to $300.0 million by bringing in other lenders. At December 31, 2017, the full $150.0 million was avail</font><font style="font-family:Arial; font-size:10pt">able to be drawn. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2020. This loan requires monthly interest payments with the unpaid loan balance and accrued and unp</font><font style="font-family:Arial; font-size:10pt">aid interest due at maturity. The interest rate is the applicable LIBOR plus a margin between 1.38% and 1.50% depending on the amount outstanding. The default provisions of the loan include non-payment of principal or interest and other standard reporting </font><font style="font-family:Arial; font-size:10pt">and change-in-control covenants. There is a 0.30% fee charged for unused capacity.</font></p><p style="margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Fleet Loans</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 6pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Rental Truck Amortizing Loans</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the </font><font style="font-family:Arial; font-size:10pt">loans as of December 31, 2017 was $322.5 million with the final maturities between June 2018 and November 2024.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturi</font><font style="font-family:Arial; font-size:10pt">ty. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margins. At December 31, 2017, the applicable LIBOR was between 1.36% and 1.48% and applicable marg</font><font style="font-family:Arial; font-size:10pt">ins were between 1.72% and 2.38%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 4.76% based on current margins. Additionally, $265.7 million of these loans are carried at fixed rates ranging between 1.95% and 3.9</font><font style="font-family:Arial; font-size:10pt">4%.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">AMERCO and, in some cases, U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt; font-style:italic">Rental Truck Securitiz</font><font style="font-family:Arial; font-size:10pt; font-style:italic">ations</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">2010 U-Haul S Fleet and its subsidiaries (collectively, &#8220;2010 USF&#8221;) issued a $155.0 million asset-backed note (&#8220;2010 Box Truck Note&#8221;). 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds</font><font style="font-family:Arial; font-size:10pt"> from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acted as the trustee for this securitization. The 2010 Box Truck Note had a fixed interest rate of 4.90% and in October 2017 the note was repaid in full. </font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt; font-style:italic">Rental </font><font style="font-family:Arial; font-size:10pt; font-style:italic">Truck Revolvers</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Various subsidiaries of U-Haul International, Inc. entered into three revolving fleet loans in aggregate for $490.0 million, which can be increased to a maximum of $565.0 million. These loans mature between March 2020 and November 2021. The</font><font style="font-family:Arial; font-size:10pt"> interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. At December 31, 2017, the applicable LIBOR was between 1.35% and 1.36% and the margin was 1.15%, the sum of which was between 2.50% and 2.51%. Onl</font><font style="font-family:Arial; font-size:10pt">y interest is paid on the loans until the last nine months when principal is due monthly. As of December 31, 2017, the outstanding balance of the loans was $477.0 million.</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Capital Leases</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">We regularly enter into capital leases for new</font><font style="font-family:Arial; font-size:10pt"> equipment with the terms of the leases between five and seven years. During the first nine months of fiscal 2018, we entered into $323.7 million of new capital leases. At December 31, 2017 and March 31, 2017, the balance of our capital leases was $982.7 m</font><font style="font-family:Arial; font-size:10pt">illion and $876.8 million, respectively. The net book value of the corresponding capitalized assets was $1,382.5 million and $1,233.3 million at December 31, 2017 and March 31, 2017, respectively.</font></p><p style="font-size:10pt; line-height:115%; margin:0pt 0pt 10pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:normal">Other Obligations</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">In February 2011, AMERCO and U.S. Bank, N</font><font style="font-family:Arial; font-size:10pt">A (the &#8220;Trustee&#8221;) entered into the U-Haul Investors Club</font><font style="font-family:Arial; font-size:8pt; vertical-align:3pt">&#174;</font><font style="font-family:Arial; font-size:10pt"> Indenture.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (&#8220;U-Notes</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt">&#8221;). The</font><font style="font-family:Arial; font-size:10pt"> U-Notes</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> are secured by various types of collateral including, but not limited to, rental equipment and real estate.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> U-Notes</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> are issued in smaller series that vary as to principal amount, interest rate and maturity.</font><font style="font-family:Arial; font-size:10pt">&#xa0;</font><font style="font-family:Arial; font-size:10pt"> U-Notes</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> are obligations of the Comp</font><font style="font-family:Arial; font-size:10pt">any and secured by the associated collateral; they are not guaranteed by any of the Company&#8217;s affiliates or subsidiaries.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">At December 31, 2017, the aggregate outstanding principal balance of the U-Notes</font><font style="font-family:Arial; font-size:6.67pt; vertical-align:super">&#174;</font><font style="font-family:Arial; font-size:10pt"> issued was $76.7 million of which $3.9 million is he</font><font style="font-family:Arial; font-size:10pt">ld by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.75% and 8.00% and maturity dates range between 2018 and 2047.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Oxford is a member of the Federal Home Loan Bank (&#8220;FHLB&#8221;) and, as such, the FHLB has made deposit</font><font style="font-family:Arial; font-size:10pt">s with Oxford. As of September 30, 2017, the four deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.33% and 1.75% with maturities between March 29, 2018 and March 30, 2022. As of September 30, 2017, av</font><font style="font-family:Arial; font-size:10pt">ailable-for-sale investments held with the FHLB totaled $129.6 million, of which $73.4 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the co</font><font style="font-family:Arial; font-size:10pt">nsolidated balance sheet.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Annual Maturities of Notes, Loans and Leases Payable</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The annual maturities of long-term debt, including capital leases and excluding debt issuance costs, as of December 31, 2017 for the next five years and thereafter are as follow</font><font style="font-family:Arial; font-size:10pt">s:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:484.5pt"><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><a name="DOC_TBL00012_1_1"></a><a name="DM_MAP_9fdaf1d780ac4f7b826d59d2274f1d0c"><font style="-aw-bookmark-end:DOC_TBL00012_1_1"></font><font style="font-family:Arial; font-size:8pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Twelve Months Ending December 31,</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2020</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:34.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">2022</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:43.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Thereafter</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="11" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:156pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Notes, loans and leases payable, secured</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">496,383</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">482,569</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">362,073</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:34.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">564,235</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:39.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">226,771</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:43.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,387,947</font></p></td></tr><tr style="height:0pt"><td style="width:162pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:40.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:45.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:49.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; widows:0"><font style="-aw-bookmark-end:DM_MAP_9fdaf1d780ac4f7b826d59d2274f1d0c"></font><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p><p style="margin:6pt 0pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Interest on Borrowings</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Interest Expense</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Components of interest expense include the following:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:493.5pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><a name="DOC_TBL00013_1_1"></a><a name="DM_MAP_cd91c217921049e39b1a65fab6197ac5"><font style="-aw-bookmark-end:DOC_TBL00013_1_1"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,983</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,220</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Capitalized interest</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">(2,075)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">(1,119)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Amortization of transaction costs </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">963</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">863</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest expense resulting from derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">687</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,818</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt">Total interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,558</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">28,782</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Amortization on early </font><font style="font-family:Arial; font-size:10pt">extinguishment of debt</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">499</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 30pt"><font style="font-family:Arial; font-size:10pt">Total </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,558</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">29,281</font></p></td></tr><tr style="height:0pt"><td style="width:314.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:493.5pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><a name="DOC_TBL00014_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:165pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,475</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">77,184</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Capitalized interest</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">(5,769)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">(3,417)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Amortization of transaction costs </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">2,909</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">2,510</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Interest expense resulting from derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">3,311</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">6,920</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 10pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Total interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">83,197</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Amortization on early extinguishment of debt</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">499</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:308.25pt"><p style="margin:0pt 0pt 0pt 30pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">Total </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72.75pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">93,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; page-break-after:avoid; page-break-inside:avoid; text-align:right"><font style="font-family:Arial; font-size:10pt">83,696</font></p></td></tr><tr style="height:0pt"><td style="width:314.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_cd91c217921049e39b1a65fab6197ac5"></font><font style="font-family:Arial; font-size:10pt">Interest paid in cash,</font><font style="font-family:Arial; font-size:10pt"> including payments related to derivative contracts, amounted to $32.7 million and $28.7 million for the third quarter of fiscal 2018 and 2017, respectively and $96.1 million and $84.0 million for the first nine months of fiscal 2018 and 2017, respectively</font><font style="font-family:Arial; font-size:10pt">.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><br style="page-break-before:always; clear:both" /><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Interest Rates</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Interest rates and Company borrowings were as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><a name="DOC_TBL00015_1_1"></a><a name="DM_MAP_96fa63563a384704a19251ea72a168eb"><font style="-aw-bookmark-end:DOC_TBL00015_1_1"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Revolving Credit Activity</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; width:173.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(In thousands, except interest rates)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Weighted average interest rate during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.47%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.82%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate at the end of the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.56%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.89%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Maximum amount outstanding during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">535,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">597,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Average amount outstanding during the quarter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">532,261</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">550,304</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Facility fees</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">159</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10</font></p></td></tr><tr style="height:0pt"><td style="width:268.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:79.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:85.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><a name="DOC_TBL00016_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Revolving Credit </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">Activity</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:167.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; width:173.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(In thousands, except interest rates)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Weighted average interest rate during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.38%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.76%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate at the end of the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2.56%</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1.89%</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Maximum amount </font><font style="font-family:Arial; font-size:10pt">outstanding during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">538,000</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">597,000</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Average amount outstanding during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">516,349</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">450,880</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:262.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Facility fees</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">284</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:79.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">99</font></p></td></tr><tr style="height:0pt"><td style="width:268.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:79.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:85.5pt; border:none"></td></tr></table><p style="font-size:11pt; line-height:115%; margin:6pt 0pt; orphans:0; widows:0"><font style="-aw-bookmark-end:DM_MAP_96fa63563a384704a19251ea72a168eb"></font><font style="font-family:Arial; font-size:11pt; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:459pt"><tr style="height:25.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:90.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Original variable rate debt amount</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Agreement Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Effective Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Expiration Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Designated cash flow </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">hedge date</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In millions)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">300.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/16/2006</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/18/2006</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/10/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/4/2006</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">25.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/26/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">50.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7/29/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/15/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/15/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7/29/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">20.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/3/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9/12/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9/10/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/3/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15.1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(b)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/27/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/28/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/28/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/26/2012</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">25.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/13/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/16/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/1/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/12/2012</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">44.3</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/11/2013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/15/2013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">12/15/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/11/2013</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(a) forward swap</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(b) </font><font style="font-family:Arial; font-size:8pt">operating lease</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:8.2pt; border:none"></td><td style="width:74.75pt; border:none"></td><td style="width:19.9pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:84.95pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:73.25pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:82.05pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:87.9pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:480.75pt"><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Liability Derivatives Fair Values as of</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31, 2017</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:15pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate contracts designated as hedging instruments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,903</font></p></td></tr><tr style="height:0pt"><td style="width:263.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:100.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:100.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:500.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" rowspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">The Eff</font><font style="font-family:Arial; font-size:9pt; font-weight:bold">ect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended</font></p></td></tr><tr style="height:15pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31, 2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Loss recognized in income on interest rate contracts</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,311</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,920</font></p></td></tr><tr style="height:24pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Gain recognized in </font><font style="font-family:Arial; font-size:9pt">AOCI on interest rate contracts (effective portion)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(3,655)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(8,039)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Loss reclassified from AOCI into income (effective portion)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,308</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,940</font></p></td></tr><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from </font><font style="font-family:Arial; font-size:9pt">effectiveness testing)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(20)</font></p></td></tr><tr style="height:0pt"><td style="width:257.25pt; border:none"></td><td style="width:9pt; border:none"></td><td style="width:112.5pt; border:none"></td><td style="width:9pt; border:none"></td><td style="width:112.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We manage exposure to changes in market interest rates. Our</font><font style="font-family:Arial; font-size:10pt"> use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on cert</font><font style="font-family:Arial; font-size:10pt">ain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterpartie</font><font style="font-family:Arial; font-size:10pt">s and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:459pt"><tr style="height:25.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><a name="DOC_TBL00017_1_1"></a><a name="DM_MAP_12ac2d032f2a47ba917b97aca097a10e"><font style="-aw-bookmark-end:DOC_TBL00017_1_1"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p></td><td colspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:90.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Original variable rate debt amount</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Agreement Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Effective Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Expiration Date</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Designated cash flow </font><font style="font-family:Arial; font-size:10pt; font-weight:bold">hedge date</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In millions)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">300.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/16/2006</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/18/2006</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/10/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/4/2006</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">25.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/26/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">6/1/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">50.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7/29/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/15/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/15/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">7/29/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">20.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/3/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9/12/2011</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9/10/2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">8/3/2011</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15.1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">(b)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/27/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/28/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/28/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3/26/2012</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">25.0</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/13/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/16/2012</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/1/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4/12/2012</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">44.3</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/11/2013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/15/2013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">12/15/2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1/11/2013</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(a) forward swap</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:70.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">(b) </font><font style="font-family:Arial; font-size:8pt">operating lease</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:14.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:81pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:84pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:8.2pt; border:none"></td><td style="width:74.75pt; border:none"></td><td style="width:19.9pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:84.95pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:73.25pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:82.05pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:87.9pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_12ac2d032f2a47ba917b97aca097a10e"></font><font style="font-family:Arial; font-size:10pt">As of December 31, 2017, the total notional amount of our variable interest rate swaps on debt and an </font><font style="font-family:Arial; font-size:10pt">operating lease was $120.3 million and $6.6 million, respectively.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The derivative fair values located in Accounts payable and </font><font style="font-family:Arial; font-size:10pt">accrued expenses in the balance sheets were as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:480.75pt"><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><a name="DOC_TBL00018_1_1"></a><a name="DM_MAP_63b32050b322457f83cf3e73dded46bd"><font style="-aw-bookmark-end:DOC_TBL00018_1_1"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Liability Derivatives Fair Values as of</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31, 2017</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:15pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:257.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest rate contracts designated as hedging instruments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:94.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,903</font></p></td></tr><tr style="height:0pt"><td style="width:263.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:100.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:100.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_63b32050b322457f83cf3e73dded46bd"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:500.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><a name="DOC_TBL00020_1_1"></a><a name="DM_MAP_d772f2cd787549ff88bcea38ca16f079"><font style="-aw-bookmark-end:DOC_TBL00020_1_1"></font><font style="font-family:Arial; font-size:9pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" rowspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">The Eff</font><font style="font-family:Arial; font-size:9pt; font-weight:bold">ect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended</font></p></td></tr><tr style="height:15pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">December 31, 2016</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Loss recognized in income on interest rate contracts</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,311</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,920</font></p></td></tr><tr style="height:24pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Gain recognized in </font><font style="font-family:Arial; font-size:9pt">AOCI on interest rate contracts (effective portion)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(3,655)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(8,039)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Loss reclassified from AOCI into income (effective portion)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,308</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,940</font></p></td></tr><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:251.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from </font><font style="font-family:Arial; font-size:9pt">effectiveness testing)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:106.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(20)</font></p></td></tr><tr style="height:0pt"><td style="width:257.25pt; border:none"></td><td style="width:9pt; border:none"></td><td style="width:112.5pt; border:none"></td><td style="width:9pt; border:none"></td><td style="width:112.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_d772f2cd787549ff88bcea38ca16f079"></font><font style="font-family:Arial; font-size:10pt">Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first nine months of fiscal 2018, we recognized a net increase in the fair value of our cash</font><font style="font-family:Arial; font-size:10pt"> flow hedges of $2.3 million, net of taxes. Embedded in this change was $3.3 million of losses reclassified from accumulated other comprehensive income to interest expense during the first nine months of fiscal 2018. At December 31, 2017, we expect to recl</font><font style="font-family:Arial; font-size:10pt">assify $1.5 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:513pt"><tr style="height:45pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><a name="DOC_TBL00019_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Foreign Currency Translation</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized Net Gain on Investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Fair Market Value of Cash Flow Hedges</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Postretirement Benefit Obligation Net Loss</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Accumulated Other Comprehensive Income (Loss)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:343.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:343.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Balance at March 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(69,505)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,099</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,059)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,771)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(51,236)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Foreign currency translation </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Unrealized net gain on investments </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td></tr><tr style="height:21pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Change in fair value of cash flow hedges</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,573</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,573</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amounts reclassified from AOCI</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,308)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,308)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other comprehensive income (loss)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,265</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,325</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Balance at December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(50,265)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">42,919</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(794)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,771)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,911)</font></p></td></tr><tr style="height:0pt"><td style="width:153.4pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:53.9pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:56.9pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:65.85pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:68.1pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:74.85pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">A summary of accumulated other comprehens</font><font style="font-family:Arial; font-size:10pt">ive income (loss) components, net of tax, were as follows: </font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:513pt"><tr style="height:45pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><a name="RANGE_A7_I18"></a><a name="DOC_TBL00019_1_1"></a><a name="DM_MAP_2cb9f3e735144b498d7359b440ac5d4f"><font style="-aw-bookmark-end:RANGE_A7_I18"></font><font style="-aw-bookmark-end:DOC_TBL00019_1_1"></font><font style="font-family:Arial; font-size:8pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Foreign Currency Translation</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Unrealized Net Gain on Investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Fair Market Value of Cash Flow Hedges</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Postretirement Benefit Obligation Net Loss</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">Accumulated Other Comprehensive Income (Loss)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:343.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:343.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Balance at March 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(69,505)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,099</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,059)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,771)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(51,236)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Foreign currency translation </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Unrealized net gain on investments </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td></tr><tr style="height:21pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Change in fair value of cash flow hedges</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,573</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,573</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amounts reclassified from AOCI</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,308)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,308)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other comprehensive income (loss)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,240</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,820</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,265</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,325</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:147.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Balance at December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(50,265)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">42,919</font></p></td><td style="vertical-align:bottom; width:6pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(794)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,771)</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,911)</font></p></td></tr><tr style="height:0pt"><td style="width:153.4pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:53.9pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:56.9pt; border:none"></td><td style="width:7pt; border:none"></td><td style="width:65.85pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:68.1pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:74.85pt; border:none"></td></tr></table><p style="font-size:11pt; line-height:115%; margin:6pt 0pt 0pt; orphans:0; widows:0"><font style="-aw-bookmark-end:DM_MAP_2cb9f3e735144b498d7359b440ac5d4f"></font><font style="font-family:Arial; font-size:11pt; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">On July 5, 2017, we declared a cash dividend on our Common Stock of $1.00 per share to holders of record on July 20, 2017. The dividend was paid on Aug</font><font style="font-family:Arial; font-size:10pt">ust 3, 2017.</font></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">On December 6, 2017, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on December 21, 2017. The dividend was paid on January 5, 2018.</font></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">On June 8, 2016, the stockholder&#8217;s approved the 2016 AMERCO Stock Opti</font><font style="font-family:Arial; font-size:10pt">on Plan (Shelf Stock Option Plan). As of December 31, 2017, no awards had been issued under this plan.</font></p></div> <div class="Section1"><p style="margin:6pt 0pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The 2017 Tax Reform Act (the &#8220;Tax Reform Act&#8221;) was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate </font><font style="font-family:Arial; font-size:10pt">tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. A 31.55% Federal Tax Rate will apply to e</font><font style="font-family:Arial; font-size:10pt">arnings for the full 2018 fiscal year. Accordingly, first and second quarter income previously subject to tax at the 35% Federal Tax Rate will benefit from the 31.55% Federal Tax Rate. At December 31, 2017, we have not completed our accounting for the tax </font><font style="font-family:Arial; font-size:10pt">effects of enactment of the Tax Reform Act; however, we have made a reasonable estimate of the effects of all items affected by the Tax Reform Act. For these items, we recognized a provisional benefit amount of $339.2</font><font style="color:#dc2300; font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">million, which is included as a compon</font><font style="font-family:Arial; font-size:10pt">ent of income tax expense from continuing operations.</font></p><p style="margin:6pt 0pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Provisional amounts:</font></p><p style="margin:6pt 0pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">We re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still anal</font><font style="font-family:Arial; font-size:10pt">yzing certain aspects of the Tax Reform Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the re-measurement </font><font style="font-family:Arial; font-size:10pt">of our deferred tax balance was $349.2</font><font style="color:#dc2300; font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">million</font><font style="color:#dc2300; font-family:Arial; font-size:10pt">.</font></p><p style="margin:6pt 0pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Foreign tax effects: </font></p><p style="margin:6pt 0pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The one-time transition tax is based on our total post-1986 earnings and profits (&#8220;E&amp;P&#8221;) from our Canadian subsidiaries that we previously deferred from U.S. income taxes. We recorded a </font><font style="font-family:Arial; font-size:10pt">provisional amount for our one-time transition tax liability for our foreign subsidiaries, resulting in an increase in income tax expense of $10.0</font><font style="color:#dc2300; font-family:Arial; font-size:10pt"> </font><font style="font-family:Arial; font-size:10pt">million. We have not yet completed our calculation of the total post-1986 E&amp;P for these foreign subsidiaries.</font><font style="font-family:Arial; font-size:10pt"> Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&amp;P previously deferred from U.S. federal taxation and final</font><font style="font-family:Arial; font-size:10pt">ize the amounts held in cash or other specified assets. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities,</font><font style="font-family:Arial; font-size:10pt"> as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside b</font><font style="font-family:Arial; font-size:10pt">asis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable.</font></p><p style="margin:6pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Insurance Companies: </font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Our insurance companies are included in this financial statement at a one quarter lag, meaning the</font><font style="font-family:Arial; font-size:10pt"> nine month period ended September 30, 2017. As such, the effects of the Tax Reform Act on Repwest and Oxford are not recognized in these financial statements as presented. If the effects of the Tax Reform Act were applied to our Insurance Company balances</font><font style="font-family:Arial; font-size:10pt"> as presented, the result would have been as follows:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">With regard to Oxford; we estimate a provisional tax benefit of $5.1 million, which would be a component of income tax expense from continuing operations. The Financial Accounting Standards Board (&#8220;FASB</font><font style="font-family:Arial; font-size:10pt">&#8221;) is still reviewing the treatment of certain deferred tax accounts which could change the ultimate presentation of where these amounts are recorded.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are exp</font><font style="font-family:Arial; font-size:10pt">ected to reverse in the future, which is generally 21%. The provisional amount resulting from the re-measurement of the deferred tax liability balance would be a reduction in tax expense of about $9.1 </font><font style="font-family:Arial; font-size:10pt">million. In addition, the Tax Reform Act repeals the sp</font><font style="font-family:Arial; font-size:10pt">ecial rules with regard to distribution to shareholders from pre-1984 policyholders surplus account. The one-time tax was based on the balance of our pre-1984 policyholder surplus account. We estimated a provisional amount for our one-time tax liability fo</font><font style="font-family:Arial; font-size:10pt">r Phase Three Tax, resulting in a increase in income tax expense of $4.0 million. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">With regard to Repwest; we estimate a provisional tax benefit of $5.4 million, which would be a component of income tax expense from continuing operations. This provisional </font><font style="font-family:Arial; font-size:10pt">amount would result from the re-measurement of the deferred tax liability balance. We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. </font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:487.5pt"><tr style="height:39.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:151.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Property, Plant and Equipment</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Rental</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Equipment</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Ground</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Operating</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Operating</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Total</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:315pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:315pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:10pt">Year-ended December 31:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">974</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,150</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,927</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,051</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,652</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,086</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">19,762</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2020</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,664</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,688</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,028</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,977</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,005</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2022</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,030</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,779</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,809</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">Thereafter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">49,907</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">23,329</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">73,236</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 60pt"><font style="font-family:Arial; font-size:10pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">54,987</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">100,551</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">168,551</font></p></td></tr><tr style="height:0pt"><td style="width:158.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:74.25pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of December 31, 2017, we have guaranteed $16.2 million of</font><font style="font-family:Arial; font-size:10pt"> residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option</font><font style="font-family:Arial; font-size:10pt"> to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantee</font><font style="font-family:Arial; font-size:10pt">s.&#160;&#160; </font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Operating and ground lease commitments for leases having terms of more than one year were as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:487.5pt"><tr style="height:39.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><a name="DOC_TBL00002_1_1"></a><a name="DM_MAP_ac80f086c15344d1828c2c1eecff7f8f"><font style="-aw-bookmark-end:DOC_TBL00002_1_1"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:151.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Property, Plant and Equipment</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Rental</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Equipment</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Ground</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Operating</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Operating</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Total</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:315pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:315pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:10pt">Year-ended December 31:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">974</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,150</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,927</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">27,051</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2019</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,652</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,086</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">19,762</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2020</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,664</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,688</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2021</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,028</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,977</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">16,005</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">2022</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,030</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,779</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">15,809</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 40pt"><font style="font-family:Arial; font-size:10pt">Thereafter</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">49,907</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">23,329</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">73,236</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:152.25pt"><p style="margin:0pt 0pt 0pt 60pt"><font style="font-family:Arial; font-size:10pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">54,987</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:72pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">100,551</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,013</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:68.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">168,551</font></p></td></tr><tr style="height:0pt"><td style="width:158.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:78pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:74.25pt; border:none"></td></tr></table><p style="font-size:11pt; line-height:115%; margin:6pt 0pt; orphans:0; widows:0"><font style="-aw-bookmark-end:DM_MAP_ac80f086c15344d1828c2c1eecff7f8f"></font><font style="font-family:Arial; font-size:11pt; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Environmental</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate&#8217;s business operations. Among other things, these requirements regulate the discharge of materials in</font><font style="font-family:Arial; font-size:10pt">to the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in complianc</font><font style="font-family:Arial; font-size:10pt">e with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Based upon the information currently av</font><font style="font-family:Arial; font-size:10pt">ailable to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO&#8217;s financial position or results of opera</font><font style="font-family:Arial; font-size:10pt">tions.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Other</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management&#8217;s opinion, none of these other matters will have a material effect on our financial position and results of operatio</font><font style="font-family:Arial; font-size:10pt">ns.</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party </font><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Revenue</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00005_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest income revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">908</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,226</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,661</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,562</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,220</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,172</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10,789</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10,960</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00021_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest income revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,326</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,681</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">18,054</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">17,702</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul </font><font style="font-family:Arial; font-size:10pt">management fee revenue from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,420</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,348</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,800</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,731</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party Costs and Expenses</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00022_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul lease expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">658</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">684</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul commission expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,433</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">12,983</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,091</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,667</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00023_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul lease expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2,014</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2,056</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul commission expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">46,875</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">45,864</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">48,889</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">47,920</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; widows:0"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party Assets</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><a name="DOC_TBL00024_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31,</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:162.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul notes receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">48,098</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,397</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,915</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">23,202</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul receivable from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,273</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,195</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,721</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">276</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42,909</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">86,168</font></p></td></tr><tr style="height:0pt"><td style="width:273.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:80.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:80.25pt; border:none"></td></tr></table><p style="margin:6pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:8pt">(a) Timing</font><font style="font-family:Arial; font-size:8pt"> differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">As set forth in the Company&#8217;s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the &#8220;Audit Committee&#8221;) reviews and maintains oversight over related party transactions which are requir</font><font style="font-family:Arial; font-size:10pt">ed to be disclosed under the Securities and Exchange Commission (&#8220;SEC&#8221;) rules and regulations and in accordance with generally accepted accounting principles (&#8220;GAAP&#8221;). Accordingly, all such related party transactions are submitted to the Audit Committee fo</font><font style="font-family:Arial; font-size:10pt">r ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">AMERCO has engaged in </font><font style="font-family:Arial; font-size:10pt">related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes w</font><font style="font-family:Arial; font-size:10pt">ere completed on terms substantially equivalent to those that would prevail in arm&#8217;s-length transactions.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">SAC Holding Corporation and SAC Holding II Corporation (collectively &#8220;SAC Holdings&#8221;) were established in order to acquire and develop self-storage pro</font><font style="font-family:Arial; font-size:10pt">perties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Sto</font><font style="font-family:Arial; font-size:10pt">rage Corporation (&#8220;4 SAC&#8221;), Five SAC Self-Storage Corporation (&#8220;5 SAC&#8221;), Galaxy Investments, L.P. (&#8220;Galaxy&#8221;) and Private Mini Storage Realty, L.P. (&#8220;Private Mini&#8221;) are substantially controlled by Blackwater Investments, Inc. (&#8220;Blackwater&#8221;). Blackwater is w</font><font style="font-family:Arial; font-size:10pt">holly-owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant shareholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant shareholder) and Mark V. Shoen.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><a name="DM_MAP_f4569a3d68a948949c42717997e8d19c"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party </font><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Revenue</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00005_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest income revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">908</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,226</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,661</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,562</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,220</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">4,172</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10,789</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">10,960</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00021_1_1"></a><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest income revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,326</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">3,681</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul management fee revenue from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">18,054</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">17,702</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul </font><font style="font-family:Arial; font-size:10pt">management fee revenue from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,420</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,348</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,800</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">26,731</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_f4569a3d68a948949c42717997e8d19c"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">During the first nine months of fiscal 2018, a subsidiary of ours held a junior unsecured note from SAC </font><font style="font-family:Arial; font-size:10pt">Holding Corporation. We do not have an equity ownership interest in SAC Holding</font><font style="font-family:Arial; font-size:10pt"> Corporation. We received cash interest payments of $8.7 million and $3.4 million from SAC Holding Corporation during the first nine months of fiscal 2018 and 2017, respectively. The largest aggregate amount of note receivable outstanding during the first </font><font style="font-family:Arial; font-size:10pt">nine months of fiscal 2018 was $48.1 million. In December 2017, this note and interest receivables were repaid in full as we received payments of $53.0 million. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We currently manage the self-storage properties owned or leased by Blackwater and</font><font style="font-family:Arial; font-size:10pt"> Mercury Partners, L.P. (&#8220;Mercury&#8221;), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received cash payments for management </font><font style="font-family:Arial; font-size:10pt">fees, exclusive of reimbursed expenses, of $23.3 million and $21.8 million from the above mentioned entities during the first nine months of fiscal 2018 and 2017, respectively. This management fee is consistent with the fee received for other properties we</font><font style="font-family:Arial; font-size:10pt"> previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen (a significant shareholder) and a trust benefitting the children an</font><font style="font-family:Arial; font-size:10pt">d grandchildren of Edward J. Shoen.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><p style="margin:0pt 0pt 6pt; orphans:0; widows:0"><a name="DM_MAP_8fed3cf0ea644580b9aa3560cc43d5a3"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party Costs and Expenses</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00022_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul lease expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">658</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">684</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul commission expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,433</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">12,983</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">14,091</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13,667</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:474.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><a name="DOC_TBL00023_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:168.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul lease expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2,014</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">2,056</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul commission expenses to Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">46,875</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">45,864</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:285.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">48,889</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:76.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">47,920</font></p></td></tr><tr style="height:0pt"><td style="width:291.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:82.5pt; border:none"></td></tr></table><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="-aw-bookmark-end:DM_MAP_8fed3cf0ea644580b9aa3560cc43d5a3"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We</font><font style="font-family:Arial; font-size:10pt"> lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to u</font><font style="font-family:Arial; font-size:10pt">s. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">At December 31, 2017, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those w</font><font style="font-family:Arial; font-size:10pt">ith our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">These agreements and note with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $21.4 million, expenses of $2.0 million</font><font style="font-family:Arial; font-size:10pt"> and cash flows of $72.9 million during the first nine months of fiscal 2018. Revenues and commission expenses related to the Dealer Agreements were $218.6 million and $46.9 million, respectively during the first nine months of fiscal 2018.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Pursuant to the</font><font style="font-family:Arial; font-size:10pt"> variable interest entity (&#8220;VIE&#8221;) model under Accounting Standards Codification (&#8220;ASC&#8221;) 810 &#8211; </font><font style="font-family:Arial; font-size:10pt; font-style:italic">Consolidation</font><font style="font-family:Arial; font-size:10pt"> (&#8220;ASC 810&#8221;), management determined that the management agreements with subsidiaries of Blackwater represents potential variable interests for us. Ma</font><font style="font-family:Arial; font-size:10pt">nagement evaluated whether it should be identified as the primary beneficiary of one or more of these VIEs using a two-step approach in which management (i) identified all other parties that hold interests in the VIEs, and (ii) determined if any variable i</font><font style="font-family:Arial; font-size:10pt">nterest holder has the power to direct the activities of the VIEs that most significantly impact </font><font style="font-family:Arial; font-size:10pt">their economic performance. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Management determined that we do not have a variable interest in the holding entities of Blackwater based upon management agreemen</font><font style="font-family:Arial; font-size:10pt">ts which are with the individual operating entities; therefore, we are precluded from consolidating these entities. </font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entit</font><font style="font-family:Arial; font-size:10pt">ies which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities&apos; assets, and its ability and history of making key decisions re</font><font style="font-family:Arial; font-size:10pt">lating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities&#8217; performan</font><font style="font-family:Arial; font-size:10pt">ce.&#160; As a result, we have no basis under ASC 810 to consolidate these entities.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We have not provided financial or other support explicitly or implicitly during the quarter ended December 31, 2017 to any of these entities that we were not previously contrac</font><font style="font-family:Arial; font-size:10pt">tually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variab</font><font style="font-family:Arial; font-size:10pt">le interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities:</font></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-after:avoid; page-break-inside:avoid; widows:0"><a name="DM_MAP_60fbd9617b454dfbb3354db4e5678079"><font style="font-family:Arial; font-size:10pt; font-style:italic; font-weight:bold">Related Party Assets</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:450.75pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><a name="DOC_TBL00024_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">December 31,</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">March 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:162.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul notes receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">48,098</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul interest receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">5,397</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul receivable from Blackwater</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">31,915</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">23,202</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">U-Haul receivable from Mercury</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,273</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">9,195</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,721</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">276</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:267.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">42,909</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:74.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">86,168</font></p></td></tr><tr style="height:0pt"><td style="width:273.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:80.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:80.25pt; border:none"></td></tr></table><p style="margin:6pt 0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:8pt">(a) Timing</font><font style="font-family:Arial; font-size:8pt"> differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.</font></p><p style="font-size:11pt; line-height:115%; margin:6pt 0pt; orphans:0; widows:0"><font style="-aw-bookmark-end:DM_MAP_60fbd9617b454dfbb3354db4e5678079"></font><font style="font-family:Arial; font-size:11pt; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating </font><font style="font-family:Arial; font-size:10pt">balance sheets by industry segment as of December 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:619.5pt"><tr style="height:40.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00025_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Assets:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Cash and cash equivalents</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">978,264</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,296</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">32,327</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,022,887</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Reinsurance recoverables and trade receivables, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">74,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">100,849</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,760</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">205,873</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Inventories, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">95,672</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">95,672</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">147,375</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">147,375</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, fixed maturities and marketable equities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">272,939</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,595,375</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,868,314</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, other</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">23,144</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">67,879</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">316,799</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">407,822</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred policy acquisition costs, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,820</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,820</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">90,442</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">594</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,572</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,608</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">45,111</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,521</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">18,364</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">42,909</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,454,272</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,009,280</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Investment in subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">522,874</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(522,874)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Property, plant and equipment, at cost:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Land</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">738,525</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">738,525</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Buildings and </font><font style="font-family:Arial; font-size:9pt">improvements</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,000,208</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,000,208</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Furniture and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">600,216</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">600,216</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trailers and other rental equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">538,334</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">538,334</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trucks</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,243,305</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,243,305</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,120,588</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,120,588</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less:&#160; Accumulated depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,632,909)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,632,909)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,487,679</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,487,679</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,464,825</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(550,961)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:238.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57.75pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets</font><font style="font-family:Arial; font-size:10pt"> by industry segment as of December 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:645pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><a name="DOC_TBL00026_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:354pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:354pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Liabilities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Accounts payable and accrued expenses</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">461,518</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,158</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,279</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">469,955</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Policy </font><font style="font-family:Arial; font-size:9pt">benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">408,724</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">238,085</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">443,397</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,090,206</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Liabilities from investment contracts</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,319,945</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,319,945</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,282</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,457</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,739</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">27,491</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">27,491</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">634,388</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,510</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">23,650</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">671,548</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">25,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,341</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">117</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,051,658</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">262,376</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,797,845</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,083,792</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Stockholders&apos; equity:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series preferred stock:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series A preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series B preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series A common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,500</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,801)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Additional paid-in capital</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,829</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,120</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,271</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(117,601)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,619</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Accumulated other comprehensive income (loss)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(9,911)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,616</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(42,917)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(9,911)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Retained </font><font style="font-family:Arial; font-size:9pt">earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,643,043</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">92,980</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">263,785</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(356,555)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,643,253</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of common shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of preferred shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Unearned employee stock ownership plan shares</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,641)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,641)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total stockholders&apos; equity</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,413,167</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">199,702</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">323,172</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(522,874)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,413,167</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities and stockholders&apos; equity</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,464,825</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(550,961)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:276.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets</font><font style="font-family:Arial; font-size:10pt"> by industry segment as of March 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:18pt; width:618.75pt"><tr style="height:40.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00027_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Assets:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">671,665</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,725</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,416</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">697,806</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Reinsurance recoverables and trade receivables, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">41,234</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">107,757</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">29,090</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">178,081</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Inventories, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">82,439</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">82,439</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,728</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,728</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, fixed maturities and marketable equities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">248,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,414,952</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,663,768</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, other</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">35,342</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">63,086</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">269,402</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">367,830</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred policy acquisition </font><font style="font-family:Arial; font-size:9pt">costs, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">130,213</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">130,213</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,197</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,922</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,406</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">97,525</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">88,829</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,496</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">18,465</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">86,168</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,137,434</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,428,558</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Investment in subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">477,058</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(477,058)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:7.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Property, plant and equipment, at cost:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Land</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">648,757</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">648,757</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Buildings and </font><font style="font-family:Arial; font-size:9pt">improvements</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,618,265</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,618,265</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Furniture and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">510,415</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">510,415</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trailers and other rental equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">492,280</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">492,280</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trucks</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,091,598</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,091,598</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,361,315</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,361,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less:&#160; Accumulated depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,384,033)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,384,033)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,977,282</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,977,282</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,591,774</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(509,680)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,405,840</font></p></td></tr><tr style="height:3.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and </font><font style="font-family:Arial; font-size:7pt">payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:238.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:65.25pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="color:#ff0000; font-family:Arial; font-size:10pt">&#xa0;</font></p><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:665.25pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><a name="DOC_TBL00028_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:374.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Accounts payable and accrued expenses</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">441,667</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,948</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">450,541</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Policy </font><font style="font-family:Arial; font-size:9pt">benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">399,181</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">244,980</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">442,161</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,086,322</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Liabilities from investment contracts</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,112,498</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,112,498</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,184</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,966</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,150</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,696</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,696</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">809,566</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,243</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">14,200</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">835,009</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,040</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,539</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">43</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,972,030</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">264,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,581,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,786,096</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Stockholders&apos; equity:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series preferred stock:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series A preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series B preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series A common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,500</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,801)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Additional paid-in capital</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,120</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,271</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(117,601)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,172</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Accumulated other comprehensive income (loss)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(51,236)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,166</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">16,933</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(23,099)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(51,236)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Retained </font><font style="font-family:Arial; font-size:9pt">earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,892,683</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">80,343</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">250,424</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(330,557)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,892,893</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of common shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of preferred shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Unearned employee stock ownership plan shares</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(6,932)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(6,932)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total stockholders&apos; equity</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,619,744</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">180,930</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">296,128</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(477,058)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,619,744</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities and stockholders&apos; equity</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,591,774</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(509,680)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,405,840</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:276.