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, 2018

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.
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 every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit 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 [ ]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, 2019.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of December 31, 2018 (unaudited) and March 31, 2018	1
	b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2018 and 2017 (unaudited)	2
	c) Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2018 and 2017 (unaudited)	3
	d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2018 and 2017 (unaudited)	4
	e) Condensed Consolidated Statements of Stockholders’ Equity for the Quarter and Nine Months Ended December 31, 2018	5
	f) Condensed Consolidated Statements of Stockholders’ Equity for the Quarter and Nine Months Ended December 31, 2017	6
	g) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2018 and 2017 (unaudited)	7
	h) Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	65
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds........................................................................	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	66

Part i Financial information

ITEM 1. Financial Statements

AMERCO AND CONSOLIDATED subsidiaries

CONDENSED CONSOLIDATED balance sheets

		December 31,		March 31,
		2018		2018
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	984,385	$	759,388
Reinsurance recoverables and trade receivables, net		191,764		193,538
Inventories and parts, net		96,187		89,877
Prepaid expenses		177,918		166,129
Investments, fixed maturities and marketable equities		2,127,342		1,919,860
Investments, other		332,532		399,064
Deferred policy acquisition costs, net		140,673		124,767
Other assets		83,839		244,782
Related party assets		38,156		33,276
		4,172,796		3,930,681
Property, plant and equipment, at cost:
Land		910,919		827,649
Buildings and improvements		3,762,491		3,140,713
Furniture and equipment		674,535		632,803
Rental trailers and other rental equipment		572,645		545,968
Rental trucks		4,532,134		4,390,750
		10,452,724		9,537,883
Less: Accumulated depreciation		(2,979,760)		(2,721,142)
Total property, plant and equipment		7,472,964		6,816,741
Total assets	$	11,645,760	$	10,747,422
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	517,360	$	511,115
Notes, loans and leases payable, net		3,975,764		3,513,076
Policy benefits and losses, claims and loss expenses payable		1,087,742		1,248,033
Liabilities from investment contracts		1,583,885		1,364,066
Other policyholders' funds and liabilities		12,907		10,040
Deferred income		29,226		34,276
Deferred income taxes, net		746,836		658,108
Total liabilities		7,953,720		7,338,714
Commitments and contingencies (notes 4, 8 and 9)
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, 2018		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of December 31 and March 31, 2018		–		–
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, 2018		–		–
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, 2018		10,497		10,497
Additional paid-in capital		453,116		452,746
Accumulated other comprehensive loss		(74,707)		(4,623)
Retained earnings		3,985,927		3,635,561
Cost of common shares in treasury, net (22,377,912 shares as of December 31 and March 31, 2018)		(525,653)		(525,653)
Cost of preferred shares in treasury, net (6,100,000 shares as of December 31 and March 31, 2018)		(151,997)		(151,997)
Unearned employee stock ownership plan shares		(5,143)		(7,823)
Total stockholders' equity		3,692,040		3,408,708
Total liabilities and stockholders' equity	$	11,645,760	$	10,747,422

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

1

AMERCO AND CONSOLIDATED subsidiaries

CONDENSED CONSOLIDATED Statements of operations

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	626,136	$	574,801
Self-storage revenues		93,392		82,127
Self-moving and self-storage products and service sales		55,665		53,130
Property management fees		7,899		9,881
Life insurance premiums		34,778		38,957
Property and casualty insurance premiums		17,668		16,093
Net investment and interest income		32,211		28,821
Other revenue		51,342		39,072
Total revenues		919,091		842,882
Costs and expenses:
Operating expenses		478,461		437,840
Commission expenses		67,493		63,487
Cost of sales		34,149		33,995
Benefits and losses		42,869		45,168
Amortization of deferred policy acquisition costs		6,654		5,952
Lease expense		7,890		8,415
Depreciation, net of gains on disposal of ($796) and ($4,235), respectively		143,473		137,061
Net (gains) losses on disposal of real estate		–		(192,404)
Total costs and expenses		780,989		539,514
Earnings from operations		138,102		303,368
Other components of net periodic benefit costs		(253)		(231)
Interest expense		(34,827)		(31,558)
Pretax earnings		103,022		271,579
Income tax (expense) benefit		(24,387)		257,315
Earnings available to common stockholders	$	78,635	$	528,894
Basic and diluted earnings per common share	$	4.01	$	27.00
Weighted average common shares outstanding: Basic and diluted		19,591,963		19,589,218

Related party revenues for the third quarter of fiscal 2019 and 2018, net of eliminations, were $7.9 million and $10.8 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2019 and 2018, net of eliminations, were $14.9 million and $14.1 million, respectively.

Please see Note 10, 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.

2

AMERCO AND CONSOLIDATED subsidiaries

CONDENSED CONSOLIDATED Statements of operations

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	2,124,451	$	1,985,217
Self-storage revenues		271,097		239,317
Self-moving and self-storage products and service sales		207,819		205,309
Property management fees		22,507		23,474
Life insurance premiums		107,586		116,910
Property and casualty insurance premiums		46,732		42,934
Net investment and interest income		85,043		82,507
Other revenue		177,940		147,825
Total revenues		3,043,175		2,843,493
Costs and expenses:
Operating expenses		1,504,365		1,346,782
Commission expenses		232,084		222,203
Cost of sales		130,432		124,456
Benefits and losses		137,196		139,997
Amortization of deferred policy acquisition costs		18,584		18,217
Lease expense		24,229		25,277
Depreciation, net of gains on disposal of ($29,127) and ($14,260), respectively		402,525		396,540
Net (gains) losses on disposal of real estate		10		(192,223)
Total costs and expenses		2,449,425		2,081,249
Earnings from operations		593,750		762,244
Other components of net periodic benefit costs		(760)		(695)
Interest expense		(105,111)		(93,926)
Pretax earnings		487,879		667,623
Income tax (expense) benefit		(117,853)		112,117
Earnings available to common stockholders	$	370,026	$	779,740
Basic and diluted earnings per common share	$	18.89	$	39.81
Weighted average common shares outstanding: Basic and diluted		19,591,282		19,588,558

Related party revenues for the first nine months of fiscal 2019 and 2018, net of eliminations, were $22.5 million and $26.8 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2019 and 2018, net of eliminations, were $51.1 million and $48.9 million, respectively.

Please see Note 10, 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.

3

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended December 31, 2018		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	103,022	$	(24,387)	$	78,635
Other comprehensive income (loss):
Foreign currency translation		(4,101)		–		(4,101)
Unrealized net loss on investments		1,827		(384)		1,443
Change in fair value of cash flow hedges		(115)		28		(87)
Total comprehensive income	$	100,633	$	(24,743)	$	75,890
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

Nine Months Ended December 31, 2018		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	487,879	$	(117,853)	$	370,026
Other comprehensive income (loss):
Foreign currency translation		(5,081)		–		(5,081)
Unrealized net loss on investments		(70,671)		14,841		(55,830)
Change in fair value of cash flow hedges		731		(180)		551
Total comprehensive income	$	412,858	$	(103,192)	$	309,666
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

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

4

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of stockholders’ equity

		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Less: Unearned Employee Stock Ownership Plan Shares		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of September 30, 2018	$	10,497	$	453,006	$	(62,238)	$	3,917,087	$	(525,653)	$	(151,997)	$	(7,535)	$	3,633,167
Increase in market value of released ESOP shares		–		110		–		–		–		–		–		110
Release of unearned ESOP shares		–		–		–		–		–		–		2,695		2,695
Purchase of ESOP shares		–		–		–		–		–		–		(303)		(303)
Foreign currency translation		–		–		(4,101)		–		–		–		–		(4,101)
Unrealized net gain on investments, net of tax		–		–		(8,281)		–		–		–		–		(8,281)
Change in fair value of cash flow hedges, net of tax		–		–		(87)		–		–		–		–		(87)
Net earnings		–		–		–		78,635		–		–		–		78,635
Common stock dividends: ($0.50 per share for fiscal 2019)		–		–		–		(9,795)		–		–		–		(9,795)
Net activity		–		110		(12,469)		68,840		–		–		2,392		58,873
Balance as of December 31, 2018	$	10,497	$	453,116	$	(74,707)	$	3,985,927	$	(525,653)	$	(151,997)	$	(5,143)	$	3,692,040
Balance as of March 31, 2018	$	10,497	$	452,746	$	(4,623)	$	3,635,561	$	(525,653)	$	(151,997)	$	(7,823)	$	3,408,708
Increase in market value of released ESOP shares		–		370		–		–		–		–		–		370
Release of unearned ESOP shares		–		–		–		–		–		–		8,083		8,083
Purchase of ESOP shares		–		–		–		–		–		–		(5,403)		(5,403)
Foreign currency translation		–		–		(5,081)		–		–		–		–		(5,081)
Unrealized net gain on investments, net of tax		–		–		(55,830)		–		–		–		–		(55,830)
Change in fair value of cash flow hedges, net of tax		–		–		551		–		–		–		–		551
Adjustment for adoption of ASU 2016-01		–		–		(9,724)		9,724		–		–		–		–
Net earnings		–		–		–		370,026		–		–		–		370,026
Common stock dividends: ($1.50 per share for fiscal 2019)		–		–		–		(29,384)		–		–		–		(29,384)
Net activity		–		370		(70,084)		350,366		–		–		2,680		283,332
Balance as of December 31, 2018	$	10,497	$	453,116	$	(74,707)	$	3,985,927	$	(525,653)	$	(151,997)	$	(5,143)	$	3,692,040

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

5

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of stockholders’ equity

		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Less: Unearned Employee Stock Ownership Plan Shares		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of September 30, 2017	$	10,497	$	452,474	$	(11,534)	$	3,124,152	$	(525,653)	$	(151,997)	$	(5,517)	$	2,892,422
Increase in market value of released ESOP shares		–		145		–		–		–		–		–		145
Release of unearned ESOP shares		–		–		–		–		–		–		2,680		2,680
Purchase of ESOP shares		–		–		–		–		–		–		(2,804)		(2,804)
Foreign currency translation		–		–		(1,794)		–		–		–		–		(1,794)
Unrealized net gain on investments, net of tax		–		–		2,852		–		–		–		–		2,852
Change in fair value of cash flow hedges, net of tax		–		–		565		–		–		–		–		565
Net earnings		–		–		–		528,894		–		–		–		528,894
Common stock dividends: ($0.50 per share for fiscal 2018)		–		–		–		(9,793)		–		–		–		(9,793)
Net activity		–		145		1,623		519,101		–		–		(124)		520,745
Balance as of December 31, 2017	$	10,497	$	452,619	$	(9,911)	$	3,643,253	$	(525,653)	$	(151,997)	$	(5,641)	$	3,413,167
Balance as of March 31, 2017	$	10,497	$	452,172	$	(51,236)	$	2,892,893	$	(525,653)	$	(151,997)	$	(6,932)	$	2,619,744
Increase in market value of released ESOP shares		–		447		–		–		–		–		–		447
Release of unearned ESOP shares		–		–		–		–		–		–		8,055		8,055
Purchase of ESOP shares		–		–		–		–		–		–		(6,764)		(6,764)
Foreign currency translation		–		–		19,240		–		–		–		–		19,240
Unrealized net gain on investments, net of tax		–		–		19,820		–		–		–		–		19,820
Change in fair value of cash flow hedges, net of tax		–		–		2,265		–		–		–		–		2,265
Net earnings		–		–		–		779,740		–		–		–		779,740
Common stock dividends: ($1.50 per share for fiscal 2018)		–		–		–		(29,380)		–		–		–		(29,380)
Net activity		–		447		41,325		750,360		–		–		1,291		793,423
Balance as of December 31, 2017	$	10,497	$	452,619	$	(9,911)	$	3,643,253	$	(525,653)	$	(151,997)	$	(5,641)	$	3,413,167

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

6

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	370,026	$	779,740
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		431,652		410,800
Amortization of deferred policy acquisition costs		18,584		18,217
Amortization of debt issuance costs		2,922		2,910
Interest credited to policyholders		28,540		23,250
Change in allowance for losses on trade receivables		124		(25)
Change in allowance for inventories and parts reserves		2,539		4,334
Net gains on disposal of personal property		(29,127)		(14,260)
Net (gains) losses on disposal of real estate		10		(192,223)
Net gains on sales of investments		(3,594)		(4,250)
Deferred income taxes		108,614		(179,047)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		1,601		(27,659)
Inventories and parts		(8,858)		(17,410)
Prepaid expenses		(12,533)		(22,220)
Capitalization of deferred policy acquisition costs		(19,994)		(21,501)
Other assets		159,125		6,279
Related party assets		(1,838)		47,804
Accounts payable and accrued expenses		(5,420)		26,764
Policy benefits and losses, claims and loss expenses payable		(159,285)		2,767
Other policyholders' funds and liabilities		2,867		590
Deferred income		(4,982)		(1,297)
Related party liabilities		(3,269)		(4,542)
Net cash provided by operating activities		877,704		839,021
Cash flows from investing activities:
Escrow deposits		(3,292)		19,707
Purchases of:
Property, plant and equipment		(1,325,365)		(970,472)
Short term investments		(39,494)		(48,743)
Fixed maturities investments		(394,266)		(274,283)
Equity securities		(957)		(662)
Preferred stock		(81)		(1,000)
Real estate		(505)		(1,783)
Mortgage loans		(56,892)		(80,707)
Proceeds from sales and paydowns of:
Property, plant and equipment		561,848		591,040
Short term investments		47,012		54,319
Fixed maturities investments		83,767		102,404
Equity securities		8,608		–
Preferred stock		1,625		3,188
Real estate		–		5,348
Mortgage loans		116,800		23,726
Net cash used by investing activities		(1,001,192)		(577,918)
Cash flows from financing activities:
Borrowings from credit facilities		693,132		426,262
Principal repayments on credit facilities		(255,123)		(303,212)
Payment of debt issuance costs		(5,097)		(4,581)
Capital lease payments		(236,683)		(219,623)
Employee stock ownership plan shares		(203)		(6,764)
Securitization deposits		–		(2,181)
Common stock dividends paid		(29,385)		(19,587)
Investment contract deposits		300,920		347,695
Investment contract withdrawals		(109,641)		(163,499)
Net cash provided by financing activities		357,920		54,510
Effects of exchange rate on cash		(9,435)		9,468
Increase in cash and cash equivalents		224,997		325,081
Cash and cash equivalents at the beginning of period		759,388		697,806
Cash and cash equivalents at the end of period	$	984,385	$	1,022,887

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

7

AMERCO and consolidated subsidiaries

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 material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2018 and 2017 correspond to fiscal 2019 and 2018 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, 2018 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months and cash flows for the first nine months of fiscal 2019 and 2018 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, 2018.

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.

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AMERCO and consolidated subsidiaries

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 15,559 and 18,279 as of December 31, 2018 and 2017, 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 $31.0 million and $30.2 million as of December 31, 2018 and March 31, 2018, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2018 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	$	128,934	$	1,140	$	(2,319)	$	(2,462)	$	125,293
U.S. government agency mortgage-backed securities		61,243		526		(44)		(1,558)		60,167
Obligations of states and political subdivisions		238,243		5,203		(251)		(2,456)		240,739
Corporate securities		1,576,170		14,898		(8,033)		(26,956)		1,556,079
Mortgage-backed securities		119,006		541		(212)		(1,384)		117,951
Redeemable preferred stocks		1,493		37		–		(20)		1,510
	$	2,125,089	$	22,345	$	(10,859)	$	(34,836)	$	2,101,739

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Available-for-sale investments as of March 31, 2018 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	$	123,557	$	3,595	$	(1,036)	$	(203)	$	125,913
U.S. government agency mortgage-backed securities		36,416		951		(1)		(93)		37,273
Obligations of states and political subdivisions		178,702		9,938		(217)		(18)		188,405
Corporate securities		1,388,300		50,056		(3,009)		(1,826)		1,433,521
Mortgage-backed securities		94,106		2,072		–		(153)		96,025
Preferred stocks		10,609		321		(29)		(40)		10,861
Common stocks		15,732		12,329		(10)		(189)		27,862
	$	1,847,422	$	79,262	$	(4,302)	$	(2,522)	$	1,919,860

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 $76.0 million during the first nine months of fiscal 2019. The gross realized gains on these sales totaled $0.9 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 2019 or 2018.

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 any 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) (“AOCI”) for first nine months of fiscal 2019 and fiscal 2018.

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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, 2018				March 31, 2018
		Amortized Cost		Estimated Market Value		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	58,311	$	58,532	$	36,446	$	36,674
Due after one year through five years		503,227		502,343		441,223		450,816
Due after five years through ten years		648,241		639,629		607,895		626,174
Due after ten years		794,811		781,774		641,411		671,448
		2,004,590		1,982,278		1,726,975		1,785,112
Mortgage-backed securities		119,006		117,951		94,106		96,025
Redeemable preferred stocks		1,493		1,510		2,118		2,247
Equity securities		–		–		24,223		36,476
	$	2,125,089	$	2,101,739	$	1,847,422	$	1,919,860

As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on April 1, 2018, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of December 31, 2018 our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income.

Equity investments of common stock and non-redeemable preferred stock were as follows:

		Estimated Market Value as of
		December 31, 2018
		(Unaudited)
		(In thousands)
Common stocks	$	18,298
Non-redeemable preferred stocks		7,305
	$	25,603

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

4. Borrowings

Long Term Debt

Long term debt was as follows:

				December 31,		March 31,
	2019 Rate (a)	Maturities		2018		2018
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	3.89%	2023	$	105,413	$	135,287
Senior mortgages	3.72% - 6.62%	2021 - 2038		1,659,930		1,487,645
Working capital loans (revolving credit)	3.59% - 3.72%	2021		335,000		55,000
Fleet loans (amortizing term)	1.95% - 4.66%	2019 - 2025		281,329		342,971
Fleet loans (revolving credit)	3.49% - 3.50%	2021 - 2023		530,000		460,000
Capital leases (rental equipment)	1.92% - 5.04%	2019 - 2025		1,012,791		984,217
Other obligations	2.75% - 8.00%	2019 - 2048		79,064		73,579
Notes, loans and leases payable				4,003,527		3,538,699
Less: Debt issuance costs				(27,763)		(25,623)
Total notes, loans and leases payable, net			$	3,975,764	$	3,513,076
(a) Interest rate as of December 31, 2018, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). As of December 31, 2018, the outstanding balance on the Real Estate Loan was $105.4 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. As of December 31, 2018, the applicable LIBOR was 2.39% and the applicable margin was 1.50%, the sum of which was 3.89%. 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 Real Estate and U-Haul are borrowers under certain senior mortgages. These senior mortgage loan balances as of December 31, 2018 were in the aggregate amount of $1,659.9 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. Real Estate and U-Haul 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.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Working Capital Loans

Various subsidiaries of Real Estate are borrowers under asset-backed working capital loans. As of December 31, 2018, the outstanding balance of these loans in the aggregate was $235.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2021 and October 2021. The loans require 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 agreements, is the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was 2.34% and the margin was between 1.25% and 1.38%, the sum of which was between 3.59% and 3.72%. AMERCO is the guarantor of these loans. 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 a 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. As of December 31, 2018, the outstanding balance was $100.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2021. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 2018, the applicable LIBOR was 2.32% and the margin was 1.38%, the sum of which was 3.70%. 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 and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the loans as of December 31, 2018 was $281.3 million with the final maturities between April 2019 and November 2025.