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:66pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:66.75pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:72.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statement of </font><font style="font-family:Arial; font-size:10pt">operations by industry segment for the quarter ended December 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:646.5pt"><tr style="height:33.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00029_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:347.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:347.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">576,018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,217)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">574,801</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,127</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,127</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage </font><font style="font-family:Arial; font-size:8pt">products and service sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,130</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,130</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,881</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,881</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">38,957</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">38,957</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,754</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(661)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,093</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and </font><font style="font-family:Arial; font-size:8pt">interest income</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,662</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,645</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,887</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(373)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">28,821</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">37,669</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,535</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(132)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">39,072</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">762,487</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,399</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">62,379</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,383)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">842,882</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">426,394</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,160</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,521</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,004)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">438,071</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">63,487</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">63,487</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">33,995</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">33,995</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,644</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,524</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">45,168</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,952</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,952</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,498</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(83)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,415</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">137,061</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">137,061</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,404)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,404)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">477,031</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,804</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,997</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,087)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">539,745</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">285,456</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(296)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">303,137</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,823</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">297,279</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(12,119)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">303,137</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31,854)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">296</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31,558)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">265,425</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">271,579</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax (expense) benefit</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">263,469</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,528)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,626)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">257,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">528,894</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,067</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,756</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">528,894</font></p></td></tr><tr style="height:6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the quarter ended September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:285.75pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:26.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:61.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:2pt">&#xa0;</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:2pt">&#xa0;</font></p><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 27pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statement of operations by industry segment for the quarter ended December 31, 2016 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:642pt"><tr style="height:34.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00030_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:349.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:349.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">542,545</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,072)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">541,473</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">72,309</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">72,309</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage </font><font style="font-family:Arial; font-size:8pt">products and service sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,562</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,562</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,734</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,734</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,279</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,279</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,938</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,938</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest </font><font style="font-family:Arial; font-size:8pt">income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,570</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,443</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,221</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(401)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">22,833</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">35,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,194</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(131)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">36,327</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">713,984</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,381</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">59,694</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,604)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">790,455</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">377,165</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,688</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,693</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,194)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">389,352</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">61,052</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">61,052</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,537</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,537</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,929</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">45,403</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,200</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,200</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,854</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(47)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,807</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,541</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,541</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,418)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,418)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">595,731</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,162</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">52,822</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,241)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">658,474</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,253</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(363)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">131,981</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,046</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">127,299</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,409)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">131,981</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(29,145)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">363</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(28,782)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization on early extinguishment of debt</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">97,655</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">102,700</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(32,427)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,488)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,557)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(37,472)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">65,228</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,731</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,315</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">65,228</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:53.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the quarter ended September 30, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate </font><font style="font-family:Arial; font-size:7pt">intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:278.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:29.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statements of operations by industry segment for the nine months ended December 31, 2017 are as follows:</font></p><p style="margin:0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:639pt"><tr style="height:33pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00031_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:359.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:359.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,988,430</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,213)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,985,217</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">239,317</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">239,317</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">205,309</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">205,309</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,474</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,910</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,910</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">44,067</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,133)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">42,934</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,496</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,637</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">62,531</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,157)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,507</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">144,196</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,024</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(395)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">147,825</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,610,222</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">55,704</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">183,465</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,898)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,843,493</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,310,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">24,632</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,669</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,716)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,347,477</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">222,203</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">222,203</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost </font><font style="font-family:Arial; font-size:8pt">of sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,456</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,456</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,954</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">128,043</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,997</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,217</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,217</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,460</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(183)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,277</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on </font><font style="font-family:Arial; font-size:8pt">disposal</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">396,540</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">396,540</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,223)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,223)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,887,328</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">36,586</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">162,929</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,899)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,081,944</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">722,894</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(999)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">761,549</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,998</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">748,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(26,997)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">761,549</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(94,925)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">999</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(93,926)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">653,967</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">667,623</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax (expense) benefit</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">125,773</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6,481)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(7,175)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">112,117</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">779,740</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,637</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,361</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">779,740</font></p></td></tr><tr style="height:7.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the nine months ended September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:266.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:29.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statements of operations by industry segment for the nine months ended December 31, 2016 are as follows:</font></p><p style="margin:0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:617.25pt"><tr style="height:33pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00032_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:351pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:351pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,902,400</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,881)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,899,519</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">212,194</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">212,194</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">199,195</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">199,195</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,050</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,050</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,064</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,064</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance </font><font style="font-family:Arial; font-size:8pt">premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,202</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,202</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,035</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,951</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">56,982</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,214)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">75,754</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">136,341</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,404</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(392)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,353</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,480,215</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,153</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">183,450</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,487)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,712,331</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,137,364</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,193</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,335</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,245)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,172,647</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">215,330</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">215,330</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,851</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,851</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,144</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">129,098</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,242</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,131</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,131</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">29,344</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(140)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">29,204</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">323,785</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">323,785</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,377)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,377)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,820,297</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">31,337</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">165,564</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,385)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,013,813</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">659,918</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,102)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">698,518</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,925</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">685,843</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(27,027)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">698,518</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(84,299)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,102</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(83,197)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization on early extinguishment of debt</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">601,045</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">614,822</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(212,169)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(7,520)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6,257)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(225,946)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">388,876</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">388,876</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the nine months ended September 30, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) </font><font style="font-family:Arial; font-size:7pt">Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:252pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:54pt; border:none"></td><td style="width:28.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:550.5pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00033_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from operating activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">779,740</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,637</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">13,361</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">779,740</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Earnings from consolidated entities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">25,998</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Adjustments to reconcile net earnings to the cash provided by operations:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">410,800</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">410,800</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,217</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,217</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,910</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,910</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Interest credited to policyholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,250</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,250</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for losses on trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for inventory reserve</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,334</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,334</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of personal property</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(14,260)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(14,260)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(192,223)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(192,223)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net</font><font style="font-family:Arial; font-size:7pt"> (gains) losses on sales of investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(881)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,369)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,250)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(176,566)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,315)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,166)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(179,047)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net change in other operating assets and liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Reinsurance recoverables and trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(32,898)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,669)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(27,659)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Inventories</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,410)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,410)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,220)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,220)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Capitalization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,501)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,501)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,649</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,796</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(166)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,279</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">43,822</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,982</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">47,804</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Accounts payable and accrued expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">15,455</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,229</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">10,080</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">26,764</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Policy benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">8,427</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,896)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,236</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,767</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other policyholders&apos; funds </font><font style="font-family:Arial; font-size:7pt">and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,099</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(509)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">590</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,297)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,297)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,412)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(205)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">75</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,542)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by operating activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">782,831</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,354</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">37,836</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">839,021</font></p></td></tr><tr style="height:4.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from investing activities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Escrow deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,707</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,707</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Purchases of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(970,472)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(970,472)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,701)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(9,042)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(48,743)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(34,284)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(239,999)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(274,283)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Equity securities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(662)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(662)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,000)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,000)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,637)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(130)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,783)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(11,609)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(69,098)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(80,707)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Proceeds from sales and paydowns of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">591,040</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">591,040</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">43,570</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">10,749</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">54,319</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">17,821</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">84,583</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">102,404</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,188</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,188</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">5,348</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">5,348</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,248</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">20,478</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,726</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by investing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(356,014)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(18,783)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(203,121)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(577,918)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 1 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:255.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:48.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:44.25pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:47.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Continuation of consolidating cash flow statements by industry</font><font style="font-family:Arial; font-size:10pt"> segment for the nine months ended December 31, 2017 are as follows:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:22.5pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:550.5pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00034_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from financing activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Borrowings from credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">426,262</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">426,262</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Principal repayments on credit </font><font style="font-family:Arial; font-size:7pt">facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(303,212)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(303,212)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,581)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,581)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Capital lease payments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(219,623)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(219,623)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Employee Stock Ownership Plan</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,764)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,764)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Securitization deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,181)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,181)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Common stock dividend paid</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(19,587)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(19,587)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">347,695</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">347,695</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract withdrawals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(163,499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(163,499)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by financing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(129,686)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">184,196</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">54,510</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Effects of exchange rate on cash</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,468</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,468</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Increase (decrease) in cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">306,599</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(429)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,911</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">325,081</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and cash equivalents at beginning of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">671,665</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,725</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">13,416</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">697,806</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash </font><font style="font-family:Arial; font-size:7pt">and cash equivalents at end of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">978,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">32,327</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,022,887</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 2 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:255.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:48.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:44.25pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:47.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating cash flow statements by industry segment for the nine months</font><font style="font-family:Arial; font-size:10pt"> ended December 31, 2016 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:31.5pt; width:534pt"><tr style="height:27.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00035_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from operating activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">388,876</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">388,876</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Earnings from consolidated </font><font style="font-family:Arial; font-size:7pt">entities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">25,925</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Adjustments to reconcile net earnings to cash provided by operations:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">354,183</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">354,183</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,131</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,131</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of </font><font style="font-family:Arial; font-size:7pt">debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,125</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,125</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Interest credited to policyholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,190</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,190</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for losses on trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">22</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(50)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(28)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for inventory reserve</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,897</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,897</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net </font><font style="font-family:Arial; font-size:7pt">(gains) losses on disposal of personal property</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(30,398)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(30,398)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,377)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,377)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on sales of investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,717)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,231)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,948)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">114,017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(549)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,020)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">112,448</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net change in other operating assets and liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Reinsurance recoverables and trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(24,147)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,388</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,160)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(23,919)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Inventories</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,901)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,901)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">79,578</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">79,578</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Capitalization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,040)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,040)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,185)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,439</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">83</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(663)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,906)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">437</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,469)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Accounts payable and accrued expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">22,313</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,363</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,097</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">30,773</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Policy benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,805</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,650)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,688</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,843</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,024</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,406)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(382)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,105</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,105</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party </font><font style="font-family:Arial; font-size:7pt">liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,018)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(711)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by operating activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">882,064</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,402</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">34,847</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">931,313</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from investing activities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Escrow deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(768)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(768)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Purchases of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(981,316)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(981,316)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(67,094)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(499,277)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(566,371)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,138)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(239,713)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(261,851)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Equity securities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(489)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(489)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,510)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,648)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,705)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(15,863)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(9,738)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,686)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(132,885)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(159,309)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Proceeds from sales and paydowns of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">412,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">412,892</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">59,583</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">507,372</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">566,955</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">20,697</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">126,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">147,233</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,351</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,351</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,681</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,681</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,986</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,742</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">94,532</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">109,260</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by investing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(577,454)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,193)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(149,948)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(744,595)</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 1 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2016</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:42pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:232.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:42pt; border:none"></td><td style="width:15.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51.75pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, </font><font style="font-family:Arial; font-size:10pt">2016 are as follows:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:31.5pt; width:534pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00036_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from financing activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Borrowings from credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">507,008</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">27,000</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">534,008</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Principal repayments on </font><font style="font-family:Arial; font-size:7pt">credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(217,545)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(27,000)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(244,545)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,529)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,529)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Capital lease payments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(141,750)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(141,750)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Employee Stock Ownership Plan </font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,541)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,541)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Securitization deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Common stock dividend paid</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,171)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,171)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">180,554</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">180,554</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract withdrawals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64,459)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64,459)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by financing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">96,843</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">116,095</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">212,938</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Effects of exchange rate on cash</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,117)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,117)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Increase (decrease) in cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">385,336</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,791)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">994</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">383,539</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and cash equivalents at beginning of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">585,666</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,049</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">931</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">600,646</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and </font><font style="font-family:Arial; font-size:7pt">cash equivalents at end of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">971,002</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,258</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,925</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">984,185</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 2 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2016</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:42pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:232.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:42pt; border:none"></td><td style="width:15.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">AMERCO&#8217;s three reportable segments are:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="-aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'&#8226;'; font-family:serif; font-size:10pt; margin:0pt 0pt 6pt 27.6pt; orphans:0; padding-left:8.4pt; text-indent:0pt; widows:0"><font style="font-family:Arial; font-size:10pt">Moving and Storage, comp</font><font style="font-family:Arial; font-size:10pt">rised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,</font></li><li style="-aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'&#8226;'; font-family:serif; font-size:10pt; margin:0pt 0pt 6pt 27.6pt; orphans:0; padding-left:8.4pt; text-indent:0pt; widows:0"><font style="font-family:Arial; font-size:10pt">Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and</font></li><li style="-aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'&#8226;'; font-family:serif; font-size:10pt; margin:0pt 0pt 6pt 27.6pt; orphans:0; padding-left:8.4pt; text-indent:0pt; widows:0"><font style="font-family:Arial; font-size:10pt">Life Insurance, comprised of Oxford and its subsidiaries.</font></li></ul><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Management tracks </font><font style="font-family:Arial; font-size:10pt">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</font><font style="font-family:Arial; font-size:10pt"> these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Investments i</font><font style="font-family:Arial; font-size:10pt">n subsidiaries are accounted for by the parent using the equity method of accounting. </font></p><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><a name="DM_MAP_a8057385e3434e6897c9f44c41c59401"><font style="font-family:Arial; font-size:10pt">Consolidating </font><font style="font-family:Arial; font-size:10pt">balance sheets by industry segment as of December 31, 2017 are as follows:</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:619.5pt"><tr style="height:40.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00025_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Assets:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Cash and cash equivalents</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">978,264</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,296</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">32,327</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,022,887</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Reinsurance recoverables and trade receivables, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">74,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">100,849</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,760</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">205,873</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Inventories, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">95,672</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">95,672</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">147,375</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">147,375</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, fixed maturities and marketable equities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">272,939</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,595,375</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,868,314</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, other</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">23,144</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">67,879</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">316,799</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">407,822</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred policy acquisition costs, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,820</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,820</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">90,442</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">594</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,572</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,608</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">45,111</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,521</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">18,364</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">42,909</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,454,272</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,009,280</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Investment in subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">522,874</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(522,874)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Property, plant and equipment, at cost:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Land</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">738,525</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">738,525</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Buildings and </font><font style="font-family:Arial; font-size:9pt">improvements</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,000,208</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,000,208</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Furniture and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">600,216</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">600,216</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trailers and other rental equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">538,334</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">538,334</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trucks</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,243,305</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,243,305</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,120,588</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,120,588</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less:&#160; Accumulated depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,632,909)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,632,909)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,487,679</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,487,679</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,464,825</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(550,961)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:71.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:65.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:238.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:71.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57.75pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets</font><font style="font-family:Arial; font-size:10pt"> by industry segment as of December 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:645pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><a name="DOC_TBL00026_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:354pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:354pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Liabilities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Accounts payable and accrued expenses</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">461,518</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,158</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,279</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">469,955</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,493,908</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Policy </font><font style="font-family:Arial; font-size:9pt">benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">408,724</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">238,085</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">443,397</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,090,206</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Liabilities from investment contracts</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,319,945</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,319,945</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,282</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,457</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,739</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">27,491</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">27,491</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">634,388</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,510</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">23,650</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">671,548</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">25,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,341</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">117</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,051,658</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">262,376</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,797,845</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(28,087)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,083,792</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Stockholders&apos; equity:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series preferred stock:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series A preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series B preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series A common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,500</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,801)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Additional paid-in capital</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,829</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,120</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,271</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(117,601)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,619</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Accumulated other comprehensive income (loss)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(9,911)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,616</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(42,917)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(9,911)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Retained </font><font style="font-family:Arial; font-size:9pt">earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,643,043</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">92,980</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">263,785</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(356,555)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,643,253</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of common shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of preferred shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Unearned employee stock ownership plan shares</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,641)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,641)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total stockholders&apos; equity</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,413,167</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">199,702</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">323,172</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(522,874)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,413,167</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities and stockholders&apos; equity</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,464,825</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">462,078</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,121,017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(550,961)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:276.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets</font><font style="font-family:Arial; font-size:10pt"> by industry segment as of March 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:18pt; width:618.75pt"><tr style="height:40.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00027_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Assets:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:366pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">671,665</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">12,725</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,416</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">697,806</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Reinsurance recoverables and trade receivables, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">41,234</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">107,757</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">29,090</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">178,081</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Inventories, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">82,439</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">82,439</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,728</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,728</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, fixed maturities and marketable equities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">248,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,414,952</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,663,768</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Investments, other</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">35,342</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">63,086</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">269,402</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">367,830</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred policy acquisition </font><font style="font-family:Arial; font-size:9pt">costs, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">130,213</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">130,213</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,197</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,922</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,406</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">97,525</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">88,829</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,496</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">18,465</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">86,168</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,137,434</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,428,558</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Investment in subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">477,058</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(477,058)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:7.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Property, plant and equipment, at cost:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Land</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">648,757</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">648,757</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Buildings and </font><font style="font-family:Arial; font-size:9pt">improvements</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,618,265</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,618,265</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Furniture and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">510,415</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">510,415</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trailers and other rental equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">492,280</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">492,280</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Rental trucks</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,091,598</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,091,598</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,361,315</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,361,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Less:&#160; Accumulated depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,384,033)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(2,384,033)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,977,282</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,977,282</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,591,774</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(509,680)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,405,840</font></p></td></tr><tr style="height:3.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:69pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:232.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and </font><font style="font-family:Arial; font-size:7pt">payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:63pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:238.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:69pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:65.25pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="color:#ff0000; font-family:Arial; font-size:10pt">&#xa0;</font></p><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:665.25pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><a name="DOC_TBL00028_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:374.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Accounts payable and accrued expenses</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">441,667</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,926</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,948</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">450,541</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Notes, loans and leases payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,262,880</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Policy </font><font style="font-family:Arial; font-size:9pt">benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">399,181</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">244,980</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">442,161</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,086,322</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Liabilities from investment contracts</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,112,498</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,112,498</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,184</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,966</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,150</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,696</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,696</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">809,566</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,243</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">14,200</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">835,009</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,040</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,539</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">43</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,972,030</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">264,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,581,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(32,622)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,786,096</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Stockholders&apos; equity:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series preferred stock:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series A preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:9pt">Series B preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Series A common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,301</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,500</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,801)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,497</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Additional paid-in capital</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,120</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,271</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(117,601)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">452,172</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Accumulated other comprehensive income (loss)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(51,236)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,166</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">16,933</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(23,099)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(51,236)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Retained </font><font style="font-family:Arial; font-size:9pt">earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,892,683</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">80,343</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">250,424</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(330,557)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,892,893</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of common shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(525,653)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Cost of preferred shares in treasury, net</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(151,997)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Unearned employee stock ownership plan shares</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(6,932)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(6,932)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total stockholders&apos; equity</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,619,744</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">180,930</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">296,128</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(477,058)</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,619,744</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total liabilities and stockholders&apos; equity</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,591,774</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">445,802</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,877,944</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(509,680)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,405,840</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances as of December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate investment in subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:270.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany receivables and payables</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:60.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:276.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:66pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:66.75pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:72.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="-aw-bookmark-end:DM_MAP_a8057385e3434e6897c9f44c41c59401"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><a name="DM_MAP_8aaf588f368c46f68ffb41d131e228cd"><font style="font-family:Arial; font-size:10pt">Consolidating statement of </font><font style="font-family:Arial; font-size:10pt">operations by industry segment for the quarter ended December 31, 2017 are as follows:</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:13.5pt; width:646.5pt"><tr style="height:33.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00029_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:347.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:347.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">576,018</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,217)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">574,801</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,127</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,127</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage </font><font style="font-family:Arial; font-size:8pt">products and service sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,130</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,130</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,881</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,881</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">38,957</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">38,957</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,754</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(661)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,093</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and </font><font style="font-family:Arial; font-size:8pt">interest income</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,662</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,645</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,887</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(373)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">28,821</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">37,669</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,535</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(132)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">39,072</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">762,487</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,399</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">62,379</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,383)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">842,882</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">426,394</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,160</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,521</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,004)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">438,071</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">63,487</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">63,487</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">33,995</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">33,995</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,644</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,524</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">45,168</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,952</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,952</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,498</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(83)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,415</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">137,061</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">137,061</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,404)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,404)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">477,031</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,804</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,997</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,087)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">539,745</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">285,456</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(296)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">303,137</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,823</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">297,279</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(12,119)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">303,137</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31,854)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">296</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(31,558)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">265,425</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,595</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,382</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">271,579</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax (expense) benefit</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">263,469</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,528)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,626)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">257,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">528,894</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,067</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,756</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(11,823)</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">528,894</font></p></td></tr><tr style="height:6pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:26.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the quarter ended September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:279.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:20.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:285.75pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:26.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:61.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:2pt">&#xa0;</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:2pt">&#xa0;</font></p><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 27pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statement of operations by industry segment for the quarter ended December 31, 2016 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:642pt"><tr style="height:34.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00030_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:349.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:349.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">542,545</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,072)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">541,473</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">72,309</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">72,309</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage </font><font style="font-family:Arial; font-size:8pt">products and service sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,562</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">51,562</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,734</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,734</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,279</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,279</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,938</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,938</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest </font><font style="font-family:Arial; font-size:8pt">income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,570</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,443</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,221</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(401)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">22,833</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">35,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,194</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(131)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">36,327</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">713,984</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,381</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">59,694</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,604)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">790,455</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">377,165</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,688</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,693</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,194)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">389,352</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">61,052</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">61,052</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,537</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">32,537</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">41,929</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">45,403</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,200</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">5,200</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,854</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(47)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">8,807</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,541</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,541</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,418)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,418)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">595,731</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,162</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">52,822</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,241)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">658,474</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">118,253</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(363)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">131,981</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,046</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">127,299</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,409)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">131,981</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(29,145)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">363</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(28,782)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization on early extinguishment of debt</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">97,655</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,219</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">6,872</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">102,700</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(32,427)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,488)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,557)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(37,472)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">65,228</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,731</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,315</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(9,046)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">65,228</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:62.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:53.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:64.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the quarter ended September 30, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate </font><font style="font-family:Arial; font-size:7pt">intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:272.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:51pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:47.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:58.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:278.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:57pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:53.25pt; border:none"></td><td style="width:29.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:64.5pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statements of operations by industry segment for the nine months ended December 31, 2017 are as follows:</font></p><p style="margin:0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:639pt"><tr style="height:33pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00031_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:359.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:359.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,988,430</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,213)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,985,217</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">239,317</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">239,317</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">205,309</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">205,309</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,474</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,474</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,910</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,910</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance premiums</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">44,067</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,133)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">42,934</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">9,496</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,637</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">62,531</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,157)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">82,507</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">144,196</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">4,024</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(395)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">147,825</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,610,222</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">55,704</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">183,465</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(5,898)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,843,493</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,310,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">24,632</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">16,669</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,716)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,347,477</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">222,203</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">222,203</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost </font><font style="font-family:Arial; font-size:8pt">of sales</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,456</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">124,456</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,954</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">128,043</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,997</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,217</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">18,217</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,460</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(183)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,277</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on </font><font style="font-family:Arial; font-size:8pt">disposal</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">396,540</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">396,540</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,223)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(192,223)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,887,328</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">36,586</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">162,929</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,899)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,081,944</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">722,894</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(999)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">761,549</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,998</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">748,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(26,997)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">761,549</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(94,925)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">999</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(93,926)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">653,967</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,118</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">20,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">667,623</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax (expense) benefit</font></p></td><td style="vertical-align:bottom; width:7.