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. As of December 31, 2018, the applicable LIBOR was between 2.35% and 2.46% and applicable margins were between 1.72% and 1.75%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 3.00% based on current margins. Additionally, $258.6 million of these loans are carried at fixed rates ranging between 1.95% and 4.66%.

AMERCO, and in some cases U-Haul, is guarantor 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 Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $555.0 million. These loans mature between January 2021 and April 2023. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was between 2.34% and 2.35%, and the margin was 1.15%, the sum of which was between 3.49% and 3.50%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. As of December 31, 2018, the aggregate outstanding balance of the loans was $530.0 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 2019, we entered into $255.3 million of new capital leases. As of December 31, 2018 and March 31, 2018, the balance of our capital leases was $1,012.8 million and $984.2 million, respectively. As of December 31, 2018 the interest rates were between 1.92% and 5.04%. The net book value of the corresponding capitalized assets was $1,479.9 million and $1,407.6 million as of December 31, 2018 and March 31, 2018, respectively.

13

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

As of December 31, 2018, the aggregate outstanding principal balance of the U-Notes® issued was $82.3 million, of which $3.3 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 2019 and 2048.

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, 2018, the deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.67% and 2.95% with maturities between September 29, 2019 and March 29, 2021. As of September 30, 2018, available-for-sale investments held with the FHLB totaled $122.1 million, of which $69.8 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the condensed consolidated balance sheets.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt, including capital leases, as of December 31, 2018 for the next five years and thereafter are as follows:

		Twelve Months Ending December 31,
		2019		2020		2021		2022		2023		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	444,230	$	537,017	$	701,960	$	550,082	$	421,537	$	1,348,701

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	38,825	$	31,983
Capitalized interest		(5,055)		(2,075)
Amortization of transaction costs		909		963
Interest expense resulting from derivatives		148		687
Total interest expense		34,827		31,558

14

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	109,241	$	93,475
Capitalized interest		(7,701)		(5,769)
Amortization of transaction costs		2,751		2,909
Interest expense resulting from derivatives		820		3,311
Total interest expense		105,111		93,926

Interest paid in cash, including payments related to derivative contracts, amounted to $38.5 million and $32.7 million for the third quarter of fiscal 2019 and 2018, respectively, and $109.6 million and $96.1 million for the first nine months of fiscal 2019 and 2018, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		3.52%		2.47%
Interest rate at the end of the quarter		3.57%		2.56%
Maximum amount outstanding during the quarter	$	865,000	$	535,000
Average amount outstanding during the quarter	$	812,174	$	532,261
Facility fees	$	41	$	159

		Revolving Credit Activity
		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		3.31%		2.38%
Interest rate at the end of the period		3.57%		2.56%
Maximum amount outstanding during the period	$	865,000	$	538,000
Average amount outstanding during the period	$	632,509	$	516,349
Facility fees	$	313	$	284

15

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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, with 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. The following is a summary of our interest rate swap agreements as of December 31, 2018.

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
	(In millions)
$	15.1	(a)	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

1. Operating lease

As of December 31, 2018, the total notional amount of our variable interest rate swaps on debt and an operating lease was $23.7 million and $4.9 million, respectively.

The derivative fair values were as follows:

		Derivatives Fair Values as of
		December 31, 2018		March 31, 2018
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments
Assets	$	240	$	437
Liabilities		–		(897)

		The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended
		December 31, 2018		December 31, 2017
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	820	$	3,311
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(731)	$	(3,655)
Loss reclassified from AOCI into income (effective portion)	$	789	$	3,308
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	31	$	3

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 2019, we recognized a net increase in the fair value of our cash flow hedges of $0.6 million, net of taxes. Embedded in this change was $0.8 million of losses reclassified from accumulated other comprehensive income (loss) to interest expense during the first nine months of fiscal 2019. As of December 31, 2018, we expect to reclassify $0.2 million of net gains on interest rate contracts from accumulated other comprehensive income (loss) to earnings as interest expense over the next twelve months.

16

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

6. Accumulated Other Comprehensive Income (Loss)

A summary of the components of AOCI, net of tax, were as follows:

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	(54,853)	$	52,509	$	(370)	$	(1,909)	$	(4,623)
Foreign currency translation		(5,081)		–		–		–		(5,081)
Adjustment for adoption of ASU 2016-01		–		(9,724)		–		–		(9,724)
Unrealized net loss on investments		–		(55,830)		–		–		(55,830)
Change in fair value of cash flow hedges		–		–		1,340		–		1,340
Amounts reclassified from AOCI		–		–		(789)		–		(789)
Other comprehensive income (loss)		(5,081)		(65,554)		551		–		(70,084)
Balance as of December 31, 2018	$	(59,934)	$	(13,045)	$	181	$	(1,909)	$	(74,707)

7. Stockholders’ Equity

The following table summarizes dividends declared and/or paid during fiscal 2019:

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Paid Date
December 5, 2018	$	0.50	December 20, 2018	January 7, 2019
August 23, 2018		0.50	September 10, 2018	September 24, 2018
June 6, 2018		0.50	June 21, 2018	July 5, 2018
March 8, 2018		0.50	March 23, 2018	April 6, 2018

On June 8, 2016, our stockholders approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2018, no awards had been issued under this plan.

17

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

8. 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 2024. As of December 31, 2018, we have guaranteed $11.1 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:
2019	$	1,024	$	18,382	$	3,073	$	22,479
2020		1,024		17,801		–		18,825
2021		1,028		15,978		–		17,006
2022		1,030		15,452		–		16,482
2023		1,030		14,846		–		15,876
Thereafter		48,876		9,690		–		58,566
Total	$	54,012	$	92,149	$	3,073	$	149,234

9. Contingencies

Litigation

On July 1, 2014, a 100-pound propane cylinder allegedly filled at a Philadelphia-area U-Haul Co. of Pennsylvania (“UHPA”) center exploded while in use on a food truck. The explosion killed two people and injured eleven. Following the incident, the injured parties and their estates filed a number of lawsuits against U-Haul and its subsidiary, UHPA, both of which denied the allegations. One plaintiff sued AMERCO, which also denied the allegations. All suits were filed in the Philadelphia Court of Common Pleas. ByApril 2018, the parties reached agreements to settle the civilcases.Wehavepaida total of $27.7 million, representingour self-insured retention and attorney’s feesfor all related civil matters.

Following the resolution of the civil claims, inJune2018the United States Attorney's Office for the Eastern District of Pennsylvania filed an initial six-count indictment and a superseding seven-count indictment against UHPA.Theseven-count supersedingindictmentcharged UHPA with allegedly improperly filling propane cylinders that were overdue for periodic requalification, offering such cylinders for transportation, and failing to train UHPA employees dispensing propane. As of January 29, 2019, the U.S. Attorney's Office agreed to dismiss Counts 1 through 5 alleging UHPA improperly filled propanecylinders that were overdue for periodic requalification andoffering such cylinders for transportation.UHPA entered a plea of guilty on Counts 6 and 7 relating to the training violations set forth above.The sentencing is scheduled for May 7, 2019.

18

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

10. 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 (“WGHLP”), 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,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	908
U-Haul management fee revenue from Blackwater		5,776		5,661
U-Haul management fee revenue from Mercury		2,123		4,220
	$	7,899	$	10,789

19

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	3,326
U-Haul management fee revenue from Blackwater		18,254		18,054
U-Haul management fee revenue from Mercury		4,253		5,420
	$	22,507	$	26,800

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 management fees, exclusive of reimbursed expenses, of $23.8 million and $23.3 million from the above mentioned entities during the first nine months of fiscal 2019 and 2018, 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,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	669	$	658
U-Haul commission expenses to Blackwater		14,296		13,433
	$	14,965	$	14,091

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	2,009	$	2,014
U-Haul commission expenses to Blackwater		49,129		46,875
	$	51,138	$	48,889

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.

As of December 31, 2018, 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.

20

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $18.3 million, expenses of $2.0 million and cash flows of $16.4 million during the first nine months of fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $229.7 million and $49.1 million, respectively, during the first nine months of fiscal 2019.

Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that management agreements with subsidiaries of Blackwater represent 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, 2018 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,
		2018		2018
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater		27,280		24,034
U-Haul receivable from Mercury		10,116		10,357
Other (a)		760		(1,115)
	$	38,156	$	33,276

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

21

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

11. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

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

Management tracks revenues separately, but does not report any separate measure of 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, net 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.

22

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	905,266	$	5,715	$	73,404	$	–		$	984,385
Reinsurance recoverables and trade receivables, net		62,296		97,680		31,788		–			191,764
Inventories and parts, net		96,187		–		–		–			96,187
Prepaid expenses		177,918		–		–		–			177,918
Investments, fixed maturities and marketable equities		–		284,871		1,842,471		–			2,127,342
Investments, other		22,988		69,719		239,825		–			332,532
Deferred policy acquisition costs, net		–		–		140,673		–			140,673
Other assets		80,205		532		3,102		–			83,839
Related party assets		41,289		7,359		16,618		(27,110)	(c)		38,156
		1,386,149		465,876		2,347,881		(27,110)			4,172,796
Investment in subsidiaries		518,629		–		–		(518,629)	(b)		–
Property, plant and equipment, at cost:
Land		910,919		–		–		–			910,919
Buildings and improvements		3,762,491		–		–		–			3,762,491
Furniture and equipment		674,535		–		–		–			674,535
Rental trailers and other rental equipment		572,645		–		–		–			572,645
Rental trucks		4,532,134		–		–		–			4,532,134
		10,452,724		–		–		–			10,452,724
Less:Accumulated depreciation		(2,979,760)		–		–		–			(2,979,760)
Total property, plant and equipment		7,472,964		–		–		–			7,472,964
Total assets	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

23

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating balance sheets by industry segment as of December 31, 2018 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	$	509,060	$	3,745	$	4,555	$	–		$	517,360
Notes, loans and leases payable, net		3,975,764		–		–		–			3,975,764
Policy benefits and losses, claims and loss expenses payable		409,981		229,607		448,154		–			1,087,742
Liabilities from investment contracts		–		–		1,583,885		–			1,583,885
Other policyholders' funds and liabilities		–		5,050		7,857		–			12,907
Deferred income		29,226		–		–		–			29,226
Deferred income taxes, net		738,186		5,658		2,992		–			746,836
Related party liabilities		23,485		3,181		444		(27,110)	(c)		–
Total liabilities		5,685,702		247,241		2,047,887		(27,110)			7,953,720
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		453,326		91,120		26,271		(117,601)	(b)		453,116
Accumulated other comprehensive income (loss)		(74,707)		(3,026)		(10,018)		13,044	(b)		(74,707)
Retained earnings		3,985,717		127,240		281,241		(408,271)	(b)		3,985,927
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		(5,143)		–		–		–			(5,143)
Total stockholders' equity		3,692,040		218,635		299,994		(518,629)			3,692,040
Total liabilities and stockholders' equity	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

24

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		166,129		–		–		–			166,129
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,327,328		465,364		2,170,009		(32,020)			3,930,681
Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–
Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less:Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

25

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	506,158	$	2,582	$	2,375	$	–		$	511,115
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714
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		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
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		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

26

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating statement of operations by industry segment for the quarter ended December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	627,543	$	–	$	–	$	(1,407)	(c)	$	626,136
Self-storage revenues		93,392		–		–		–			93,392
Self-moving and self-storage products and service sales		55,665		–		–		–			55,665
Property management fees		7,899		–		–		–			7,899
Life insurance premiums		–		–		34,778		–			34,778
Property and casualty insurance premiums		–		18,128		–		(460)	(c)		17,668
Net investment and interest income		4,364		4,018		24,248		(419)	(b)		32,211
Other revenue		50,065		–		1,409		(132)	(b)		51,342
Total revenues		838,928		22,146		60,435		(2,418)			919,091
Costs and expenses:
Operating expenses		465,828		9,412		5,216		(1,995)	(b,c)		478,461
Commission expenses		67,493		–		–		–			67,493
Cost of sales		34,149		–		–		–			34,149
Benefits and losses		–		1,733		41,136		–			42,869
Amortization of deferred policy acquisition costs		–		–		6,654		–			6,654
Lease expense		8,026		–		–		(136)	(b)		7,890
Depreciation, net of (gains) losses on disposal		143,473		–		–		–			143,473
Net losses on disposal of real estate		–		–		–		–			–
Total costs and expenses		718,969		11,145		53,006		(2,131)			780,989
Earnings from operations before equity in earnings of subsidiaries		119,959		11,001		7,429		(287)			138,102
Equity in earnings of subsidiaries		14,664		–		–		(14,664)	(d)		–
Earnings from operations		134,623		11,001		7,429		(14,951)			138,102
Other components of net periodic benefit costs		(253)		–		–		–			(253)
Interest expense		(35,114)		–		–		287	(b)		(34,827)
Pretax earnings		99,256		11,001		7,429		(14,664)			103,022
Income tax expense		(20,621)		(2,186)		(1,580)		–			(24,387)
Earnings available to common shareholders	$	78,635	$	8,815	$	5,849	$	(14,664)		$	78,635
(a) Balances for the quarter ended September 30, 2018
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

27

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		426,163		8,160		5,521		(2,004)	(b,c)		437,840
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 on disposal of real estate		(192,404)		–		–		–			(192,404)
Total costs and expenses		476,800		12,804		51,997		(2,087)			539,514
Earnings from operations before equity in earnings of subsidiaries		285,687		7,595		10,382		(296)			303,368
Equity in earnings of subsidiaries		11,823		–		–		(11,823)	(d)		–
Earnings from operations		297,510		7,595		10,382		(12,119)			303,368
Other components of net periodic benefit costs		(231)		–		–		–			(231)
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

28

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, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,128,120	$	–	$	–	$	(3,669)	(c)	$	2,124,451
Self-storage revenues		271,097		–		–		–			271,097
Self-moving and self-storage products and service sales		207,819		–		–		–			207,819
Property management fees		22,507		–		–		–			22,507
Life insurance premiums		–		–		107,586		–			107,586
Property and casualty insurance premiums		–		48,448		–		(1,716)	(c)		46,732
Net investment and interest income		9,757		10,109		66,435		(1,258)	(b)		85,043
Other revenue		174,447		–		3,889		(396)	(b)		177,940
Total revenues		2,813,747		58,557		177,910		(7,039)			3,043,175
Costs and expenses:
Operating expenses		1,467,831		26,027		16,275		(5,768)	(b,c)		1,504,365
Commission expenses		232,084		–		–		–			232,084
Cost of sales		130,432		–		–		–			130,432
Benefits and losses		–		10,957		126,239		–			137,196
Amortization of deferred policy acquisition costs		–		–		18,584		–			18,584
Lease expense		24,637		–		–		(408)	(b)		24,229
Depreciation, net of (gains) losses on disposal		402,525		–		–		–			402,525
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		2,257,519		36,984		161,098		(6,176)			2,449,425
Earnings from operations before equity in earnings of subsidiaries		556,228		21,573		16,812		(863)			593,750
Equity in earnings of subsidiaries		30,306		–		–		(30,306)	(d)		–
Earnings from operations		586,534		21,573		16,812		(31,169)			593,750
Other components of net periodic benefit costs		(760)		–		–		–			(760)
Interest expense		(105,974)		–		–		863	(b)		(105,111)
Pretax earnings		479,800		21,573		16,812		(30,306)			487,879
Income tax expense		(109,774)		(4,359)		(3,720)		–			(117,853)
Earnings available to common shareholders	$	370,026	$	17,214	$	13,092	$	(30,306)		$	370,026
(a) Balances for the nine months ended September 30, 2018
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

29

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		1,310,197		24,632		16,669		(4,716)	(b,c)		1,346,782
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 on disposal of real estate		(192,223)		–		–		–			(192,223)
Total costs and expenses		1,886,633		36,586		162,929		(4,899)			2,081,249
Earnings from operations before equity in earnings of subsidiaries		723,589		19,118		20,536		(999)			762,244
Equity in earnings of subsidiaries		25,998		–		–		(25,998)	(d)		–
Earnings from operations		749,587		19,118		20,536		(26,997)			762,244
Other components of net periodic benefit costs		(695)		–		–		–			(695)
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

30

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, 2018 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	$	370,026	$	17,214	$	13,092	$	(30,306)	$	370,026
Earnings from consolidated entities		(30,306)		–		–		30,306		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		431,652		–		–		–		431,652
Amortization of deferred policy acquisition costs		–		–		18,584		–		18,584
Amortization of debt issuance costs		2,922		–		–		–		2,922
Interest credited to policyholders		–		–		28,540		–		28,540
Change in allowance for losses on trade receivables		129		–		(5)		–		124
Change in allowance for inventories and parts reserve		2,539		–		–		–		2,539
Net gains on disposal of personal property		(29,127)		–		–		–		(29,127)
Net losses on disposal of real estate		10		–		–		–		10
Net gains on sales of investments		–		(3,007)		(587)		–		(3,594)
Deferred income taxes		108,618		3,624		(3,628)		–		108,614
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		2,323		2,000		(2,722)		–		1,601
Inventories and parts		(8,858)		–		–		–		(8,858)
Prepaid expenses		(12,533)		–		–		–		(12,533)
Capitalization of deferred policy acquisition costs		–		–		(19,994)		–		(19,994)
Other assets		159,232		391		(498)		–		159,125
Related party assets		(1,428)		(410)		–		–		(1,838)
Accounts payable and accrued expenses		(16,639)		1,174		10,045		–		(5,420)
Policy benefits and losses, claims and loss expenses payable		(157,470)		(4,751)		2,936		–		(159,285)
Other policyholders' funds and liabilities		–		(327)		3,194		–		2,867
Deferred income		(4,982)		–		–		–		(4,982)
Related party liabilities		(3,039)		318		(548)		–		(3,269)
Net cash provided (used) by operating activities		813,069		16,226		48,409		–		877,704
Cash flows from investing activities:
Escrow deposits		(3,292)		–		–		–		(3,292)
Purchases of:
Property, plant and equipment		(1,325,365)		–		–		–		(1,325,365)
Short term investments		–		(39,251)		(243)		–		(39,494)
Fixed maturities investments		–		(32,862)		(361,404)		–		(394,266)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		(81)		–		(81)
Real estate		(236)		(187)		(82)		–		(505)
Mortgage loans		–		(13,312)		(43,580)		–		(56,892)
Proceeds from sales and paydowns of:
Property, plant and equipment		561,848		–		–		–		561,848
Short term investments		–		47,012		–		–		47,012
Fixed maturities investments		–		9,886		73,881		–		83,767
Equity securities		–		8,608		–		–		8,608
Preferred stock		–		1,625		–		–		1,625
Mortgage loans		–		1,331		115,469		–		116,800
Net cash provided (used) by investing activities		(767,045)		(17,150)		(216,997)		–		(1,001,192)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2018

31

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, 2018 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		666,232		–		26,900		–		693,132
Principal repayments on credit facilities		(228,223)		–		(26,900)		–		(255,123)
Payments of debt issuance costs		(5,097)		–		–		–		(5,097)
Capital lease payments		(236,683)		–		–		–		(236,683)
Employee stock ownership plan shares		(203)		–		–		–		(203)
Common stock dividend paid		(29,385)		–		–		–		(29,385)
Investment contract deposits		–		–		300,920		–		300,920
Investment contract withdrawals		–		–		(109,641)		–		(109,641)
Net cash provided (used) by financing activities		166,641		–		191,279		–		357,920
Effects of exchange rate on cash		(9,435)		–		–		–		(9,435)
Increase (decrease) in cash and cash equivalents		203,230		(924)		22,691		–		224,997
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	905,266	$	5,715	$	73,404	$	–	$	984,385
		(page 2 of 2)
(a) Balance for the period ended September 30, 2018

32

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 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 inventories and parts reserve		4,334		–		–		–		4,334
Net gains on disposal of personal property		(14,260)		–		–		–		(14,260)
Net gains on disposal of real estate		(192,223)		–		–		–		(192,223)
Net gains 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 and parts		(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 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 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

33

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)
Payment of debt issuance costs		(4,581)		–		–		–		(4,581)
Capital lease payments		(219,623)		–		–		–		(219,623)
Employee stock ownership plan shares		(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

34

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

12. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended December 31, 2018
Total revenues	$	880,767	$	38,324	$	919,091
Depreciation and amortization, net of (gains) losses on disposals		147,868		2,259		150,127
Interest expense		34,051		776		34,827
Pretax earnings		100,832		2,190		103,022
Income tax expense		(23,828)		(559)		(24,387)
Identifiable assets		11,285,627		360,133		11,645,760
Quarter Ended December 31, 2017
Total revenues	$	805,692	$	37,190	$	842,882
Depreciation and amortization, net of (gains) losses on disposals		(51,211)		1,820		(49,391)
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

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Nine Months Ended December 31, 2018
Total revenues	$	2,901,908	$	141,267	$	3,043,175
Depreciation and amortization, net of (gains) losses on disposals		416,784		4,335		421,119
Interest expense		102,924		2,187		105,111
Pretax earnings		472,302		15,577		487,879
Income tax expense		(113,712)		(4,141)		(117,853)
Identifiable assets		11,285,627		360,133		11,645,760
Nine Months Ended December 31, 2017
Total revenues	$	2,707,614	$	135,879	$	2,843,493
Depreciation and amortization, net of (gains) losses on disposals		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

35

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

13. Employee Benefit Plans

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

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	277	$	269
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		235		218
Other components		18		13
Total other components of net periodic benefit costs		253		231
Net periodic postretirement benefit cost	$	530	$	500

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	831	$	805
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		707		652
Other components		53		43
Total other components of net periodic benefit costs		760		695
Net periodic postretirement benefit cost	$	1,591	$	1,500

14. 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.