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">125,773</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6,481)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(7,175)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">112,117</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">779,740</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,637</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">13,361</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">779,740</font></p></td></tr><tr style="height:7.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:29.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the nine months ended September 30, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:260.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:1.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:50.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:23.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:56.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:266.25pt; border:none"></td><td style="width:7.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:63pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:56.25pt; border:none"></td><td style="width:29.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:62.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating statements of operations by industry segment for the nine months ended December 31, 2016 are as follows:</font></p><p style="margin:0pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:617.25pt"><tr style="height:33pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00032_1_1"></a><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Moving &amp; Storage</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Property &amp; Casualty Insurance (a) </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Insurance (a)</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Eliminations</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">AMERCO</font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">Consolidated</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:351pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(Unaudited)</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:351pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">(In thousands)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Revenues:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving equipment rentals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,902,400</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,881)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,899,519</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-storage revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">212,194</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">212,194</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Self-moving and self-storage products and service sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">199,195</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">199,195</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property management fees</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,050</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">23,050</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Life insurance premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,064</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">123,064</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Property and casualty insurance </font><font style="font-family:Arial; font-size:8pt">premiums</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,202</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">40,202</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net investment and interest income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">7,035</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">12,951</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">56,982</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,214)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">75,754</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Other revenue</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">136,341</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">3,404</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(392)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,353</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total revenues</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,480,215</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">53,153</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">183,450</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(4,487)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,712,331</font></p></td></tr><tr style="height:3pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Costs and expenses:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Operating expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,137,364</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,193</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,335</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,245)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b,c)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,172,647</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Commission expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">215,330</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">215,330</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Cost of sales</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,851</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">116,851</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Benefits and losses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">10,144</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">129,098</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">139,242</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,131</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">19,131</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Lease expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">29,344</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(140)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">29,204</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Depreciation, net of (gains) losses on disposal</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">323,785</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">323,785</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,377)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(2,377)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">Total costs and expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,820,297</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">31,337</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">165,564</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(3,385)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">2,013,813</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations before equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">659,918</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(1,102)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">698,518</font></p></td></tr><tr style="height:9.95pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Equity in earnings of subsidiaries</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">25,925</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(d)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings from operations</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">685,843</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(27,027)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">698,518</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Interest expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(84,299)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">1,102</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(b)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(83,197)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Amortization on early extinguishment of debt</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(499)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Pretax earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">601,045</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">21,816</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">17,886</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">614,822</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:8pt">Income tax expense</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(212,169)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(7,520)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(6,257)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(225,946)</font></p></td></tr><tr style="height:11.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:8pt">Earnings available to common shareholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">388,876</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">14,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">11,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:8pt">388,876</font></p></td></tr><tr style="height:6.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:54pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:28.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:60pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balances for the nine months ended September 30, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(b) Eliminate intercompany lease / interest income</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(c) </font><font style="font-family:Arial; font-size:7pt">Eliminate intercompany premiums</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:246pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(d) Eliminate equity in earnings of subsidiaries</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:48pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:22.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:54pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:252pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:54pt; border:none"></td><td style="width:28.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:60pt; border:none"></td></tr></table><p style="margin:0pt 0pt 0pt 36pt; text-align:justify; text-indent:14.4pt"><font style="-aw-bookmark-end:DM_MAP_8aaf588f368c46f68ffb41d131e228cd"></font><br style="page-break-before:always; clear:both" /><a name="DM_MAP_660519b3248b4631905e8c1bacd42376"><font style="font-family:Arial; font-size:10pt">Consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:</font></a></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:550.5pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00033_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from operating activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">779,740</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,637</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">13,361</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">779,740</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Earnings from consolidated entities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,998)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">25,998</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Adjustments to reconcile net earnings to the cash provided by operations:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">410,800</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">410,800</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,217</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,217</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,910</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,910</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Interest credited to policyholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,250</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,250</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for losses on trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for inventory reserve</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,334</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,334</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of personal property</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(14,260)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(14,260)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(192,223)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(192,223)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net</font><font style="font-family:Arial; font-size:7pt"> (gains) losses on sales of investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(881)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,369)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,250)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(176,566)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,315)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,166)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(179,047)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net change in other operating assets and liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Reinsurance recoverables and trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(32,898)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,908</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,669)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(27,659)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Inventories</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,410)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,410)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,220)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,220)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Capitalization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,501)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,501)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,649</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,796</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(166)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,279</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">43,822</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,982</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">47,804</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Accounts payable and accrued expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">15,455</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,229</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">10,080</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">26,764</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Policy benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">8,427</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,896)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,236</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,767</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other policyholders&apos; funds </font><font style="font-family:Arial; font-size:7pt">and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,099</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(509)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">590</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,297)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,297)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,412)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(205)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">75</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,542)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by operating activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">782,831</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,354</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">37,836</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">839,021</font></p></td></tr><tr style="height:4.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from investing activities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Escrow deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,707</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,707</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Purchases of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(970,472)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(970,472)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,701)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(9,042)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(48,743)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(34,284)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(239,999)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(274,283)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Equity securities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(662)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(662)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,000)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,000)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,637)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(130)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,783)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(11,609)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(69,098)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(80,707)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Proceeds from sales and paydowns of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">591,040</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">591,040</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">43,570</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">10,749</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">54,319</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">17,821</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">84,583</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">102,404</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,188</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,188</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">5,348</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">5,348</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,248</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">20,478</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">23,726</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by investing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(356,014)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(18,783)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(203,121)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(577,918)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 1 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:255.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:48.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:44.25pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:47.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Continuation of consolidating cash flow statements by industry</font><font style="font-family:Arial; font-size:10pt"> segment for the nine months ended December 31, 2017 are as follows:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:22.5pt"><font style="font-family:Arial; font-size:8pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:33pt; width:550.5pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00034_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from financing activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Borrowings from credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">426,262</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">426,262</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Principal repayments on credit </font><font style="font-family:Arial; font-size:7pt">facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(303,212)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(303,212)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,581)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,581)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Capital lease payments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(219,623)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(219,623)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Employee Stock Ownership Plan</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,764)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(6,764)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Securitization deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,181)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,181)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Common stock dividend paid</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(19,587)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(19,587)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">347,695</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">347,695</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract withdrawals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(163,499)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(163,499)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by financing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(129,686)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">184,196</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">54,510</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Effects of exchange rate on cash</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,468</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,468</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Increase (decrease) in cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">306,599</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(429)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,911</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">325,081</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and cash equivalents at beginning of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">671,665</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,725</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">13,416</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">697,806</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash </font><font style="font-family:Arial; font-size:7pt">and cash equivalents at end of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">978,264</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">32,327</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:38.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,022,887</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:280.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 2 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:48.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:50.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:44.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:14.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:9.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:255.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:48.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:50.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:44.25pt; border:none"></td><td style="width:14.25pt; border:none"></td><td style="width:9.75pt; border:none"></td><td style="width:47.25pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt 36pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Consolidating cash flow statements by industry segment for the nine months</font><font style="font-family:Arial; font-size:10pt"> ended December 31, 2016 are as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:31.5pt; width:534pt"><tr style="height:27.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00035_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from operating activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net earnings</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">388,876</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,296</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,629</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">388,876</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Earnings from consolidated </font><font style="font-family:Arial; font-size:7pt">entities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(25,925)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">25,925</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Adjustments to reconcile net earnings to cash provided by operations:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Depreciation</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">354,183</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">354,183</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,131</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">19,131</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Amortization of </font><font style="font-family:Arial; font-size:7pt">debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,125</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,125</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Interest credited to policyholders</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,190</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">18,190</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for losses on trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">22</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(50)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(28)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Change in allowance for inventory reserve</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,897</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,897</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net </font><font style="font-family:Arial; font-size:7pt">(gains) losses on disposal of personal property</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(30,398)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(30,398)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on disposal of real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,377)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,377)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net (gains) losses on sales of investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,717)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,231)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,948)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Deferred income taxes</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">114,017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(549)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,020)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">112,448</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Net change in other operating assets and liabilities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Reinsurance recoverables and trade receivables</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(24,147)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,388</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,160)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(23,919)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Inventories</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,901)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,901)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Prepaid expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">79,578</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">79,578</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Capitalization of deferred policy acquisition costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,040)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(21,040)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,185)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,439</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">83</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(663)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party assets</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,906)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">437</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,469)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Accounts payable and accrued expenses</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">22,313</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">2,363</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,097</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">30,773</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Policy benefits and losses, claims and loss expenses payable</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,805</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(5,650)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">6,688</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">12,843</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Other policyholders&apos; funds and liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,024</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,406)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(382)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Deferred income</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,105</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,105</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Related party </font><font style="font-family:Arial; font-size:7pt">liabilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(1,018)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(711)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by operating activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">882,064</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,402</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">34,847</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">931,313</font></p></td></tr><tr style="height:5.25pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from investing activities:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Escrow deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(768)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(768)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Purchases of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(981,316)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(981,316)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(67,094)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(499,277)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(566,371)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(22,138)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(239,713)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(261,851)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Equity securities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(489)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(489)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(3,510)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,648)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,705)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(15,863)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(9,738)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,686)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(132,885)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(159,309)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Proceeds from sales and paydowns of:</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Property, plant and equipment</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">412,892</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">412,892</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Short term investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">59,583</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">507,372</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">566,955</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Fixed maturities investments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">20,697</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">126,536</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">147,233</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Preferred stock</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,351</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">3,351</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Real estate</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,681</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,681</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 20pt"><font style="font-family:Arial; font-size:7pt">Mortgage loans</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">4,986</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">9,742</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">94,532</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">109,260</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by investing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(577,454)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(17,193)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(149,948)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(744,595)</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 1 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2016</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:42pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:232.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:42pt; border:none"></td><td style="width:15.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51.75pt; border:none"></td></tr></table><br style="page-break-before:always; clear:both" /><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:36pt"><font style="font-family:Arial; font-size:10pt">Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, </font><font style="font-family:Arial; font-size:10pt">2016 are as follows:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:31.5pt; width:534pt"><tr style="height:27pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><a name="DOC_TBL00036_1_1"></a><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Moving &amp; Storage </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Property &amp; </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Casualty </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Life </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Insurance (a)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Elimination</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">AMERCO </font></p><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">Consolidated</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(Unaudited)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash flows from financing activities:</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(In thousands)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Borrowings from credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">507,008</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">27,000</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">534,008</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Principal repayments on </font><font style="font-family:Arial; font-size:7pt">credit facilities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(217,545)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(27,000)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(244,545)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Debt issuance costs</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,529)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(4,529)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Capital lease payments</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(141,750)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(141,750)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Employee Stock Ownership Plan </font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,541)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(7,541)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Securitization deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">371</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Common stock dividend paid</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,171)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(39,171)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract deposits</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">180,554</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">180,554</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:7pt">Investment contract withdrawals</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64,459)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(64,459)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Net cash provided (used) by financing activities</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">96,843</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">116,095</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">212,938</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Effects of exchange rate on cash</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,117)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(16,117)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Increase (decrease) in cash and cash equivalents</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">385,336</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">(2,791)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">994</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">383,539</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and cash equivalents at beginning of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">585,666</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">14,049</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">931</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">600,646</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">Cash and </font><font style="font-family:Arial; font-size:7pt">cash equivalents at end of period</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:41.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">971,002</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">11,258</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">1,925</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:36pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">&#8211;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:45.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:7pt">984,185</font></p></td></tr><tr style="height:9.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">&#xa0;</font></p></td><td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:287.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:7pt">(page 2 of 2)</font></p></td></tr><tr style="height:9pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:7pt">(a) Balance for the period ended September 30, 2016</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:47.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:52.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:42pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:15.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:51.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:232.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:47.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:42pt; border:none"></td><td style="width:15.75pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:51.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="-aw-bookmark-end:DM_MAP_660519b3248b4631905e8c1bacd42376"></font><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:486.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">United </font><font style="font-family:Arial; font-size:9pt; font-weight:bold">States</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Canada</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(All amounts are in thousands of U.S. $&apos;s)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Quarter Ended December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:61.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">805,692</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">37,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">842,882</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">141,193</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,820</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">143,013</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,824</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">734</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">31,558</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">269,830</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,749</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">271,579</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax (expense) benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">264,361</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(7,046)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">257,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,186,992</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">309,967</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Quarter Ended December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total </font><font style="font-family:Arial; font-size:9pt">revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">757,477</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">32,978</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">790,455</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">122,242</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,499</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">123,741</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,779</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,782</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">99,660</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,040</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">102,700</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax expense </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(36,678)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(794)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(37,472)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,981,335</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">305,982</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,287,317</font></p></td></tr><tr style="height:0pt"><td style="width:264.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:63.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:486.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><a name="DOC_TBL00038_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">United States</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Canada</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(All amounts are in thousands of U.S. $&apos;s)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Nine Months Ended December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:61.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,707,614</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">135,879</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,843,493</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">216,885</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,649</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">222,534</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,735</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,191</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,926</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">654,388</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,235</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">667,623</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax (expense) benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">115,855</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(3,738)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">112,117</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,186,992</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">309,967</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Nine Months Ended December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,588,121</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,210</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,712,331</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">336,618</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,921</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">340,539</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">83,192</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">83,197</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">595,217</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">19,605</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">614,822</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax expense </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(220,695)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,251)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(225,946)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,981,335</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">305,982</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,287,317</font></p></td></tr><tr style="height:0pt"><td style="width:264.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:63.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="font-size:11pt; line-height:115%; margin:0pt 0pt 10pt; page-break-after:avoid; page-break-inside:avoid"><font style="font-family:Arial; font-size:11pt; font-weight:bold">Industry Segment and Geographic Area Data</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:486.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><a name="DOC_TBL00037_1_1"></a><a name="DM_MAP_cb4a6db0e8a5470386b19f206ea1a1df"><font style="-aw-bookmark-end:DOC_TBL00037_1_1"></font><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">United </font><font style="font-family:Arial; font-size:9pt; font-weight:bold">States</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Canada</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(All amounts are in thousands of U.S. $&apos;s)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Quarter Ended December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:61.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">805,692</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">37,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">842,882</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">141,193</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,820</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">143,013</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">30,824</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">734</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">31,558</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">269,830</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,749</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">271,579</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax (expense) benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">264,361</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(7,046)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">257,315</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,186,992</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">309,967</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Quarter Ended December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total </font><font style="font-family:Arial; font-size:9pt">revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">757,477</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">32,978</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">790,455</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">122,242</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,499</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">123,741</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,779</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">28,782</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">99,660</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,040</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">102,700</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax expense </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(36,678)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(794)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(37,472)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,981,335</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">305,982</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,287,317</font></p></td></tr><tr style="height:0pt"><td style="width:264.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:63.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:486.75pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><a name="DOC_TBL00038_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">United States</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Canada</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Consolidated</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="5" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:205.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(All amounts are in thousands of U.S. $&apos;s)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Nine Months Ended December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:65.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:61.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:63.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,707,614</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">135,879</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,843,493</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">216,885</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5,649</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">222,534</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">91,735</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,191</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">93,926</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">654,388</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,235</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">667,623</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax (expense) benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">115,855</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(3,738)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">112,117</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,186,992</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">309,967</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">10,496,959</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Nine Months Ended December 31, 2016</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Total revenues</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,588,121</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">124,210</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,712,331</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Depreciation and amortization, net of (gains) losses on disposal</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">336,618</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">3,921</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">340,539</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Interest expense</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">83,192</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">5</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">83,197</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Pretax earnings</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">595,217</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">19,605</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">614,822</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Income tax expense </font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(220,695)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(5,251)</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(225,946)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Identifiable assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:4.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">8,981,335</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:55.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">305,982</font></p></td><td style="vertical-align:bottom; width:10.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:57.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">9,287,317</font></p></td></tr><tr style="height:0pt"><td style="width:264.75pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:65.25pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:61.5pt; border:none"></td><td style="width:10.5pt; border:none"></td><td style="width:63.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:center"><font style="-aw-bookmark-end:DM_MAP_cb4a6db0e8a5470386b19f206ea1a1df"></font><font style="font-family:Arial; font-size:11pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:455.25pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Service cost for benefits earned during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">269</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">256</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest cost on accumulated postretirement benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">218</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">204</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other</font><font style="font-family:Arial; font-size:10pt"> components</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">22</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt">Net periodic postretirement benefit cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">500</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">482</font></p></td></tr><tr style="height:0pt"><td style="width:264pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:81.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:455.25pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><a name="DOC_TBL00040_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Service cost for benefits earned during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">805</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">769</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest cost on accumulated </font><font style="font-family:Arial; font-size:10pt">postretirement benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">652</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">611</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other components</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">43</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">66</font></p></td></tr><tr style="height:0pt"><td style="width:264pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:81.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; page-break-after:avoid; page-break-inside:avoid; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The components of the net periodic benefit costs with respect to </font><font style="font-family:Arial; font-size:10pt">postretirement benefits were as follows:</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:455.25pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><a name="DOC_TBL00039_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Quarter Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Service cost for benefits earned during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">269</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">256</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest cost on accumulated postretirement benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">218</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">204</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other</font><font style="font-family:Arial; font-size:10pt"> components</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">13</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">22</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt">Net periodic postretirement benefit cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">500</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">482</font></p></td></tr><tr style="height:0pt"><td style="width:264pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:81.75pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:455.25pt"><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><a name="DOC_TBL00040_1_1"></a><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">Nine Months Ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:172.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Service cost for benefits earned during the period</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">805</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">769</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Interest cost on accumulated </font><font style="font-family:Arial; font-size:10pt">postretirement benefit</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">652</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">611</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:10pt">Other components</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">43</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">66</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:258pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:10pt">Net periodic postretirement benefit cost</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:10pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:78pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,500</font></p></td><td style="vertical-align:bottom; width:12.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:75.75pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:10pt">1,446</font></p></td></tr><tr style="height:0pt"><td style="width:264pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:84pt; border:none"></td><td style="width:12.75pt; border:none"></td><td style="width:81.75pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:452.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt; font-weight:bold">As of December 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 2</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Short term investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">778,878</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">778,678</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fixed maturities - available for sale</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,829,863</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,647</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,821,938</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">278</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Preferred stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,986</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,986</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,465</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,465</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,651,382</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">828,966</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,822,138</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">278</font></p></td></tr><tr style="height:4.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Liabilities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:0pt"><td style="width:209.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:452.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><a name="DOC_TBL00042_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">As o</font><font style="font-family:Arial; font-size:9pt; font-weight:bold">f March 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 2</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Short term investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">521,911</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">521,710</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">201</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fixed maturities - available for sale</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,625,845</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,491</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,619,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">330</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Preferred stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,489</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,489</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">24,434</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">24,434</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,260</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,260</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,189,939</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">570,384</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,619,225</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">330</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Liabilities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,903</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,903</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,903</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,903</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:0pt"><td style="width:209.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:442.5pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">.</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Fixed Maturities - Asset Backed Securities</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Balance at March 31, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">330</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Fixed Maturities - Asset Backed Securities - redeemed</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">(89)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Fixed Maturities - Asset Backed Securities - net gain (unrealized)</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">37</font></p></td></tr><tr style="height:13.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Balance at December 31, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">278</font></p></td></tr></table><p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></div> <div class="Section1"><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.</font><font style="font-family:Arial; font-size:10pt"> Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values </font><font style="font-family:Arial; font-size:10pt">of trade receivables approximate their recorded value.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited cr</font><font style="font-family:Arial; font-size:10pt">edit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one fin</font><font style="font-family:Arial; font-size:10pt">ancial institution.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to </font><font style="font-family:Arial; font-size:10pt">the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with simil</font><font style="font-family:Arial; font-size:10pt">ar credit ratings.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining ma</font><font style="font-family:Arial; font-size:10pt">turity.</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Other investments, including short term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.</font></p><p style="margin:0pt 0pt 6pt; text-align:center"><br style="page-break-before:always; clear:both" /></p><p style="margin:0pt 0pt 6pt; orphans:0; page-break-inside:avoid; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Certain assets and liabilities are recorded </font><font style="font-family:Arial; font-size:10pt">at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - </font><font style="font-family:Arial; font-size:10pt; font-style:italic">Fair Value Measurements and Disclosure</font><font style="font-family:Arial; font-size:10pt"> (&#8220;ASC 820&#8221;) requires that financial assets and liabilities recorded</font><font style="font-family:Arial; font-size:10pt"> at fair value be classified and disclosed in one of the following three categories:</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Level 1 &#8211; Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;&#160; </font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Level 2 &#8211; Quoted pric</font><font style="font-family:Arial; font-size:10pt">es for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are </font><font style="font-family:Arial; font-size:10pt">observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and</font></p><p style="margin:0pt 0pt 6pt; text-align:justify; text-indent:14.4pt"><font style="font-family:Arial; font-size:10pt">Level 3 &#8211; Prices or valuations that require inputs that are both significant to the fair value measurement and are uno</font><font style="font-family:Arial; font-size:10pt">bservable. These reflect management&#8217;s assumptions about the assumptions a market participant would use in pricing the asset or liability.</font></p><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input that is signi</font><font style="font-family:Arial; font-size:10pt">ficant to the fair value measurement. The following tables represent the financial assets and liabilities on the condensed consolidated balance sheet at December 31, 2017 and March 31, 2017, that are subject to ASC 820 and the valuation approach applied to</font><font style="font-family:Arial; font-size:10pt"> each of these items.</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:452.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><a name="DOC_TBL00041_1_1"></a><a name="DM_MAP_8287605e6f9148bfa0e04a1d7a3dd20d"><font style="-aw-bookmark-end:DOC_TBL00041_1_1"></font><font style="font-family:Arial; font-size:9pt; font-weight:bold">As of December 31, 2017</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 2</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Short term investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">778,878</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">778,678</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">200</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fixed maturities - available for sale</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,829,863</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">7,647</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,821,938</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">278</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Preferred stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,986</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">11,986</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,465</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">26,465</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,190</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,651,382</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">828,966</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,822,138</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">278</font></p></td></tr><tr style="height:4.5pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Liabilities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,253</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:0pt"><td style="width:209.25pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td><td style="width:8.25pt; border:none"></td><td style="width:52.5pt; border:none"></td></tr></table><p style="margin:0pt 0pt 6pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:452.25pt"><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><a name="DOC_TBL00042_1_1"></a><font style="font-family:Arial; font-size:9pt; font-weight:bold">As o</font><font style="font-family:Arial; font-size:9pt; font-weight:bold">f March 31, 2017</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 1</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 2</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:228.75pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Assets</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Short term investments</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">521,911</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">521,710</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">201</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Fixed maturities - available for sale</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,625,845</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">6,491</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,619,024</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">330</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Preferred stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,489</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">13,489</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Common stock</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">24,434</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">24,434</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Derivatives</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,260</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">4,260</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#8211;</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt 0pt 0pt 10pt"><font style="font-family:Arial; font-size:9pt">Total</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">2,189,939</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">570,384</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">1,619,225</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">$</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">330</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td></tr><tr style="height:12pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:203.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Liabilities</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; 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orphans:0; text-align:center; widows:0"><br style="page-break-before:always; clear:both" /></p><p style="margin:6pt 0pt; orphans:0; text-align:justify; text-indent:14.4pt; widows:0"><font style="font-family:Arial; font-size:10pt">Th</font><font style="font-family:Arial; font-size:10pt">e following table represents the fair value measurements for our assets at December 31, 2017 using significant unobservable inputs (Level 3).</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse; margin-left:0pt; width:442.5pt"><tr style="height:36pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><a name="DOC_TBL00043_1_1"></a><a name="DM_MAP_56d376c88e424fc5b228f4cd6ed3c65f"><font style="-aw-bookmark-end:DOC_TBL00043_1_1"></font><font style="font-family:Arial; font-size:9pt">.</font></a></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt; font-weight:bold">Fixed Maturities - Asset Backed Securities</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(Unaudited)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:2.25pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">&#xa0;</font></p></td><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:73.5pt"><p style="margin:0pt; text-align:center"><font style="font-family:Arial; font-size:9pt">(In thousands)</font></p></td></tr><tr style="height:12.75pt"><td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:348.75pt"><p style="margin:0pt"><font style="font-family:Arial; font-size:9pt">Balance at March 31, 2017</font></p></td><td style="vertical-align:bottom; width:8.25pt"><p style="margin:0pt; text-align:right"><font style="font-family:Arial; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="border-bottom-color:#000000; 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font-size:10pt">On October 10, 2017, the sale of a portion of our Chelsea, New York property into the 1031 Exchange was completed and the net sales proceeds of $194.2 million were tr</font><font style="font-family:Arial; font-size:10pt">ansferred to the qualified intermediary.&#160; The qualified intermediary closed on the reverse exchange and transferred $95.1 million to Real Estate.&#160; The sole membership interest in each property held within the VIE was assigned to Real Estate in satisfaction</font><font style="font-family:Arial; font-size:10pt"> of the outstanding loan. 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Disclosure - Consolidating financial information by industry segment (Cash Flow Statements) (Details) link:presentationLink link:calculationLink link:definitionLink 41201 - Disclosure - Industry Segment and Geographic Area Data (Details) link:presentationLink link:calculationLink link:definitionLink 41301 - Disclosure - Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) link:presentationLink link:calculationLink link:definitionLink 41401 - Disclosure - Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) link:presentationLink link:calculationLink link:definitionLink 41402 - Disclosure - Fair Value Measurements (Significant Unobservable Input (Level 3) Fair Value Measurements) (Details) link:presentationLink link:calculationLink link:definitionLink 40700 - Disclosure - Stockholders' Equity (Narratives) (Details) link:presentationLink link:calculationLink link:definitionLink 10700 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 10800 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11600 - Disclosure - Real Estate Agreements link:presentationLink link:calculationLink link:definitionLink 41500 - Disclosure - Real Estate Agreements (Narratives) (Details) link:presentationLink link:calculationLink link:definitionLink 40800 - Disclosure - Income Taxes (Narratives) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 uhal-20171231_cal.xml CALCULATION EX-101.DEF 10 uhal-20171231_def.xml DEFINITION EX-101.LAB 11 uhal-20171231_lab.xml LABEL EX-101.PRE 12 uhal-20171231_pre.xml PRESENTATION XML 13 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Dec. 31, 2017
Feb. 01, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name AMERCO /NV/  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Well-known Seasoned Issuer Yes  
Document Fiscal Year Focus 2018  
Document Type 10-Q  
Document Fiscal Period Focus Q3  
Document Period End Date Dec. 31, 2017  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   19,607,788
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
ASSETS:    
Cash and cash equivalents $ 1,022,887 $ 697,806
Reinsurance recoverables and trade receivables, net 205,873 178,081
Inventories, net 95,672 82,439
Prepaid expenses 147,375 124,728
Investments, fixed maturities and marketable equities 1,868,314 1,663,768
Investments, other 407,822 367,830
Deferred policy acquisition costs, net 124,820 130,213
Other assets 93,608 97,525
Related party assets 42,909 86,168
Subtotal assets 4,009,280 3,428,558
Property, plant and equipment, at cost:    
Land 738,525 648,757
Buildings and improvements 3,000,208 2,618,265
Furniture and equipment 600,216 510,415
Property, plant and equipment, gross 9,120,588 8,361,315
Less: Accumulated depreciation (2,632,909) (2,384,033)
Total property, plant and equipment 6,487,679 5,977,282
Total assets 10,496,959 9,405,840
Liabilities:    
Accounts payable and accrued expenses 469,955 450,541
Notes, loans and leases payable 3,493,908 3,262,880
Policy benefits and losses, claims and loss expenses payable 1,090,206 1,086,322
Liabilities from investment contracts 1,319,945 1,112,498
Other policyholders' funds and liabilities 10,739 10,150
Deferred income 27,491 28,696
Deferred income taxes, net 671,548 835,009
Total liabilities 7,083,792 6,786,096
Commitments and contingencies (notes 4, 9 and 10)
Stockholders' equity:    
Additional paid-in capital 452,619 452,172
Accumulated other comprehensive loss (9,911) (51,236)
Retained earnings 3,643,253 2,892,893
Unearned employee stock ownership plan shares (5,641) (6,932)
Total stockholders' equity 3,413,167 2,619,744
Total liabilities and stockholders' equity 10,496,959 9,405,840
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued
Series A Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued
Amerco Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Common Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (525,653) (525,653)
Preferred Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (151,997) (151,997)
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 538,334 492,280
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 4,243,305 $ 4,091,598
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets Parenthetical - $ / shares
Dec. 31, 2017
Mar. 31, 2017
Series Preferred Stock With or Without Par Value [Member]    
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Series A Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 6,100,000 6,100,000
Preferred stock, shares issued 6,100,000 6,100,000
Preferred stock, shares outstanding 0 0
Preferred stock, no par value $ 0.00 $ 0.00
Series B Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 100,000 100,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Preferred stock, no par value $ 0.00 $ 0.00
Series Common Stock With or Without Par Value [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Series A Common Stock [Member]    
Common stock:    
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares, issued 0 0
Common stock, shares, outstanding 0 0
Common stock, par or stated value per share $ 0.25 $ 0.25
Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, par or stated value per share $ 0.25 $ 0.25
Amerco Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 41,985,700 41,985,700
Common stock, shares, outstanding 19,607,788 19,607,788
Common stock, par or stated value per share $ 0.25 $ 0.25
Common Stock in Treasury [Member]    
Treasury stock:    
Treasury stock, shares 22,377,912 22,377,912
Preferred Stock in Treasury [Member]    
Treasury stock:    
Treasury stock, shares 6,100,000 6,100,000
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Revenues:        
Self-moving equipment rentals $ 574,801 $ 541,473 $ 1,985,217 $ 1,899,519
Self-storage revenues 82,127 72,309 239,317 212,194
Self-moving and self-storage products and service sales 53,130 51,562 205,309 199,195
Property management fees 9,881 9,734 23,474 23,050
Life insurance premiums 38,957 41,279 116,910 123,064
Property and casualty insurance premiums 16,093 14,938 42,934 40,202
Net investment and interest income 28,821 22,833 82,507 75,754
Other revenue 39,072 36,327 147,825 139,353
Total revenues 842,882 790,455 2,843,493 2,712,331
Costs and expenses:        
Operating expenses 438,071 389,352 1,347,477 1,172,647
Commission expenses 63,487 61,052 222,203 215,330
Cost of sales 33,995 32,537 124,456 116,851
Benefits and losses 45,168 45,403 139,997 139,242
Amortization of deferred policy acquisition costs 5,952 5,200 18,217 19,131
Lease expense 8,415 8,807 25,277 29,204
Depreciation, net of (gains) losses on disposals 137,061 118,541 396,540 323,785
Net gains on disposal of real estate (192,404) (2,418) (192,223) (2,377)
Total costs and expenses 539,745 658,474 2,081,944 2,013,813
Earnings from operations 303,137 131,981 761,549 698,518
Interest expense (31,558) (28,782) (93,926) (83,197)
Amortization on early extinguishment of debt (499) (499)
Pretax earnings 271,579 102,700 667,623 614,822
Income tax expense 257,315 (37,472) 112,117 (225,946)
Earnings available to common shareholders $ 528,894 $ 65,228 $ 779,740 $ 388,876
Basic and diluted earnings per common share $ 27.00 $ 3.33 $ 39.81 $ 19.85
Weighted average common shares outstanding: basic and diluted 19,589,218 19,586,694 19,588,558 19,586,389
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Depreciation:        
Net gain on sale of personal property $ (4,235) $ (2,099) $ (14,260) $ (30,398)
Related party:        
Related party revenues, net of eliminations 10,789 10,960 26,800 26,731
Related party, costs and expenses, net of eliminations $ 14,091 $ 13,667 $ 48,889 $ 47,920
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Comprehensive income (loss) (pretax):        
Pretax earnings $ 271,579 $ 102,700 $ 667,623 $ 614,822
Comprehensive income (loss) (tax effect):        
Net earnings (Tax) 257,315 (37,472) 112,117 (225,946)
Comprehensive income (loss) (net of tax):        
Net earnings 528,894 65,228 779,740 388,876
Other comprehensive income (loss):        
Foreign currency translation (pretax) (1,794) (5,821) 19,240 (7,803)
Foreign currency translation (tax effect)
Foreign currency translation (net of tax) (1,794) (5,821) 19,240 (7,803)
Unrealized gain (loss) on investments (pretax) 4,388 4,238 30,492 64,856
Unrealized gain (loss) on investments (tax effect) (1,536) (1,483) (10,672) (22,700)
Unrealized gain (loss) on investments (net of tax) 2,852 2,755 19,820 42,156
Change in fair value of cash flow hedges (pretax) 911 2,853 3,655 8,039
Change in fair value of cash flow hedges (tax effect) (346) (931) (1,390) (2,901)
Change in fair value of cash flow hedges (net of tax) 565 1,922 2,265 5,138
Total comprehensive income (loss) (pretax) 275,084 103,970 721,010 679,914
Total comprehensive income (loss) (tax effect) 255,433 (39,886) 100,055 (251,547)
Total comprehensive income (loss) (net of tax) $ 530,517 $ 64,084 $ 821,065 $ 428,367
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flow from operating activities:    
Net earnings $ 779,740 $ 388,876
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 410,800 354,183
Amortization of deferred policy acquisition costs 18,217 19,131
Amortization of debt issuance costs 2,910 3,125
Interest credited to policyholders 23,250 18,190
Change in allowance for losses on trade receivables (25) (28)
Change in allowance for inventory reserves 4,334 1,897
Net gain on sale of personal property (14,260) (30,398)
Net gains on disposal of real estate (192,223) (2,377)
Net (gain) loss on sale of investments (4,250) (3,948)
Deferred income tax (179,047) 112,448
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (27,659) (23,919)
Inventories (17,410) (1,901)
Prepaid expenses (22,220) 79,578
Capitalization of deferred policy acquisition costs (21,501) (21,040)
Other assets 6,279 (663)
Related party assets 47,804 (5,469)
Accounts payable and accrued expenses 26,764 30,773
Policy benefits and losses, claims and loss expenses payable 2,767 12,843
Other policyholders' funds and liabilities 590 (382)
Deferred income (1,297) 1,105
Related party liabilities (4,542) (711)
Net cash provided by operating activities 839,021 931,313
Cash flow from investing activities:    
Escrow Deposits 19,707 (768)
Purchases of:    
Property, plant and equipment (970,472) (981,316)
Short term investments (48,743) (566,371)
Fixed maturities investments (274,283) (261,851)
Equity securities (662) (489)
Preferred stock (1,000)
Real estate (1,783) (15,863)
Mortgage loans (80,707) (159,309)
Proceeds from sale of:    
Property, plant and equipment 591,040 412,892
Short term investments 54,319 566,955
Fixed maturities investments 102,404 147,233
Preferred stock 3,188 3,351
Real estate 5,348 1,681
Mortgage loans 23,726 109,260
Net cash used by investing activities (577,918) (744,595)
Cash flow from financing activities:    
Borrowings from credit facilities 426,262 534,008
Principal repayments on credit facilities (303,212) (244,545)
Debt issuance costs (4,581) (4,529)
Capital lease payments (219,623) (141,750)
Employee stock ownership plan (6,764) (7,541)
Securitization deposits (2,181) 371
Common stock dividends paid (19,587) (39,171)
Investment contract deposits 347,695 180,554
Investment contract withdrawals (163,499) (64,459)
Net cash provided by (used in) financing activities 54,510 212,938
Effects of exchange rate on cash 9,468 (16,117)
Increase (decrease) in cash and cash equivalents 325,081 383,539
Cash and cash equivalents at the beginning of period 697,806 600,646
Cash and cash equivalents at the end of the period $ 1,022,887 $ 984,185
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Basis of Presentation
9 Months Ended
Dec. 31, 2017
Disclosure Text Block [Abstract]  
1. Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose any material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2017 and 2016 correspond to fiscal 2018 and 2017 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of December 31, 2017 and the related condensed consolidated statements of operations, comprehensive income (loss) for the third quarter and first nine months and cash flows for the first nine months of fiscal 2018 and 2017 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”),