36

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 sheets as of December 31, 2018 and March 31, 2018, that are subject to ASC 820 and the valuation approach applied to each of these items.

As of December 31, 2018		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short term investments	$	670,795	$	670,795	$	–	$	–
Fixed maturities - available for sale		2,100,229		7,190		2,092,818		221
Preferred stock		8,815		8,815		–		–
Common stock		18,298		18,298		–		–
Derivatives		4,783		4,543		240		–
Total	$	2,802,920	$	709,641	$	2,093,058	$	221
Liabilities
Derivatives	$	–	$	–	$	–	$	–
Total	$	–	$	–	$	–	$	–

As of March 31, 2018		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short term investments	$	475,320	$	475,320	$	–	$	–
Fixed maturities - available for sale		1,881,137		7,567		1,873,293		277
Preferred stock		10,861		10,861		–		–
Common stock		27,862		27,862		–		–
Derivatives		4,825		4,388		437		–
Total	$	2,400,005	$	525,998	$	1,873,730	$	277
Liabilities
Derivatives	$	897	$	–	$	897	$	–
Total	$	897	$	–	$	897	$	–

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following table represents the fair value measurements for our assets as of December 31, 2018 using significant unobservable inputs (Level 3).

.		Fixed Maturities - Asset-Backed Securities
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	277
Fixed Maturities - Asset-Backed Securities - redeemed		(95)
Fixed Maturities - Asset-Backed Securities - net gain (unrealized)		39
Balance as of December 31, 2018	$	221

15. Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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 became effective for us on April 1, 2018 and was adopted on a modified retrospective basis. Due to insignificant changes in our revenue recognition pattern for applicable revenue streams as a result of the updated guidance, there was no cumulative effect recorded.Additionally, due to the relatively short duration of our equipment contracts, we elected to use the practical expedient for contracts that begin and end within the same reporting period in applying the updated guidance to our applicable revenue streams. We performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance.The adoption of the standard did not have a material impact on our consolidated financial statements.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. This is applicable to insurance premiums received in conjunction with equipment rentals, for which we allocate the transaction price relating to these distinct performance obligations covered by Topic 944 on a relative standalone selling price basis.There were no material contract assets or liabilities as of December 31, 2018 and March 31, 2018.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

The Company’s self-moving rental revenues do not currently meet the definition of a lease under Topic 840 - Leases due to the existence of substitution rights, and thus are accounted for under Topic 606.However, the contracts are expected to meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts will be accounted for as leases.We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 – Leases.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19 of Topic 606. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the Incentive Fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter and first nine months of fiscal 2019 did not have a material effect on our financial statements.

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 – Financial Instruments.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 840, while the shipping obligation represents a contract with a customer accounted for under Topic 606.Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Moving Help services fees are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

In the following tables, the revenue is disaggregated by timing of revenue recognition:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	662,498	$	607,079
Revenues recognized at a point in time		65,372		62,208
Total revenues recognized under ASC 606		727,870		669,287
Revenues recognized under ASC 840		102,863		89,052
Revenues recognized under ASC 944		56,147		55,722
Revenues recognized under ASC 320		32,211		28,821
Total revenues	$	919,091	$	842,882

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	2,255,541	$	2,099,216
Revenues recognized at a point in time		240,281		236,067
Total revenues recognized under ASC 606		2,495,822		2,335,283
Revenues recognized under ASC 840		301,551		261,968
Revenues recognized under ASC 944		160,759		163,735
Revenues recognized under ASC 320		85,043		82,507
Total revenues	$	3,043,175	$	2,843,493

In the above tables, the revenues recognized over time include self-moving equipment rentals, property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues, whereas revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.

16. Income Taxes

The Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate income 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 repeals the deferral of the phase three tax for life insurance companies. As of December 31, 2018, we have completed our accounting for the tax effects of enactment of the Tax Reform Act.

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17. Accounting Pronouncements

Adoption of New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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 became effective for us on April 1, 2018 and was adopted on a modified retrospective basis.We performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance.The adoption of the standard did not have a material impact 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”), which addressed 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 was effective for interim and annual reporting period beginning after December 15, 2017. Early adoption was not permitted, except for certain provisions relating to financial liabilities. We adopted this standard in the first quarter of fiscal 2019 and recorded an increase of approximately $9.7 million to retained earnings with a corresponding decrease to accumulated other comprehensive income (loss).

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This update addressed eight specific cash flow issues with the objective of reducing the existing diversity in practice.The effective date of ASU 2016-15 was for interim and annual reporting periods beginning after December 15, 2017. Early adoption was permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact 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 required 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 was effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash. The guidance required 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 are required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies also need to disclose information about the nature of the restrictions. This update became effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements.

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In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. This update clarified 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 became effective for fiscal years beginning after December 15, 2017, including interim periods within those years. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact 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 (“ASU 2017-07”), which changed 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 continues to be presented in the same income statement line items, however other components of the net periodic benefit cost are presented as a component of other income and excluded from operating profit. ASU 2017-07 became effective for public companies during interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. We report the current service cost component of net periodic benefit cost in Operating expenses on our condensed consolidated statements of operations and report the Other components of net periodic benefit cost as a separate item outside of earnings from operations. We have applied these changes in presentation retrospectively, which resulted in a decrease in earnings from operations of $0.3 million and $0.5 million for the quarter and six months ended September 30, 2017, respectively. These changes in presentation did not result in any changes to earnings available to common stockholders or earnings per common share. Details of the net periodic costs are provided in Note 13, Employee Benefit Plans, of the Notes to Condensed Consolidated Financial Statements.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). 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 operating leases reporting a single lease expense. 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.

ASU 2016-02 also aligns key aspects of lessor accounting with the new revenue recognition guidance in Topic 606 (seeASU 2014-09)on the previous page). In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, (“ASU 2018-11”) which provides an additional transition method allowing entities to only apply the new lease standard in the year of adoption. Additionally, ASU 2018-11 provides a practical expedient for lessors to combine nonlease components with related lease components if certain conditions are met. These ASUs become effective for the Company on April 1, 2019. Early adoption is permitted

The Company is in the process of implementing these ASUs and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption. The Company has determined portions of its vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in these ASUs. As discussed inASU 2014-09, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606. The Company plans on adopting ASC Topic 842 and related ASUs on April 1, 2019, using the Effective Date Approach, including the practical expedients allowing entities to not have to reassess whether any expired or existing contracts are or

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contain leases, the lease classification for any expired or existing leases and related initial direct costs. Additionally, we will adopt the practical expedient for lessors to combine non-lease components with related lease components. We have identified the lease arrangements that are subject to Topic ASC 842 and are 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 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 December15, 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.

In August 2018, the FASB adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities, at least annually. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption of ASU 2018-12 is permitted. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statement of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; but allows for early adoption in any interim period after issuance of the update. We are currently evaluating the impact of this standard on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”),which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; but allows for early adoption in any year end after issuance of the update. 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.

18. Subsequent Event

In 2011, Oxford entered into a Reinsurance Agreement with State Mutual Insurance Company (“State Mutual”) to coinsure a block of whole life insurance policies originally issued by State Mutual. The Reinsurance Agreement remained in-force until November 30, 2018. On December 1, 2018, the two companies entered into a Termination Amendment which terminated the Reinsurance Agreement. As a result, Oxford transferred net cash of $64.6 million supporting the net liabilities, less transaction offsets to State Mutual.

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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 2019, compared with the third quarter and first nine months of fiscal 2018, 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 2019.

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 Annual Report on Form 10-K for the fiscal year ended March 31, 2018. 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 material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2018 and 2017 correspond to fiscal 2019 and 2018 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-Haulwith 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.

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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, throughout 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®andSafestor 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.

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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, and 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 triggering 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 $16.0 million and $18.4 million in the first nine months of fiscal 2019 and 2018, respectively. This change in procedure is expected to benefit the Company through the immediate recognition of tax deductible costs.

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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 from 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,

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• Current conditions affecting claim settlements, and
• Future economic conditions including inflation

We reserve each claim based upon the accumulation of claim costs projected through each claimant’s 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 2019 or 2018.

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.

Accounting Pronouncements

Please see Note 17, Accounting Pronouncements, of the Notes to Condensed Consolidated Financial Statements for Adoption of New Accounting Pronouncements and Recent Accounting Pronouncements.

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Results of Operations

AMERCO and Consolidated Entities

Quarter Ended December 31, 2018 compared with the Quarter Ended December 31, 2017

Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2019 and the third quarter of fiscal 2018:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	626,136	$	574,801
Self-storage revenues		93,392		82,127
Self-moving and self-storage products and service sales		55,665		53,130
Property management fees		7,899		9,881
Life insurance premiums		34,778		38,957
Property and casualty insurance premiums		17,668		16,093
Net investment and interest income		32,211		28,821
Other revenue		51,342		39,072
Consolidated revenue	$	919,091	$	842,882

Self-moving equipment rental revenues increased $51.3 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018. Improvements came from the One-way and in-town markets and both experienced transaction growth combined with increased revenue per transaction.Corporate account rentals also contributed to the overall increase. Compared to the same period last year, we increased the number of Company-owned locations along with the number of box trucks, trailers and towing devices in the rental fleet.

Self-storage revenues increased $11.3 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018.The average monthly amount of occupied square feet increased by 12.2% during the third quarter of fiscal 2019 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 4.9 million net rentable square feet, or a 16.5% increase, with approximately 1.1 million of that coming on during the third quarter of fiscal 2019.

Sales of self-moving and self-storage products and services increased $2.5 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018 primarily from the sales of moving supplies and propane.

Life insurance premiums decreased $4.2 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums increased $1.6 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018 due to an increase in Safetow® and Safestor® sales, which is a reflection of the increased equipment and storage rental transactions.

Net investment and interest income increased $3.4 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018 due to a larger invested asset base at our life insurance subsidiary.

Other revenue increased $12.3 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018, 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 $919.1 million for the third quarter of fiscal 2019, compared with $842.9 million for the third quarter of fiscal 2018.

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Listed below are revenues and earnings from operations at each of our operating segments, for the third quarter of fiscal 2019 and the third quarter of fiscal 2018. The insurance companies third quarters ended September 30, 2018 and 2017.

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	838,928	$	762,487
Earnings from operations before equity in earnings of subsidiaries		119,959		285,687
Property and casualty insurance
Revenues		22,146		20,399
Earnings from operations		11,001		7,595
Life insurance
Revenues		60,435		62,379
Earnings from operations		7,429		10,382
Eliminations
Revenues		(2,418)		(2,383)
Earnings from operations before equity in earnings of subsidiaries		(287)		(296)
Consolidated results
Revenues		919,091		842,882
Earnings from operations		138,102		303,368

Total costs and expenses increased $49.1 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018, excluding changes to net (gains) losses on disposal of real estate. Operating expenses for Moving and Storage increased $39.7 million, largely from increased personnel, shipping costs associated with U-Box®, building maintenance and property taxes. These costs were offset by a reduction in repair costs of $10.3 million on rental equipment. Net gains from the disposal of rental equipment decreased $3.4 million.Compared with the third quarter of fiscal 2018, we have sold fewer used trucks while the average sales proceeds per truck improved.Depreciation expense associated with our rental fleet decreased $1.6 million. Depreciation expense on all other assets, largely from buildings and improvements, increased $4.5 million. Net gains on disposal of real estate decreased $192.4 million. The decrease was caused by the sale of a portion of our Chelsea, NY property in October 2017 which resulted in a pre-tax gain of $190.7 million in the third quarter of fiscal 2018.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $138.1 million for the third quarter of fiscal 2019, compared with $303.4 million for the third quarter of fiscal 2018.

Interest expense for the third quarter of fiscal 2019 was $34.8 million, compared with $31.6 million for the third quarter of fiscal 2018 primarily due to increased borrowings.

Income tax (expense) benefit was ($24.4) million for the third quarter of fiscal 2019, compared with 257.3 million for the third quarter of fiscal 2018, due to the effects of the Tax Reform Act as enacted on December 22, 2017. Our effective tax rate was 23.7% of net income before taxes for the quarter, compared with (94.7%) in the third quarter of fiscal 2018. In the third quarter of fiscal 2018 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.

As a result of the above-mentioned items, earnings available to common shareholders were $78.6 million for the third quarter of fiscal 2019, compared with $528.9 million for the third quarter of fiscal 2018.

Basic and diluted earnings per share for the third quarter of fiscal 2019 were $4.01, compared with $27.00 for the third quarter of fiscal 2018.

The weighted average common shares outstanding basic and diluted were 19,591,963 for the third quarter of fiscal 2019, compared with 19,589,218 for the third quarter of fiscal 2018.

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Moving and Storage

Quarter Ended December 31, 2018 compared with the Quarter Ended December 31, 2017

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the third quarter of fiscal 2019 and the third quarter of fiscal 2018:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	627,543	$	576,018
Self-storage revenues		93,392		82,127
Self-moving and self-storage products and service sales		55,665		53,130
Property management fees		7,899		9,881
Net investment and interest income		4,364		3,662
Other revenue		50,065		37,669
Moving and Storage revenue	$	838,928	$	762,487

Self-moving equipment rental revenues increased $51.5 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018.Improvements came from the One-way and in-town markets and both experienced transaction growth combined with increased revenue per transaction.Corporate account rentals also contributed to the overall increase.Sales of our Safemove® and related protection packages also contributed to the revenue growth. Compared to the same period last year, we increased the number of Company-owned locations along with the number of box trucks, trailers and towing devices in the rental fleet.

Self-storage revenues increased $11.3 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018.The average monthly amount of occupied square feet increased by 12.2% during the third quarter of fiscal 2019 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 4.9 million net rentable square feet, or a 16.5% increase, with approximately 1.1 million of that coming on during the third quarter of fiscal 2019.

Sales of self-moving and self-storage products and services increased $2.5 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018, primarily from the sales of moving supplies and propane.

Net investment and interest income increased $0.7 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018.

Other revenue increased $12.4 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018, primarily coming from growth in the U-Box® program.

We own and manage 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,
	2018	2017
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of December 31	411	352
Square footage as of December 31	34,693	29,780
Average number of rooms occupied	277	247
Average occupancy rate based on room count	68.0%	70.9%
Average square footage occupied	25,126	22,401

Over the last twelve months we added approximately 4.9 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 6.8%.

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Total costs and expenses increased $49.8 million during the third quarter of fiscal 2019, compared with the third quarter of fiscal 2018, excluding changes to net (gains) losses on disposal of real estate. Operating expenses increased $39.7 million, largely from increased personnel, shipping costs associated with U-Box®, building maintenance and property taxes. These costs were offset by a reduction in repair costs of $10.3 million on rental equipment. Net gains from the disposal of rental equipment decreased $3.4 million.Compared with the third quarter of fiscal 2018, we have sold fewer used trucks while the average sales proceeds per truck improved.Depreciation expense associated with our rental fleet decreased $1.6 million. Depreciation expense on all other assets, largely from buildings and improvements increased $4.5 million. Net gains on disposal of real estate decreased $192.4 million. The decrease was caused by the sale of a portion of our Chelsea, NY property in October 2017 which resulted in a pre-tax gain of $190.7 million in the third quarter of fiscal 2018.

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 $120.0 million for the third quarter of fiscal 2019, compared with $285.7 million for the third quarter of fiscal 2018.

Equity in the earnings of AMERCO’s insurance subsidiaries was $14.7 million and $11.8 million for the third quarter of fiscal 2019 and 2018, respectively.

As a result of the above mentioned changes in revenues and expenses, earnings from operations decreased to $134.6 million for the third quarter of fiscal 2019, compared with $297.5 million for the third quarter of fiscal 2018.

Property and Casualty Insurance

Quarter Ended September 30, 2018 compared with the Quarter Ended September 30, 2017

Net premiums were $18.1 million and $16.8 million for the quarters ended September 30, 2018 and 2017, 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 $4.0 million and $3.6 million for third quarters ended September 30, 2018 and 2017, respectively.Net gains from the sales of fixed maturities increased $3.1 million.Updated accounting guidance now requires changes in the market value of equity securities held for investment to be recognized through income.This accounted for a $2.9 million decrease during the third quarter of fiscal 2019.

Net operating expenses were $9.4 million and $8.2 million for the quarters ended September 30, 2018, due to an increase in commissions, decreased loss adjusting fees and subrogation income.