Amerco Real Estate Company (“Real Estate”),

Repwest Insurance Company (“Repwest”), and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.


The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly-owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly-owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

 

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share
9 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
2. Earnings Per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 18,279 and 20,958 as of December 31, 2017 and 2016, respectively.

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments
9 Months Ended
Dec. 31, 2017
Investments Debt Equity Securities [Abstract]  
3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $30.2 million and $16.8 million at December 31, 2017 and March 31, 2017, respectively.

Available-for-Sale Investments

Available-for-sale investments at December 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,695

$ 

3,529

$ 

(770)

$ 

(390)

$ 

126,064

U.S. government agency mortgage-backed securities

 

26,598

 

1,373

 

(1)

 

(5)

 

27,965

Obligations of states and political subdivisions

 

173,039

 

10,055

 

(148)

 

(81)

 

182,865

Corporate securities

 

1,351,074

 

51,228

 

(2,957)

 

(2,556)

 

1,396,789

Mortgage-backed securities

 

94,208

 

2,072

 

 

(100)

 

96,180

Redeemable preferred stocks

 

11,589

 

428

 

 

(31)

 

11,986

Common stocks

 

15,732

 

10,743

 

(10)

 

 

26,465

 

$

1,795,935

$ 

79,428

$ 

(3,886)

$ 

(3,163)

$ 

1,868,314


Available-for-sale investments at March 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,474

$ 

2,892

$ 

$ 

(1,675)

$ 

124,691

U.S. government agency mortgage-backed securities

 

27,908

 

1,070

 

(6)

 

(377)

 

28,595

Obligations of states and political subdivisions

 

159,417

 

9,466

 

(23)

 

(424)

 

168,436

Corporate securities

 

1,263,703

 

32,901

 

(5,731)

 

(13,837)

 

1,277,036

Mortgage-backed securities

 

26,577

 

515

 

 

(5)

 

27,087

Redeemable preferred stocks

 

13,789

 

168

 

 

(468)

 

13,489

Common stocks

 

15,732

 

8,728

 

(10)

 

(16)

 

24,434

 

$

1,630,600

$ 

55,740

$ 

(5,770)

$ 

(16,802)

$ 

1,663,768

 

The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $101.2 million during the first nine months of fiscal 2018. The gross realized gains on these sales totaled $3.8 million. The gross realized losses on these sales totaled $0.1 million.

The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate it on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognize these write-downs, if any, through earnings. There were no write downs for the first nine months of fiscal 2018 or 2017.

The investment portfolio primarily consists of corporate securities and obligations of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs.

The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage-backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral.

There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income (loss) for first nine months of fiscal 2018 and fiscal 2017, respectively.


The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:

 

 

December 31, 2017

 

March 31, 2017

 

 

Amortized

Cost

 

Estimated

Market

Value

 

Amortized

Cost

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

41,025

$

41,353

$

35,399

$

35,795

Due after one year through five years

 

396,559

 

408,603

 

324,286

 

333,016

Due after five years through ten years

 

611,026

 

631,009

 

598,232

 

607,184

Due after ten years

 

625,796

 

652,718

 

616,585

 

622,763

 

 

1,674,406

 

1,733,683

 

1,574,502

 

1,598,758

 

 

 

 

 

 

 

 

 

Mortgage backed securities

 

94,208

 

96,180

 

26,577

 

27,087

Redeemable preferred stocks

 

11,589

 

11,986

 

13,789

 

13,489

Common stocks

 

15,732

 

26,465

 

15,732

 

24,434

 

$

1,795,935

$

1,868,314

$

1,630,600

$

1,663,768

 

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings
9 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
4. Borrowings

Long Term Debt

Long term debt was as follows:

 

 

 

 

 

December 31,

 

March 31,

 

2018 Rate (a)

 

Maturities

 

2017

 

2017

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands)

Real estate loan (amortizing term)

2.94% - 6.93%

 

2023

$

137,786

$ 

169,289

Senior mortgages

3.72% - 6.62%

 

2021 - 2038

 

1,472,209

 

1,292,160

Working capital loans (revolving credit)

2.83%

 

2018

 

55,000

 

85,000

Fleet loans (amortizing term)

1.95% - 4.76%

 

2018 - 2024

 

322,542

 

324,977

Fleet loans (securitization)

4.90%

 

-

 

 

52,112

Fleet loans (revolving credit)

2.50% - 2.51%

 

2020 - 2021

 

477,000

 

417,000

Capital leases (rental equipment)

1.92% - 4.86%

 

2018 - 2025

 

982,653

 

876,828

Other obligations

2.75% - 8.00%

 

2018 - 2047

 

72,788

 

69,867

Notes, loans and leases payable

 

 

 

 

3,519,978

 

3,287,233

Less: Debt issuance costs

 

 

 

 

(26,070)

 

(24,353)

Total notes, loans and leases payable

 

 

 

$

3,493,908

$ 

3,262,880

 

 

 

 

 

 

 

 

(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.

 

 

 

 

 

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. As of December 31, 2017, the outstanding balance on the Real Estate Loan was $137.8 million.  The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The final maturity of the term loan is April 2023. 

The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At December 31, 2017, the applicable LIBOR was 1.44% and the applicable margin was 1.50%, the sum of which was 2.94%, which was applied to $75.6 million of the Real Estate Loan. The rate of the remaining balance of $62.2 million of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin. The interest rate swap expires in August 2018, after which date the remaining balance will incur interest at a rate of LIBOR plus a margin of 1.50%. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of December 31, 2017 were in the aggregate amount of $1,472.2 million and mature between 2021 and 2038. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.72% and 6.62%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. 

Working Capital Loans

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $55.0 million. At December 31, 2017, the outstanding balance was $55.0 million. This loan is secured by certain properties owned by the borrowers. This loan agreement provides for term loans, subject to the terms of the loan agreement. The final maturity of the loan is November 2018. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin. At December 31, 2017, the applicable LIBOR was 1.33% and the margin was 1.50%, the sum of which was 2.83%. AMERCO is the guarantor of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

AMERCO is a borrower under working capital loan. The current maximum credit commitment is $150.0 million, which can be increased to $300.0 million by bringing in other lenders. At December 31, 2017, the full $150.0 million was available to be drawn. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2020. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate is the applicable LIBOR plus a margin between 1.38% and 1.50% depending on the amount outstanding. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30% fee charged for unused capacity.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the loans as of December 31, 2017 was $322.5 million with the final maturities between June 2018 and November 2024.

The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margins. At December 31, 2017, the applicable LIBOR was between 1.36% and 1.48% and applicable margins were between 1.72% and 2.38%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 4.76% based on current margins. Additionally, $265.7 million of these loans are carried at fixed rates ranging between 1.95% and 3.94%.

AMERCO and, in some cases, U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Rental Truck Securitizations

2010 U-Haul S Fleet and its subsidiaries (collectively, “2010 USF”) issued a $155.0 million asset-backed note (“2010 Box Truck Note”). 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acted as the trustee for this securitization. The 2010 Box Truck Note had a fixed interest rate of 4.90% and in October 2017 the note was repaid in full.

Rental Truck Revolvers

Various subsidiaries of U-Haul International, Inc. entered into three revolving fleet loans in aggregate for $490.0 million, which can be increased to a maximum of $565.0 million. These loans mature between March 2020 and November 2021. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. At December 31, 2017, the applicable LIBOR was between 1.35% and 1.36% and the margin was 1.15%, the sum of which was between 2.50% and 2.51%. Only interest is paid on the loans until the last nine months when principal is due monthly. As of December 31, 2017, the outstanding balance of the loans was $477.0 million.

Capital Leases

We regularly enter into capital leases for new equipment with the terms of the leases between five and seven years. During the first nine months of fiscal 2018, we entered into $323.7 million of new capital leases. At December 31, 2017 and March 31, 2017, the balance of our capital leases was $982.7 million and $876.8 million, respectively. The net book value of the corresponding capitalized assets was $1,382.5 million and $1,233.3 million at December 31, 2017 and March 31, 2017, respectively.

Other Obligations

In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club® Indenture.  AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes®”). The U-Notes® are secured by various types of collateral including, but not limited to, rental equipment and real estate.  U-Notes® are issued in smaller series that vary as to principal amount, interest rate and maturity.  U-Notes® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries.

At December 31, 2017, the aggregate outstanding principal balance of the U-Notes® issued was $76.7 million of which $3.9 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.75% and 8.00% and maturity dates range between 2018 and 2047.

Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2017, the four deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.33% and 1.75% with maturities between March 29, 2018 and March 30, 2022. As of September 30, 2017, available-for-sale investments held with the FHLB totaled $129.6 million, of which $73.4 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the consolidated balance sheet.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt, including capital leases and excluding debt issuance costs, as of December 31, 2017 for the next five years and thereafter are as follows:

 

 

Twelve Months Ending December 31,

 

 

2018

 

2019

 

2020

 

2021

 

2022

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

Notes, loans and leases payable, secured

$

496,383

$

482,569

$

362,073

$

564,235

$

226,771

$

1,387,947

 

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

31,983

$

27,220

Capitalized interest

 

(2,075)

 

(1,119)

Amortization of transaction costs

 

963

 

863

Interest expense resulting from derivatives

 

687

 

1,818

Total interest expense

 

31,558

 

28,782

Amortization on early extinguishment of debt

 

 

499

Total

 

31,558

 

29,281

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

93,475

$

77,184

Capitalized interest

 

(5,769)

 

(3,417)

Amortization of transaction costs

 

2,909

 

2,510

Interest expense resulting from derivatives

 

3,311

 

6,920

Total interest expense

 

93,926

 

83,197

Amortization on early extinguishment of debt

 

 

499

Total

 

93,926

 

83,696

Interest paid in cash, including payments related to derivative contracts, amounted to $32.7 million and $28.7 million for the third quarter of fiscal 2018 and 2017, respectively and $96.1 million and $84.0 million for the first nine months of fiscal 2018 and 2017, respectively.


Interest Rates

Interest rates and Company borrowings were as follows:

 

 

Revolving Credit Activity

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the quarter

 

2.47%

 

1.82%

Interest rate at the end of the quarter

 

2.56%

 

1.89%

Maximum amount outstanding during the quarter

$

535,000

$

597,000

Average amount outstanding during the quarter

$

532,261

$

550,304

Facility fees

$

159

$

10

 

 

 

Revolving Credit Activity

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the period

 

2.38%

 

1.76%

Interest rate at the end of the period

 

2.56%

 

1.89%

Maximum amount outstanding during the period

$

538,000

$

597,000

Average amount outstanding during the period

$

516,349

$

450,880

Facility fees

$

284

$

99

 

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives
9 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
5. Derivatives

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

 

Original variable rate debt amount

 

Agreement Date

 

Effective Date

 

Expiration Date

 

Designated cash flow hedge date

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

$

300.0

 

 

8/16/2006

 

8/18/2006

 

8/10/2018

 

8/4/2006

 

25.0

(a)

 

4/26/2011

 

6/1/2011

 

6/1/2018

 

6/1/2011

 

50.0

(a)

 

7/29/2011

 

8/15/2011

 

8/15/2018

 

7/29/2011

 

20.0

(a)

 

8/3/2011

 

9/12/2011

 

9/10/2018

 

8/3/2011

 

15.1

(b)

 

3/27/2012

 

3/28/2012

 

3/28/2019

 

3/26/2012

 

25.0

 

 

4/13/2012

 

4/16/2012

 

4/1/2019

 

4/12/2012

 

44.3

 

 

1/11/2013

 

1/15/2013

 

12/15/2019

 

1/11/2013

 

 

 

 

 

 

 

 

 

 

 

 

(a) forward swap

 

 

 

 

 

 

 

 

 

 

(b) operating lease

 

 

 

 

 

 

 

 

 

As of December 31, 2017, the total notional amount of our variable interest rate swaps on debt and an operating lease was $120.3 million and $6.6 million, respectively.

The derivative fair values located in Accounts payable and accrued expenses in the balance sheets were as follows:

 

 

Liability Derivatives Fair Values as of

 

 

December 31, 2017

 

March 31, 2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

Interest rate contracts designated as hedging instruments

$

1,253

$

4,903

 

 

 

The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended

 

 

 

 

December 31, 2017

 

December 31, 2016

 

 

(Unaudited)

 

 

(In thousands)

Loss recognized in income on interest rate contracts

$

3,311

$

6,920

Gain recognized in AOCI on interest rate contracts (effective portion)

$

(3,655)

$

(8,039)

Loss reclassified from AOCI into income (effective portion)

$

3,308

$

6,940

(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)

$

3

$

(20)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first nine months of fiscal 2018, we recognized a net increase in the fair value of our cash flow hedges of $2.3 million, net of taxes. Embedded in this change was $3.3 million of losses reclassified from accumulated other comprehensive income to interest expense during the first nine months of fiscal 2018. At December 31, 2017, we expect to reclassify $1.5 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Comprehensive Income (Loss)
9 Months Ended
Dec. 31, 2017
Disclosure Text Block [Abstract]  
6. Comprehensive Income (Loss)

A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:

 

 

Foreign Currency Translation

 

Unrealized Net Gain on Investments

 

Fair Market Value of Cash Flow Hedges

 

Postretirement Benefit Obligation Net Loss

 

Accumulated Other Comprehensive Income (Loss)

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$

(69,505)

$ 

23,099

$ 

(3,059)

$ 

(1,771)

$ 

(51,236)

Foreign currency translation

 

19,240

 

 

 

 

19,240

Unrealized net gain on investments

 

 

19,820

 

 

 

19,820

Change in fair value of cash flow hedges

 

 

 

5,573

 

 

5,573

Amounts reclassified from AOCI

 

 

 

(3,308)

 

 

(3,308)

Other comprehensive income (loss)

 

19,240

 

19,820

 

2,265

 

 

41,325

Balance at December 31, 2017

$

(50,265)

$ 

42,919

$ 

(794)

$ 

(1,771)

$ 

(9,911)

 

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity
9 Months Ended
Dec. 31, 2017
Stockholders' Equity [Abstract]  
7. Stockholders' Equity

On July 5, 2017, we declared a cash dividend on our Common Stock of $1.00 per share to holders of record on July 20, 2017. The dividend was paid on August 3, 2017.

On December 6, 2017, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on December 21, 2017. The dividend was paid on January 5, 2018.

On June 8, 2016, the stockholder’s approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2017, no awards had been issued under this plan.

XML 27 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
9 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
8. Income taxes

The 2017 Tax Reform Act (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. A 31.55% Federal Tax Rate will apply to earnings for the full 2018 fiscal year. Accordingly, first and second quarter income previously subject to tax at the 35% Federal Tax Rate will benefit from the 31.55% Federal Tax Rate. At December 31, 2017, we have not completed our accounting for the tax effects of enactment of the Tax Reform Act; however, we have made a reasonable estimate of the effects of all items affected by the Tax Reform Act. For these items, we recognized a provisional benefit amount of $339.2 million, which is included as a component of income tax expense from continuing operations.

Provisional amounts:

We re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Tax Reform Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the re-measurement of our deferred tax balance was $349.2 million.

Foreign tax effects:

The one-time transition tax is based on our total post-1986 earnings and profits (“E&P”) from our Canadian subsidiaries that we previously deferred from U.S. income taxes. We recorded a provisional amount for our one-time transition tax liability for our foreign subsidiaries, resulting in an increase in income tax expense of $10.0 million. We have not yet completed our calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable.

Insurance Companies:

Our insurance companies are included in this financial statement at a one quarter lag, meaning the nine month period ended September 30, 2017. As such, the effects of the Tax Reform Act on Repwest and Oxford are not recognized in these financial statements as presented. If the effects of the Tax Reform Act were applied to our Insurance Company balances as presented, the result would have been as follows:

With regard to Oxford; we estimate a provisional tax benefit of $5.1 million, which would be a component of income tax expense from continuing operations. The Financial Accounting Standards Board (“FASB”) is still reviewing the treatment of certain deferred tax accounts which could change the ultimate presentation of where these amounts are recorded.

We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The provisional amount resulting from the re-measurement of the deferred tax liability balance would be a reduction in tax expense of about $9.1 million. In addition, the Tax Reform Act repeals the special rules with regard to distribution to shareholders from pre-1984 policyholders surplus account. The one-time tax was based on the balance of our pre-1984 policyholder surplus account. We estimated a provisional amount for our one-time tax liability for Phase Three Tax, resulting in a increase in income tax expense of $4.0 million.

With regard to Repwest; we estimate a provisional tax benefit of $5.4 million, which would be a component of income tax expense from continuing operations. This provisional amount would result from the re-measurement of the deferred tax liability balance. We estimated the re-measured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%.

XML 28 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingent Liabilities and Commitments
9 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
9. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of December 31, 2017, we have guaranteed $16.2 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees.  

Operating and ground lease commitments for leases having terms of more than one year were as follows:

 

 

Property, Plant and Equipment

 

Rental

Equipment

 

 

 

 

Ground

 

Operating

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

Year-ended December 31:

 

 

 

 

 

 

 

 

2018

$

974

$

16,150

$

9,927

$

27,051

2019

 

1,024

 

15,652

 

3,086

 

19,762

2020

 

1,024

 

15,664

 

 

16,688

2021

 

1,028

 

14,977

 

 

16,005

2022

 

1,030

 

14,779

 

 

15,809

Thereafter

 

49,907

 

23,329

 

 

73,236

Total

$

54,987

$

100,551

$

13,013

$

168,551

 

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingencies
9 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
10. Contingencies

Environmental

Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
9 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
11. Related Party Transactions

As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight.

AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm’s-length transactions.

SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini Storage Realty, L.P. (“Private Mini”) are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant shareholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant shareholder) and Mark V. Shoen.

Related Party Revenue

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

908

$

1,226

U-Haul management fee revenue from Blackwater

 

5,661

 

5,562

U-Haul management fee revenue from Mercury

 

4,220

 

4,172

 

$

10,789

$

10,960

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

3,326

$

3,681

U-Haul management fee revenue from Blackwater

 

18,054

 

17,702

U-Haul management fee revenue from Mercury

 

5,420

 

5,348

 

$

26,800

$

26,731

 

During the first nine months of fiscal 2018, a subsidiary of ours held a junior unsecured note from SAC Holding Corporation. We do not have an equity ownership interest in SAC Holding Corporation. We received cash interest payments of $8.7 million and $3.4 million from SAC Holding Corporation during the first nine months of fiscal 2018 and 2017, respectively. The largest aggregate amount of note receivable outstanding during the first nine months of fiscal 2018 was $48.1 million. In December 2017, this note and interest receivables were repaid in full as we received payments of $53.0 million.

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received cash payments for management fees, exclusive of reimbursed expenses, of $23.3 million and $21.8 million from the above mentioned entities during the first nine months of fiscal 2018 and 2017, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen (a significant shareholder) and a trust benefitting the children and grandchildren of Edward J. Shoen.

 

Related Party Costs and Expenses

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

658

$

684

U-Haul commission expenses to Blackwater

 

13,433

 

12,983

 

$

14,091

$

13,667

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

2,014

$

2,056

U-Haul commission expenses to Blackwater

 

46,875

 

45,864

 

$

48,889

$

47,920

 

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At December 31, 2017, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements and note with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $21.4 million, expenses of $2.0 million and cash flows of $72.9 million during the first nine months of fiscal 2018. Revenues and commission expenses related to the Dealer Agreements were $218.6 million and $46.9 million, respectively during the first nine months of fiscal 2018.

Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that the management agreements with subsidiaries of Blackwater represents potential variable interests for us. Management evaluated whether it should be identified as the primary beneficiary of one or more of these VIEs using a two-step approach in which management (i) identified all other parties that hold interests in the VIEs, and (ii) determined if any variable interest holder has the power to direct the activities of the VIEs that most significantly impact their economic performance.

Management determined that we do not have a variable interest in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities.

We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities' assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance.  As a result, we have no basis under ASC 810 to consolidate these entities.

We have not provided financial or other support explicitly or implicitly during the quarter ended December 31, 2017 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities:

Related Party Assets

 

 

December 31,

 

March 31,

 

 

2017

 

2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

U-Haul notes receivable from Blackwater

 

 

48,098

U-Haul interest receivable from Blackwater

 

 

5,397

U-Haul receivable from Blackwater

 

31,915

 

23,202

U-Haul receivable from Mercury

 

9,273

 

9,195

Other (a)

 

1,721

 

276

 

$

42,909

$

86,168

(a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.

 

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidating Financial Information by Industry Segment
9 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
12. 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.

 

Consolidating balance sheets by industry segment as of December 31, 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

$

978,264

$

12,296

$

32,327

$

 

$

1,022,887

Reinsurance recoverables and trade receivables, net

 

74,264

 

100,849

 

30,760

 

 

 

205,873

Inventories, net

 

95,672

 

 

 

 

 

95,672

Prepaid expenses

 

147,375

 

 

 

 

 

147,375

Investments, fixed maturities and marketable equities

 

 

272,939

 

1,595,375

 

 

 

1,868,314

Investments, other

 

23,144

 

67,879

 

316,799

 

 

 

407,822

Deferred policy acquisition costs, net

 

 

 

124,820

 

 

 

124,820

Other assets

 

90,442

 

594

 

2,572

 

 

 

93,608

Related party assets

 

45,111

 

7,521

 

18,364

 

(28,087)

(c)

 

42,909

 

 

1,454,272

 

462,078

 

2,121,017

 

(28,087)

 

 

4,009,280

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

522,874

 

 

 

(522,874)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

738,525

 

 

 

 

 

738,525

Buildings and improvements

 

3,000,208

 

 

 

 

 

3,000,208

Furniture and equipment

 

600,216

 

 

 

 

 

600,216

Rental trailers and other rental equipment

 

538,334

 

 

 

 

 

538,334

Rental trucks

 

4,243,305

 

 

 

 

 

4,243,305

 

 

9,120,588

 

 

 

 

 

9,120,588

Less:  Accumulated depreciation

 

(2,632,909)

 

 

 

 

 

(2,632,909)

Total property, plant and equipment

 

6,487,679

 

 

 

 

 

6,487,679

Total assets

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of December 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

461,518

$

3,158

$

5,279

$

 

$

469,955

Notes, loans and leases payable

 

3,493,908

 

 

 

 

 

3,493,908

Policy benefits and losses, claims and loss expenses payable

 

408,724

 

238,085

 

443,397

 

 

 

1,090,206

Liabilities from investment contracts

 

 

 

1,319,945

 

 

 

1,319,945

Other policyholders' funds and liabilities

 

 

5,282

 

5,457

 

 

 

10,739

Deferred income

 

27,491

 

 

 

 

 

27,491

Deferred income taxes

 

634,388

 

13,510

 

23,650

 

 

 

671,548

Related party liabilities

 

25,629

 

2,341

 

117

 

(28,087)

(c)

 

Total liabilities

 

5,051,658

 

262,376

 

1,797,845

 

(28,087)

 

 

7,083,792

 

 

 

 

 

 

 

 

 

 

 

 

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

 

452,829

 

91,120

 

26,271

 

(117,601)

(b)

 

452,619

Accumulated other comprehensive income (loss)

 

(9,911)

 

12,301

 

30,616

 

(42,917)

(b)

 

(9,911)

Retained earnings

 

3,643,043

 

92,980

 

263,785

 

(356,555)

(b)

 

3,643,253

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

 

(5,641)

 

 

 

 

 

(5,641)

Total stockholders' equity

 

3,413,167

 

199,702

 

323,172

 

(522,874)

 

 

3,413,167

Total liabilities and stockholders' equity

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 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

 

 

 

 

 

 

 

 

 

 

 

 


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 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

$

576,018

$

$

$

(1,217)

(c)

$

574,801

Self-storage revenues

 

82,127

 

 

 

 

 

82,127

Self-moving and self-storage products and service sales

 

53,130

 

 

 

 

 

53,130

Property management fees

 

9,881

 

 

 

 

 

9,881

Life insurance premiums

 

 

 

38,957

 

 

 

38,957

Property and casualty insurance premiums

 

 

16,754

 

 

(661)

(c)

 

16,093

Net investment and interest income

 

3,662

 

3,645

 

21,887

 

(373)

(b)

 

28,821

Other revenue

 

37,669

 

 

1,535

 

(132)

(b)

 

39,072

Total revenues

 

762,487

 

20,399

 

62,379

 

(2,383)

 

 

842,882

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

426,394

 

8,160

 

5,521

 

(2,004)

(b,c)

 

438,071

Commission expenses

 

63,487

 

 

 

 

 

63,487

Cost of sales

 

33,995

 

 

 

 

 

33,995

Benefits and losses

 

 

4,644

 

40,524

 

 

 

45,168

Amortization of deferred policy acquisition costs

 

 

 

5,952

 

 

 

5,952

Lease expense

 

8,498

 

 

 

(83)

(b)

 

8,415

Depreciation, net of (gains) losses on disposal

 

137,061

 

 

 

 

 

137,061

Net (gains) losses on disposal of real estate

 

(192,404)

 

 

 

 

 

(192,404)

Total costs and expenses

 

477,031

 

12,804

 

51,997

 

(2,087)

 

 

539,745

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

285,456

 

7,595

 

10,382

 

(296)

 

 

303,137

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

11,823

 

 

 

(11,823)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

297,279

 

7,595

 

10,382

 

(12,119)

 

 

303,137

Interest expense

 

(31,854)

 

 

 

296

(b)

 

(31,558)

Pretax earnings

 

265,425

 

7,595

 

10,382

 

(11,823)

 

 

271,579

Income tax (expense) benefit

 

263,469

 

(2,528)

 

(3,626)

 

 

 

257,315

Earnings available to common shareholders

$

528,894

$

5,067

$

6,756

$

(11,823)

 

$

528,894

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 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 December 31, 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

$ 

542,545

$ 

$ 

$ 

(1,072)

(c)

$ 

541,473

Self-storage revenues

 

72,309

 

 

 

 

 

72,309

Self-moving and self-storage products and service sales

 

51,562

 

 

 

 

 

51,562

Property management fees

 

9,734

 

 

 

 

 

9,734

Life insurance premiums

 

 

 

41,279

 

 

 

41,279

Property and casualty insurance premiums

 

 

14,938

 

 

 

 

14,938

Net investment and interest income

 

2,570

 

3,443

 

17,221

 

(401)

(b)

 

22,833

Other revenue

 

35,264

 

 

1,194

 

(131)

(b)

 

36,327

Total revenues

 

713,984

 

18,381

 

59,694

 

(1,604)

 

 

790,455

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

377,165

 

7,688

 

5,693

 

(1,194)

(b,c)

 

389,352

Commission expenses

 

61,052

 

 

 

 

 

61,052

Cost of sales

 

32,537

 

 

 

 

 

32,537

Benefits and losses

 

 

3,474

 

41,929

 

 

 

45,403

Amortization of deferred policy acquisition costs

 

 

 

5,200

 

 

 

5,200

Lease expense

 

8,854

 

 

 

(47)

(b)

 

8,807

Depreciation, net of (gains) losses on disposal

 

118,541

 

 

 

 

 

118,541

Net (gains) losses on disposal of real estate

 

(2,418)

 

 

 

 

 

(2,418)

Total costs and expenses

 

595,731

 

11,162

 

52,822

 

(1,241)

 

 

658,474

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

118,253

 

7,219

 

6,872

 

(363)

 

 

131,981

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,046

 

 

 

(9,046)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

127,299

 

7,219

 

6,872

 

(9,409)

 

 

131,981

Interest expense

 

(29,145)

 

 

 

363

(b)

 

(28,782)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

97,655

 

7,219

 

6,872

 

(9,046)

 

 

102,700

Income tax expense

 

(32,427)

 

(2,488)

 

(2,557)

 

 

 

(37,472)

Earnings available to common shareholders

$ 

65,228

$ 

4,731

$ 

4,315

$ 

(9,046)

 

$ 

65,228

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$

1,988,430

$

$

$

(3,213)

(c)

$

1,985,217

Self-storage revenues

 

239,317

 

 

 

 

 

239,317

Self-moving and self-storage products and service sales

 

205,309

 

 

 

 

 

205,309

Property management fees

 

23,474

 

 

 

 

 

23,474

Life insurance premiums

 

 

 

116,910

 

 

 

116,910

Property and casualty insurance premiums

 

 

44,067

 

 

(1,133)

(c)

 

42,934

Net investment and interest income

 

9,496

 

11,637

 

62,531

 

(1,157)

(b)

 

82,507

Other revenue

 

144,196

 

 

4,024

 

(395)

(b)

 

147,825

Total revenues

 

2,610,222

 

55,704

 

183,465

 

(5,898)

 

 

2,843,493

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,310,892

 

24,632

 

16,669

 

(4,716)

(b,c)

 

1,347,477

Commission expenses

 

222,203

 

 

 

 

 

222,203

Cost of sales

 

124,456

 

 

 

 

 

124,456

Benefits and losses

 

 

11,954

 

128,043

 

 

 

139,997

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Lease expense

 

25,460

 

 

 

(183)

(b)

 

25,277

Depreciation, net of (gains) losses on disposal

 

396,540

 

 

 

 

 

396,540

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Total costs and expenses

 

1,887,328

 

36,586

 

162,929

 

(4,899)

 

 

2,081,944

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

722,894

 

19,118

 

20,536

 

(999)

 

 

761,549

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,998

 

 

 

(25,998)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

748,892

 

19,118

 

20,536

 

(26,997)

 

 

761,549

Interest expense

 

(94,925)

 

 

 

999

(b)

 

(93,926)

Pretax earnings

 

653,967

 

19,118

 

20,536

 

(25,998)

 

 

667,623

Income tax (expense) benefit

 

125,773

 

(6,481)

 

(7,175)

 

 

 

112,117

Earnings available to common shareholders

$

779,740

$

12,637

$

13,361

$

(25,998)

 

$

779,740

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 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 segment for the nine months ended December 31, 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

$ 

1,902,400

$ 

$ 

$ 

(2,881)

(c)

$ 

1,899,519

Self-storage revenues

 

212,194

 

 

 

 

 

212,194

Self-moving and self-storage products and service sales

 

199,195

 

 

 

 

 

199,195

Property management fees

 

23,050

 

 

 

 

 

23,050

Life insurance premiums

 

 

 

123,064

 

 

 

123,064

Property and casualty insurance premiums

 

 

40,202

 

 

 

 

40,202

Net investment and interest income

 

7,035

 

12,951

 

56,982

 

(1,214)

(b)

 

75,754

Other revenue

 

136,341

 

 

3,404

 

(392)

(b)

 

139,353

Total revenues

 

2,480,215

 

53,153

 

183,450

 

(4,487)

 

 

2,712,331

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,137,364

 

21,193

 

17,335

 

(3,245)

(b,c)

 

1,172,647

Commission expenses

 

215,330

 

 

 

 

 

215,330

Cost of sales

 

116,851

 

 

 

 

 

116,851

Benefits and losses

 

 

10,144

 

129,098

 

 

 

139,242

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Lease expense

 

29,344

 

 

 

(140)

(b)

 

29,204

Depreciation, net of (gains) losses on disposal

 

323,785

 

 

 

 

 

323,785

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Total costs and expenses

 

1,820,297

 

31,337

 

165,564

 

(3,385)

 

 

2,013,813

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

659,918

 

21,816

 

17,886

 

(1,102)

 

 

698,518

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,925

 

 

 

(25,925)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

685,843

 

21,816

 

17,886

 

(27,027)

 

 

698,518

Interest expense

 

(84,299)

 

 

 

1,102

(b)

 

(83,197)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

601,045

 

21,816

 

17,886

 

(25,925)

 

 

614,822

Income tax expense

 

(212,169)

 

(7,520)

 

(6,257)

 

 

 

(225,946)

Earnings available to common shareholders

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the nine months ended December 31, 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

$ 

779,740

$ 

12,637

$ 

13,361

$ 

(25,998)

 

$ 

779,740

Earnings from consolidated entities

 

(25,998)

 

 

 

25,998

 

 

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

410,800

 

 

 

 

 

410,800

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Amortization of debt issuance costs

 

2,910

 

 

 

 

 

2,910

Interest credited to policyholders

 

 

 

23,250

 

 

 

23,250

Change in allowance for losses on trade receivables

 

(22)

 

 

(3)

 

 

 

(25)

Change in allowance for inventory reserve

 

4,334

 

 

 

 

 

4,334

Net (gains) losses on disposal of personal property

 

(14,260)

 

 

 

 

 

(14,260)

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Net (gains) losses on sales of investments

 

 

(881)

 

(3,369)

 

 

 

(4,250)

Deferred income taxes

 

(176,566)

 

(1,315)

 

(1,166)

 

 

 

(179,047)

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(32,898)

 

6,908

 

(1,669)

 

 

 

(27,659)

Inventories

 

(17,410)

 

 

 

 

 

(17,410)

Prepaid expenses

 

(22,220)

 

 

 

 

 

(22,220)

Capitalization of deferred policy acquisition costs

 

 

 

(21,501)

 

 

 

(21,501)

Other assets

 

4,649

 

1,796

 

(166)

 

 

 

6,279

Related party assets

 

43,822

 

3,982

 

 

 

 

47,804

Accounts payable and accrued expenses

 

15,455

 

1,229

 

10,080

 

 

 

26,764

Policy benefits and losses, claims and loss expenses payable

 

8,427

 

(6,896)

 

1,236

 

 

 

2,767

Other policyholders' funds and liabilities

 

 

1,099

 

(509)

 

 

 

590

Deferred income

 

(1,297)

 

 

 

 

 

(1,297)

Related party liabilities

 

(4,412)

 

(205)

 

75

 

 

 

(4,542)

Net cash provided (used) by operating activities

 

782,831

 

18,354

 

37,836

 

 

 

839,021

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

19,707

 

 

 

 

 

19,707

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(970,472)

 

 

 

 

 

(970,472)

Short term investments

 

 

(39,701)

 

(9,042)

 

 

 

(48,743)

Fixed maturities investments

 

 

(34,284)

 

(239,999)

 

 

 

(274,283)

Equity securities

 

 

 

(662)

 

 

 

(662)

Preferred stock

 

 

(1,000)

 

 

 

 

(1,000)

Real estate

 

(1,637)

 

(16)

 

(130)

 

 

 

(1,783)

Mortgage loans

 

 

(11,609)

 

(69,098)

 

 

 

(80,707)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

591,040

 

 

 

 

 

591,040

Short term investments

 

 

43,570

 

10,749

 

 

 

54,319

Fixed maturities investments

 

 

17,821

 

84,583

 

 

 

102,404

Preferred stock

 

 

3,188

 

 

 

 

3,188

Real estate

 

5,348

 

 

 

 

 

5,348

Mortgage loans

 

 

3,248

 

20,478

 

 

 

23,726

Net cash provided (used) by investing activities

 

(356,014)

 

(18,783)

 

(203,121)

 

 

 

(577,918)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 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

 

426,262

 

 

 

 

 

426,262

Principal repayments on credit facilities

 

(303,212)

 

 

 

 

 

(303,212)

Debt issuance costs

 

(4,581)

 

 

 

 

 

(4,581)

Capital lease payments

 

(219,623)

 

 

 

 

 

(219,623)

Employee Stock Ownership Plan

 

(6,764)

 

 

 

 

 

(6,764)

Securitization deposits

 

(2,181)

 

 

 

 

 

(2,181)

Common stock dividend paid

 

(19,587)

 

 

 

 

 

(19,587)

Investment contract deposits

 

 

 

347,695

 

 

 

347,695

Investment contract withdrawals

 

 

 

(163,499)

 

 

 

(163,499)

Net cash provided (used) by financing activities

 

(129,686)

 

 

184,196

 

 

 

54,510

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

9,468

 

 

 

 

 

9,468

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

306,599

 

(429)

 

18,911

 

 

 

325,081

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

 

 

697,806

Cash and cash equivalents at end of period

$ 

978,264

$ 

12,296

$ 

32,327

$ 

 

$ 

1,022,887

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

Earnings from consolidated entities

 

(25,925)

 

 

 

25,925

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

354,183

 

 

 

 

 

354,183

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Amortization of debt issuance costs

 

3,125

 

 

 

 

 

3,125

Interest credited to policyholders

 

 

 

18,190

 

 

 

18,190

Change in allowance for losses on trade receivables

 

22

 

 

(50)

 

 

 

(28)

Change in allowance for inventory reserve

 

1,897

 

 

 

 

 

1,897

Net (gains) losses on disposal of personal property

 

(30,398)

 

 

 

 

 

(30,398)

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Net (gains) losses on sales of investments

 

 

(2,717)

 

(1,231)

 

 

 

(3,948)

Deferred income taxes

 

114,017

 

(549)

 

(1,020)

 

 

 

112,448

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(24,147)

 

2,388

 

(2,160)

 

 

 

(23,919)

Inventories

 

(1,901)

 

 

 

 

 

(1,901)

Prepaid expenses

 

79,578

 

 

 

 

 

79,578

Capitalization of deferred policy acquisition costs

 

 

 

(21,040)

 

 

 

(21,040)

Other assets

 

(3,185)

 

2,439

 

83

 

 

 

(663)

Related party assets

 

(5,906)

 

437

 

 

 

 

(5,469)

Accounts payable and accrued expenses

 

22,313

 

2,363

 

6,097

 

 

 

30,773

Policy benefits and losses, claims and loss expenses payable

 

11,805

 

(5,650)

 

6,688

 

 

 

12,843

Other policyholders' funds and liabilities

 

 

1,024

 

(1,406)

 

 

 

(382)

Deferred income

 

1,105

 

 

 

 

 

1,105

Related party liabilities

 

(1,018)

 

371

 

(64)

 

 

 

(711)

Net cash provided (used) by operating activities

 

882,064

 

14,402

 

34,847

 

 

 

931,313

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

(768)

 

 

 

 

 

(768)

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(981,316)

 

 

 

 

 

(981,316)

Short term investments

 

 

(67,094)

 

(499,277)

 

 

 

(566,371)

Fixed maturities investments

 

 

(22,138)

 

(239,713)

 

 

 

(261,851)

Equity securities

 

 

 

(489)

 

 

 

(489)

Real estate

 

(3,510)

 

(4,648)

 

(7,705)

 

 

 

(15,863)

Mortgage loans

 

(9,738)

 

(16,686)

 

(132,885)

 

 

 

(159,309)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

412,892

 

 

 

 

 

412,892

Short term investments

 

 

59,583

 

507,372

 

 

 

566,955

Fixed maturities investments

 

 

20,697

 

126,536

 

 

 

147,233

Preferred stock

 

 

3,351

 

 

 

 

3,351

Real estate

 

 

 

1,681

 

 

 

1,681

Mortgage loans

 

4,986

 

9,742

 

94,532

 

 

 

109,260

Net cash provided (used) by investing activities

 

(577,454)

 

(17,193)

 

(149,948)

 

 

 

(744,595)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

507,008

 

 

27,000

 

 

 

534,008

Principal repayments on credit facilities

 

(217,545)

 

 

(27,000)

 

 

 

(244,545)

Debt issuance costs

 

(4,529)

 

 

 

 

 

(4,529)

Capital lease payments

 

(141,750)

 

 

 

 

 

(141,750)

Employee Stock Ownership Plan

 

(7,541)

 

 

 

 

 

(7,541)

Securitization deposits

 

371

 

 

 

 

 

371

Common stock dividend paid

 

(39,171)

 

 

 

 

 

(39,171)

Investment contract deposits

 

 

 

180,554

 

 

 

180,554

Investment contract withdrawals

 

 

 

(64,459)

 

 

 

(64,459)

Net cash provided (used) by financing activities

 

96,843

 

 

116,095

 

 

 

212,938

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(16,117)

 

 

 

 

 

(16,117)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

385,336

 

(2,791)

 

994

 

 

 

383,539

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$ 

971,002

$ 

11,258

$ 

1,925

$ 

 

$ 

984,185

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

XML 32 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Industry Segment and Geographic Area Data
9 Months Ended
Dec. 31, 2017
Segments, Geographical Areas [Abstract]  
13. Industry Segment and Geographic Area Data

Industry Segment and Geographic Area Data

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Quarter Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

805,692

$

37,190

$

842,882

Depreciation and amortization, net of (gains) losses on disposal

 

141,193

 

1,820

 

143,013

Interest expense

 

30,824

 

734

 

31,558

Pretax earnings

 

269,830

 

1,749

 

271,579

Income tax (expense) benefit

 

264,361

 

(7,046)

 

257,315

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Quarter Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

757,477

$

32,978

$

790,455

Depreciation and amortization, net of (gains) losses on disposal

 

122,242

 

1,499

 

123,741

Interest expense

 

28,779

 

3

 

28,782

Pretax earnings

 

99,660

 

3,040

 

102,700

Income tax expense

 

(36,678)

 

(794)

 

(37,472)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Nine Months Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

2,707,614

$

135,879

$

2,843,493

Depreciation and amortization, net of (gains) losses on disposal

 

216,885

 

5,649

 

222,534

Interest expense

 

91,735

 

2,191

 

93,926

Pretax earnings

 

654,388

 

13,235

 

667,623

Income tax (expense) benefit

 

115,855

 

(3,738)

 

112,117

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Nine Months Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

2,588,121

$

124,210

$

2,712,331

Depreciation and amortization, net of (gains) losses on disposal

 

336,618

 

3,921

 

340,539

Interest expense

 

83,192

 

5

 

83,197

Pretax earnings

 

595,217

 

19,605

 

614,822

Income tax expense

 

(220,695)

 

(5,251)

 

(225,946)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 

XML 33 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans
9 Months Ended
Dec. 31, 2017
Compensation and Retirement Disclosure [Abstract]  
14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

269

$ 

256

Interest cost on accumulated postretirement benefit

 

218

 

204

Other components

 

13

 

22

Net periodic postretirement benefit cost

$

500

$ 

482

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

805

$ 

769

Interest cost on accumulated postretirement benefit

 

652

 

611

Other components

 

43

 

66

Net periodic postretirement benefit cost

$

1,500

$ 

1,446

 

XML 34 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements
9 Months Ended
Dec. 31, 2017
Fair Value Disclosure [Abstract]  
15. Fair Value Measurements

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments, including short term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.


Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure (“ASC 820”) requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; 

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables represent the financial assets and liabilities on the condensed consolidated balance sheet at December 31, 2017 and March 31, 2017, that are subject to ASC 820 and the valuation approach applied to each of these items.

As of December 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(Unaudited)

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

778,878

$

778,678

$

200

$

Fixed maturities - available for sale

 

1,829,863

 

7,647

 

1,821,938

 

278

Preferred stock

 

11,986

 

11,986

 

 

Common stock

 

26,465

 

26,465

 

 

Derivatives

 

4,190

 

4,190

 

 

Total

$

2,651,382

$

828,966

$

1,822,138

$

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

1,253

$

$

1,253

$

Total

$

1,253

$

$

1,253

$

 

As of March 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

521,911

$

521,710

$

201

$

Fixed maturities - available for sale

 

1,625,845

 

6,491

 

1,619,024

 

330

Preferred stock

 

13,489

 

13,489

 

 

Common stock

 

24,434

 

24,434

 

 

Derivatives

 

4,260

 

4,260

 

 

Total

$

2,189,939

$

570,384

$

1,619,225

$

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

4,903

$

$

4,903

$

Total

$

4,903

$

$

4,903

$

 


The following table represents the fair value measurements for our assets at December 31, 2017 using significant unobservable inputs (Level 3).

.

 

Fixed Maturities - Asset Backed Securities

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$ 

330

 

 

 

Fixed Maturities - Asset Backed Securities - redeemed

 

(89)

Fixed Maturities - Asset Backed Securities - net gain (unrealized)

 

37

Balance at December 31, 2017

$ 

278

 

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Real Estate Agreements
9 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
16. Real estate agreements

In February 2017, Real Estate entered into an agreement with a qualified intermediary regarding a potential 1031 Exchange related to the sale of a portion of our Chelsea, New York location.  The qualified intermediary formed an LLC to facilitate the reverse exchange portion of the 1031 Exchange, which was determined to be a VIE.  Real Estate was deemed to be the primary beneficiary of this VIE as it has the ability to direct the activities that most significantly impact its economic performance and has all of the risks and rewards of ownership.  Accordingly, Real Estate consolidated this VIE. 

On October 10, 2017, the sale of a portion of our Chelsea, New York property into the 1031 Exchange was completed and the net sales proceeds of $194.2 million were transferred to the qualified intermediary.  The qualified intermediary closed on the reverse exchange and transferred $95.1 million to Real Estate.  The sole membership interest in each property held within the VIE was assigned to Real Estate in satisfaction of the outstanding loan. As of December 31, 2017, $9.4 million remained in deposit with the qualified intermediary. In January 2018, the acquisitions of the remaining properties to complete the exchange were closed.

Real Estate recorded a gain of $190.7 million (sales proceeds price of $200.3 million less $9.6 million book value and associated costs) in the third quarter of fiscal 2018.

 

XML 36 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Table Text Block)
9 Months Ended
Dec. 31, 2017
Investments Debt Equity Securities [Abstract]  
Available-for-Sale Investments

Available-for-sale investments at December 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,695

$ 

3,529

$ 

(770)

$ 

(390)

$ 

126,064

U.S. government agency mortgage-backed securities

 

26,598

 

1,373

 

(1)

 

(5)

 

27,965

Obligations of states and political subdivisions

 

173,039

 

10,055

 

(148)

 

(81)

 

182,865

Corporate securities

 

1,351,074

 

51,228

 

(2,957)

 

(2,556)

 

1,396,789

Mortgage-backed securities

 

94,208

 

2,072

 

 

(100)

 

96,180

Redeemable preferred stocks

 

11,589

 

428

 

 

(31)

 

11,986

Common stocks

 

15,732

 

10,743

 

(10)

 

 

26,465

 

$

1,795,935

$ 

79,428

$ 

(3,886)

$ 

(3,163)

$ 

1,868,314


Available-for-sale investments at March 31, 2017 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Estimated

Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

123,474

$ 

2,892

$ 

$ 

(1,675)

$ 

124,691

U.S. government agency mortgage-backed securities

 

27,908

 

1,070

 

(6)

 

(377)

 

28,595

Obligations of states and political subdivisions

 

159,417

 

9,466

 

(23)

 

(424)

 

168,436

Corporate securities

 

1,263,703

 

32,901

 

(5,731)

 

(13,837)

 

1,277,036

Mortgage-backed securities

 

26,577

 

515

 

 

(5)

 

27,087

Redeemable preferred stocks

 

13,789

 

168

 

 

(468)

 

13,489

Common stocks

 

15,732

 

8,728

 

(10)

 

(16)

 

24,434

 

$

1,630,600

$ 

55,740

$ 

(5,770)

$ 

(16,802)

$ 

1,663,768

 

Adjusted Cost and Estimated Market Value of Available-for-sale Investments

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:

 

 

December 31, 2017

 

March 31, 2017

 

 

Amortized

Cost

 

Estimated

Market

Value

 

Amortized

Cost

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

41,025

$

41,353

$

35,399

$

35,795

Due after one year through five years

 

396,559

 

408,603

 

324,286

 

333,016

Due after five years through ten years

 

611,026

 

631,009

 

598,232

 

607,184

Due after ten years

 

625,796

 

652,718

 

616,585

 

622,763

 

 

1,674,406

 

1,733,683

 

1,574,502

 

1,598,758

 

 

 

 

 

 

 

 

 

Mortgage backed securities

 

94,208

 

96,180

 

26,577

 

27,087

Redeemable preferred stocks

 

11,589

 

11,986

 

13,789

 

13,489

Common stocks

 

15,732

 

26,465

 

15,732

 

24,434

 

$

1,795,935

$

1,868,314

$

1,630,600

$

1,663,768

 

XML 37 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Table Text Block)
9 Months Ended
Dec. 31, 2017
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

 

 

 

December 31,

 

March 31,

 

2018 Rate (a)

 

Maturities

 

2017

 

2017

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands)

Real estate loan (amortizing term)

2.94% - 6.93%

 

2023

$

137,786

$ 

169,289

Senior mortgages

3.72% - 6.62%

 

2021 - 2038

 

1,472,209

 

1,292,160

Working capital loans (revolving credit)

2.83%

 

2018

 

55,000

 

85,000

Fleet loans (amortizing term)

1.95% - 4.76%

 

2018 - 2024

 

322,542

 

324,977

Fleet loans (securitization)

4.90%

 

-

 

 

52,112

Fleet loans (revolving credit)

2.50% - 2.51%

 

2020 - 2021

 

477,000

 

417,000

Capital leases (rental equipment)

1.92% - 4.86%

 

2018 - 2025

 

982,653

 

876,828

Other obligations

2.75% - 8.00%

 

2018 - 2047

 

72,788

 

69,867

Notes, loans and leases payable

 

 

 

 

3,519,978

 

3,287,233

Less: Debt issuance costs

 

 

 

 

(26,070)

 

(24,353)

Total notes, loans and leases payable

 

 

 

$

3,493,908

$ 

3,262,880

 

 

 

 

 

 

 

 

(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.