Benefits and losses incurred were $1.7 million and $4.6 million for the quarters ended September 30, 2018 and 2017, respectively. The decrease was due to favorable loss experience.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $11.0 million and $7.6 million for the third quarters ended September 30, 2018 and 2017, respectively.

Life Insurance

Quarter Ended September 30, 2018 compared with the Quarter Ended September 30, 2017

Net premiums were $34.8 million and $39.0 million for the quarters ended September 30, 2018 and 2017, respectively.Medicare Supplement premiums decreased by $3.1 million due to the reduction in new sales and policy decrements on the existing business offset by premium rate increases. Premiums on other lines of business decreased $1.1 million, primarily due to the decrease in single premium whole life. Deferred annuity deposits were $106.3 million or $36.4 million above prior year period and are accounted for on the balance sheet as deposits rather than premiums

Net investment income was $24.2 million and $21.9 million for the quarters ended September 30, 2018 and 2017, respectively. Investment income increased $3.3 million from a larger invested assets base, offset by a $1.0 million reduction in realized gains.

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Net operating expenses were $5.2 million and $5.5 million for the quarters ended September 30, 2018 and 2017, respectively. The decrease was due to a reduction in commission expense from decreased Medicare supplement premiums and expense allowance on the reinsured block of business.

Benefits and losses incurred were $41.1 million and $40.5 million for the quarters ended September 30, 2018 and 2017, respectively. The variance was primarily due to a $2.6 million increase in interest credited to policyholders on a larger annuity deposit base partially offset by a $1.9 million reduction in Medicare supplement benefits from the declined policies in force.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $6.7 million and $6.0 million for the quarters ended September 30, 2018 and 2017, respectively. The increase was due to an increased annuity DAC asset base supported by sales partially offset by a decrease due to a reduced Medicare supplement DAC asset base from decrements in policies in force.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $7.4 million and $10.4 million for the quarters ended September 30, 2018 and 2017, respectively.

AMERCO and Consolidated Entities

Nine Months Ended December 31, 2018 compared with the Nine Months Ended December 31, 2017

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2019 and the first nine months of fiscal 2018:

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,124,451	$	1,985,217
Self-storage revenues		271,097		239,317
Self-moving and self-storage products and service sales		207,819		205,309
Property management fees		22,507		23,474
Life insurance premiums		107,586		116,910
Property and casualty insurance premiums		46,732		42,934
Net investment and interest income		85,043		82,507
Other revenue		177,940		147,825
Consolidated revenue	$	3,043,175	$	2,843,493

Self-moving equipment rental revenues increased $139.2 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018.One-way and in-town transactions both increased leading to the improved revenue results.Sales of our Safemove® and related protection packages contributed to the revenue growth. Compared to the same period last year, we increased the number of Company-owned locations along with the number of box trucks, trailers and towing devices in the rental fleet.

Self-storage revenues increased $31.8 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018.The average monthly amount of occupied square feet increased by 11.3% during the first nine months of fiscal 2019 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 4.9 million net rentable square feet, or a 16.5% increase, with approximately 3.7 million of that coming on during the first nine months of fiscal 2019.

Sales of self-moving and self-storage products and services increased $2.5 million for the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018 primarily from the sales of moving supplies and propane.

Life insurance premiums decreased $9.3 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018 due primarily to decreased Medicare supplement premiums.

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Property and casualty insurance premiums increased $3.8 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018 due to an increase in Safetow® and Safestor® sales which corresponds with increased equipment and storage rental transactions.

Net investment and interest income increased $2.5 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018 due to a larger invested asset base at our life insurance subsidiary. Updated accounting guidance now requires changes in the market value of equity securities held for investment at our insurance subsidiaries to be recognized through income.This accounted for a $4.3 million decrease during the first nine months of fiscal 2019.

Other revenue increased $30.1 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018, 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 $3,043.2 million for the first nine months of fiscal 2019, as compared with $2,843.5 million for the first nine months of fiscal 2018.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2019 and the first nine months of fiscal 2018. The insurance companies’ first nine months ended September 30, 2018 and 2017.

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	2,813,747	$	2,610,222
Earnings from operations before equity in earnings of subsidiaries		556,228		723,589
Property and casualty insurance
Revenues		58,557		55,704
Earnings from operations		21,573		19,118
Life insurance
Revenues		177,910		183,465
Earnings from operations		16,812		20,536
Eliminations
Revenues		(7,039)		(5,898)
Earnings from operations before equity in earnings of subsidiaries		(863)		(999)
Consolidated results
Revenues		3,043,175		2,843,493
Earnings from operations		593,750		762,244

Total costs and expenses increased $175.9 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018, excluding changes to net (gains) losses on disposal of real estate. Operating expenses for Moving and Storage increased $157.6 million, largely from increased personnel, maintenance repairs, shipping costs associated with U-Box®, building maintenance and property taxes. Repair costs accounted for $42.4 million of the increase with the majority of this associated with the portion of the fleet nearing resale. Net gains from the disposal of rental equipment increased $14.9 million.Compared with the first nine months of fiscal 2018, we have sold more used trucks and the average sales proceeds per truck improved.Depreciation expense associated with our rental fleet increased $10.0 million due to a larger fleet. Depreciation expense on all other assets, largely from buildings and improvements increased $10.9 million. Net gains on disposal of real estate decreased $192.2 million. The decrease was caused by the sale of a portion of our Chelsea, NY property in October 2017 which resulted in a pre-tax gain of $190.7 million in the third quarter of fiscal 2018.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $593.8 million for the first nine months of fiscal 2019, as compared with $762.2 million for the first nine months of fiscal 2018.

Interest expense for the first nine months of fiscal 2019 was $105.1 million, compared with $93.9 million for the first nine months of fiscal 2018 primarily due to increased borrowings.

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Income tax (expense) benefit was ($117.9) million for the first nine months of fiscal 2019, compared with $112.1 million for first nine months of fiscal 2018 due to the effects of the Tax Reform Act as enacted on December 22, 2017. Our effective tax rate was 24.2% of net income before taxes for the first nine months of fiscal 2019, compared to (16.8%) for the first nine months of fiscal 2018. In first nine months of fiscal 2018 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.

As a result of the above-mentioned items, earnings available to common shareholders were $370.0 million for the first nine months of fiscal 2019, compared with $779.7 million for the first nine months of fiscal 2018.

Basic and diluted earnings per common share for the first nine months of fiscal 2019 were $18.89, compared with $39.81 for the first nine months of fiscal 2018.

The weighted average common shares outstanding basic and diluted were 19,591,282 for the first nine months of fiscal 2019, compared with 19,588,558 for the first nine months of fiscal 2018.

Moving and Storage

Nine Months Ended December 31, 2018 compared with the Nine Months Ended December 31, 2017

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2019 and the first nine months of fiscal 2018:

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,128,120	$	1,988,430
Self-storage revenues		271,097		239,317
Self-moving and self-storage products and service sales		207,819		205,309
Property management fees		22,507		23,474
Net investment and interest income		9,757		9,496
Other revenue		174,447		144,196
Moving and Storage revenue	$	2,813,747	$	2,610,222

Self-moving equipment rental revenues increased $139.7 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018.One-way and in-town transactions both increased leading to the improved revenue results.Sales of our Safemove® and related protection packages contributed to the revenue growth. Compared to the same period last year, we increased the number of Company-owned locations along with the number of box trucks, trailers and towing devices in the rental fleet.

Self-storage revenues increased $31.8 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018.The average monthly amount of occupied square feet increased by 11.3% during the first nine months of fiscal 2019 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 4.9 million net rentable square feet, or a 16.5% increase, with approximately 3.7 million of that coming on during the first nine months of fiscal 2019.

Sales of self-moving and self-storage products and services increased $2.5 million for the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018, primarily from the sales of moving supplies and propane.

Net investment and interest income increased $0.3 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018.

Other revenue increased $30.3 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018, primarily coming from growth in our U-Box® program.

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We own and manage 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,
	2018	2017
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of December 31	411	352
Square footage as of December 31	34,693	29,780
Average number of rooms occupied	272	245
Average occupancy rate based on room count	69.4%	72.6%
Average square footage occupied	24,553	22,064

Over the last twelve months we added approximately 4.9 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 6.8%.

Total costs and expenses increased $178.7 million during the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018, excluding changes to net (gains) losses on disposal of real estate. Operating expenses for Moving and Storage increased $157.6 million, largely from increased personnel, maintenance repairs, shipping costs associated with U-Box®, building maintenance and property taxes. Repair costs accounted for $42.4 million of the increase with the majority of this associated with the portion of the fleet nearing resale. Net gains from the disposal of rental equipment increased $14.9 million.Compared with the first nine months of fiscal 2018, we have sold more used trucks and the average sales proceeds per truck improved.Depreciation expense associated with our rental fleet increased $10.0 million due to a larger fleet. Depreciation expense on all other assets, largely from buildings and improvements increased $10.9 million. Net gains on disposal of real estate decreased $192.2 million. The decrease was caused by the sale of a portion of our Chelsea, NY property in October 2017 which resulted in a pre-tax gain of $190.7 million in the third quarter of fiscal 2018.

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 decreased to $556.2 million for the first nine months of fiscal 2019, compared with $723.6 million for the first nine months of fiscal 2018.

Equity in the earnings of AMERCO’s insurance subsidiaries was $30.3 million for the first nine months of fiscal 2019, compared with $26.0 million for the first nine months of fiscal 2018.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $586.5 million for the first nine months of fiscal 2019, compared with $749.6 million for the first nine months of fiscal 2018.

Property and Casualty Insurance

Nine Months Ended September 30, 2018 compared with the Nine Months Ended September 30, 2017

Net premiums were $48.4 million and $44.1 million for the first nine months ended September 30, 2018 and 2017, 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 $10.1 million and $11.6 million for the nine months ended September 30, 2018 and 2017, respectively.Net gains from the sale of fixed maturities increased $3.4 million. Updated accounting guidance now requires changes in the market value of equity securities held for investment to be recognized through income.This accounted for a $4.3 million decrease during the first nine months.

Net operating expenses were $26.0 million and $24.6 million for the nine months ended September 30, 2018 and 2017, respectively. The change was due to an increase in commissions, decreased loss adjusting fees and subrogation income.

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Benefits and losses incurred were $11.0 million and $12.0 million for the first nine months ended September 30, 2018 and 2017, respectively. The increase resulted from 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 $21.6 million and $19.1 million for the nine months ended September 30, 2018 and 2017, respectively.

Life Insurance

Nine Months Ended September 30, 2018 compared with the Nine Months Ended September 30, 2017

Net premiums were $107.6 million and $116.9 million for the nine months ended September 30, 2018 and 2017, respectively. Medicare Supplement premiums decreased by $9.6 million due to the reduction in new sales and policy decrements on the existing business offset by premium rate increases. Premiums on other lines of business increased $0.3 million. Deferred annuity deposits were $270.9 million or $28.2 million above prior year period and are accounted for on balance sheet as deposits rather than premiums.

Net investment income was $66.4 million and $62.5 million for the nine months ended September 30, 2018 and 2017, respectively. Investment income from fixed maturities and other invested assets increased $6.5 million from a larger invested asset base, partially offset by realized losses of $2.6 million.

Net operating expenses were $16.3 million and $16.7 million for the nine months ended September 30, 2018 and 2017, respectively. A decrease was primarily due to a reduction in commission expense from decreased Medicare supplement premiums.

Benefits and losses incurred were $126.2 million and $128.0 million for the nine months ended September 30, 2018 and 2017, respectively. The decrease was due to a $7.6 million reduction in Medicare supplement and other health benefits from the declined policies in force along with $0.4 million decrease in life insurance benefits. Partially offsetting this was a $5.2 million increase in interest credited to policyholders on a larger annuity deposit base coupled with $1.0 million increase in supplementary annuity contract disbursements.

DAC, SIA and VOBA was $18.6 million and $18.2 million for the nine months ended September 30, 2018 and 2017, respectively. The increase was due to an increased annuity DAC asset base supported by sales partially offset by a decrease due to lower DAC amortization on Medicare Supplement from the reduction in DAC asset.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $16.8 million and $20.5 million for the nine months ended September 30, 2018 and 2017, 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.

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As of December 31, 2018, cash and cash equivalents totaled $984.4 million, compared with $759.4 million at March 31, 2018. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 31, 2018 (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	$	905,266	$	5,715	$	73,404
Other financial assets		126,573		459,629		2,130,702
Debt obligations		3,975,764		–		–
(a) As of September 30, 2018

As of December 31, 2018, Moving and Storage had additional borrowing capacity available under existing credit facilities of $75.0 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 increased $38.7 million in the first nine months of fiscal 2019 compared with the first nine months of fiscal 2018 from operations and reduced federal income tax payments.

Net cash used in investing activities increased $423.3 million in the first nine months of fiscal 2019, compared with the first nine months of fiscal 2018. Purchases of property, plant and equipment, which are reported net of cash from sales and lease-back transactions, increased $354.9 million. Cash from the sales of property, plant and equipment decreased $29.2 million largely due to reduced fleet sales. For our insurance subsidiaries, net cash used in investing activities increased $12.3 million compared with the same period last year.

Net cash provided by financing activities increased $303.4 million in the first nine months of fiscal 2019, as compared with the first nine months of fiscal 2018. This was due to a combination of increased debt and capital lease repayments of $31.0 million, an increase in cash from borrowings of $240.0 million, an increase in net annuity deposits from Life Insurance of $7.1 million and an increase in common stock dividends paid of $9.8 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 2019, we will reinvest in our truck and trailer rental fleet approximately $570 million, net of equipment sales excluding any lease buyouts. Through the first nine months of fiscal 2019, we have invested, net of equipment sales, approximately $323 million before any lease buyouts in our truck and trailer fleet of this projected amount. Fleet investments in fiscal 2019 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the remaining fiscal 2019 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.

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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 2019, we invested approximately $639 million in real estate acquisitions, new construction and renovation and major repairs. For the remainder of fiscal 2019, 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 $763.5 million and $379.4 million for the first nine months of fiscal 2019 and 2018, respectively. The components of our net capital expenditures are provided in the following table:

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	882,186	$	787,976
Equipment lease buyouts		18,697		2,942
Purchases of real estate, construction and renovations		639,268		399,510
Other capital expenditures		40,500		103,783
Gross capital expenditures		1,580,651		1,294,211
Less: Lease proceeds		(255,286)		(323,739)
Less: Sales of property, plant and equipment		(561,848)		(591,040)
Net capital expenditures		763,517		379,432

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 marketplace 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 stockholders’ 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 stockholders’ equity was $218.6 million and $211.2 million as of September 30, 2018 and December 31, 2017, respectively. The increase resulted from net earnings of $17.2 million and a decrease in other comprehensive income (loss) of $9.8 million and a one-time reclass of $9.7 million between other comprehensive income (loss) and beginning retained earnings due to the implementation of ASU 2016-01. 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, 2018 were $191.3 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

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Life Insurance’s stockholders’ equity was $300.0 million and $332.9 million as of September 30, 2018 and December 31, 2017, respectively. The decrease resulted from a reduction in other comprehensive income of $13.1 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio, offset by net earnings of $46.0 million. 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, 2018, Oxford had outstanding deposits of $60.0 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 by operating activities were $813.1 million and $782.8 million for the first nine months of fiscal 2019 and 2018 from operations and reduced federal income tax payments.

Property and Casualty Insurance

Net cash provided by operating activities were $16.2 million and $18.4 million for the nine months ended September 30, 2018 and 2017, respectively. The decrease was the result of changes in intercompany balances and the timing of payables activity.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $8.3 million and $11.6 million as of September 30, 2018 and December 31, 2017, 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 $48.4 million and $37.8 million for the nine months ended September 30, 2018 and 2017, respectively. The increase in operating cash flows was due to an increase in investment income along with a decrease in benefits, commissions and federal income tax.

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. As of September 30, 2018 and December 31, 2017, cash and cash equivalents and short-term investments amounted to $73.5 million and $50.7 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 fix interest rates. 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. As of December 31, 2018, we had available borrowing capacity under existing credit facilities of $75.0 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.

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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 14, 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. As of December 31, 2018, we had $0.2 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, 2018.

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 2024. In the event of a shortfall in proceeds from the sales of the underlying rental equipment assets, we have guaranteed $11.1 million of residual values as of December 31, 2018 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 $14.0 million as of December 31, 2018.

Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 10, 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, Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini are substantially controlled by Blackwater. Blackwater is wholly owned by Willow Grove Holding LP (“WGHLP”), 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 $23.8 million and $23.3 million from the above mentioned entities for both the first nine months of fiscal 2019 and 2018. 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 (our Chairman of the Board, President and a significant shareholder).

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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 $2.0 million in the first nine months of fiscal 2019 and 2018, 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.

As of December 31, 2018, 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 $49.1 million and $46.9 million in commissions pursuant to such dealership contracts during the first nine months of fiscal 2019 and 2018, respectively.

These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $18.3 million, expenses of $2.0 million and cash flows of $16.4 million during the first nine months of fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $229.7 million and $49.1 million, respectively during the first nine months of fiscal 2019.

Fiscal 2019 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. In fiscal 2019, 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 2019.

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 as of December 31, 2018:

	Notional Amount			Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
	(Unaudited)
	(In thousands)
$	4,948	(a)	$	13	3/28/2012	3/28/2019	1.42%	1 Month LIBOR
	7,917			24	4/16/2012	4/1/2019	1.28%	1 Month LIBOR
	15,749			203	1/15/2013	12/15/2019	1.07%	1 Month LIBOR
	(a) operating lease

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As of December 31, 2018, we had $993.1 million of variable rate debt obligations and $4.9 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 $9.7 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 to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining 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 4.7% and 4.8% of our revenue was generated in Canada during the first nine months of fiscal 2019 and 2018, 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 and the availability of financial resources to meet our needs, 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.

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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; outcomes of litigation; 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 toensure 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 toensure 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 the effectiveness of our controls 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.

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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 9, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2018.

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
4.1	Thirty-FourthSupplemental Indenture and Pledge and Security Agreement dated October 23, 2018, by and between AMERCO and U.S. Bank National Association, as trustee	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on October 23, 2018, 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

66

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

67

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 6, 2019	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
	(Duly Authorized Officer)
Date:February 6, 2019	/s/ Jason A. Berg
	Jason A. Berg
	Chief Financial Officer
	(Principal Financial Officer)
Date:February 6, 2019	/s/ Mary K. Thompson
	Mary K. Thompson
	Chief Accounting Officer

68

EX-31.1

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 Board
Date: February 6, 2019

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 6, 2019	Chief Financial Officer

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, 2018 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 6, 2019 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, to the best of my knowledge and belief, 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 6, 2019	President and Chairman of the Board

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, 2018 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 6, 2019 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, 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 6, 2019	Chief Financial Officer

XML

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	AMERCO /NV/
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Small Business	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Entity Common Stock, Shares Outstanding		19,607,788

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
ASSETS:
Cash and cash equivalents	$ 984,385	$ 759,388
Reinsurance recoverables and trade receivables, net	191,764	193,538
Inventories, net	96,187	89,877
Prepaid expenses	177,918	166,129
Investments, fixed maturities and marketable equities	2,127,342	1,919,860
Investments, other	332,532	399,064
Deferred policy acquisition costs, net	140,673	124,767
Other assets	83,839	244,782
Related party assets	38,156	33,276
Subtotal assets	4,172,796	3,930,681
Property, plant and equipment, at cost:
Land	910,919	827,649
Buildings and improvements	3,762,491	3,140,713
Furniture and equipment	674,535	632,803
Property, plant and equipment, gross	10,452,724	9,537,883
Less: Accumulated depreciation	(2,979,760)	(2,721,142)
Total property, plant and equipment	7,472,964	6,816,741
Total assets	11,645,760	10,747,422
Liabilities:
Accounts payable and accrued expenses	517,360	511,115
Notes, loans and leases payable	3,975,764	3,513,076
Policy benefits and losses, claims and loss expenses payable	1,087,742	1,248,033
Liabilities from investment contracts	1,583,885	1,364,066
Other policyholders' funds and liabilities	12,907	10,040
Deferred income	29,226	34,276
Deferred income taxes, net	746,836	658,108
Total liabilities	7,953,720	7,338,714
Commitments and contingencies (notes 4, 9 and 10)
Stockholders' equity:
Additional paid-in capital	453,116	452,746
Accumulated other comprehensive loss	(74,707)	(4,623)
Retained earnings	3,985,927	3,635,561
Unearned employee stock ownership plan shares	(5,143)	(7,823)
Total stockholders' equity	3,692,040	3,408,708
Total liabilities and stockholders' equity	11,645,760	10,747,422
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	572,645	545,968
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 4,532,134	$ 4,390,750

XML

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Dec. 31, 2018	Mar. 31, 2018
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	$ 0
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	$ 0
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

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Self-moving equipment rentals	$ 626,136	$ 574,801	$ 2,124,451	$ 1,985,217
Self-storage revenues	93,392	82,127	271,097	239,317
Self-moving and self-storage products and service sales	55,665	53,130	207,819	205,309
Property management fees	7,899	9,881	22,507	23,474
Life insurance premiums	34,778	38,957	107,586	116,910
Property and casualty insurance premiums	17,668	16,093	46,732	42,934
Net investment and interest income	32,211	28,821	85,043	82,507
Other revenue	51,342	39,072	177,940	147,825
Total revenues	919,091	842,882	3,043,175	2,843,493
Costs and expenses:
Operating expenses	478,461	437,840	1,504,365	1,346,782
Commission expenses	67,493	63,487	232,084	222,203
Cost of sales	34,149	33,995	130,432	124,456
Benefits and losses	42,869	45,168	137,196	139,997
Amortization of deferred policy acquisition costs	6,654	5,952	18,584	18,217
Lease expense	7,890	8,415	24,229	25,277
Depreciation, net of (gains) losses on disposals	143,473	137,061	402,525	396,540
Net gains on disposal of real estate		(192,404)	10	(192,223)
Total costs and expenses	780,989	539,514	2,449,425	2,081,249
Earnings from operations	138,102	303,368	593,750	762,244
Other components of net periodic benefit costs	(253)	(231)	(760)	(695)
Interest expense	(34,827)	(31,558)	(105,111)	(93,926)
Pretax earnings	103,022	271,579	487,879	667,623
Income tax (expense) benefit	(24,387)	257,315	(117,853)	112,117
Earnings available to common shareholders	$ 78,635	$ 528,894	$ 370,026	$ 779,740
Basic and diluted earnings per common share	$ 4.01	$ 27	$ 18.89	$ 39.81
Weighted average common shares outstanding: basic and diluted	19,591,963	19,589,218	19,591,282	19,588,558

XML

Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Depreciation:
Net gain on sale of personal property	$ (796)	$ (4,235)	$ (29,127)	$ (14,260)
Related party:
Related party revenues, net of eliminations	7,899	10,789	22,507	26,800
Related party, costs and expenses, net of eliminations	$ 14,965	$ 14,091	$ 51,138	$ 48,889

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Comprehensive income (loss) (pretax):
Pretax earnings	$ 103,022	$ 271,579	$ 487,879	$ 667,623
Comprehensive income (loss) (tax effect):
Net earnings (Tax)	(24,387)	257,315	(117,853)	112,117
Comprehensive income (loss) (net of tax):
Net earnings	78,635	528,894	370,026	779,740
Other comprehensive income (loss):
Foreign currency translation (pretax)	(4,101)	(1,794)	(5,081)	19,240
Foreign currency translation (tax effect)
Foreign currency translation (net of tax)	(4,101)	(1,794)	(5,081)	19,240
Unrealized gain (loss) on investments (pretax)	1,827	4,388	(70,671)	30,492
Unrealized gain (loss) on investments (tax effect)	(384)	(1,536)	14,841	(10,672)
Unrealized gain (loss) on investments (net of tax)	1,443	2,852	(55,830)	19,820
Change in fair value of cash flow hedges (pretax)	(115)	911	731	3,655
Change in fair value of cash flow hedges (tax effect)	28	(346)	(180)	(1,390)
Change in fair value of cash flow hedges (net of tax)	(87)	565	551	2,265
Total comprehensive income (loss) (pretax)	100,633	275,084	412,858	721,010
Total comprehensive income (loss) (tax effect)	(24,743)	255,433	(103,192)	100,055
Total comprehensive income (loss) (net of tax)	$ 75,890	$ 530,517	$ 309,666	$ 821,065

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Less: Treasury Common Stock [Member]	Less: Treasury Preferred Stock [Member]	Less: Unearned Employee Stock Ownership Plan Shares
Balance at Mar. 31, 2017	$ 2,619,744	$ 10,497	$ 452,172	$ (51,236)	$ 2,892,893	$ (525,653)	$ (151,997)	$ (6,932)
Consolidated statement of change in equity
Increase in market value of released ESOP shares	447		447
Release of unearned ESOP shares	8,055							8,055
Purchase of ESOP shares	(6,764)							(6,764)
Foreign currency translation	19,240			19,240
Unrealized net gain (loss) on investments, net of tax	19,820			19,820
Change in fair value of cash flow hedges, net of tax	2,265			2,265
Net earnings	779,740				779,740
Common stock dividends	(29,380)				(29,380)
Net activity	793,423		447	41,325	750,360			1,291
Balance at Dec. 31, 2017	3,413,167	10,497	452,619	(9,911)	3,643,253	(525,653)	(151,997)	(5,641)
Balance at Sep. 30, 2017	2,892,422	10,497	452,474	(11,534)	3,124,152	(525,653)	(151,997)	(5,517)
Consolidated statement of change in equity
Increase in market value of released ESOP shares	145		145
Release of unearned ESOP shares	2,680							2,680
Purchase of ESOP shares	(2,804)							(2,804)
Foreign currency translation	(1,794)			(1,794)
Unrealized net gain (loss) on investments, net of tax	2,852			2,852
Change in fair value of cash flow hedges, net of tax	565			565
Net earnings	528,894				528,894
Common stock dividends	(9,793)				(9,793)
Net activity	520,745		145	1,623	519,101			(124)
Balance at Dec. 31, 2017	3,413,167	10,497	452,619	(9,911)	3,643,253	(525,653)	(151,997)	(5,641)
Balance at Mar. 31, 2018	3,408,708	10,497	452,746	(4,623)	3,635,561	(525,653)	(151,997)	(7,535)
Consolidated statement of change in equity
Increase in market value of released ESOP shares	370		370
Release of unearned ESOP shares	8,083							8,083
Purchase of ESOP shares	(203)							(5,403)
Foreign currency translation	(5,081)			(5,081)
Unrealized net gain (loss) on investments, net of tax	(55,830)			(55,830)
Change in fair value of cash flow hedges, net of tax	551			551
Adjustment for adoption of ASU 2018-02				(9,724)	9,724
Net earnings	370,026				370,026
Common stock dividends	(29,384)				(29,384)
Net activity	283,332		370	(70,084)	350,366			2,680
Balance at Dec. 31, 2018	3,692,040	10,497	453,116	(74,707)	3,985,927	(525,653)	(151,997)	(5,143)
Balance at Sep. 30, 2018	3,633,167	10,497	453,006	(62,238)	3,917,087	(525,653)	(151,997)	(7,535)
Consolidated statement of change in equity
Increase in market value of released ESOP shares	110		110
Release of unearned ESOP shares	2,695							2,695
Purchase of ESOP shares	(303)							(303)
Foreign currency translation	(4,101)			(4,101)
Unrealized net gain (loss) on investments, net of tax	1,443			(8,281)
Change in fair value of cash flow hedges, net of tax	(87)			(87)
Adjustment for adoption of ASU 2018-02
Net earnings	78,635				78,635
Common stock dividends	(9,795)				(9,795)
Net activity	58,873		110	(12,469)	68,840			2,392
Balance at Dec. 31, 2018	$ 3,692,040	$ 10,497	$ 453,116	$ (74,707)	$ 3,985,927	$ (525,653)	$ (151,997)	$ (5,143)

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Retained Earnings [Member]
Common Stock Dividends Per Share Declared	$ 0.5	$ 0.5	$ 1.5	$ 1.5

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flow from operating activities:
Net earnings	$ 370,026	$ 779,740
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	431,652	410,800
Amortization of deferred policy acquisition costs	18,584	18,217
Amortization of debt issuance costs	2,922	2,910
Interest credited to policyholders	28,540	23,250
Change in allowance for losses on trade receivables	124	(25)
Change in allowance for inventory reserves	2,539	4,334
Net gain on sale of personal property	(29,127)	(14,260)
Net gains on disposal of real estate	10	(192,223)
Net (gain) loss on sale of investments	(3,594)	(4,250)
Deferred income tax	108,614	(179,047)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	1,601	(27,659)
Inventories	(8,858)	(17,410)
Prepaid expenses	(12,533)	(22,220)
Capitalization of deferred policy acquisition costs	(19,994)	(21,501)
Other assets	159,125	6,279
Related party assets	(1,838)	47,804
Accounts payable and accrued expenses	(5,420)	26,764
Policy benefits and losses, claims and loss expenses payable	(159,285)	2,767
Other policyholders' funds and liabilities	2,867	590
Deferred income	(4,982)	(1,297)
Related party liabilities	(3,269)	(4,542)
Net cash provided by operating activities	877,704	839,021
Cash flow from investing activities:
Escrow Deposits	(3,292)	19,707
Purchases of:
Property, plant and equipment	(1,325,365)	(970,472)
Short term investments	(39,494)	(48,743)
Fixed maturities investments	(394,266)	(274,283)
Equity securities	(957)	(662)
Preferred stock	(81)	(1,000)
Real estate	(505)	(1,783)
Mortgage loans	(56,892)	(80,707)
Proceeds from sale of:
Property, plant and equipment	561,848	591,040
Short term investments	47,012	54,319
Fixed maturities investments	83,767	102,404
Equity securities	8,608
Preferred stock	1,625	3,188
Real estate		5,348
Mortgage loans	116,800	23,726
Net cash used by investing activities	(1,001,192)	(577,918)
Cash flow from financing activities:
Borrowings from credit facilities	693,132	426,262
Principal repayments on credit facilities	(255,123)	(303,212)
Debt issuance costs	(5,097)	(4,581)
Capital lease payments	(236,683)	(219,623)
Employee stock ownership plan	(203)	(6,764)
Securitization deposits		(2,181)
Common stock dividends paid	(29,385)	(19,587)
Investment contract deposits	300,920	347,695
Investment contract withdrawals	(109,641)	(163,499)
Net cash provided by (used in) financing activities	357,920	54,510
Effects of exchange rate on cash	(9,435)	9,468
Increase (decrease) in cash and cash equivalents	224,997	325,081
Cash and cash equivalents at the beginning of period	759,388	697,806
Cash and cash equivalents at the end of the period	$ 984,385	$ 1,022,887

XML

Basis of Presentation

9 Months Ended

Dec. 31, 2018

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 material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2018 and 2017 correspond to fiscal 2019 and 2018 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, 2018 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months and cash flows for the first nine months of fiscal 2019 and 2018 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, 2018.

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.

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Earnings Per Share

9 Months Ended

Dec. 31, 2018

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 15,559 and 18,279 as of December 31, 2018 and 2017, respectively.

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Investments

9 Months Ended

Dec. 31, 2018

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 $31.0 million and $30.2 million as of December 31, 2018 and March 31, 2018, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2018 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	$	128,934	$	1,140	$	(2,319)	$	(2,462)	$	125,293
U.S. government agency mortgage-backed securities		61,243		526		(44)		(1,558)		60,167
Obligations of states and political subdivisions		238,243		5,203		(251)		(2,456)		240,739
Corporate securities		1,576,170		14,898		(8,033)		(26,956)		1,556,079
Mortgage-backed securities		119,006		541		(212)		(1,384)		117,951
Redeemable preferred stocks		1,493		37		–		(20)		1,510
	$	2,125,089	$	22,345	$	(10,859)	$	(34,836)	$	2,101,739

Available-for-sale investments as of March 31, 2018 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	$	123,557	$	3,595	$	(1,036)	$	(203)	$	125,913
U.S. government agency mortgage-backed securities		36,416		951		(1)		(93)		37,273
Obligations of states and political subdivisions		178,702		9,938		(217)		(18)		188,405
Corporate securities		1,388,300		50,056		(3,009)		(1,826)		1,433,521
Mortgage-backed securities		94,106		2,072		–		(153)		96,025
Preferred stocks		10,609		321		(29)		(40)		10,861
Common stocks		15,732		12,329		(10)		(189)		27,862
	$	1,847,422	$	79,262	$	(4,302)	$	(2,522)	$	1,919,860

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 $76.0 million during the first nine months of fiscal 2019. The gross realized gains on these sales totaled $0.9 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 2019 or 2018.

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 any 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) (“AOCI”) for first nine months of fiscal 2019 and fiscal 2018.

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

		December 31, 2018				March 31, 2018
		Amortized Cost		Estimated Market Value		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	58,311	$	58,532	$	36,446	$	36,674
Due after one year through five years		503,227		502,343		441,223		450,816
Due after five years through ten years		648,241		639,629		607,895		626,174
Due after ten years		794,811		781,774		641,411		671,448
		2,004,590		1,982,278		1,726,975		1,785,112
Mortgage-backed securities		119,006		117,951		94,106		96,025
Redeemable preferred stocks		1,493		1,510		2,118		2,247
Equity securities		–		–		24,223		36,476
	$	2,125,089	$	2,101,739	$	1,847,422	$	1,919,860

As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on April 1, 2018, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of December 31, 2018 our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income.

Equity investments of common stock and non-redeemable preferred stock were as follows:

		Estimated Market Value as of
		December 31, 2018
		(Unaudited)
		(In thousands)
Common stocks	$	18,298
Non-redeemable preferred stocks		7,305
	$	25,603

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Borrowings

9 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

4. Borrowings

Long Term Debt

Long term debt was as follows:

				December 31,		March 31,
	2019 Rate (a)	Maturities		2018		2018
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	3.89%	2023	$	105,413	$	135,287
Senior mortgages	3.72% - 6.62%	2021 - 2038		1,659,930		1,487,645
Working capital loans (revolving credit)	3.59% - 3.72%	2021		335,000		55,000
Fleet loans (amortizing term)	1.95% - 4.66%	2019 - 2025		281,329		342,971
Fleet loans (revolving credit)	3.49% - 3.50%	2021 - 2023		530,000		460,000
Capital leases (rental equipment)	1.92% - 5.04%	2019 - 2025		1,012,791		984,217
Other obligations	2.75% - 8.00%	2019 - 2048		79,064		73,579
Notes, loans and leases payable				4,003,527		3,538,699
Less: Debt issuance costs				(27,763)		(25,623)
Total notes, loans and leases payable, net			$	3,975,764	$	3,513,076
(a) Interest rate as of December 31, 2018, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). As of December 31, 2018, the outstanding balance on the Real Estate Loan was $105.4 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. As of December 31, 2018, the applicable LIBOR was 2.39% and the applicable margin was 1.50%, the sum of which was 3.89%. 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 Real Estate and U-Haul are borrowers under certain senior mortgages. These senior mortgage loan balances as of December 31, 2018 were in the aggregate amount of $1,659.9 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. Real Estate and U-Haul 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 Real Estate are borrowers under asset-backed working capital loans. As of December 31, 2018, the outstanding balance of these loans in the aggregate was $235.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2021 and October 2021. The loans require 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 agreements, is the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was 2.34% and the margin was between 1.25% and 1.38%, the sum of which was between 3.59% and 3.72%. AMERCO is the guarantor of these loans. 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 a 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. As of December 31, 2018, the outstanding balance was $100.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2021. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 2018, the applicable LIBOR was 2.32% and the margin was 1.38%, the sum of which was 3.70%. 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 and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the loans as of December 31, 2018 was $281.3 million with the final maturities between April 2019 and November 2025.

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. As of December 31, 2018, the applicable LIBOR was between 2.35% and 2.46% and applicable margins were between 1.72% and 1.75%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 3.00% based on current margins. Additionally, $258.6 million of these loans are carried at fixed rates ranging between 1.95% and 4.66%.

AMERCO, and in some cases U-Haul, is guarantor 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 Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $555.0 million. These loans mature between January 2021 and April 2023. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was between 2.34% and 2.35%, and the margin was 1.15%, the sum of which was between 3.49% and 3.50%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. As of December 31, 2018, the aggregate outstanding balance of the loans was $530.0 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 2019, we entered into $255.3 million of new capital leases. As of December 31, 2018 and March 31, 2018, the balance of our capital leases was $1,012.8 million and $984.2 million, respectively. As of December 31, 2018 the interest rates were between 1.92% and 5.04%. The net book value of the corresponding capitalized assets was $1,479.9 million and $1,407.6 million as of December 31, 2018 and March 31, 2018, 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.

As of December 31, 2018, the aggregate outstanding principal balance of the U-Notes® issued was $82.3 million, of which $3.3 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 2019 and 2048.

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, 2018, the deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.67% and 2.95% with maturities between September 29, 2019 and March 29, 2021. As of September 30, 2018, available-for-sale investments held with the FHLB totaled $122.1 million, of which $69.8 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the condensed consolidated balance sheets.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt, including capital leases, as of December 31, 2018 for the next five years and thereafter are as follows:

		Twelve Months Ending December 31,
		2019		2020		2021		2022		2023		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	444,230	$	537,017	$	701,960	$	550,082	$	421,537	$	1,348,701

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	38,825	$	31,983
Capitalized interest		(5,055)		(2,075)
Amortization of transaction costs		909		963
Interest expense resulting from derivatives		148		687
Total interest expense		34,827		31,558

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	109,241	$	93,475
Capitalized interest		(7,701)		(5,769)
Amortization of transaction costs		2,751		2,909
Interest expense resulting from derivatives		820		3,311
Total interest expense		105,111		93,926

Interest paid in cash, including payments related to derivative contracts, amounted to $38.5 million and $32.7 million for the third quarter of fiscal 2019 and 2018, respectively, and $109.6 million and $96.1 million for the first nine months of fiscal 2019 and 2018, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		3.52%		2.47%
Interest rate at the end of the quarter		3.57%		2.56%
Maximum amount outstanding during the quarter	$	865,000	$	535,000
Average amount outstanding during the quarter	$	812,174	$	532,261
Facility fees	$	41	$	159

		Revolving Credit Activity
		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		3.31%		2.38%
Interest rate at the end of the period		3.57%		2.56%
Maximum amount outstanding during the period	$	865,000	$	538,000
Average amount outstanding during the period	$	632,509	$	516,349
Facility fees	$	313	$	284

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Derivatives

9 Months Ended

Dec. 31, 2018

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, with 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. The following is a summary of our interest rate swap agreements as of December 31, 2018.