 

 

 

 

 

Annual Maturities of Notes, Loans and Leases Payable

 

 

Twelve Months Ending December 31,

 

 

2018

 

2019

 

2020

 

2021

 

2022

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

Notes, loans and leases payable, secured

$

496,383

$

482,569

$

362,073

$

564,235

$

226,771

$

1,387,947

 

Components of interest expense

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

31,983

$

27,220

Capitalized interest

 

(2,075)

 

(1,119)

Amortization of transaction costs

 

963

 

863

Interest expense resulting from derivatives

 

687

 

1,818

Total interest expense

 

31,558

 

28,782

Amortization on early extinguishment of debt

 

 

499

Total

 

31,558

 

29,281

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

93,475

$

77,184

Capitalized interest

 

(5,769)

 

(3,417)

Amortization of transaction costs

 

2,909

 

2,510

Interest expense resulting from derivatives

 

3,311

 

6,920

Total interest expense

 

93,926

 

83,197

Amortization on early extinguishment of debt

 

 

499

Total

 

93,926

 

83,696

 

Interest rates and company borrowings

 

 

Revolving Credit Activity

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the quarter

 

2.47%

 

1.82%

Interest rate at the end of the quarter

 

2.56%

 

1.89%

Maximum amount outstanding during the quarter

$

535,000

$

597,000

Average amount outstanding during the quarter

$

532,261

$

550,304

Facility fees

$

159

$

10

 

 

 

Revolving Credit Activity

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands, except interest rates)

Weighted average interest rate during the period

 

2.38%

 

1.76%

Interest rate at the end of the period

 

2.56%

 

1.89%

Maximum amount outstanding during the period

$

538,000

$

597,000

Average amount outstanding during the period

$

516,349

$

450,880

Facility fees

$

284

$

99

 

XML 38 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Table Text Block)
9 Months Ended
Dec. 31, 2017
Derivative Instrument Detail [Abstract]  
Derivatives

 

Original variable rate debt amount

 

Agreement Date

 

Effective Date

 

Expiration Date

 

Designated cash flow hedge date

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

$

300.0

 

 

8/16/2006

 

8/18/2006

 

8/10/2018

 

8/4/2006

 

25.0

(a)

 

4/26/2011

 

6/1/2011

 

6/1/2018

 

6/1/2011

 

50.0

(a)

 

7/29/2011

 

8/15/2011

 

8/15/2018

 

7/29/2011

 

20.0

(a)

 

8/3/2011

 

9/12/2011

 

9/10/2018

 

8/3/2011

 

15.1

(b)

 

3/27/2012

 

3/28/2012

 

3/28/2019

 

3/26/2012

 

25.0

 

 

4/13/2012

 

4/16/2012

 

4/1/2019

 

4/12/2012

 

44.3

 

 

1/11/2013

 

1/15/2013

 

12/15/2019

 

1/11/2013

 

 

 

 

 

 

 

 

 

 

 

 

(a) forward swap

 

 

 

 

 

 

 

 

 

 

(b) operating lease

 

 

 

 

 

 

 

 

 

 

Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet

 

 

Liability Derivatives Fair Values as of

 

 

December 31, 2017

 

March 31, 2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

Interest rate contracts designated as hedging instruments

$

1,253

$

4,903

 

Effect of Interest Rate Contracts on the Statement of Operations

 

 

The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended

 

 

 

 

December 31, 2017

 

December 31, 2016

 

 

(Unaudited)

 

 

(In thousands)

Loss recognized in income on interest rate contracts

$

3,311

$

6,920

Gain recognized in AOCI on interest rate contracts (effective portion)

$

(3,655)

$

(8,039)

Loss reclassified from AOCI into income (effective portion)

$

3,308

$

6,940

(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)

$

3

$

(20)

 

XML 39 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Comprehensive Income (loss) (Table Text Block)
9 Months Ended
Dec. 31, 2017
Table Text Block Supplement [Abstract]  
Summary of accumulated other comprehensive income (loss) components, net of tax

 

 

Foreign Currency Translation

 

Unrealized Net Gain on Investments

 

Fair Market Value of Cash Flow Hedges

 

Postretirement Benefit Obligation Net Loss

 

Accumulated Other Comprehensive Income (Loss)

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$

(69,505)

$ 

23,099

$ 

(3,059)

$ 

(1,771)

$ 

(51,236)

Foreign currency translation

 

19,240

 

 

 

 

19,240

Unrealized net gain on investments

 

 

19,820

 

 

 

19,820

Change in fair value of cash flow hedges

 

 

 

5,573

 

 

5,573

Amounts reclassified from AOCI

 

 

 

(3,308)

 

 

(3,308)

Other comprehensive income (loss)

 

19,240

 

19,820

 

2,265

 

 

41,325

Balance at December 31, 2017

$

(50,265)

$ 

42,919

$ 

(794)

$ 

(1,771)

$ 

(9,911)

 

XML 40 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingent Liabilities and Commitments (Table Text Block)
9 Months Ended
Dec. 31, 2017
Operating leases, rental equipment [Abstract]  
Lease Commitments for Leases having Terms of More than One Year

 

 

Property, Plant and Equipment

 

Rental

Equipment

 

 

 

 

Ground

 

Operating

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

Year-ended December 31:

 

 

 

 

 

 

 

 

2018

$

974

$

16,150

$

9,927

$

27,051

2019

 

1,024

 

15,652

 

3,086

 

19,762

2020

 

1,024

 

15,664

 

 

16,688

2021

 

1,028

 

14,977

 

 

16,005

2022

 

1,030

 

14,779

 

 

15,809

Thereafter

 

49,907

 

23,329

 

 

73,236

Total

$

54,987

$

100,551

$

13,013

$

168,551

 

XML 41 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transations (Table Text Block)
9 Months Ended
Dec. 31, 2017
Related Party Revenue [Abstract]  
Related Party Revenue

Related Party Revenue

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

908

$

1,226

U-Haul management fee revenue from Blackwater

 

5,661

 

5,562

U-Haul management fee revenue from Mercury

 

4,220

 

4,172

 

$

10,789

$

10,960

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul interest income revenue from Blackwater

$

3,326

$

3,681

U-Haul management fee revenue from Blackwater

 

18,054

 

17,702

U-Haul management fee revenue from Mercury

 

5,420

 

5,348

 

$

26,800

$

26,731

 

Related Party costs and expenses

Related Party Costs and Expenses

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

658

$

684

U-Haul commission expenses to Blackwater

 

13,433

 

12,983

 

$

14,091

$

13,667

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

2,014

$

2,056

U-Haul commission expenses to Blackwater

 

46,875

 

45,864

 

$

48,889

$

47,920

 

Related party assets

Related Party Assets

 

 

December 31,

 

March 31,

 

 

2017

 

2017

 

 

(Unaudited)

 

 

 

 

(In thousands)

U-Haul notes receivable from Blackwater

 

 

48,098

U-Haul interest receivable from Blackwater

 

 

5,397

U-Haul receivable from Blackwater

 

31,915

 

23,202

U-Haul receivable from Mercury

 

9,273

 

9,195

Other (a)

 

1,721

 

276

 

$

42,909

$

86,168

(a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.

XML 42 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidating Financial Information By Industry Segment (Table Text Block)
9 Months Ended
Dec. 31, 2017
Table Text Block Supplement [Abstract]  
Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 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

$

978,264

$

12,296

$

32,327

$

 

$

1,022,887

Reinsurance recoverables and trade receivables, net

 

74,264

 

100,849

 

30,760

 

 

 

205,873

Inventories, net

 

95,672

 

 

 

 

 

95,672

Prepaid expenses

 

147,375

 

 

 

 

 

147,375

Investments, fixed maturities and marketable equities

 

 

272,939

 

1,595,375

 

 

 

1,868,314

Investments, other

 

23,144

 

67,879

 

316,799

 

 

 

407,822

Deferred policy acquisition costs, net

 

 

 

124,820

 

 

 

124,820

Other assets

 

90,442

 

594

 

2,572

 

 

 

93,608

Related party assets

 

45,111

 

7,521

 

18,364

 

(28,087)

(c)

 

42,909

 

 

1,454,272

 

462,078

 

2,121,017

 

(28,087)

 

 

4,009,280

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

522,874

 

 

 

(522,874)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

738,525

 

 

 

 

 

738,525

Buildings and improvements

 

3,000,208

 

 

 

 

 

3,000,208

Furniture and equipment

 

600,216

 

 

 

 

 

600,216

Rental trailers and other rental equipment

 

538,334

 

 

 

 

 

538,334

Rental trucks

 

4,243,305

 

 

 

 

 

4,243,305

 

 

9,120,588

 

 

 

 

 

9,120,588

Less:  Accumulated depreciation

 

(2,632,909)

 

 

 

 

 

(2,632,909)

Total property, plant and equipment

 

6,487,679

 

 

 

 

 

6,487,679

Total assets

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of December 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

461,518

$

3,158

$

5,279

$

 

$

469,955

Notes, loans and leases payable

 

3,493,908

 

 

 

 

 

3,493,908

Policy benefits and losses, claims and loss expenses payable

 

408,724

 

238,085

 

443,397

 

 

 

1,090,206

Liabilities from investment contracts

 

 

 

1,319,945

 

 

 

1,319,945

Other policyholders' funds and liabilities

 

 

5,282

 

5,457

 

 

 

10,739

Deferred income

 

27,491

 

 

 

 

 

27,491

Deferred income taxes

 

634,388

 

13,510

 

23,650

 

 

 

671,548

Related party liabilities

 

25,629

 

2,341

 

117

 

(28,087)

(c)

 

Total liabilities

 

5,051,658

 

262,376

 

1,797,845

 

(28,087)

 

 

7,083,792

 

 

 

 

 

 

 

 

 

 

 

 

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

 

452,829

 

91,120

 

26,271

 

(117,601)

(b)

 

452,619

Accumulated other comprehensive income (loss)

 

(9,911)

 

12,301

 

30,616

 

(42,917)

(b)

 

(9,911)

Retained earnings

 

3,643,043

 

92,980

 

263,785

 

(356,555)

(b)

 

3,643,253

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

 

(5,641)

 

 

 

 

 

(5,641)

Total stockholders' equity

 

3,413,167

 

199,702

 

323,172

 

(522,874)

 

 

3,413,167

Total liabilities and stockholders' equity

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 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

 

 

 

 

 

 

 

 

 

 

 

 


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 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

$

576,018

$

$

$

(1,217)

(c)

$

574,801

Self-storage revenues

 

82,127

 

 

 

 

 

82,127

Self-moving and self-storage products and service sales

 

53,130

 

 

 

 

 

53,130

Property management fees

 

9,881

 

 

 

 

 

9,881

Life insurance premiums

 

 

 

38,957

 

 

 

38,957

Property and casualty insurance premiums

 

 

16,754

 

 

(661)

(c)

 

16,093

Net investment and interest income

 

3,662

 

3,645

 

21,887

 

(373)

(b)

 

28,821

Other revenue

 

37,669

 

 

1,535

 

(132)

(b)

 

39,072

Total revenues

 

762,487

 

20,399

 

62,379

 

(2,383)

 

 

842,882

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

426,394

 

8,160

 

5,521

 

(2,004)

(b,c)

 

438,071

Commission expenses

 

63,487

 

 

 

 

 

63,487

Cost of sales

 

33,995

 

 

 

 

 

33,995

Benefits and losses

 

 

4,644

 

40,524

 

 

 

45,168

Amortization of deferred policy acquisition costs

 

 

 

5,952

 

 

 

5,952

Lease expense

 

8,498

 

 

 

(83)

(b)

 

8,415

Depreciation, net of (gains) losses on disposal

 

137,061

 

 

 

 

 

137,061

Net (gains) losses on disposal of real estate

 

(192,404)

 

 

 

 

 

(192,404)

Total costs and expenses

 

477,031

 

12,804

 

51,997

 

(2,087)

 

 

539,745

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

285,456

 

7,595

 

10,382

 

(296)

 

 

303,137

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

11,823

 

 

 

(11,823)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

297,279

 

7,595

 

10,382

 

(12,119)

 

 

303,137

Interest expense

 

(31,854)

 

 

 

296

(b)

 

(31,558)

Pretax earnings

 

265,425

 

7,595

 

10,382

 

(11,823)

 

 

271,579

Income tax (expense) benefit

 

263,469

 

(2,528)

 

(3,626)

 

 

 

257,315

Earnings available to common shareholders

$

528,894

$

5,067

$

6,756

$

(11,823)

 

$

528,894

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 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 December 31, 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

$ 

542,545

$ 

$ 

$ 

(1,072)

(c)

$ 

541,473

Self-storage revenues

 

72,309

 

 

 

 

 

72,309

Self-moving and self-storage products and service sales

 

51,562

 

 

 

 

 

51,562

Property management fees

 

9,734

 

 

 

 

 

9,734

Life insurance premiums

 

 

 

41,279

 

 

 

41,279

Property and casualty insurance premiums

 

 

14,938

 

 

 

 

14,938

Net investment and interest income

 

2,570

 

3,443

 

17,221

 

(401)

(b)

 

22,833

Other revenue

 

35,264

 

 

1,194

 

(131)

(b)

 

36,327

Total revenues

 

713,984

 

18,381

 

59,694

 

(1,604)

 

 

790,455

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

377,165

 

7,688

 

5,693

 

(1,194)

(b,c)

 

389,352

Commission expenses

 

61,052

 

 

 

 

 

61,052

Cost of sales

 

32,537

 

 

 

 

 

32,537

Benefits and losses

 

 

3,474

 

41,929

 

 

 

45,403

Amortization of deferred policy acquisition costs

 

 

 

5,200

 

 

 

5,200

Lease expense

 

8,854

 

 

 

(47)

(b)

 

8,807

Depreciation, net of (gains) losses on disposal

 

118,541

 

 

 

 

 

118,541

Net (gains) losses on disposal of real estate

 

(2,418)

 

 

 

 

 

(2,418)

Total costs and expenses

 

595,731

 

11,162

 

52,822

 

(1,241)

 

 

658,474

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

118,253

 

7,219

 

6,872

 

(363)

 

 

131,981

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,046

 

 

 

(9,046)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

127,299

 

7,219

 

6,872

 

(9,409)

 

 

131,981

Interest expense

 

(29,145)

 

 

 

363

(b)

 

(28,782)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

97,655

 

7,219

 

6,872

 

(9,046)

 

 

102,700

Income tax expense

 

(32,427)

 

(2,488)

 

(2,557)

 

 

 

(37,472)

Earnings available to common shareholders

$ 

65,228

$ 

4,731

$ 

4,315

$ 

(9,046)

 

$ 

65,228

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$

1,988,430

$

$

$

(3,213)

(c)

$

1,985,217

Self-storage revenues

 

239,317

 

 

 

 

 

239,317

Self-moving and self-storage products and service sales

 

205,309

 

 

 

 

 

205,309

Property management fees

 

23,474

 

 

 

 

 

23,474

Life insurance premiums

 

 

 

116,910

 

 

 

116,910

Property and casualty insurance premiums

 

 

44,067

 

 

(1,133)

(c)

 

42,934

Net investment and interest income

 

9,496

 

11,637

 

62,531

 

(1,157)

(b)

 

82,507

Other revenue

 

144,196

 

 

4,024

 

(395)

(b)

 

147,825

Total revenues

 

2,610,222

 

55,704

 

183,465

 

(5,898)

 

 

2,843,493

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,310,892

 

24,632

 

16,669

 

(4,716)

(b,c)

 

1,347,477

Commission expenses

 

222,203

 

 

 

 

 

222,203

Cost of sales

 

124,456

 

 

 

 

 

124,456

Benefits and losses

 

 

11,954

 

128,043

 

 

 

139,997

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Lease expense

 

25,460

 

 

 

(183)

(b)

 

25,277

Depreciation, net of (gains) losses on disposal

 

396,540

 

 

 

 

 

396,540

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Total costs and expenses

 

1,887,328

 

36,586

 

162,929

 

(4,899)

 

 

2,081,944

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

722,894

 

19,118

 

20,536

 

(999)

 

 

761,549

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,998

 

 

 

(25,998)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

748,892

 

19,118

 

20,536

 

(26,997)

 

 

761,549

Interest expense

 

(94,925)

 

 

 

999

(b)

 

(93,926)

Pretax earnings

 

653,967

 

19,118

 

20,536

 

(25,998)

 

 

667,623

Income tax (expense) benefit

 

125,773

 

(6,481)

 

(7,175)

 

 

 

112,117

Earnings available to common shareholders

$

779,740

$

12,637

$

13,361

$

(25,998)

 

$

779,740

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 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 segment for the nine months ended December 31, 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

$ 

1,902,400

$ 

$ 

$ 

(2,881)

(c)

$ 

1,899,519

Self-storage revenues

 

212,194

 

 

 

 

 

212,194

Self-moving and self-storage products and service sales

 

199,195

 

 

 

 

 

199,195

Property management fees

 

23,050

 

 

 

 

 

23,050

Life insurance premiums

 

 

 

123,064

 

 

 

123,064

Property and casualty insurance premiums

 

 

40,202

 

 

 

 

40,202

Net investment and interest income

 

7,035

 

12,951

 

56,982

 

(1,214)

(b)

 

75,754

Other revenue

 

136,341

 

 

3,404

 

(392)

(b)

 

139,353

Total revenues

 

2,480,215

 

53,153

 

183,450

 

(4,487)

 

 

2,712,331

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,137,364

 

21,193

 

17,335

 

(3,245)

(b,c)

 

1,172,647

Commission expenses

 

215,330

 

 

 

 

 

215,330

Cost of sales

 

116,851

 

 

 

 

 

116,851

Benefits and losses

 

 

10,144

 

129,098

 

 

 

139,242

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Lease expense

 

29,344

 

 

 

(140)

(b)

 

29,204

Depreciation, net of (gains) losses on disposal

 

323,785

 

 

 

 

 

323,785

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Total costs and expenses

 

1,820,297

 

31,337

 

165,564

 

(3,385)

 

 

2,013,813

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

659,918

 

21,816

 

17,886

 

(1,102)

 

 

698,518

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,925

 

 

 

(25,925)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

685,843

 

21,816

 

17,886

 

(27,027)

 

 

698,518

Interest expense

 

(84,299)

 

 

 

1,102

(b)

 

(83,197)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

601,045

 

21,816

 

17,886

 

(25,925)

 

 

614,822

Income tax expense

 

(212,169)

 

(7,520)

 

(6,257)

 

 

 

(225,946)

Earnings available to common shareholders

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow Statement by Industry Segment

Consolidating cash flow statements by industry segment for the nine months ended December 31, 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

$ 

779,740

$ 

12,637

$ 

13,361

$ 

(25,998)

 

$ 

779,740

Earnings from consolidated entities

 

(25,998)

 

 

 

25,998

 

 

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

410,800

 

 

 

 

 

410,800

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Amortization of debt issuance costs

 

2,910

 

 

 

 

 

2,910

Interest credited to policyholders

 

 

 

23,250

 

 

 

23,250

Change in allowance for losses on trade receivables

 

(22)

 

 

(3)

 

 

 

(25)

Change in allowance for inventory reserve

 

4,334

 

 

 

 

 

4,334

Net (gains) losses on disposal of personal property

 

(14,260)

 

 

 

 

 

(14,260)

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Net (gains) losses on sales of investments

 

 

(881)

 

(3,369)

 

 

 

(4,250)

Deferred income taxes

 

(176,566)

 

(1,315)

 

(1,166)

 

 

 

(179,047)

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(32,898)

 

6,908

 

(1,669)

 

 

 

(27,659)

Inventories

 

(17,410)

 

 

 

 

 

(17,410)

Prepaid expenses

 

(22,220)

 

 

 

 

 

(22,220)

Capitalization of deferred policy acquisition costs

 

 

 

(21,501)

 

 

 

(21,501)

Other assets

 

4,649

 

1,796

 

(166)

 

 

 

6,279

Related party assets

 

43,822

 

3,982

 

 

 

 

47,804

Accounts payable and accrued expenses

 

15,455

 

1,229

 

10,080

 

 

 

26,764

Policy benefits and losses, claims and loss expenses payable

 

8,427

 

(6,896)

 

1,236

 

 

 

2,767

Other policyholders' funds and liabilities

 

 

1,099

 

(509)

 

 

 

590

Deferred income

 

(1,297)

 

 

 

 

 

(1,297)

Related party liabilities

 

(4,412)

 

(205)

 

75

 

 

 

(4,542)

Net cash provided (used) by operating activities

 

782,831

 

18,354

 

37,836

 

 

 

839,021

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

19,707

 

 

 

 

 

19,707

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(970,472)

 

 

 

 

 

(970,472)

Short term investments

 

 

(39,701)

 

(9,042)

 

 

 

(48,743)

Fixed maturities investments

 

 

(34,284)

 

(239,999)

 

 

 

(274,283)

Equity securities

 

 

 

(662)

 

 

 

(662)

Preferred stock

 

 

(1,000)

 

 

 

 

(1,000)

Real estate

 

(1,637)

 

(16)

 

(130)

 

 

 

(1,783)

Mortgage loans

 

 

(11,609)

 

(69,098)

 

 

 

(80,707)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

591,040

 

 

 

 

 

591,040

Short term investments

 

 

43,570

 

10,749

 

 

 

54,319

Fixed maturities investments

 

 

17,821

 

84,583

 

 

 

102,404

Preferred stock

 

 

3,188

 

 

 

 

3,188

Real estate

 

5,348

 

 

 

 

 

5,348

Mortgage loans

 

 

3,248

 

20,478

 

 

 

23,726

Net cash provided (used) by investing activities

 

(356,014)

 

(18,783)

 

(203,121)

 

 

 

(577,918)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 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

 

426,262

 

 

 

 

 

426,262

Principal repayments on credit facilities

 

(303,212)

 

 

 

 

 

(303,212)

Debt issuance costs

 

(4,581)

 

 

 

 

 

(4,581)

Capital lease payments

 

(219,623)

 

 

 

 

 

(219,623)

Employee Stock Ownership Plan

 

(6,764)

 

 

 

 

 

(6,764)

Securitization deposits

 

(2,181)

 

 

 

 

 

(2,181)

Common stock dividend paid

 

(19,587)

 

 

 

 

 

(19,587)

Investment contract deposits

 

 

 

347,695

 

 

 

347,695

Investment contract withdrawals

 

 

 

(163,499)

 

 

 

(163,499)

Net cash provided (used) by financing activities

 

(129,686)

 

 

184,196

 

 

 

54,510

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

9,468

 

 

 

 

 

9,468

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

306,599

 

(429)

 

18,911

 

 

 

325,081

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

 

 

697,806

Cash and cash equivalents at end of period

$ 

978,264

$ 

12,296

$ 

32,327

$ 

 

$ 

1,022,887

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

Earnings from consolidated entities

 

(25,925)

 

 

 

25,925

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

354,183

 

 

 

 

 

354,183

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Amortization of debt issuance costs

 

3,125

 

 

 

 

 

3,125

Interest credited to policyholders

 

 

 

18,190

 

 

 

18,190

Change in allowance for losses on trade receivables

 

22

 

 

(50)

 

 

 

(28)

Change in allowance for inventory reserve

 

1,897

 

 

 

 

 

1,897

Net (gains) losses on disposal of personal property

 

(30,398)

 

 

 

 

 

(30,398)

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Net (gains) losses on sales of investments

 

 

(2,717)

 

(1,231)

 

 

 

(3,948)

Deferred income taxes

 

114,017

 

(549)

 

(1,020)

 

 

 

112,448

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(24,147)

 

2,388

 

(2,160)

 

 

 

(23,919)

Inventories

 

(1,901)

 

 

 

 

 

(1,901)

Prepaid expenses

 

79,578

 

 

 

 

 

79,578

Capitalization of deferred policy acquisition costs

 

 

 

(21,040)

 

 

 

(21,040)

Other assets

 

(3,185)

 

2,439

 

83

 

 

 

(663)

Related party assets

 

(5,906)

 

437

 

 

 

 

(5,469)

Accounts payable and accrued expenses

 

22,313

 

2,363

 

6,097

 

 

 

30,773

Policy benefits and losses, claims and loss expenses payable

 

11,805

 

(5,650)

 

6,688

 

 

 

12,843

Other policyholders' funds and liabilities

 

 

1,024

 

(1,406)

 

 

 

(382)

Deferred income

 

1,105

 

 

 

 

 

1,105

Related party liabilities

 

(1,018)

 

371

 

(64)

 

 

 

(711)

Net cash provided (used) by operating activities

 

882,064

 

14,402

 

34,847

 

 

 

931,313

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

(768)

 

 

 

 

 

(768)

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(981,316)

 

 

 

 

 

(981,316)

Short term investments

 

 

(67,094)

 

(499,277)

 

 

 

(566,371)

Fixed maturities investments

 

 

(22,138)

 

(239,713)

 

 

 

(261,851)

Equity securities

 

 

 

(489)

 

 

 

(489)

Real estate

 

(3,510)

 

(4,648)

 

(7,705)

 

 

 

(15,863)

Mortgage loans

 

(9,738)

 

(16,686)

 

(132,885)

 

 

 

(159,309)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

412,892

 

 

 

 

 

412,892

Short term investments

 

 

59,583

 

507,372

 

 

 

566,955

Fixed maturities investments

 

 

20,697

 

126,536

 

 

 

147,233

Preferred stock

 

 

3,351

 

 

 

 

3,351

Real estate

 

 

 

1,681

 

 

 

1,681

Mortgage loans

 

4,986

 

9,742

 

94,532

 

 

 

109,260

Net cash provided (used) by investing activities

 

(577,454)

 

(17,193)

 

(149,948)

 

 

 

(744,595)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

507,008

 

 

27,000

 

 

 

534,008

Principal repayments on credit facilities

 

(217,545)

 

 

(27,000)

 

 

 

(244,545)

Debt issuance costs

 

(4,529)

 

 

 

 

 

(4,529)

Capital lease payments

 

(141,750)

 

 

 

 

 

(141,750)

Employee Stock Ownership Plan

 

(7,541)

 

 

 

 

 

(7,541)

Securitization deposits

 

371

 

 

 

 

 

371

Common stock dividend paid

 

(39,171)

 

 

 

 

 

(39,171)

Investment contract deposits

 

 

 

180,554

 

 

 

180,554

Investment contract withdrawals

 

 

 

(64,459)

 

 

 

(64,459)

Net cash provided (used) by financing activities

 

96,843

 

 

116,095

 

 

 

212,938

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(16,117)

 

 

 

 

 

(16,117)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

385,336

 

(2,791)

 

994

 

 

 

383,539

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$ 

971,002

$ 

11,258

$ 

1,925

$ 

 

$ 

984,185

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

XML 43 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Industry Segment and Geographic Area Data (Table Text Block)
9 Months Ended
Dec. 31, 2017
Geographic Areas, Long-Lived Assets [Abstract]  
Industry Segment and Geographic Area Data

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Quarter Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

805,692

$

37,190

$

842,882

Depreciation and amortization, net of (gains) losses on disposal

 

141,193

 

1,820

 

143,013

Interest expense

 

30,824

 

734

 

31,558

Pretax earnings

 

269,830

 

1,749

 

271,579

Income tax (expense) benefit

 

264,361

 

(7,046)

 

257,315

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Quarter Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

757,477

$

32,978

$

790,455

Depreciation and amortization, net of (gains) losses on disposal

 

122,242

 

1,499

 

123,741

Interest expense

 

28,779

 

3

 

28,782

Pretax earnings

 

99,660

 

3,040

 

102,700

Income tax expense

 

(36,678)

 

(794)

 

(37,472)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Nine Months Ended December 31, 2017

 

 

 

 

 

 

Total revenues

$

2,707,614

$

135,879

$

2,843,493

Depreciation and amortization, net of (gains) losses on disposal

 

216,885

 

5,649

 

222,534

Interest expense

 

91,735

 

2,191

 

93,926

Pretax earnings

 

654,388

 

13,235

 

667,623

Income tax (expense) benefit

 

115,855

 

(3,738)

 

112,117

Identifiable assets

 

10,186,992

 

309,967

 

10,496,959

 

 

 

 

 

 

 

Nine Months Ended December 31, 2016

 

 

 

 

 

 

Total revenues

$

2,588,121

$

124,210

$

2,712,331

Depreciation and amortization, net of (gains) losses on disposal

 

336,618

 

3,921

 

340,539

Interest expense

 

83,192

 

5

 

83,197

Pretax earnings

 

595,217

 

19,605

 

614,822

Income tax expense

 

(220,695)

 

(5,251)

 

(225,946)

Identifiable assets

 

8,981,335

 

305,982

 

9,287,317

 

XML 44 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans (Table Text Block)
9 Months Ended
Dec. 31, 2017
Disclosure Text Block Supplement [Abstract]  
Net period benefit and postretirement costs

 

 

Quarter Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

269

$ 

256

Interest cost on accumulated postretirement benefit

 

218

 

204

Other components

 

13

 

22

Net periodic postretirement benefit cost

$

500

$ 

482

 

 

 

Nine Months Ended December 31,

 

 

2017

 

2016

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

805

$ 

769

Interest cost on accumulated postretirement benefit

 

652

 

611

Other components

 

43

 

66

 

XML 45 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Table Text Block)
9 Months Ended
Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of December 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(Unaudited)

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

778,878

$

778,678

$

200

$

Fixed maturities - available for sale

 

1,829,863

 

7,647

 

1,821,938

 

278

Preferred stock

 

11,986

 

11,986

 

 

Common stock

 

26,465

 

26,465

 

 

Derivatives

 

4,190

 

4,190

 

 

Total

$

2,651,382

$

828,966

$

1,822,138

$

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

1,253

$

$

1,253

$

Total

$

1,253

$

$

1,253

$

 

As of March 31, 2017

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(In thousands)

Assets

 

 

 

 

 

 

 

 

Short term investments

$

521,911

$

521,710

$

201

$

Fixed maturities - available for sale

 

1,625,845

 

6,491

 

1,619,024

 

330

Preferred stock

 

13,489

 

13,489

 

 

Common stock

 

24,434

 

24,434

 

 

Derivatives

 

4,260

 

4,260

 

 

Total

$

2,189,939

$

570,384

$

1,619,225

$

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

4,903

$

$

4,903

$

Total

$

4,903

$

$

4,903

$

 

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

.