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
	(In millions)
$	15.1	(a)	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

1. Operating lease

As of December 31, 2018, the total notional amount of our variable interest rate swaps on debt and an operating lease was $23.7 million and $4.9 million, respectively.

The derivative fair values were as follows:

		Derivatives Fair Values as of
		December 31, 2018		March 31, 2018
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments
Assets	$	240	$	437
Liabilities		–		(897)

		The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended
		December 31, 2018		December 31, 2017
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	820	$	3,311
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(731)	$	(3,655)
Loss reclassified from AOCI into income (effective portion)	$	789	$	3,308
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	31	$	3

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 2019, we recognized a net increase in the fair value of our cash flow hedges of $0.6 million, net of taxes. Embedded in this change was $0.8 million of losses reclassified from accumulated other comprehensive income (loss) to interest expense during the first nine months of fiscal 2019. As of December 31, 2018, we expect to reclassify $0.2 million of net gains on interest rate contracts from accumulated other comprehensive income (loss) to earnings as interest expense over the next twelve months.

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Dec. 31, 2018

Disclosure Text Block [Abstract]

6. Comprehensive Income (Loss)

A summary of the components of AOCI, net of tax, were as follows:

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	(54,853)	$	52,509	$	(370)	$	(1,909)	$	(4,623)
Foreign currency translation		(5,081)		–		–		–		(5,081)
Adjustment for adoption of ASU 2016-01		–		(9,724)		–		–		(9,724)
Unrealized net loss on investments		–		(55,830)		–		–		(55,830)
Change in fair value of cash flow hedges		–		–		1,340		–		1,340
Amounts reclassified from AOCI		–		–		(789)		–		(789)
Other comprehensive income (loss)		(5,081)		(65,554)		551		–		(70,084)
Balance as of December 31, 2018	$	(59,934)	$	(13,045)	$	181	$	(1,909)	$	(74,707)

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Stockholders' Equity

9 Months Ended

Dec. 31, 2018

Stockholders' Equity [Abstract]

7. Stockholders' Equity

The following table summarizes dividends declared and/or paid during fiscal 2019:

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Paid Date
December 5, 2018	$	0.50	December 20, 2018	January 7, 2019
August 23, 2018		0.50	September 10, 2018	September 24, 2018
June 6, 2018		0.50	June 21, 2018	July 5, 2018
March 8, 2018		0.50	March 23, 2018	April 6, 2018

On June 8, 2016, our stockholders approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2018, no awards had been issued under this plan.

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Contingent Liabilities and Commitments

9 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

8. 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 2024. As of December 31, 2018, we have guaranteed $11.1 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:
2019	$	1,024	$	18,382	$	3,073	$	22,479
2020		1,024		17,801		–		18,825
2021		1,028		15,978		–		17,006
2022		1,030		15,452		–		16,482
2023		1,030		14,846		–		15,876
Thereafter		48,876		9,690		–		58,566
Total	$	54,012	$	92,149	$	3,073	$	149,234

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Contingencies

9 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

9. Contingencies

Litigation

On July 1, 2014, a 100-pound propane cylinder allegedly filled at a Philadelphia-area U-Haul Co. of Pennsylvania (“UHPA”) center exploded while in use on a food truck. The explosion killed two people and injured eleven. Following the incident, the injured parties and their estates filed a number of lawsuits against U-Haul and its subsidiary, UHPA, both of which denied the allegations. One plaintiff sued AMERCO, which also denied the allegations. All suits were filed in the Philadelphia Court of Common Pleas. ByApril 2018, the parties reached agreements to settle the civilcases.Wehavepaida total of $27.7million, representingour self-insured retention and attorney’s feesfor all related civil matters.

Following the resolution of the civil claims, inJune2018the United States Attorney's Office for the Eastern District of Pennsylvania filed an initial six-count indictment and a superseding seven-count indictment against UHPA.Theseven-count supersedingindictmentcharged UHPA with allegedly improperly filling propane cylinders that were overdue for periodic requalification, offering such cylinders for transportation, and failing to train UHPA employees dispensing propane. As of January 29, 2019, the U.S. Attorney's Office agreed to dismiss Counts 1 through 5 alleging UHPA improperly filled propanecylinders that were overdue for periodic requalification andoffering such cylinders for transportation.UHPA entered a plea of guilty on Counts 6 and 7 relating to the training violations set forth above.The sentencing is scheduled for May 7, 2019.

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.

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Related Party Transactions

9 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

10. 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 (“WGHLP”), 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,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	908
U-Haul management fee revenue from Blackwater		5,776		5,661
U-Haul management fee revenue from Mercury		2,123		4,220
	$	7,899	$	10,789

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	3,326
U-Haul management fee revenue from Blackwater		18,254		18,054
U-Haul management fee revenue from Mercury		4,253		5,420
	$	22,507	$	26,800

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 management fees, exclusive of reimbursed expenses, of $23.8 million and $23.3 million from the above mentioned entities during the first nine months of fiscal 2019 and 2018, 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,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	669	$	658
U-Haul commission expenses to Blackwater		14,296		13,433
	$	14,965	$	14,091

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	2,009	$	2,014
U-Haul commission expenses to Blackwater		49,129		46,875
	$	51,138	$	48,889

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.

As of December 31, 2018, 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 with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $18.3 million, expenses of $2.0 million and cash flows of $16.4 million during the first nine months of fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $229.7 million and $49.1 million, respectively, during the first nine months of fiscal 2019.

Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that management agreements with subsidiaries of Blackwater represent 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, 2018 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,
		2018		2018
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater		27,280		24,034
U-Haul receivable from Mercury		10,116		10,357
Other (a)		760		(1,115)
	$	38,156	$	33,276

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

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Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

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

Management tracks revenues separately, but does not report any separate measure of 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, net 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.

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	905,266	$	5,715	$	73,404	$	–		$	984,385
Reinsurance recoverables and trade receivables, net		62,296		97,680		31,788		–			191,764
Inventories and parts, net		96,187		–		–		–			96,187
Prepaid expenses		177,918		–		–		–			177,918
Investments, fixed maturities and marketable equities		–		284,871		1,842,471		–			2,127,342
Investments, other		22,988		69,719		239,825		–			332,532
Deferred policy acquisition costs, net		–		–		140,673		–			140,673
Other assets		80,205		532		3,102		–			83,839
Related party assets		41,289		7,359		16,618		(27,110)	(c)		38,156
		1,386,149		465,876		2,347,881		(27,110)			4,172,796
Investment in subsidiaries		518,629		–		–		(518,629)	(b)		–
Property, plant and equipment, at cost:
Land		910,919		–		–		–			910,919
Buildings and improvements		3,762,491		–		–		–			3,762,491
Furniture and equipment		674,535		–		–		–			674,535
Rental trailers and other rental equipment		572,645		–		–		–			572,645
Rental trucks		4,532,134		–		–		–			4,532,134
		10,452,724		–		–		–			10,452,724
Less:Accumulated depreciation		(2,979,760)		–		–		–			(2,979,760)
Total property, plant and equipment		7,472,964		–		–		–			7,472,964
Total assets	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 31, 2018 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	$	509,060	$	3,745	$	4,555	$	–		$	517,360
Notes, loans and leases payable, net		3,975,764		–		–		–			3,975,764
Policy benefits and losses, claims and loss expenses payable		409,981		229,607		448,154		–			1,087,742
Liabilities from investment contracts		–		–		1,583,885		–			1,583,885
Other policyholders' funds and liabilities		–		5,050		7,857		–			12,907
Deferred income		29,226		–		–		–			29,226
Deferred income taxes, net		738,186		5,658		2,992		–			746,836
Related party liabilities		23,485		3,181		444		(27,110)	(c)		–
Total liabilities		5,685,702		247,241		2,047,887		(27,110)			7,953,720
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		453,326		91,120		26,271		(117,601)	(b)		453,116
Accumulated other comprehensive income (loss)		(74,707)		(3,026)		(10,018)		13,044	(b)		(74,707)
Retained earnings		3,985,717		127,240		281,241		(408,271)	(b)		3,985,927
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		(5,143)		–		–		–			(5,143)
Total stockholders' equity		3,692,040		218,635		299,994		(518,629)			3,692,040
Total liabilities and stockholders' equity	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		166,129		–		–		–			166,129
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,327,328		465,364		2,170,009		(32,020)			3,930,681
Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–
Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less:Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	506,158	$	2,582	$	2,375	$	–		$	511,115
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714
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		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
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		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	627,543	$	–	$	–	$	(1,407)	(c)	$	626,136
Self-storage revenues		93,392		–		–		–			93,392
Self-moving and self-storage products and service sales		55,665		–		–		–			55,665
Property management fees		7,899		–		–		–			7,899
Life insurance premiums		–		–		34,778		–			34,778
Property and casualty insurance premiums		–		18,128		–		(460)	(c)		17,668
Net investment and interest income		4,364		4,018		24,248		(419)	(b)		32,211
Other revenue		50,065		–		1,409		(132)	(b)		51,342
Total revenues		838,928		22,146		60,435		(2,418)			919,091
Costs and expenses:
Operating expenses		465,828		9,412		5,216		(1,995)	(b,c)		478,461
Commission expenses		67,493		–		–		–			67,493
Cost of sales		34,149		–		–		–			34,149
Benefits and losses		–		1,733		41,136		–			42,869
Amortization of deferred policy acquisition costs		–		–		6,654		–			6,654
Lease expense		8,026		–		–		(136)	(b)		7,890
Depreciation, net of (gains) losses on disposal		143,473		–		–		–			143,473
Net losses on disposal of real estate		–		–		–		–			–
Total costs and expenses		718,969		11,145		53,006		(2,131)			780,989
Earnings from operations before equity in earnings of subsidiaries		119,959		11,001		7,429		(287)			138,102
Equity in earnings of subsidiaries		14,664		–		–		(14,664)	(d)		–
Earnings from operations		134,623		11,001		7,429		(14,951)			138,102
Other components of net periodic benefit costs		(253)		–		–		–			(253)
Interest expense		(35,114)		–		–		287	(b)		(34,827)
Pretax earnings		99,256		11,001		7,429		(14,664)			103,022
Income tax expense		(20,621)		(2,186)		(1,580)		–			(24,387)
Earnings available to common shareholders	$	78,635	$	8,815	$	5,849	$	(14,664)		$	78,635
(a) Balances for the quarter ended September 30, 2018
(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, 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		426,163		8,160		5,521		(2,004)	(b,c)		437,840
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 on disposal of real estate		(192,404)		–		–		–			(192,404)
Total costs and expenses		476,800		12,804		51,997		(2,087)			539,514
Earnings from operations before equity in earnings of subsidiaries		285,687		7,595		10,382		(296)			303,368
Equity in earnings of subsidiaries		11,823		–		–		(11,823)	(d)		–
Earnings from operations		297,510		7,595		10,382		(12,119)			303,368
Other components of net periodic benefit costs		(231)		–		–		–			(231)
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 statements of operations by industry segment for the nine months ended December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,128,120	$	–	$	–	$	(3,669)	(c)	$	2,124,451
Self-storage revenues		271,097		–		–		–			271,097
Self-moving and self-storage products and service sales		207,819		–		–		–			207,819
Property management fees		22,507		–		–		–			22,507
Life insurance premiums		–		–		107,586		–			107,586
Property and casualty insurance premiums		–		48,448		–		(1,716)	(c)		46,732
Net investment and interest income		9,757		10,109		66,435		(1,258)	(b)		85,043
Other revenue		174,447		–		3,889		(396)	(b)		177,940
Total revenues		2,813,747		58,557		177,910		(7,039)			3,043,175
Costs and expenses:
Operating expenses		1,467,831		26,027		16,275		(5,768)	(b,c)		1,504,365
Commission expenses		232,084		–		–		–			232,084
Cost of sales		130,432		–		–		–			130,432
Benefits and losses		–		10,957		126,239		–			137,196
Amortization of deferred policy acquisition costs		–		–		18,584		–			18,584
Lease expense		24,637		–		–		(408)	(b)		24,229
Depreciation, net of (gains) losses on disposal		402,525		–		–		–			402,525
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		2,257,519		36,984		161,098		(6,176)			2,449,425
Earnings from operations before equity in earnings of subsidiaries		556,228		21,573		16,812		(863)			593,750
Equity in earnings of subsidiaries		30,306		–		–		(30,306)	(d)		–
Earnings from operations		586,534		21,573		16,812		(31,169)			593,750
Other components of net periodic benefit costs		(760)		–		–		–			(760)
Interest expense		(105,974)		–		–		863	(b)		(105,111)
Pretax earnings		479,800		21,573		16,812		(30,306)			487,879
Income tax expense		(109,774)		(4,359)		(3,720)		–			(117,853)
Earnings available to common shareholders	$	370,026	$	17,214	$	13,092	$	(30,306)		$	370,026
(a) Balances for the nine months ended September 30, 2018
(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		1,310,197		24,632		16,669		(4,716)	(b,c)		1,346,782
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 losses on disposal of real estate		(192,223)		–		–		–			(192,223)
Total costs and expenses		1,886,633		36,586		162,929		(4,899)			2,081,249
Earnings from operations before equity in earnings of subsidiaries		723,589		19,118		20,536		(999)			762,244
Equity in earnings of subsidiaries		25,998		–		–		(25,998)	(d)		–
Earnings from operations		749,587		19,118		20,536		(26,997)			762,244
Other components of net periodic benefit costs		(695)		–		–		–			(695)
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 cash flow statements by industry segment for the nine months ended December 31, 2018 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	$	370,026	$	17,214	$	13,092	$	(30,306)	$	370,026
Earnings from consolidated entities		(30,306)		–		–		30,306		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		431,652		–		–		–		431,652
Amortization of deferred policy acquisition costs		–		–		18,584		–		18,584
Amortization of debt issuance costs		2,922		–		–		–		2,922
Interest credited to policyholders		–		–		28,540		–		28,540
Change in allowance for losses on trade receivables		129		–		(5)		–		124
Change in allowance for inventories and parts reserve		2,539		–		–		–		2,539
Net gains on disposal of personal property		(29,127)		–		–		–		(29,127)
Net losses on disposal of real estate		10		–		–		–		10
Net gains on sales of investments		–		(3,007)		(587)		–		(3,594)
Deferred income taxes		108,618		3,624		(3,628)		–		108,614
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		2,323		2,000		(2,722)		–		1,601
Inventories and parts		(8,858)		–		–		–		(8,858)
Prepaid expenses		(12,533)		–		–		–		(12,533)
Capitalization of deferred policy acquisition costs		–		–		(19,994)		–		(19,994)
Other assets		159,232		391		(498)		–		159,125
Related party assets		(1,428)		(410)		–		–		(1,838)
Accounts payable and accrued expenses		(16,639)		1,174		10,045		–		(5,420)
Policy benefits and losses, claims and loss expenses payable		(157,470)		(4,751)		2,936		–		(159,285)
Other policyholders' funds and liabilities		–		(327)		3,194		–		2,867
Deferred income		(4,982)		–		–		–		(4,982)
Related party liabilities		(3,039)		318		(548)		–		(3,269)
Net cash provided (used) by operating activities		813,069		16,226		48,409		–		877,704
Cash flows from investing activities:
Escrow deposits		(3,292)		–		–		–		(3,292)
Purchases of:
Property, plant and equipment		(1,325,365)		–		–		–		(1,325,365)
Short term investments		–		(39,251)		(243)		–		(39,494)
Fixed maturities investments		–		(32,862)		(361,404)		–		(394,266)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		(81)		–		(81)
Real estate		(236)		(187)		(82)		–		(505)
Mortgage loans		–		(13,312)		(43,580)		–		(56,892)
Proceeds from sales and paydowns of:
Property, plant and equipment		561,848		–		–		–		561,848
Short term investments		–		47,012		–		–		47,012
Fixed maturities investments		–		9,886		73,881		–		83,767
Equity securities		–		8,608		–		–		8,608
Preferred stock		–		1,625		–		–		1,625
Mortgage loans		–		1,331		115,469		–		116,800
Net cash provided (used) by investing activities		(767,045)		(17,150)		(216,997)		–		(1,001,192)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2018

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 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		666,232		–		26,900		–		693,132
Principal repayments on credit facilities		(228,223)		–		(26,900)		–		(255,123)
Payments of debt issuance costs		(5,097)		–		–		–		(5,097)
Capital lease payments		(236,683)		–		–		–		(236,683)
Employee stock ownership plan shares		(203)		–		–		–		(203)
Common stock dividend paid		(29,385)		–		–		–		(29,385)
Investment contract deposits		–		–		300,920		–		300,920
Investment contract withdrawals		–		–		(109,641)		–		(109,641)
Net cash provided (used) by financing activities		166,641		–		191,279		–		357,920
Effects of exchange rate on cash		(9,435)		–		–		–		(9,435)
Increase (decrease) in cash and cash equivalents		203,230		(924)		22,691		–		224,997
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	905,266	$	5,715	$	73,404	$	–	$	984,385
		(page 2 of 2)
(a) Balance for the period ended September 30, 2018

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 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 inventories and parts reserve		4,334		–		–		–		4,334
Net gains on disposal of personal property		(14,260)		–		–		–		(14,260)
Net gains on disposal of real estate		(192,223)		–		–		–		(192,223)
Net gains 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 and parts		(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 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 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)
Payment of debt issuance costs		(4,581)		–		–		–		(4,581)
Capital lease payments		(219,623)		–		–		–		(219,623)
Employee stock ownership plan shares		(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

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Industry Segment and Geographic Area Data

9 Months Ended

Dec. 31, 2018

Segments, Geographical Areas [Abstract]

12. 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, 2018
Total revenues	$	880,767	$	38,324	$	919,091
Depreciation and amortization, net of (gains) losses on disposals		147,868		2,259		150,127
Interest expense		34,051		776		34,827
Pretax earnings		100,832		2,190		103,022
Income tax expense		(23,828)		(559)		(24,387)
Identifiable assets		11,285,627		360,133		11,645,760
Quarter Ended December 31, 2017
Total revenues	$	805,692	$	37,190	$	842,882
Depreciation and amortization, net of (gains) losses on disposals		(51,211)		1,820		(49,391)
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

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Nine Months Ended December 31, 2018
Total revenues	$	2,901,908	$	141,267	$	3,043,175
Depreciation and amortization, net of (gains) losses on disposals		416,784		4,335		421,119
Interest expense		102,924		2,187		105,111
Pretax earnings		472,302		15,577		487,879
Income tax expense		(113,712)		(4,141)		(117,853)
Identifiable assets		11,285,627		360,133		11,645,760
Nine Months Ended December 31, 2017
Total revenues	$	2,707,614	$	135,879	$	2,843,493
Depreciation and amortization, net of (gains) losses on disposals		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

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Employee Benefit Plans

9 Months Ended

Dec. 31, 2018

Compensation and Retirement Disclosure [Abstract]

13. Employee Benefit Plans

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

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	277	$	269
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		235		218
Other components		18		13
Total other components of net periodic benefit costs		253		231
Net periodic postretirement benefit cost	$	530	$	500

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	831	$	805
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		707		652
Other components		53		43
Total other components of net periodic benefit costs		760		695
Net periodic postretirement benefit cost	$	1,591	$	1,500

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Fair Value Measurements

9 Months Ended

Dec. 31, 2018

Fair Value Disclosure [Abstract]

14. 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 sheets as of December 31, 2018 and March 31, 2018, that are subject to ASC 820 and the valuation approach applied to each of these items.