 

Fixed Maturities - Asset Backed Securities

 

 

(Unaudited)

 

 

(In thousands)

Balance at March 31, 2017

$ 

330

 

 

 

Fixed Maturities - Asset Backed Securities - redeemed

 

(89)

Fixed Maturities - Asset Backed Securities - net gain (unrealized)

 

37

Balance at December 31, 2017

$ 

278

 

XML 46 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Basis of Presentation (Narratives) (Details)
9 Months Ended
Dec. 31, 2017
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Number of reportable segments 3
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Narratives) (Details) - shares
9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]    
Post 1992 shares of the employee stock ownership plan that have not been committed to be released 18,279 20,958
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Narratives) (Details) - USD ($)
$ in Millions
9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Mar. 31, 2017
Regulatory Capital Requirements [Abstract]      
Assets held by insurance regulators $ 30.2   $ 16.8
Fair value of sold available-for-sale securities 101.2    
Available-for-sale securities, gross realized gains 3.8    
Available-for-sale securities, gross realized losses 0.1    
Other-than-temporary impairments $ 0.0 $ 0.0  
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Available-for-sale securities, investments:    
Amortized cost $ 1,795,935 $ 1,630,600
Gross unrealized gains 79,428 55,740
Gross unrealized losses more than 12 months (3,886) (5,770)
Gross unrealized losses less than 12 months (3,163) (16,802)
Estimated market value 1,868,314 1,663,768
U.S. treasury securities and government obligations [Member]    
Available-for-sale securities, investments:    
Amortized cost 123,695 123,474
Gross unrealized gains 3,529 2,892
Gross unrealized losses more than 12 months (770)
Gross unrealized losses less than 12 months (390) (1,675)
Estimated market value 126,064 124,691
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale securities, investments:    
Amortized cost 26,598 27,908
Gross unrealized gains 1,373 1,070
Gross unrealized losses more than 12 months (1) (6)
Gross unrealized losses less than 12 months (5) (377)
Estimated market value 27,965 28,595
Obligations of states and political subdivisions [Member]    
Available-for-sale securities, investments:    
Amortized cost 173,039 159,417
Gross unrealized gains 10,055 9,466
Gross unrealized losses more than 12 months (148) (23)
Gross unrealized losses less than 12 months (81) (424)
Estimated market value 182,865 168,436
Corporate securities [Member]    
Available-for-sale securities, investments:    
Amortized cost 1,351,074 1,263,703
Gross unrealized gains 51,228 32,901
Gross unrealized losses more than 12 months (2,957) (5,731)
Gross unrealized losses less than 12 months (2,556) (13,837)
Estimated market value 1,396,789 1,277,036
Mortgage-backed securities [Member]    
Available-for-sale securities, investments:    
Amortized cost 94,208 26,577
Gross unrealized gains 2,072 515
Gross unrealized losses more than 12 months
Gross unrealized losses less than 12 months (100) (5)
Estimated market value 96,180 27,087
Redeemable preferred stocks [Member]    
Available-for-sale securities, investments:    
Amortized cost 11,589 13,789
Gross unrealized gains 428 168
Gross unrealized losses more than 12 months
Gross unrealized losses less than 12 months (31) (468)
Estimated market value 11,986 13,489
Common stocks [Member]    
Available-for-sale securities, investments:    
Amortized cost 15,732 15,732
Gross unrealized gains 10,743 8,728
Gross unrealized losses more than 12 months (10) (10)
Gross unrealized losses less than 12 months (16)
Estimated market value $ 26,465 $ 24,434
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Available-for-sale securities, amortized cost:    
Amortized cost $ 1,795,935 $ 1,630,600
Available-for-sale securities, fair value:    
Estimated market value 1,868,314 1,663,768
Us Treasury, Government, and Corporate Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 41,025 35,399
Due after one year through five years 396,559 324,286
Due after five years through ten years 611,026 598,232
Due after ten years 625,796 616,585
Amortized cost 1,674,406 1,574,502
Available-for-sale securities, fair value:    
Due in one year or less 41,353 35,795
Due after one year through five years 408,603 333,016
Due after five years through ten years 631,009 607,184
Due after ten years 652,718 622,763
Estimated market value 1,733,683 1,598,758
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 94,208 26,577
Available-for-sale securities, fair value:    
Estimated market value 96,180 27,087
Redeemable preferred stocks [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 11,589 13,789
Available-for-sale securities, fair value:    
Estimated market value 11,986 13,489
Common stocks [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 15,732 15,732
Available-for-sale securities, fair value:    
Estimated market value $ 26,465 $ 24,434
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Narratives) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Mar. 31, 2017
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 3,493,908     $ 3,493,908   $ 3,262,880
Interest paid related to derivative contracts [Abstract]            
Interest paid in cash 32,700   $ 28,700 96,100 $ 84,000  
Real estate loan [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 137,786     137,786   169,289
Senior Mortgages [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 1,472,209     1,472,209   1,292,160
Working Capital Loans [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 55,000     $ 55,000   85,000
Working Capital Loans Two [Member] | AMERCO [Member]            
Debt instruments, interest rate, effective percentage:            
Unused capacity fee       0.30%    
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, original face amount 150,000     $ 150,000    
Line of credit facility, maximum borrowing capacity 300,000     300,000    
Line of credit, current borrowing capacity $ 150,000     $ 150,000    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date       Sep. 30, 2020    
Working Capital Loans Two [Member] | AMERCO [Member] | Minimum [Member]            
Debt instruments, interest rate, effective percentage:            
LIBOR 1.38%     1.38%    
Working Capital Loans Two [Member] | AMERCO [Member] | Maximum [Member]            
Debt instruments, interest rate, effective percentage:            
LIBOR 1.50%     1.50%    
Rental Truck (amortizing loans) First Loan [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 322,542     $ 322,542   324,977
Rental Truck (securitizations) [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable       52,112
Capital Lease Obligations [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 982,653     982,653   876,828
Other Obligations [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 72,788     72,788   69,867
Other Obligations [Member] | AMERCO [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable 76,700     76,700    
Subsidiary holdings of parent company debt $ 3,900     $ 3,900    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date range, start       Jan. 01, 2018    
Debt instrument, maturity date range, end       Dec. 31, 2047    
Other Obligations [Member] | AMERCO [Member] | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.75%     2.75%    
Other Obligations [Member] | AMERCO [Member] | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 8.00%     8.00%    
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | AMERCO [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 6.93%     6.93%    
Debt instruments, interest rate, effective percentage:            
LIBOR 1.44%     1.44%    
Applicable margin interest rate 1.50%     1.50%    
Sum of LIBOR and margin 2.94%     2.94%    
Debt instrument, interest rate at period end       1.50%    
Debt instruments, face, payment, and remaining balance amount:            
Line of credit facility, remaining borrowing capacity $ 62,200     $ 62,200    
Amounts held at LIBOR plus margin 75,600     75,600    
Notes, loans and leases payable 137,800     $ 137,800    
Debt instruments, issuance and maturity dates:            
Mortgage loans on real estate, final maturity date       Apr. 30, 2023    
Debt instrument, maturity date       Aug. 31, 2018    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 1,472,200     $ 1,472,200    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date range, start       Jan. 01, 2021    
Debt instrument, maturity date range, end       Dec. 31, 2038    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 3.72%     3.72%    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 6.62%     6.62%    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member]            
Debt instruments, interest rate, effective percentage:            
LIBOR 1.33%     1.33%    
Applicable margin interest rate 1.50%     1.50%    
Sum of LIBOR and margin 2.83%     2.83%    
Debt instruments, face, payment, and remaining balance amount:            
Line of credit facility, maximum borrowing capacity $ 55,000     $ 55,000    
Notes, loans and leases payable 55,000     $ 55,000    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date       Nov. 30, 2018    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 322,500     $ 322,500    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date range, start       Jun. 01, 2018    
Debt instrument, maturity date range, end       Nov. 30, 2024    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.82%     2.82%    
Debt instruments, interest rate, effective percentage:            
LIBOR 1.36%     1.36%    
Applicable margin interest rate 1.72%     1.72%    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 4.76%     4.76%    
Debt instruments, interest rate, effective percentage:            
LIBOR 1.48%     1.48%    
Applicable margin interest rate 2.38%     2.38%    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 265,700     $ 265,700    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member] | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 1.95%     1.95%    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member] | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 3.94%     3.94%    
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member]            
Debt instruments, interest rate, effective percentage:            
Applicable margin interest rate 1.15%     1.15%    
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, original face amount $ 490,000     $ 490,000    
Line of credit facility, maximum borrowing capacity 565,000     565,000    
Notes, loans and leases payable $ 477,000     $ 477,000    
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date range, start       Mar. 01, 2020    
Debt instrument, maturity date range, end       Nov. 30, 2021    
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Minimum [Member]            
Debt instruments, interest rate, effective percentage:            
LIBOR 1.35%     1.35%    
Sum of LIBOR and margin 2.50%     2.50%    
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Maximum [Member]            
Debt instruments, interest rate, effective percentage:            
LIBOR 1.36%     1.36%    
Sum of LIBOR and margin 2.51%     2.51%    
Uhaul S Fleet Two Thousand Ten Box Truck Note [Member] | Rental Truck (securitizations) [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 4.90%     4.90%    
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, original face amount $ 155,000     $ 155,000    
Amerco, Us Bank, National Association, Trustee [Member] | Capital Lease Obligations [Member] | AMERCO [Member]            
Debt instruments, face, payment, and remaining balance amount:            
New capital lease obligations, amount       323,700    
Notes, loans and leases payable 982,700     982,700   876,800
Capitalized assets, net book value $ 1,382,500     $ 1,382,500   $ 1,233,300
Life Insurance [Member] | Federal Home Loan Bank [Member]            
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity date range, start   Mar. 29, 2018        
Debt instrument, maturity date range, end   Mar. 30, 2022        
Federal home loan bank activity for current period:            
Aggregate deposit amount   $ 60,000        
Available for sale investments, noncurrent   129,600        
Amount pledged as collateral   $ 73,400        
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member]            
Federal home loan bank activity for current period:            
Aggregate deposit amount fixed interest rate   1.33%        
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member]            
Federal home loan bank activity for current period:            
Aggregate deposit amount fixed interest rate   1.75%        
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2017
Mar. 31, 2017
Debt instrument, maturities:    
Notes, loans and leases payable, gross $ 3,519,978 $ 3,287,233
Less: Debt issuance costs (26,070) (24,353)
Total notes, loans and leases payable $ 3,493,908 3,262,880
Real estate loan (amortizing term) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year 2023  
Total notes, loans and leases payable $ 137,786 169,289
Real estate loan (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.94%  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.93%  
Senior Mortgages [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2021  
Debt instrument, maturity year range, end 2038  
Total notes, loans and leases payable $ 1,472,209 1,292,160
Senior Mortgages [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 3.72%  
Senior Mortgages [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.62%  
Working capital loan (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.83%  
Debt instrument, maturities:    
Debt instrument, maturity year 2018  
Total notes, loans and leases payable $ 55,000 85,000
Fleet loans (amortization term) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2018  
Debt instrument, maturity year range, end 2024  
Total notes, loans and leases payable $ 322,542 324,977
Fleet loans (amortization term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.95%  
Fleet loans (amortization term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.76%  
Fleet loans (securitization) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.90%  
Debt instrument, maturities:    
Total notes, loans and leases payable 52,112
Fleet loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2020  
Debt instrument, maturity year range, end 2021  
Total notes, loans and leases payable $ 477,000 417,000
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.50%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.51%  
Capital Leases (rental equipment) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2018  
Debt instrument, maturity year range, end 2025  
Total notes, loans and leases payable $ 982,653 876,828
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.92%  
Capital Leases (rental equipment) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.86%  
Other Obligations [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2018  
Debt instrument, maturity year range, end 2047  
Total notes, loans and leases payable $ 72,788 $ 69,867
Other Obligations [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.75%  
Other Obligations [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Dec. 31, 2017
USD ($)
Long-term debt, by Maturity:  
2018 $ 496,383
2019 482,569
2020 362,073
2021 564,235
2022 226,771
Thereafter $ 1,387,947
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Interest expense, borrowings:        
Interest expense $ 31,983 $ 27,220 $ 93,475 $ 77,184
Capitalized interest (2,075) (1,119) (5,769) (3,417)
Amortization of transaction costs 963 863 2,909 2,510
Interest expense resulting from derivatives 687 1,818 3,311 6,920
Total interest expense 31,558 28,782 93,926 83,197
Amortization on early extinguishment of debt 499 499
Total $ 31,558 $ 29,281 $ 93,926 $ 83,696
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Interest and debt expense:        
Weighted average interest rate during the quarter 2.47% 1.82% 2.38% 1.76%
Interest rate at quarter end 2.56% 1.89% 2.56% 1.89%
Maximum amount outstanding during the quarter $ 535,000 $ 597,000 $ 538,000 $ 597,000
Average amount outstanding during the period 532,261 550,304 516,349 450,880
Facility fees $ 159 $ 10 $ 284 $ 99
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Interest Rate Derivatives [Abstract]        
Total notional amount of Company's variable interest rate swaps on debt $ 120,300   $ 120,300  
Notional amount of operating lease 6,600   6,600  
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax $ 565 $ 1,922 2,265 $ 5,138
Loss reclassified from AOCI into income (effective portion)     3,308 $ 6,940
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months     $ 1,500  
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Interest rate swap agreements) (Details)
$ in Millions
9 Months Ended
Dec. 31, 2017
USD ($)
Swap Agreement Three  
Swaps:  
Original variable, rate debt amount $ 300.0
Agreement date Aug. 16, 2006
Effective date Aug. 18, 2006
Expiration date Aug. 10, 2018
Designed cash flow hedge date Aug. 04, 2006
Swap Agreement Twelve  
Swaps:  
Original variable, rate debt amount $ 25.0 [1]
Agreement date Apr. 26, 2011
Effective date Jun. 01, 2011
Expiration date Jun. 01, 2018
Designed cash flow hedge date Jun. 01, 2011
Swap Agreement Thirteen  
Swaps:  
Original variable, rate debt amount $ 50.0 [1]
Agreement date Jul. 29, 2011
Effective date Aug. 15, 2011
Expiration date Aug. 15, 2018
Designed cash flow hedge date Jul. 29, 2011
Swap Agreement Fourteen  
Swaps:  
Original variable, rate debt amount $ 20.0 [1]
Agreement date Aug. 03, 2011
Effective date Sep. 12, 2011
Expiration date Sep. 10, 2018
Designed cash flow hedge date Aug. 03, 2011
Swap Agreement Fifteen  
Swaps:  
Original variable, rate debt amount $ 15.1 [2]
Agreement date Mar. 27, 2012
Effective date Mar. 28, 2012
Expiration date Mar. 28, 2019
Designed cash flow hedge date Mar. 26, 2012
Swap Agreement Sixteen  
Swaps:  
Original variable, rate debt amount $ 25.0
Agreement date Apr. 13, 2012
Effective date Apr. 16, 2012
Expiration date Apr. 01, 2019
Designed cash flow hedge date Apr. 12, 2012
Swap Agreement Seventeen  
Swaps:  
Original variable, rate debt amount $ 44.3
Agreement date Jan. 11, 2013
Effective date Jan. 15, 2013
Expiration date Dec. 15, 2019
Designed cash flow hedge date Jan. 11, 2013
[1] forward swap
[2] operating lease
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Interest Rate Fair Value Hedges [Abstract]    
Interest rate contracts designated as hedging instruments $ 1,253 $ 4,903
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
The effect of interest rate contracts on the statement of operations:        
Loss recognized in income on interest rate contracts $ 687 $ 1,818 $ 3,311 $ 6,920
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)     (3,655) (8,039)
Loss reclassified from AOCI into income (effective portion)     3,308 6,940
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)     $ 3 $ (20)
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     $ (51,236)  
Foreign currency translation $ (1,794) $ (5,821) 19,240 $ (7,803)
Unrealized net gain on investments 2,852 2,755 19,820 42,156
Change in fair value of cash flow hedges 565 1,922 2,265 5,138
Amount reclassified from AOCI     3,308 6,940
Other comprehensive income (loss) 530,517 $ 64,084 821,065 $ 428,367
Balance as of December 31, 2017 (9,911)   (9,911)  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     (69,505)  
Foreign currency translation     19,240  
Unrealized net gain on investments      
Change in fair value of cash flow hedges      
Amount reclassified from AOCI      
Other comprehensive income (loss)     19,240  
Balance as of December 31, 2017 (50,265)   (50,265)  
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     23,099  
Foreign currency translation      
Unrealized net gain on investments     19,820  
Change in fair value of cash flow hedges      
Amount reclassified from AOCI      
Other comprehensive income (loss)     19,820  
Balance as of December 31, 2017 42,919   42,919  
Fair Market Value of Cash Flow Hedges [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     (3,059)  
Foreign currency translation      
Unrealized net gain on investments      
Change in fair value of cash flow hedges     5,573  
Amount reclassified from AOCI     (3,308)  
Other comprehensive income (loss)     2,265  
Balance as of December 31, 2017 (794)   (794)  
Postretirement Benefit Obligation Gain [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     (1,771)  
Foreign currency translation      
Unrealized net gain on investments      
Change in fair value of cash flow hedges      
Amount reclassified from AOCI      
Other comprehensive income (loss)      
Balance as of December 31, 2017 (1,771)   (1,771)  
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax        
Balance as of March 31, 2017     (51,236)  
Foreign currency translation     19,240  
Unrealized net gain on investments     19,820  
Change in fair value of cash flow hedges     5,573  
Amount reclassified from AOCI     (3,308)  
Other comprehensive income (loss)     41,325  
Balance as of December 31, 2017 $ (9,911)   $ (9,911)  
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Narratives) (Details) - $ / shares
3 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Stockholders' Equity [Abstract]    
Dividends payable, date declared Dec. 06, 2017 Jul. 05, 2017
Declared cash dividend, paid $ 0.50 $ 1.00
Dividends payable, date of record Dec. 21, 2017 Jul. 20, 2017
Declared dividend, date paid Jan. 05, 2018 Aug. 03, 2017
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Narratives) (Details)
$ in Millions
3 Months Ended
Sep. 30, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Federal statutory rate, blended rate for next fiscal year 31.55%
Provisional benefit amount $ 339.2
Deferred tax assets, effect of Tax Cuts and Jobs Act, tax expense (benefit) 349.2
Provisional tax expense for foreign tax credits 10.0
Provisional tax benefit 5.1
Provisional amount, reduction in tax expense 9.1
Phase three tax, increase in income tax expense 4.0
Income tax expense (benefit) continuing operations $ 5.4
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingent Liabilities And Commitments (Narratives) (Details)
$ in Millions
9 Months Ended
Dec. 31, 2017
USD ($)
Operating leases, rental equipment [Abstract]  
Lease expiration year 2019
Guaranteed residual value $ 16.2
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingent Liabilities and Commitments (Lease commitments for leases having terms of more than one year) (Details)
$ in Thousands
Dec. 31, 2017
USD ($)
Year-ended December 31:  
2018 $ 27,051
2019 19,762
2020 16,688
2021 16,005
2022 15,809
Thereafter 73,236
Total 168,551
Property, plant and equipment, Ground [Member]  
Year-ended December 31:  
2018 974
2019 1,024
2020 1,024
2021 1,028
2022 1,030
Thereafter 49,907
Total 54,987
Property, plant and equipment, Operating [Member]  
Year-ended December 31:  
2018 16,150
2019 15,652
2020 15,664
2021 14,977
2022 14,779
Thereafter 23,329
Total 100,551
Rental Equipment, Operating [Member]  
Year-ended December 31:  
2018 9,927
2019 3,086
2020
2021
2022
Thereafter
Total $ 13,013
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]    
Related party costs and expenses:    
Revenue, excluding dealer agreement commissions and expenses $ 21.4  
Expenses, related parties 2.0  
Cash flow, related party 72.9  
Revenue, generated by the dealer agreement from related parties 218.6  
Commission expenses, generated from dealer agreement with related parties 46.9  
Various Subsidiaries of Amerco [Member] | Sac Holdings [Member]    
Related party notes receivable:    
Cash interest payments 8.7 $ 3.4
Largest aggregate balance in reporting period 48.1  
AMERCO [Member] | Sac Holdings [Member]    
Related party notes receivable:    
One time cash interest proceeds 53.0  
AMERCO [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]    
Management fees revenue:    
Management fees received exclusive of reimbursed expenses $ 23.3 $ 21.8
AMERCO [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]    
Management fees revenue:    
Management fee rate 4.00% 4.00%
AMERCO [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]    
Management fees revenue:    
Management fee rate 10.00% 10.00%
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Related party transactions:        
Management fees revenue $ 9,881 $ 9,734 $ 23,474 $ 23,050
Revenue from related parties 10,789 10,960 26,800 26,731
Blackwater [Member]        
Related party transactions:        
Interest income revenue 908 1,226 3,326 3,681
Management fees revenue 5,661 5,562 18,054 17,702
Mercury [Member]        
Related party transactions:        
Management fees revenue $ 4,220 $ 4,172 $ 5,420 $ 5,348
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Related party cost and expense:        
Related party expenses, total $ 14,091 $ 13,667 $ 48,889 $ 47,920
Blackwater [Member]        
Related party cost and expense:        
U-Haul lease expenses 658 684 2,014 2,056
U-Haul commission expenses $ 13,433 $ 12,983 $ 46,875 $ 45,864
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Related party assets:    
Related party assets $ 42,909 $ 86,168
Blackwater [Member]    
Related party assets:    
Notes receivable 48,098
U-Haul interest receivable 5,397
U-Haul receivables 31,915 23,203
Mercury [Member]    
Related party assets:    
U-Haul receivables 9,273 9,195
Insurance Group [Member]    
Related party assets:    
Other [1] $ 1,721 $ 276
[1] Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
ASSETS:        
Cash and cash equivalents $ 1,022,887 $ 697,806 $ 984,185 $ 600,646
Reinsurance recoverables and trade receivables, net 205,873 178,081    
Inventories, net 95,672 82,439    
Prepaid expenses 147,375 124,728    
Investments, fixed maturities and marketable equities 1,868,314 1,663,768    
Investments, other 407,822 367,830    
Deferred policy acquisition costs, net 124,820 130,213    
Other assets 93,608 97,525    
Related party assets 42,909 86,168    
Subtotal assets 4,009,280 3,428,558    
Investments in subsidiaries    
Property, plant and equipment, at cost:        
Land 738,525 648,757    
Buildings and improvements 3,000,208 2,618,265    
Furniture and equipment 600,216 510,415    
Property, plant and equipment, gross 9,120,588 8,361,315    
Less: Accumulated depreciation (2,632,909) (2,384,033)    
Total property, plant and equipment 6,487,679 5,977,282    
Total assets 10,496,959 9,405,840 9,287,317  
Liabilities:        
Accounts payable and accrued expenses 469,955 450,541    
Notes, loans and leases payable 3,493,908 3,262,880    
Policy benefits and losses, claims and loss expenses payable 1,090,206 1,086,322    
Liabilities from investment contracts 1,319,945 1,112,498    
Other policyholders' funds and liabilities 10,739 10,150    
Deferred income 27,491 28,696    
Deferred income taxes, net 671,548 835,009    
Related party liabilities    
Total Liabilities 7,083,792 6,786,096    
Stockholders' equity:        
Additional paid-in capital 452,619 452,172    
Accumulated other comprehensive loss (9,911) (51,236)    
Retained earnings 3,643,253 2,892,893    
Unearned employee stock ownership plan shares (5,641) (6,932)    
Total stockholders' equity 3,413,167 2,619,744    
Total liabilities and stockholders' equity 10,496,959 9,405,840    
Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 538,334 492,280    
Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 4,243,305 4,091,598    
Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Series A Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued    
Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 10,497 10,497    
Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (525,653) (525,653)    
Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (151,997) (151,997)    
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
ASSETS:        
Cash and cash equivalents 978,264 671,665 971,002 585,666
Reinsurance recoverables and trade receivables, net 74,264 41,234    
Inventories, net 95,672 82,439    
Prepaid expenses 147,375 124,728    
Investments, fixed maturities and marketable equities    
Investments, other 23,144 35,342    
Deferred policy acquisition costs, net    
Other assets 90,442 93,197    
Related party assets 45,111 88,829    
Subtotal assets 1,454,272 1,137,434    
Investments in subsidiaries 522,874 477,058    
Property, plant and equipment, at cost:        
Land 738,525 648,757    
Buildings and improvements 3,000,208 2,618,265    
Furniture and equipment 600,216 510,415    
Property, plant and equipment, gross 9,120,588 8,361,315    
Less: Accumulated depreciation (2,632,909) (2,384,033)    
Total property, plant and equipment 6,487,679 5,977,282    
Total assets 8,464,825 7,591,774    
Liabilities:        
Accounts payable and accrued expenses 461,518 441,667    
Notes, loans and leases payable 3,493,908 3,262,880    
Policy benefits and losses, claims and loss expenses payable 408,724 399,181    
Liabilities from investment contracts    
Other policyholders' funds and liabilities    
Deferred income 27,491 28,696    
Deferred income taxes, net 634,388 809,566    
Related party liabilities 25,629 30,040    
Total Liabilities 5,051,658 4,972,030    
Stockholders' equity:        
Additional paid-in capital 452,829 452,382    
Accumulated other comprehensive loss (9,911) (51,236)    
Retained earnings 3,643,043 2,892,683    
Unearned employee stock ownership plan shares (5,641) (6,932)    
Total stockholders' equity 3,413,167 2,619,744    
Total liabilities and stockholders' equity 8,464,825 7,591,774    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 538,334 492,280    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 4,243,305 4,091,598    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 10,497 10,497    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (525,653) (525,653)    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (151,997) (151,997)    
Operating Segments [Member] | Property and Casualty Insurance [Member]        
ASSETS:        
Cash and cash equivalents 12,296 [1] 12,725 [2] 11,258 [3] 14,049 [3]
Reinsurance recoverables and trade receivables, net 100,849 [1] 107,757 [2]    
Inventories, net [1] [2]    
Prepaid expenses [1] [2]    
Investments, fixed maturities and marketable equities 272,939 [1] 248,816 [2]    
Investments, other 67,879 [1] 63,086 [2]    
Deferred policy acquisition costs, net [1] [2]    
Other assets 594 [1] 1,922 [2]    
Related party assets 7,521 [1] 11,496 [2]    
Subtotal assets 462,078 [1] 445,802 [2]    
Investments in subsidiaries [1] [2]    
Property, plant and equipment, at cost:        
Land [1] [2]    
Buildings and improvements [1] [2]    
Furniture and equipment [1] [2]    
Property, plant and equipment, gross [1] [2]    
Less: Accumulated depreciation [1] [2]    
Total property, plant and equipment [1] [2]    
Total assets 462,078 [1] 445,802 [2]    
Liabilities:        
Accounts payable and accrued expenses 3,158 [1] 1,926 [2]    