As of December 31, 2018		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short term investments	$	670,795	$	670,795	$	–	$	–
Fixed maturities - available for sale		2,100,229		7,190		2,092,818		221
Preferred stock		8,815		8,815		–		–
Common stock		18,298		18,298		–		–
Derivatives		4,783		4,543		240		–
Total	$	2,802,920	$	709,641	$	2,093,058	$	221
Liabilities
Derivatives	$	–	$	–	$	–	$	–
Total	$	–	$	–	$	–	$	–

As of March 31, 2018		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short term investments	$	475,320	$	475,320	$	–	$	–
Fixed maturities - available for sale		1,881,137		7,567		1,873,293		277
Preferred stock		10,861		10,861		–		–
Common stock		27,862		27,862		–		–
Derivatives		4,825		4,388		437		–
Total	$	2,400,005	$	525,998	$	1,873,730	$	277
Liabilities
Derivatives	$	897	$	–	$	897	$	–
Total	$	897	$	–	$	897	$	–

The following table represents the fair value measurements for our assets as of December 31, 2018 using significant unobservable inputs (Level 3).

.		Fixed Maturities - Asset-Backed Securities
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	277
Fixed Maturities - Asset-Backed Securities - redeemed		(95)
Fixed Maturities - Asset-Backed Securities - net gain (unrealized)		39
Balance as of December 31, 2018	$	221

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Revenue Recognition

9 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

15. Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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 became effective for us on April 1, 2018 and was adopted on a modified retrospective basis. Due to insignificant changes in our revenue recognition pattern for applicable revenue streams as a result of the updated guidance, there was no cumulative effect recorded.Additionally, due to the relatively short duration of our equipment contracts, we elected to use the practical expedient for contracts that begin and end within the same reporting period in applying the updated guidance to our applicable revenue streams. We performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance.The adoption of the standard did not have a material impact on our consolidated financial statements.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. This is applicable to insurance premiums received in conjunction with equipment rentals, for which we allocate the transaction price relating to these distinct performance obligations covered by Topic 944 on a relative standalone selling price basis.There were no material contract assets or liabilities as of December 31, 2018 and March 31, 2018.

Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

The Company’s self-moving rental revenues do not currently meet the definition of a lease under Topic 840 - Leases due to the existence of substitution rights, and thus are accounted for under Topic 606.However, the contracts are expected to meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts will be accounted for as leases.We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 – Leases.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19 of Topic 606. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the Incentive Fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter and first nine months of fiscal 2019 did not have a material effect on our financial statements.

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 – Financial Instruments.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 840, while the shipping obligation represents a contract with a customer accounted for under Topic 606.Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Moving Help services fees are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

In the following tables, the revenue is disaggregated by timing of revenue recognition:

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	662,498	$	607,079
Revenues recognized at a point in time		65,372		62,208
Total revenues recognized under ASC 606		727,870		669,287
Revenues recognized under ASC 840		102,863		89,052
Revenues recognized under ASC 944		56,147		55,722
Revenues recognized under ASC 320		32,211		28,821
Total revenues	$	919,091	$	842,882

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	2,255,541	$	2,099,216
Revenues recognized at a point in time		240,281		236,067
Total revenues recognized under ASC 606		2,495,822		2,335,283
Revenues recognized under ASC 840		301,551		261,968
Revenues recognized under ASC 944		160,759		163,735
Revenues recognized under ASC 320		85,043		82,507
Total revenues	$	3,043,175	$	2,843,493

In the above tables, the revenues recognized over time include self-moving equipment rentals, property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues, whereas revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.

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Income Taxes

9 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

16. Income taxes

The Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate income 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 repeals the deferral of the phase three tax for life insurance companies. As of December 31, 2018, we have completed our accounting for the tax effects of enactment of the Tax Reform Act.

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Accounting Pronouncements

9 Months Ended

Dec. 31, 2018

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

17. Accounting Pronouncements

Adoption of New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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 became effective for us on April 1, 2018 and was adopted on a modified retrospective basis.We performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance.The adoption of the standard did not have a material impact 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”), which addressed 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 was effective for interim and annual reporting period beginning after December 15, 2017. Early adoption was not permitted, except for certain provisions relating to financial liabilities. We adopted this standard in the first quarter of fiscal 2019 and recorded an increase of approximately $9.7 million to retained earnings with a corresponding decrease to accumulated other comprehensive income (loss).

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This update addressed eight specific cash flow issues with the objective of reducing the existing diversity in practice.The effective date of ASU 2016-15 was for interim and annual reporting periods beginning after December 15, 2017. Early adoption was permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact 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 required 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 was effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash. The guidance required 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 are required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies also need to disclose information about the nature of the restrictions. This update became effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact 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 clarified 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 became effective for fiscal years beginning after December 15, 2017, including interim periods within those years. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact 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 (“ASU 2017-07”), which changed 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 continues to be presented in the same income statement line items, however other components of the net periodic benefit cost are presented as a component of other income and excluded from operating profit. ASU 2017-07 became effective for public companies during interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. We report the current service cost component of net periodic benefit cost in Operating expenses on our condensed consolidated statements of operations and report the Other components of net periodic benefit cost as a separate item outside of earnings from operations. We have applied these changes in presentation retrospectively, which resulted in a decrease in earnings from operations of $0.3 million and $0.5 million for the quarter and six months ended September 30, 2017, respectively. These changes in presentation did not result in any changes to earnings available to common stockholders or earnings per common share. Details of the net periodic costs are provided in Note 13, Employee Benefit Plans, of the Notes to Condensed Consolidated Financial Statements.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). 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 operating leases reporting a single lease expense. 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.

ASU 2016-02 also aligns key aspects of lessor accounting with the new revenue recognition guidance in Topic 606 (seeASU 2014-09)on the previous page). In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, (“ASU 2018-11”) which provides an additional transition method allowing entities to only apply the new lease standard in the year of adoption. Additionally, ASU 2018-11 provides a practical expedient for lessors to combine nonlease components with related lease components if certain conditions are met. These ASUs become effective for the Company on April 1, 2019. Early adoption is permitted

The Company is in the process of implementing these ASUs and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption. The Company has determined portions of its vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in these ASUs. As discussed inASU 2014-09, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606. The Company plans on adopting ASC Topic 842 and related ASUs on April 1, 2019, using the Effective Date Approach including the practical expedients allowing entities to not have to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and related initial direct costs. Additionally, we will adopt the practical expedient for lessors to combine non-lease components with related lease components.We have identified the lease arrangements that are subject to Topic ASC 842 and are 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 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 December15, 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.

In August 2018, the FASB adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities, at least annually. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption of ASU 2018-12 is permitted. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statement of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; but allows for early adoption in any interim period after issuance of the update. We are currently evaluating the impact of this standard on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”),which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; but allows for early adoption in any year end after issuance of the update. 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.

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Subsequent Events

9 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

18. Subsequent Events

In 2011, Oxford entered into a Reinsurance Agreement with State Mutual Insurance Company (“State Mutual”) to coinsure a block of whole life insurance policies originally issued by State Mutual. The Reinsurance Agreement remained in-force until November 30, 2018. On December 1, 2018, the two companies entered into a Termination Amendment which terminated the Reinsurance Agreement. As a result, Oxford transferred net cash of $64.6 million supporting the net liabilities, less transaction offsets to State Mutual.

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Investments (Table Text Block)

9 Months Ended

Dec. 31, 2018

Investments Debt Equity Securities [Abstract]

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2018 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	$	128,934	$	1,140	$	(2,319)	$	(2,462)	$	125,293
U.S. government agency mortgage-backed securities		61,243		526		(44)		(1,558)		60,167
Obligations of states and political subdivisions		238,243		5,203		(251)		(2,456)		240,739
Corporate securities		1,576,170		14,898		(8,033)		(26,956)		1,556,079
Mortgage-backed securities		119,006		541		(212)		(1,384)		117,951
Redeemable preferred stocks		1,493		37		–		(20)		1,510
	$	2,125,089	$	22,345	$	(10,859)	$	(34,836)	$	2,101,739

Available-for-sale investments as of March 31, 2018 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	$	123,557	$	3,595	$	(1,036)	$	(203)	$	125,913
U.S. government agency mortgage-backed securities		36,416		951		(1)		(93)		37,273
Obligations of states and political subdivisions		178,702		9,938		(217)		(18)		188,405
Corporate securities		1,388,300		50,056		(3,009)		(1,826)		1,433,521
Mortgage-backed securities		94,106		2,072		–		(153)		96,025
Preferred stocks		10,609		321		(29)		(40)		10,861
Common stocks		15,732		12,329		(10)		(189)		27,862
	$	1,847,422	$	79,262	$	(4,302)	$	(2,522)	$	1,919,860

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

		December 31, 2018				March 31, 2018
		Amortized Cost		Estimated Market Value		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	58,311	$	58,532	$	36,446	$	36,674
Due after one year through five years		503,227		502,343		441,223		450,816
Due after five years through ten years		648,241		639,629		607,895		626,174
Due after ten years		794,811		781,774		641,411		671,448
		2,004,590		1,982,278		1,726,975		1,785,112
Mortgage-backed securities		119,006		117,951		94,106		96,025
Redeemable preferred stocks		1,493		1,510		2,118		2,247
Equity securities		–		–		24,223		36,476
	$	2,125,089	$	2,101,739	$	1,847,422	$	1,919,860

Available for sale equity investments

		Estimated Market Value as of
		December 31, 2018
		(Unaudited)
		(In thousands)
Common stocks	$	18,298
Non-redeemable preferred stocks		7,305
	$	25,603

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Borrowings (Table Text Block)

9 Months Ended

Dec. 31, 2018

Debt Instruments [Abstract]

Long-Term Debt

				December 31,		March 31,
	2019 Rate (a)	Maturities		2018		2018
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	3.89%	2023	$	105,413	$	135,287
Senior mortgages	3.72% - 6.62%	2021 - 2038		1,659,930		1,487,645
Working capital loans (revolving credit)	3.59% - 3.72%	2021		335,000		55,000
Fleet loans (amortizing term)	1.95% - 4.66%	2019 - 2025		281,329		342,971
Fleet loans (revolving credit)	3.49% - 3.50%	2021 - 2023		530,000		460,000
Capital leases (rental equipment)	1.92% - 5.04%	2019 - 2025		1,012,791		984,217
Other obligations	2.75% - 8.00%	2019 - 2048		79,064		73,579
Notes, loans and leases payable				4,003,527		3,538,699
Less: Debt issuance costs				(27,763)		(25,623)
Total notes, loans and leases payable, net			$	3,975,764	$	3,513,076
(a) Interest rate as of December 31, 2018, including the effect of applicable hedging instruments.

Annual Maturities of Notes, Loans and Leases Payable

		Twelve Months Ending December 31,
		2019		2020		2021		2022		2023		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	444,230	$	537,017	$	701,960	$	550,082	$	421,537	$	1,348,701

Components of interest expense

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	38,825	$	31,983
Capitalized interest		(5,055)		(2,075)
Amortization of transaction costs		909		963
Interest expense resulting from derivatives		148		687
Total interest expense		34,827		31,558

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Interest expense	$	109,241	$	93,475
Capitalized interest		(7,701)		(5,769)
Amortization of transaction costs		2,751		2,909
Interest expense resulting from derivatives		820		3,311
Total interest expense		105,111		93,926

Interest rates and company borrowings

		Revolving Credit Activity
		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		3.52%		2.47%
Interest rate at the end of the quarter		3.57%		2.56%
Maximum amount outstanding during the quarter	$	865,000	$	535,000
Average amount outstanding during the quarter	$	812,174	$	532,261
Facility fees	$	41	$	159

		Revolving Credit Activity
		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		3.31%		2.38%
Interest rate at the end of the period		3.57%		2.56%
Maximum amount outstanding during the period	$	865,000	$	538,000
Average amount outstanding during the period	$	632,509	$	516,349
Facility fees	$	313	$	284

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Derivatives (Table Text Block)

9 Months Ended

Dec. 31, 2018

Derivative Instrument Detail [Abstract]

Derivatives

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
	(In millions)
$	15.1	(a)	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

1. Operating lease

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

		Derivatives Fair Values as of
		December 31, 2018		March 31, 2018
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments
Assets	$	240	$	437
Liabilities		–		(897)

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, 2018		December 31, 2017
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	820	$	3,311
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(731)	$	(3,655)
Loss reclassified from AOCI into income (effective portion)	$	789	$	3,308
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	31	$	3

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Accumulated Other Comprehensive Income (loss) (Table Text Block)

9 Months Ended

Dec. 31, 2018

Table Text Block Supplement [Abstract]

Summary of accumulated other comprehensive income (loss) components, net of tax

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	(54,853)	$	52,509	$	(370)	$	(1,909)	$	(4,623)
Foreign currency translation		(5,081)		–		–		–		(5,081)
Adjustment for adoption of ASU 2016-01		–		(9,724)		–		–		(9,724)
Unrealized net loss on investments		–		(55,830)		–		–		(55,830)
Change in fair value of cash flow hedges		–		–		1,340		–		1,340
Amounts reclassified from AOCI		–		–		(789)		–		(789)
Other comprehensive income (loss)		(5,081)		(65,554)		551		–		(70,084)
Balance as of December 31, 2018	$	(59,934)	$	(13,045)	$	181	$	(1,909)	$	(74,707)

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Stockholders' Equity (Table Text Block)

9 Months Ended

Dec. 31, 2018

Stockholders' Equity [Abstract]

Summary of dividends declared and/or paid

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Paid Date
December 5, 2018	$	0.50	December 20, 2018	January 7, 2019
August 23, 2018		0.50	September 10, 2018	September 24, 2018
June 6, 2018		0.50	June 21, 2018	July 5, 2018
March 8, 2018		0.50	March 23, 2018	April 6, 2018

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Contingent Liabilities and Commitments (Table Text Block)

9 Months Ended

Dec. 31, 2018

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:
2019	$	1,024	$	18,382	$	3,073	$	22,479
2020		1,024		17,801		–		18,825
2021		1,028		15,978		–		17,006
2022		1,030		15,452		–		16,482
2023		1,030		14,846		–		15,876
Thereafter		48,876		9,690		–		58,566
Total	$	54,012	$	92,149	$	3,073	$	149,234

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Related Party Transations (Table Text Block)

9 Months Ended

Dec. 31, 2018

Related Party Revenue [Abstract]

Related Party Revenue

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	908
U-Haul management fee revenue from Blackwater		5,776		5,661
U-Haul management fee revenue from Mercury		2,123		4,220
	$	7,899	$	10,789

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from Blackwater	$	–	$	3,326
U-Haul management fee revenue from Blackwater		18,254		18,054
U-Haul management fee revenue from Mercury		4,253		5,420
	$	22,507	$	26,800

Related Party costs and expenses

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	669	$	658
U-Haul commission expenses to Blackwater		14,296		13,433
	$	14,965	$	14,091

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	2,009	$	2,014
U-Haul commission expenses to Blackwater		49,129		46,875
	$	51,138	$	48,889

Related party assets

		December 31,		March 31,
		2018		2018
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater		27,280		24,034
U-Haul receivable from Mercury		10,116		10,357
Other (a)		760		(1,115)
	$	38,156	$	33,276

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

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Consolidating Financial Information By Industry Segment (Table Text Block)

9 Months Ended

Dec. 31, 2018

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	905,266	$	5,715	$	73,404	$	–		$	984,385
Reinsurance recoverables and trade receivables, net		62,296		97,680		31,788		–			191,764
Inventories and parts, net		96,187		–		–		–			96,187
Prepaid expenses		177,918		–		–		–			177,918
Investments, fixed maturities and marketable equities		–		284,871		1,842,471		–			2,127,342
Investments, other		22,988		69,719		239,825		–			332,532
Deferred policy acquisition costs, net		–		–		140,673		–			140,673
Other assets		80,205		532		3,102		–			83,839
Related party assets		41,289		7,359		16,618		(27,110)	(c)		38,156
		1,386,149		465,876		2,347,881		(27,110)			4,172,796
Investment in subsidiaries		518,629		–		–		(518,629)	(b)		–
Property, plant and equipment, at cost:
Land		910,919		–		–		–			910,919
Buildings and improvements		3,762,491		–		–		–			3,762,491
Furniture and equipment		674,535		–		–		–			674,535
Rental trailers and other rental equipment		572,645		–		–		–			572,645
Rental trucks		4,532,134		–		–		–			4,532,134
		10,452,724		–		–		–			10,452,724
Less:Accumulated depreciation		(2,979,760)		–		–		–			(2,979,760)
Total property, plant and equipment		7,472,964		–		–		–			7,472,964
Total assets	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 31, 2018 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	$	509,060	$	3,745	$	4,555	$	–		$	517,360
Notes, loans and leases payable, net		3,975,764		–		–		–			3,975,764
Policy benefits and losses, claims and loss expenses payable		409,981		229,607		448,154		–			1,087,742
Liabilities from investment contracts		–		–		1,583,885		–			1,583,885
Other policyholders' funds and liabilities		–		5,050		7,857		–			12,907
Deferred income		29,226		–		–		–			29,226
Deferred income taxes, net		738,186		5,658		2,992		–			746,836
Related party liabilities		23,485		3,181		444		(27,110)	(c)		–
Total liabilities		5,685,702		247,241		2,047,887		(27,110)			7,953,720
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		453,326		91,120		26,271		(117,601)	(b)		453,116
Accumulated other comprehensive income (loss)		(74,707)		(3,026)		(10,018)		13,044	(b)		(74,707)
Retained earnings		3,985,717		127,240		281,241		(408,271)	(b)		3,985,927
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		(5,143)		–		–		–			(5,143)
Total stockholders' equity		3,692,040		218,635		299,994		(518,629)			3,692,040
Total liabilities and stockholders' equity	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		166,129		–		–		–			166,129
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,327,328		465,364		2,170,009		(32,020)			3,930,681
Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–
Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less:Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	506,158	$	2,582	$	2,375	$	–		$	511,115
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714
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		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
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		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidated Statement of Operations by Industry Segment