Notes, loans and leases payable [1] [2]    
Policy benefits and losses, claims and loss expenses payable 238,085 [1] 244,980 [2]    
Liabilities from investment contracts [1] [2]    
Other policyholders' funds and liabilities 5,282 [1] 4,184 [2]    
Deferred income [1] [2]    
Deferred income taxes, net 13,510 [1] 11,243 [2]    
Related party liabilities 2,341 [1] 2,539 [2]    
Total Liabilities 262,376 [1] 264,872 [2]    
Stockholders' equity:        
Additional paid-in capital 91,120 [1] 91,120 [2]    
Accumulated other comprehensive loss 12,301 [1] 6,166 [2]    
Retained earnings 92,980 [1] 80,343 [2]    
Unearned employee stock ownership plan shares [1] [2]    
Total stockholders' equity 199,702 [1] 180,930 [2]    
Total liabilities and stockholders' equity 462,078 [1] 445,802 [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 3,301 [1] 3,301 [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value [1] [2]    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value [1] [2]    
Operating Segments [Member] | Life Insurance [Member]        
ASSETS:        
Cash and cash equivalents 32,327 [1] 13,416 [2] 1,925 [3] 931 [3]
Reinsurance recoverables and trade receivables, net 30,760 [1] 29,090 [2]    
Inventories, net [1] [2]    
Prepaid expenses [1] [2]    
Investments, fixed maturities and marketable equities 1,595,375 [1] 1,414,952 [2]    
Investments, other 316,799 [1] 269,402 [2]    
Deferred policy acquisition costs, net 124,820 [1] 130,213 [2]    
Other assets 2,572 [1] 2,406 [2]    
Related party assets 18,364 [1] 18,465 [2]    
Subtotal assets 2,121,017 [1] 1,877,944 [2]    
Investments in subsidiaries [1] [2]    
Property, plant and equipment, at cost:        
Land [1] [2]    
Buildings and improvements [1] [2]    
Furniture and equipment [1] [2]    
Property, plant and equipment, gross [1] [2]    
Less: Accumulated depreciation [1] [2]    
Total property, plant and equipment [1] [2]    
Total assets 2,121,017 [1] 1,877,944 [2]    
Liabilities:        
Accounts payable and accrued expenses 5,279 [1] 6,948 [2]    
Notes, loans and leases payable [1] [2]    
Policy benefits and losses, claims and loss expenses payable 443,397 [1] 442,161 [2]    
Liabilities from investment contracts 1,319,945 [1] 1,112,498 [2]    
Other policyholders' funds and liabilities 5,457 [1] 5,966 [2]    
Deferred income [1] [2]    
Deferred income taxes, net 23,650 [1] 14,200 [2]    
Related party liabilities 117 [1] 43 [2]    
Total Liabilities 1,797,845 [1] 1,581,816 [2]    
Stockholders' equity:        
Additional paid-in capital 26,271 [1] 26,271 [2]    
Accumulated other comprehensive loss 30,616 [1] 16,933 [2]    
Retained earnings 263,785 [1] 250,424 [2]    
Unearned employee stock ownership plan shares [1] [2]    
Total stockholders' equity 323,172 [1] 296,128 [2]    
Total liabilities and stockholders' equity 2,121,017 [1] 1,877,944 [2]    
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Series A Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 2,500 [1] 2,500 [2]    
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value [1] [2]    
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value [1] [2]    
Consolidation, Eliminations [Member]        
ASSETS:        
Cash and cash equivalents
Reinsurance recoverables and trade receivables, net    
Inventories, net    
Prepaid expenses    
Investments, fixed maturities and marketable equities    
Investments, other    
Deferred policy acquisition costs, net    
Other assets    
Related party assets [4] (28,087) (32,622)    
Subtotal assets (28,087) (32,622)    
Investments in subsidiaries [5] (522,874) (477,058)    
Property, plant and equipment, at cost:        
Land    
Buildings and improvements    
Furniture and equipment    
Property, plant and equipment, gross    
Less: Accumulated depreciation    
Total property, plant and equipment    
Total assets (550,961) (509,680)    
Liabilities:        
Accounts payable and accrued expenses    
Notes, loans and leases payable    
Policy benefits and losses, claims and loss expenses payable    
Liabilities from investment contracts    
Other policyholders' funds and liabilities    
Deferred income    
Deferred income taxes, net    
Related party liabilities [4] (28,087) (32,622)    
Total Liabilities (28,087) (32,622)    
Stockholders' equity:        
Additional paid-in capital [5] (117,601) (117,601)    
Accumulated other comprehensive loss [5] (42,917) (23,099)    
Retained earnings [5] (356,555) (330,557)    
Unearned employee stock ownership plan shares    
Total stockholders' equity (522,874) (477,058)    
Total liabilities and stockholders' equity (550,961) (509,680)    
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross    
Consolidation, Eliminations [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross    
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued    
Consolidation, Eliminations [Member] | Series A Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued    
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued [5] (5,801) (5,801)    
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value    
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value    
[1] Balances as of September 30, 2017
[2] Balances as of December 31, 2016
[3] Balance for the period ended September 30, 2016
[4] Eliminate intercompany receivables and payables
[5] Eliminate investment in subsidiaries
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Revenues:        
Self-moving equipment rentals $ 574,801 $ 541,473 $ 1,985,217 $ 1,899,519
Self-storage revenues 82,127 72,309 239,317 212,194
Self-moving and self-storage products and service sales 53,130 51,562 205,309 199,195
Property management fees 9,881 9,734 23,474 23,050
Life insurance premiums 38,957 41,279 116,910 123,064
Property and casualty insurance premiums 16,093 14,938 42,934 40,202
Net investment and interest income 28,821 22,833 82,507 75,754
Other revenue 39,072 36,327 147,825 139,353
Total revenues 842,882 790,455 2,843,493 2,712,331
Costs and expenses:        
Operating expenses 438,071 389,352 1,347,477 1,172,647
Commission expenses 63,487 61,052 222,203 215,330
Cost of sales 33,995 32,537 124,456 116,851
Benefits and losses 45,168 45,403 139,997 139,242
Amortization of deferred policy acquisition costs 5,952 5,200 18,217 19,131
Lease expense 8,415 8,807 25,277 29,204
Depreciation, net of (gains) losses on disposals 137,061 118,541 396,540 323,785
Net gains on disposal of real estate (192,404) (2,418) (192,223) (2,377)
Total costs and expenses 539,745 658,474 2,081,944 2,013,813
Earnings (loss) from operations before equity in earnings of subsidiaries 303,137 131,981 761,549 698,518
Equity in earnings of subsidiaries    
Earnings from operations 303,137 131,981 761,549 698,518
Interest expense (31,558) (28,782) (93,926) (83,197)
Amortization on early extinguishment of debt (499) (499)
Pretax earnings 271,579 102,700 667,623 614,822
Income tax expense 257,315 (37,472) 112,117 (225,946)
Earnings available to common shareholders 528,894 65,228 779,740 388,876
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues:        
Self-moving equipment rentals 576,018 542,545 1,988,430 1,902,400
Self-storage revenues 82,127 72,309 239,317 212,194
Self-moving and self-storage products and service sales 53,130 51,562 205,309 199,195
Property management fees 9,881 9,734 23,474 23,050
Life insurance premiums
Property and casualty insurance premiums
Net investment and interest income 3,662 2,570 9,496 7,035
Other revenue 37,669 35,264 144,196 136,341
Total revenues 762,487 713,984 2,610,222 2,480,215
Costs and expenses:        
Operating expenses 426,394 377,165 1,310,892 1,137,364
Commission expenses 63,487 61,052 222,203 215,330
Cost of sales 33,995 32,537 124,456 116,851
Benefits and losses
Amortization of deferred policy acquisition costs
Lease expense 8,498 8,854 25,460 29,344
Depreciation, net of (gains) losses on disposals 137,061 118,541 396,540 323,785
Net gains on disposal of real estate (192,404) (2,418) (192,223) (2,377)
Total costs and expenses 477,031 595,731 1,887,328 1,820,297
Earnings (loss) from operations before equity in earnings of subsidiaries 285,456 118,253 722,894 659,918
Equity in earnings of subsidiaries 11,823 9,046 25,998 25,925
Earnings from operations 297,279 127,299 748,892 685,843
Interest expense (31,854) (29,145) (94,925) (84,299)
Amortization on early extinguishment of debt   (499)   (499)
Pretax earnings 265,425 97,655 653,967 601,045
Income tax expense 263,469 (32,427) 125,773 (212,169)
Earnings available to common shareholders 528,894 65,228 779,740 388,876
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues:        
Self-moving equipment rentals [1] [2] [3] [4]
Self-storage revenues [1] [2] [3] [4]
Self-moving and self-storage products and service sales [1] [2] [3] [4]
Property management fees [1] [2] [3] [4]
Life insurance premiums [1] [2] [3] [4]
Property and casualty insurance premiums 16,754 [1] 14,938 [2] 44,067 [3] 40,202 [4]
Net investment and interest income 3,645 [1] 3,443 [2] 11,637 [3] 12,951 [4]
Other revenue [1] [2] [3] [4]
Total revenues 20,399 [1] 18,381 [2] 55,704 [3] 53,153 [4]
Costs and expenses:        
Operating expenses 8,160 [1] 7,688 [2] 24,632 [3] 21,193 [4]
Commission expenses [1] [2] [3] [4]
Cost of sales [1] [2] [3] [4]
Benefits and losses 4,644 [1] 3,474 [2] 11,954 [3] 10,144 [4]
Amortization of deferred policy acquisition costs [1] [2] [3] [4]
Lease expense [1] [2] [3] [4]
Depreciation, net of (gains) losses on disposals [1] [2] [3] [4]
Net gains on disposal of real estate
Total costs and expenses 12,804 [1] 11,162 [2] 36,586 [3] 31,337 [4]
Earnings (loss) from operations before equity in earnings of subsidiaries 7,595 [1] 7,219 [2] 19,118 [3] 21,816 [4]
Equity in earnings of subsidiaries [1] [2] [3] [4]
Earnings from operations 7,595 [1] 7,219 [2] 19,118 [3] 21,816 [4]
Interest expense [1] [2] [3] [4]
Amortization on early extinguishment of debt    
Pretax earnings 7,595 [1] 7,219 [2] 19,118 [3] 21,816 [4]
Income tax expense (2,528) [1] (2,488) [2] (6,481) [3] (7,520) [4]
Earnings available to common shareholders 5,067 [1] 4,731 [2] 12,637 [5] 14,296 [6]
Operating Segments [Member] | Life Insurance [Member]        
Revenues:        
Self-moving equipment rentals [1] [2] [3] [4]
Self-storage revenues [1] [2] [3] [4]
Self-moving and self-storage products and service sales [1] [2] [3] [4]
Property management fees [1] [2] [3] [4]
Life insurance premiums 38,957 [1] 41,279 [2] 116,910 [3] 123,064 [4]
Property and casualty insurance premiums [1] [2] [3] [4]
Net investment and interest income 21,887 [1] 17,221 [2] 62,531 [3] 56,982 [4]
Other revenue 1,535 [1] 1,194 [2] 4,024 [3] 3,404 [4]
Total revenues 62,379 [1] 59,694 [2] 183,465 [3] 183,450 [4]
Costs and expenses:        
Operating expenses 5,521 [1] 5,693 [2] 16,669 [3] 17,335 [4]
Commission expenses [1] [2] [3] [4]
Cost of sales [1] [2] [3] [4]
Benefits and losses 40,524 [1] 41,929 [2] 128,043 [3] 129,098 [4]
Amortization of deferred policy acquisition costs 5,952 [1] 5,200 [2] 18,217 [3] 19,131 [4]
Lease expense [1] [2] [3] [4]
Depreciation, net of (gains) losses on disposals [1] [2] [3] [4]
Net gains on disposal of real estate
Total costs and expenses 51,997 [1] 52,822 [2] 162,929 [3] 165,564 [4]
Earnings (loss) from operations before equity in earnings of subsidiaries 10,382 [1] 6,872 [2] 20,536 [3] 17,886 [4]
Equity in earnings of subsidiaries [1] [2] [3] [4]
Earnings from operations 10,382 [1] 6,872 [2] 20,536 [3] 17,886 [4]
Interest expense [1] [2] [3] [4]
Amortization on early extinguishment of debt    
Pretax earnings 10,382 [1] 6,872 [2] 20,536 [3] 17,886 [4]
Income tax expense (3,626) [1] (2,557) [2] (7,175) [3] (6,257) [4]
Earnings available to common shareholders 6,756 [1] 4,315 [2] 13,361 [5] 11,629 [6]
Consolidation, Eliminations [Member]        
Revenues:        
Self-moving equipment rentals [7] (1,217) (1,072) (3,213) (2,881)
Self-storage revenues
Self-moving and self-storage products and service sales
Property management fees
Life insurance premiums
Property and casualty insurance premiums (661) (1,133)
Net investment and interest income [8] (373) (401) (1,157) (1,214)
Other revenue [8] (132) (131) (395) (392)
Total revenues (2,383) (1,604) (5,898) (4,487)
Costs and expenses:        
Operating expenses [7],[8] (2,004) (1,194) (4,716) (3,245)
Commission expenses
Cost of sales
Benefits and losses
Amortization of deferred policy acquisition costs
Lease expense [8] (83) (47) (183) (140)
Depreciation, net of (gains) losses on disposals
Net gains on disposal of real estate
Total costs and expenses (2,087) (1,241) (4,899) (3,385)
Earnings (loss) from operations before equity in earnings of subsidiaries (296) (363) (999) (1,102)
Equity in earnings of subsidiaries [9] (11,823) (9,046) (25,998) (25,925)
Earnings from operations (12,119) (9,409) (26,997) (27,027)
Interest expense [8] 296 363 999 1,102
Amortization on early extinguishment of debt    
Pretax earnings (11,823) (9,046) (25,998) (25,925)
Income tax expense
Earnings available to common shareholders $ (11,823) $ (9,046) $ (25,998) $ (25,925)
[1] Balances for the quarter ended September 30, 2017
[2] Balances for the quarter ended September 30, 2016
[3] Balances for the nine months ended September 30, 2017
[4] Balances for the nine months ended September 30, 2016
[5] Balance for the period ended September 30, 2017
[6] Balance for the period ended September 30, 2016
[7] Eliminate intercompany premiums
[8] Eliminate intercompany lease / interest income
[9] Eliminate equity in earnings of subsidiaries
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Cash flow from operating activities:        
Net earnings $ 528,894 $ 65,228 $ 779,740 $ 388,876
Earnings from consolidated entities    
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     410,800 354,183
Amortization of deferred policy acquisition costs 5,952 5,200 18,217 19,131
Amortization of debt issuance costs     2,910 3,125
Interest credited to policyholders     23,250 18,190
Change in allowance for losses on trade receivables     (25) (28)
Change in allowance for inventory reserves     4,334 1,897
Net gain on sale of personal property (4,235) (2,099) (14,260) (30,398)
Net gains on disposal of real estate (192,404) (2,418) (192,223) (2,377)
Net (gain) loss on sale of investments     (4,250) (3,948)
Deferred income tax     (179,047) 112,448
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (27,659) (23,919)
Inventories     (17,410) (1,901)
Prepaid expenses     (22,220) 79,578
Capitalization of deferred policy acquisition costs     (21,501) (21,040)
Other assets     6,279 (663)
Related party assets     47,804 (5,469)
Accounts payable and accrued expenses     26,764 30,773
Policy benefits and losses, claims and loss expenses payable     2,767 12,843
Other policyholders' funds and liabilities     590 (382)
Deferred income     (1,297) 1,105
Related party liabilities     (4,542) (711)
Net cash provided by operating activities     839,021 931,313
Cash flow from investing activities:        
Escrow Deposits     19,707 (768)
Purchases of:        
Property, plant and equipment     (970,472) (981,316)
Short term investments     (48,743) (566,371)
Fixed maturities investments     (274,283) (261,851)
Equity securities     (662) (489)
Preferred stock     (1,000)
Real estate     (1,783) (15,863)
Mortgage loans     (80,707) (159,309)
Proceeds from sale of:        
Property, plant and equipment     591,040 412,892
Short term investments     54,319 566,955
Fixed maturities investments     102,404 147,233
Preferred stock     3,188 3,351
Real estate     5,348 1,681
Mortgage loans     23,726 109,260
Net cash used by investing activities     (577,918) (744,595)
Cash flow from financing activities:        
Borrowings from credit facilities     426,262 534,008
Principal repayments on credit facilities     (303,212) (244,545)
Debt issuance costs     (4,581) (4,529)
Capital lease payments     (219,623) (141,750)
Employee stock ownership plan     (6,764) (7,541)
Securitization deposits     (2,181) 371
Common stock dividends paid     (19,587) (39,171)
Investment contract deposits     347,695 180,554
Investment contract withdrawals     (163,499) (64,459)
Net cash provided by (used in) financing activities     54,510 212,938
Effects of exchange rate on cash     9,468 (16,117)
Increase (decrease) in cash and cash equivalents     325,081 383,539
Cash and cash equivalents at the beginning of period     697,806 600,646
Cash and cash equivalents at the end of the period 1,022,887 984,185 1,022,887 984,185
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Cash flow from operating activities:        
Net earnings 528,894 65,228 779,740 388,876
Earnings from consolidated entities     (25,998) (25,925)
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     410,800 354,183
Amortization of deferred policy acquisition costs
Amortization of debt issuance costs     2,910 3,125
Interest credited to policyholders    
Change in allowance for losses on trade receivables     (22) 22
Change in allowance for inventory reserves     4,334 1,897
Net gain on sale of personal property     (14,260) (30,398)
Net gains on disposal of real estate (192,404) (2,418) (192,223) (2,377)
Net (gain) loss on sale of investments    
Deferred income tax     (176,566) 114,017
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (32,898) (24,147)
Inventories     (17,410) (1,901)
Prepaid expenses     (22,220) 79,578
Capitalization of deferred policy acquisition costs    
Other assets     4,649 (3,185)
Related party assets     43,822 (5,906)
Accounts payable and accrued expenses     15,455 22,313
Policy benefits and losses, claims and loss expenses payable     8,427 11,805
Other policyholders' funds and liabilities    
Deferred income     (1,297) 1,105
Related party liabilities     (4,412) (1,018)
Net cash provided by operating activities     782,831 882,064
Cash flow from investing activities:        
Escrow Deposits     19,707 (768)
Purchases of:        
Property, plant and equipment     (970,472) (981,316)
Short term investments    
Fixed maturities investments    
Equity securities    
Preferred stock      
Real estate     (1,637) (3,510)
Mortgage loans     (9,738)
Proceeds from sale of:        
Property, plant and equipment     591,040 412,892
Short term investments    
Fixed maturities investments    
Preferred stock    
Real estate     5,348
Mortgage loans     4,986
Net cash used by investing activities     (356,014) (577,454)
Cash flow from financing activities:        
Borrowings from credit facilities     426,262 507,008
Principal repayments on credit facilities     (303,212) (217,545)
Debt issuance costs     (4,581) (4,529)
Capital lease payments     (219,623) (141,750)
Employee stock ownership plan     6,764 (7,541)
Securitization deposits     (2,181) 371
Common stock dividends paid     (19,587) 39,171
Investment contract deposits    
Investment contract withdrawals    
Net cash provided by (used in) financing activities     (129,686) 96,843
Effects of exchange rate on cash     9,468 (16,117)
Increase (decrease) in cash and cash equivalents     306,599 385,336
Cash and cash equivalents at the beginning of period     671,665 585,666
Cash and cash equivalents at the end of the period 978,264 971,002 978,264 971,002
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Cash flow from operating activities:        
Net earnings 5,067 [1] 4,731 [2] 12,637 [3] 14,296 [4]
Earnings from consolidated entities     [3] [4]
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     [3] [4]
Amortization of deferred policy acquisition costs [1] [2] [5] [6]
Amortization of debt issuance costs    
Interest credited to policyholders    
Change in allowance for losses on trade receivables     [3] [4]
Change in allowance for inventory reserves     [3] [4]
Net gain on sale of personal property     [3] [4]
Net gains on disposal of real estate
Net (gain) loss on sale of investments     (881) [3] (2,717) [4]
Deferred income tax     (1,315) [3] (549) [4]
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     6,908 [3] 2,388 [4]
Inventories     [3] [4]
Prepaid expenses     [3] [4]
Capitalization of deferred policy acquisition costs     [3] [4]
Other assets     1,796 [3] 2,439 [4]
Related party assets     3,982 [3] 437 [4]
Accounts payable and accrued expenses     1,229 [3] 2,363 [4]
Policy benefits and losses, claims and loss expenses payable     (6,896) [3] (5,650) [4]
Other policyholders' funds and liabilities     1,099 [3] 1,024 [4]
Deferred income     [3] [4]
Related party liabilities     (205) [3] 371 [4]
Net cash provided by operating activities     18,354 [3] 14,402 [4]
Cash flow from investing activities:        
Escrow Deposits    
Purchases of:        
Property, plant and equipment     [3] [4]
Short term investments     (39,701) [3] (67,094) [4]
Fixed maturities investments     (34,284) [3] (22,138) [4]
Equity securities     [4]
Preferred stock     (1,000)  
Real estate     (16) [3] (4,648) [4]
Mortgage loans     (11,609) [3] (16,686) [4]
Proceeds from sale of:        
Property, plant and equipment     [3] [4]
Short term investments     43,570 [3] 59,583 [4]
Fixed maturities investments     17,821 [3] 20,697 [4]
Preferred stock     3,188 3,351
Real estate    
Mortgage loans     3,248 9,742 [4]
Net cash used by investing activities     (18,783) (17,193) [4]
Cash flow from financing activities:        
Borrowings from credit facilities     [3] [4]
Principal repayments on credit facilities     [3] [4]
Debt issuance costs     [3] [4]
Capital lease payments     [3] [4]
Employee stock ownership plan    
Securitization deposits     [3]
Common stock dividends paid     [3]
Investment contract deposits     [3] [4]
Investment contract withdrawals     [3] [4]
Net cash provided by (used in) financing activities     [3] [4]
Effects of exchange rate on cash     [3] [4]
Increase (decrease) in cash and cash equivalents     (429) [3] (2,791) [4]
Cash and cash equivalents at the beginning of period     12,725 [7] 14,049 [4]
Cash and cash equivalents at the end of the period 12,296 [8] 11,258 [4] 12,296 [8] 11,258 [4]
Operating Segments [Member] | Life Insurance [Member]        
Cash flow from operating activities:        
Net earnings 6,756 [1] 4,315 [2] 13,361 [3] 11,629 [4]
Earnings from consolidated entities     [3] [4]
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     [3] [4]
Amortization of deferred policy acquisition costs 5,952 [1] 5,200 [2] 18,217 [5] 19,131 [6]
Amortization of debt issuance costs    
Interest credited to policyholders     23,250 18,190
Change in allowance for losses on trade receivables     (3) [3] (50) [4]
Change in allowance for inventory reserves     [3] [4]
Net gain on sale of personal property     [3] [4]
Net gains on disposal of real estate
Net (gain) loss on sale of investments     (3,369) [3] (1,231) [4]
Deferred income tax     (1,166) [3] (1,020) [4]
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (1,669) [3] (2,160) [4]
Inventories     [3] [4]
Prepaid expenses     [3] [4]
Capitalization of deferred policy acquisition costs     (21,501) [3] (21,040) [4]
Other assets     (166) [3] 83 [4]
Related party assets     [3] [4]
Accounts payable and accrued expenses     10,080 [3] 6,097 [4]
Policy benefits and losses, claims and loss expenses payable     1,236 [3] 6,688 [4]
Other policyholders' funds and liabilities     (509) [3] (1,406) [4]
Deferred income     [3] [4]
Related party liabilities     75 [3] (64) [4]
Net cash provided by operating activities     37,836 [3] 34,847 [4]
Cash flow from investing activities:        
Escrow Deposits    
Purchases of:        
Property, plant and equipment     [3] [4]
Short term investments     (9,042) [3] (499,277) [4]
Fixed maturities investments     (239,999) [3] (239,713) [4]
Equity securities     (662) (489) [4]
Preferred stock      
Real estate     (130) [3] (7,705) [4]
Mortgage loans     (69,098) [3] (132,885) [4]
Proceeds from sale of:        
Property, plant and equipment     [3] [4]
Short term investments     10,749 [3] 507,372 [4]
Fixed maturities investments     84,583 [3] 126,536 [4]
Preferred stock    
Real estate     1,681
Mortgage loans     20,478 94,532 [4]
Net cash used by investing activities     (203,121) (149,948) [4]
Cash flow from financing activities:        
Borrowings from credit facilities     [3] 27,000 [4]
Principal repayments on credit facilities     [3] (27,000) [4]
Debt issuance costs     [3] [4]
Capital lease payments     [3] [4]
Employee stock ownership plan    
Securitization deposits     [3]
Common stock dividends paid     [3]
Investment contract deposits     347,695 [3] 180,554 [4]
Investment contract withdrawals     (163,499) [3] (64,459) [4]
Net cash provided by (used in) financing activities     184,196 [3] 116,095 [4]
Effects of exchange rate on cash     [3] [4]
Increase (decrease) in cash and cash equivalents     18,911 [3] 994 [4]
Cash and cash equivalents at the beginning of period     13,416 [7] 931 [4]
Cash and cash equivalents at the end of the period 32,327 [8] 1,925 [4] 32,327 [8] 1,925 [4]
Consolidation, Eliminations [Member]        
Cash flow from operating activities:        
Net earnings (11,823) (9,046) (25,998) (25,925)
Earnings from consolidated entities     25,998 25,925
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation    
Amortization of deferred policy acquisition costs
Amortization of debt issuance costs    
Interest credited to policyholders    
Change in allowance for losses on trade receivables    
Change in allowance for inventory reserves    
Net gain on sale of personal property    
Net gains on disposal of real estate
Net (gain) loss on sale of investments    
Deferred income tax    
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables    
Inventories    
Prepaid expenses    
Capitalization of deferred policy acquisition costs    
Other assets    
Related party assets     [9]
Accounts payable and accrued expenses    
Policy benefits and losses, claims and loss expenses payable    
Other policyholders' funds and liabilities    
Deferred income    
Related party liabilities     [9]
Net cash provided by operating activities    
Cash flow from investing activities:        
Escrow Deposits    
Purchases of:        
Property, plant and equipment    
Short term investments    
Fixed maturities investments    
Equity securities    
Preferred stock      
Real estate    
Mortgage loans    
Proceeds from sale of:        
Property, plant and equipment    
Short term investments    
Fixed maturities investments    
Preferred stock    
Real estate    
Mortgage loans    
Net cash used by investing activities    
Cash flow from financing activities:        
Borrowings from credit facilities    
Principal repayments on credit facilities    
Debt issuance costs    
Capital lease payments    
Employee stock ownership plan    
Securitization deposits    
Common stock dividends paid    
Investment contract deposits    
Investment contract withdrawals    
Net cash provided by (used in) financing activities    
Effects of exchange rate on cash    
Increase (decrease) in cash and cash equivalents    
Cash and cash equivalents at the beginning of period    
Cash and cash equivalents at the end of the period
[1] Balances for the quarter ended September 30, 2017
[2] Balances for the quarter ended September 30, 2016
[3] Balance for the period ended September 30, 2017
[4] Balance for the period ended September 30, 2016
[5] Balances for the nine months ended September 30, 2017
[6] Balances for the nine months ended September 30, 2016
[7] Balances as of December 31, 2016
[8] Balances as of September 30, 2017
[9] Elimination of intercompany investments
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.8.0.1
Industry Segment and Geographic Area Data (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Mar. 31, 2017
Quarter ended:          
Total revenues $ 842,882 $ 790,455 $ 2,843,493 $ 2,712,331  
Depreciation and amortization, net of (gains) losses on disposals 143,013 123,741 222,534 340,539  
Interest expense 31,558 28,782 93,926 83,197  
Pretax earnings 271,579 102,700 667,623 614,822  
Income tax expense (257,315) 37,472 (112,117) 225,946  
Identifiable assets 10,496,959 9,287,317 10,496,959 9,287,317 $ 9,405,840
United States [Member]          
Quarter ended:          
Total revenues 805,692 757,477 2,707,614 2,588,121  
Depreciation and amortization, net of (gains) losses on disposals 141,193 122,242 216,885 336,618  
Interest expense 30,824 28,779 91,735 83,192  
Pretax earnings 269,830 99,660 654,388 595,217  
Income tax expense 264,361 (36,678) 115,855 (220,695)  
Identifiable assets 10,186,992 8,981,335 10,186,992 8,981,335  
Canada [Member]          
Quarter ended:          
Total revenues 37,190 32,978 135,879 124,210  
Depreciation and amortization, net of (gains) losses on disposals 1,820 1,499 5,649 3,921  
Interest expense 734 3 2,191 5  
Pretax earnings 1,749 3,040 13,235 19,605  
Income tax expense (7,046) 794 (3,738) 5,251  
Identifiable assets $ 309,967 $ 305,982 $ 309,967 $ 305,982  
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 269 $ 256 $ 805 $ 769
Interest cost on accumulated postretirement benefit 218 204 652 611
Other components 13 22 43 66
Net periodic postretirement benefit cost $ 500 $ 482 $ 1,500 $ 1,446
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Mar. 31, 2017
Assets:    
Short-term investments $ 778,878 $ 521,911
Fixed maturities - available for sale 1,829,863 1,625,845
Preferred stock 11,986 13,489
Common stock 26,465 24,434
Derivatives 4,190 4,260
Total 2,651,382 2,189,939
Liabilities:    
Guaranteed residual values of TRAC leases
Derivatives 1,253 4,903
Total 1,253 4,903
Level 1 [Member]    
Assets:    
Short-term investments 778,678 521,710
Fixed maturities - available for sale 7,647 6,491
Preferred stock 11,986 13,489
Common stock 26,465 24,434
Derivatives 4,190 4,260
Total 828,966 570,384
Liabilities:    
Guaranteed residual values of TRAC leases
Derivatives
Total
Level 2 [Member]    
Assets:    
Short-term investments 200 201
Fixed maturities - available for sale 1,821,938 1,619,024
Preferred stock
Common stock
Derivatives
Total 1,822,138 1,619,225
Liabilities:    
Guaranteed residual values of TRAC leases
Derivatives 1,253 4,903
Total 1,253 4,903
Level 3 [Member]    
Assets:    
Short-term investments
Fixed maturities - available for sale 278 330
Preferred stock
Common stock
Derivatives
Total 278 330
Liabilities:    
Guaranteed residual values of TRAC leases
Derivatives
Total
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Significant Unobservable Input (Level 3) Fair Value Measurements) (Details)
$ in Thousands
9 Months Ended
Dec. 31, 2017
USD ($)
Fixed Maturities - Asset Backed Securities  
Balance at March 31, 2017 $ 330
Fixed Maturities - Asset backed securities redeemed (89)
Fixed maturities - Asset Backed Securities - net loss (unrealized) 37
Balance at December 31, 2017 $ 278
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
Real Estate Agreements (Narratives) (Details)
$ in Millions
9 Months Ended
Dec. 31, 2017
USD ($)
Real Estate [Abstract]  
Net sale proceeds $ 194.2
Tax deferred exempt exchange amount 95.1
Remaining deposit amount with qualified intermediary 9.4
Recorded gain of sale 190.7
Sale proceed price 200.3
Book value and associated costs $ 9.6
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