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	627,543	$	–	$	–	$	(1,407)	(c)	$	626,136
Self-storage revenues		93,392		–		–		–			93,392
Self-moving and self-storage products and service sales		55,665		–		–		–			55,665
Property management fees		7,899		–		–		–			7,899
Life insurance premiums		–		–		34,778		–			34,778
Property and casualty insurance premiums		–		18,128		–		(460)	(c)		17,668
Net investment and interest income		4,364		4,018		24,248		(419)	(b)		32,211
Other revenue		50,065		–		1,409		(132)	(b)		51,342
Total revenues		838,928		22,146		60,435		(2,418)			919,091
Costs and expenses:
Operating expenses		465,828		9,412		5,216		(1,995)	(b,c)		478,461
Commission expenses		67,493		–		–		–			67,493
Cost of sales		34,149		–		–		–			34,149
Benefits and losses		–		1,733		41,136		–			42,869
Amortization of deferred policy acquisition costs		–		–		6,654		–			6,654
Lease expense		8,026		–		–		(136)	(b)		7,890
Depreciation, net of (gains) losses on disposal		143,473		–		–		–			143,473
Net losses on disposal of real estate		–		–		–		–			–
Total costs and expenses		718,969		11,145		53,006		(2,131)			780,989
Earnings from operations before equity in earnings of subsidiaries		119,959		11,001		7,429		(287)			138,102
Equity in earnings of subsidiaries		14,664		–		–		(14,664)	(d)		–
Earnings from operations		134,623		11,001		7,429		(14,951)			138,102
Other components of net periodic benefit costs		(253)		–		–		–			(253)
Interest expense		(35,114)		–		–		287	(b)		(34,827)
Pretax earnings		99,256		11,001		7,429		(14,664)			103,022
Income tax expense		(20,621)		(2,186)		(1,580)		–			(24,387)
Earnings available to common shareholders	$	78,635	$	8,815	$	5,849	$	(14,664)		$	78,635
(a) Balances for the quarter ended September 30, 2018
(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, 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		426,163		8,160		5,521		(2,004)	(b,c)		437,840
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 on disposal of real estate		(192,404)		–		–		–			(192,404)
Total costs and expenses		476,800		12,804		51,997		(2,087)			539,514
Earnings from operations before equity in earnings of subsidiaries		285,687		7,595		10,382		(296)			303,368
Equity in earnings of subsidiaries		11,823		–		–		(11,823)	(d)		–
Earnings from operations		297,510		7,595		10,382		(12,119)			303,368
Other components of net periodic benefit costs		(231)		–		–		–			(231)
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 statements of operations by industry segment for the nine months ended December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,128,120	$	–	$	–	$	(3,669)	(c)	$	2,124,451
Self-storage revenues		271,097		–		–		–			271,097
Self-moving and self-storage products and service sales		207,819		–		–		–			207,819
Property management fees		22,507		–		–		–			22,507
Life insurance premiums		–		–		107,586		–			107,586
Property and casualty insurance premiums		–		48,448		–		(1,716)	(c)		46,732
Net investment and interest income		9,757		10,109		66,435		(1,258)	(b)		85,043
Other revenue		174,447		–		3,889		(396)	(b)		177,940
Total revenues		2,813,747		58,557		177,910		(7,039)			3,043,175
Costs and expenses:
Operating expenses		1,467,831		26,027		16,275		(5,768)	(b,c)		1,504,365
Commission expenses		232,084		–		–		–			232,084
Cost of sales		130,432		–		–		–			130,432
Benefits and losses		–		10,957		126,239		–			137,196
Amortization of deferred policy acquisition costs		–		–		18,584		–			18,584
Lease expense		24,637		–		–		(408)	(b)		24,229
Depreciation, net of (gains) losses on disposal		402,525		–		–		–			402,525
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		2,257,519		36,984		161,098		(6,176)			2,449,425
Earnings from operations before equity in earnings of subsidiaries		556,228		21,573		16,812		(863)			593,750
Equity in earnings of subsidiaries		30,306		–		–		(30,306)	(d)		–
Earnings from operations		586,534		21,573		16,812		(31,169)			593,750
Other components of net periodic benefit costs		(760)		–		–		–			(760)
Interest expense		(105,974)		–		–		863	(b)		(105,111)
Pretax earnings		479,800		21,573		16,812		(30,306)			487,879
Income tax expense		(109,774)		(4,359)		(3,720)		–			(117,853)
Earnings available to common shareholders	$	370,026	$	17,214	$	13,092	$	(30,306)		$	370,026
(a) Balances for the nine months ended September 30, 2018
(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		1,310,197		24,632		16,669		(4,716)	(b,c)		1,346,782
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 losses on disposal of real estate		(192,223)		–		–		–			(192,223)
Total costs and expenses		1,886,633		36,586		162,929		(4,899)			2,081,249
Earnings from operations before equity in earnings of subsidiaries		723,589		19,118		20,536		(999)			762,244
Equity in earnings of subsidiaries		25,998		–		–		(25,998)	(d)		–
Earnings from operations		749,587		19,118		20,536		(26,997)			762,244
Other components of net periodic benefit costs		(695)		–		–		–			(695)
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

Consolidated Cash Flow Statement by Industry Segment

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 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	$	370,026	$	17,214	$	13,092	$	(30,306)	$	370,026
Earnings from consolidated entities		(30,306)		–		–		30,306		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		431,652		–		–		–		431,652
Amortization of deferred policy acquisition costs		–		–		18,584		–		18,584
Amortization of debt issuance costs		2,922		–		–		–		2,922
Interest credited to policyholders		–		–		28,540		–		28,540
Change in allowance for losses on trade receivables		129		–		(5)		–		124
Change in allowance for inventories and parts reserve		2,539		–		–		–		2,539
Net gains on disposal of personal property		(29,127)		–		–		–		(29,127)
Net losses on disposal of real estate		10		–		–		–		10
Net gains on sales of investments		–		(3,007)		(587)		–		(3,594)
Deferred income taxes		108,618		3,624		(3,628)		–		108,614
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		2,323		2,000		(2,722)		–		1,601
Inventories and parts		(8,858)		–		–		–		(8,858)
Prepaid expenses		(12,533)		–		–		–		(12,533)
Capitalization of deferred policy acquisition costs		–		–		(19,994)		–		(19,994)
Other assets		159,232		391		(498)		–		159,125
Related party assets		(1,428)		(410)		–		–		(1,838)
Accounts payable and accrued expenses		(16,639)		1,174		10,045		–		(5,420)
Policy benefits and losses, claims and loss expenses payable		(157,470)		(4,751)		2,936		–		(159,285)
Other policyholders' funds and liabilities		–		(327)		3,194		–		2,867
Deferred income		(4,982)		–		–		–		(4,982)
Related party liabilities		(3,039)		318		(548)		–		(3,269)
Net cash provided (used) by operating activities		813,069		16,226		48,409		–		877,704
Cash flows from investing activities:
Escrow deposits		(3,292)		–		–		–		(3,292)
Purchases of:
Property, plant and equipment		(1,325,365)		–		–		–		(1,325,365)
Short term investments		–		(39,251)		(243)		–		(39,494)
Fixed maturities investments		–		(32,862)		(361,404)		–		(394,266)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		(81)		–		(81)
Real estate		(236)		(187)		(82)		–		(505)
Mortgage loans		–		(13,312)		(43,580)		–		(56,892)
Proceeds from sales and paydowns of:
Property, plant and equipment		561,848		–		–		–		561,848
Short term investments		–		47,012		–		–		47,012
Fixed maturities investments		–		9,886		73,881		–		83,767
Equity securities		–		8,608		–		–		8,608
Preferred stock		–		1,625		–		–		1,625
Mortgage loans		–		1,331		115,469		–		116,800
Net cash provided (used) by investing activities		(767,045)		(17,150)		(216,997)		–		(1,001,192)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2018

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 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		666,232		–		26,900		–		693,132
Principal repayments on credit facilities		(228,223)		–		(26,900)		–		(255,123)
Payments of debt issuance costs		(5,097)		–		–		–		(5,097)
Capital lease payments		(236,683)		–		–		–		(236,683)
Employee stock ownership plan shares		(203)		–		–		–		(203)
Common stock dividend paid		(29,385)		–		–		–		(29,385)
Investment contract deposits		–		–		300,920		–		300,920
Investment contract withdrawals		–		–		(109,641)		–		(109,641)
Net cash provided (used) by financing activities		166,641		–		191,279		–		357,920
Effects of exchange rate on cash		(9,435)		–		–		–		(9,435)
Increase (decrease) in cash and cash equivalents		203,230		(924)		22,691		–		224,997
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	905,266	$	5,715	$	73,404	$	–	$	984,385
		(page 2 of 2)
(a) Balance for the period ended September 30, 2018

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 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 inventories and parts reserve		4,334		–		–		–		4,334
Net gains on disposal of personal property		(14,260)		–		–		–		(14,260)
Net gains on disposal of real estate		(192,223)		–		–		–		(192,223)
Net gains 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 and parts		(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 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 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)
Payment of debt issuance costs		(4,581)		–		–		–		(4,581)
Capital lease payments		(219,623)		–		–		–		(219,623)
Employee stock ownership plan shares		(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

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Industry Segment and Geographic Area Data (Table Text Block)

9 Months Ended

Dec. 31, 2018

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, 2018
Total revenues	$	880,767	$	38,324	$	919,091
Depreciation and amortization, net of (gains) losses on disposals		147,868		2,259		150,127
Interest expense		34,051		776		34,827
Pretax earnings		100,832		2,190		103,022
Income tax expense		(23,828)		(559)		(24,387)
Identifiable assets		11,285,627		360,133		11,645,760
Quarter Ended December 31, 2017
Total revenues	$	805,692	$	37,190	$	842,882
Depreciation and amortization, net of (gains) losses on disposals		(51,211)		1,820		(49,391)
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

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Nine Months Ended December 31, 2018
Total revenues	$	2,901,908	$	141,267	$	3,043,175
Depreciation and amortization, net of (gains) losses on disposals		416,784		4,335		421,119
Interest expense		102,924		2,187		105,111
Pretax earnings		472,302		15,577		487,879
Income tax expense		(113,712)		(4,141)		(117,853)
Identifiable assets		11,285,627		360,133		11,645,760
Nine Months Ended December 31, 2017
Total revenues	$	2,707,614	$	135,879	$	2,843,493
Depreciation and amortization, net of (gains) losses on disposals		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

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Employee Benefit Plans (Table Text Block)

9 Months Ended

Dec. 31, 2018

Disclosure Text Block Supplement [Abstract]

Net period benefit and postretirement costs

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	277	$	269
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		235		218
Other components		18		13
Total other components of net periodic benefit costs		253		231
Net periodic postretirement benefit cost	$	530	$	500

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	831	$	805
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		707		652
Other components		53		43
Total other components of net periodic benefit costs		760		695
Net periodic postretirement benefit cost	$	1,591	$	1,500

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Fair Value Measurements (Table Text Block)

9 Months Ended

Dec. 31, 2018

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, 2018		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short term investments	$	670,795	$	670,795	$	–	$	–
Fixed maturities - available for sale		2,100,229		7,190		2,092,818		221
Preferred stock		8,815		8,815		–		–
Common stock		18,298		18,298		–		–
Derivatives		4,783		4,543		240		–
Total	$	2,802,920	$	709,641	$	2,093,058	$	221
Liabilities
Derivatives	$	–	$	–	$	–	$	–
Total	$	–	$	–	$	–	$	–

As of March 31, 2018		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short term investments	$	475,320	$	475,320	$	–	$	–
Fixed maturities - available for sale		1,881,137		7,567		1,873,293		277
Preferred stock		10,861		10,861		–		–
Common stock		27,862		27,862		–		–
Derivatives		4,825		4,388		437		–
Total	$	2,400,005	$	525,998	$	1,873,730	$	277
Liabilities
Derivatives	$	897	$	–	$	897	$	–
Total	$	897	$	–	$	897	$	–

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

.		Fixed Maturities - Asset-Backed Securities
		(Unaudited)
		(In thousands)
Balance as of March 31, 2018	$	277
Fixed Maturities - Asset-Backed Securities - redeemed		(95)
Fixed Maturities - Asset-Backed Securities - net gain (unrealized)		39
Balance as of December 31, 2018	$	221

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Revenue Recognition (Table Text Block)

9 Months Ended

Dec. 31, 2018

Revenue From Contract With Customer [Abstract]

Disaggregation Of Revenue [Table Text Block]

		Quarter Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	662,498	$	607,079
Revenues recognized at a point in time		65,372		62,208
Total revenues recognized under ASC 606		727,870		669,287
Revenues recognized under ASC 840		102,863		89,052
Revenues recognized under ASC 944		56,147		55,722
Revenues recognized under ASC 320		32,211		28,821
Total revenues	$	919,091	$	842,882

		Nine Months Ended December 31,
		2018		2017
		(Unaudited)
		(In thousands)
Revenues recognized over time	$	2,255,541	$	2,099,216
Revenues recognized at a point in time		240,281		236,067
Total revenues recognized under ASC 606		2,495,822		2,335,283
Revenues recognized under ASC 840		301,551		261,968
Revenues recognized under ASC 944		160,759		163,735
Revenues recognized under ASC 320		85,043		82,507
Total revenues	$	3,043,175	$	2,843,493

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Basis of Presentation (Narratives) (Details)	9 Months Ended
	Dec. 31, 2018
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

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Earnings Per Share (Narratives) (Details) - shares	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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	15,559	18,279

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Investments (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Regulatory Capital Requirements [Abstract]
Assets held by insurance regulators	$ 31.0		$ 30.2
Fair value, available for sale securities	76.0
Available-for-sale securities, gross realized gains	0.9
Available-for-sale securities, gross realized losses	0.1
Other-than-temporary impairments	$ 0.0	$ 0.0

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Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Available-for-sale securities, investments:
Amortized cost	$ 2,125,089	$ 1,847,422
Gross unrealized gains	22,345	79,262
Gross unrealized losses more than 12 months	(10,859)	(4,302)
Gross unrealized losses less than 12 months	(34,836)	(2,522)
Estimated market value	2,101,739	1,919,860
U.S. treasury securities and government obligations [Member]
Available-for-sale securities, investments:
Amortized cost	128,934	123,557
Gross unrealized gains	1,140	3,595
Gross unrealized losses more than 12 months	(2,319)	(1,036)
Gross unrealized losses less than 12 months	(2,462)	(203)
Estimated market value	125,293	125,913
U.S. government agency mortgage-backed securities [Member]
Available-for-sale securities, investments:
Amortized cost	61,243	36,416
Gross unrealized gains	526	951
Gross unrealized losses more than 12 months	(44)	(1)
Gross unrealized losses less than 12 months	(1,558)	(93)
Estimated market value	60,167	37,273
Obligations of states and political subdivisions [Member]
Available-for-sale securities, investments:
Amortized cost	238,243	178,702
Gross unrealized gains	5,203	9,938
Gross unrealized losses more than 12 months	(251)	(217)
Gross unrealized losses less than 12 months	(2,456)	(18)
Estimated market value	240,739	188,405
Corporate securities [Member]
Available-for-sale securities, investments:
Amortized cost	1,576,170	1,388,300
Gross unrealized gains	14,898	50,056
Gross unrealized losses more than 12 months	(8,033)	(3,009)
Gross unrealized losses less than 12 months	(26,956)	(1,826)
Estimated market value	1,556,079	1,433,521
Mortgage-backed securities [Member]
Available-for-sale securities, investments:
Amortized cost	119,006	94,106
Gross unrealized gains	541	2,072
Gross unrealized losses more than 12 months	(212)
Gross unrealized losses less than 12 months	(1,384)	(153)
Estimated market value	117,951	96,025
Redeemable preferred stocks [Member]
Available-for-sale securities, investments:
Amortized cost	1,493	2,118
Gross unrealized gains	37
Gross unrealized losses more than 12 months
Gross unrealized losses less than 12 months	(20)
Estimated market value	$ 1,510
Preferred stocks [Member]
Available-for-sale securities, investments:
Amortized cost		10,609
Gross unrealized gains		321
Gross unrealized losses more than 12 months		(29)
Gross unrealized losses less than 12 months		(40)
Estimated market value		10,861
Common stocks [Member]
Available-for-sale securities, investments:
Amortized cost		15,732
Gross unrealized gains		12,329
Gross unrealized losses more than 12 months		(10)
Gross unrealized losses less than 12 months		(189)
Estimated market value		$ 27,862

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Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Available-for-sale securities, amortized cost:
Amortized cost	$ 2,125,089	$ 1,847,422
Available-for-sale securities, fair value:
Estimated market value	2,101,739	1,919,860
Us Treasury, Government, and Corporate Securities [Member]
Available-for-sale securities, amortized cost:
Due in one year or less	58,311	36,446
Due after one year through five years	503,227	441,223
Due after five years through ten years	648,241	607,895
Due after ten years	794,811	641,411
Amortized cost	2,004,590	1,726,975
Available-for-sale securities, fair value:
Due in one year or less	58,532	36,674
Due after one year through five years	502,343	450,816
Due after five years through ten years	639,629	626,174
Due after ten years	781,774	671,448
Estimated market value	1,982,278	1,785,112
Mortgage-backed securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost	119,006	94,106
Available-for-sale securities, fair value:
Estimated market value	117,951	96,025
Redeemable preferred stocks [Member]
Available-for-sale securities, amortized cost:
Amortized cost	1,493	2,118
Available-for-sale securities, fair value:
Estimated market value	1,510	2,247
Equity Securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost		24,223
Available-for-sale securities, fair value:
Estimated market value		$ 36,476

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Investments (Available For Sale Equity Investments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Equity investments:
Estimated market value, equity investments	$ 25,603
Common stocks [Member]
Equity investments:
Estimated market value, equity investments	18,298
Non-redeemable preferred stocks [Member]
Equity investments:
Estimated market value, equity investments	$ 7,305

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Borrowings (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 3,975,764			$ 3,975,764		$ 3,513,076
Interest paid related to derivative contracts [Abstract]
Interest paid in cash	38,500		$ 32,700	109,600	$ 96,100
Real estate loan [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	105,413			105,413		135,287
Senior Mortgages [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	1,659,930			1,659,930		1,487,645
Working Capital Loans [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	335,000			335,000		55,000
Rental Truck (amortizing loans) First Loan [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	281,329			281,329		342,971
Capital Lease Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	1,012,791			1,012,791		984,217
Capital Lease Obligations [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
New capital lease obligations, amount				255,300
Notes, loans and leases payable	1,012,800			1,012,800		984,200
Capitalized assets, net book value	$ 1,479,900			$ 1,479,900		1,407,600
Debt instruments, miscellaneous information:
Terms of lease				Between 5 and 7 years
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.92%			1.92%
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%			5.04%
Other Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 79,064			$ 79,064		$ 73,579
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Uhaul International, Inc [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	2.39%			2.39%
Applicable margin interest rate	1.50%			1.50%
Sum of LIBOR and margin	3.89%			3.89%
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 105,400			$ 105,400
Debt instruments, issuance and maturity dates:
Mortgage loans on real estate, final maturity date				Apr. 30, 2023
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	$ 1,659,900			$ 1,659,900
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	2.34%			2.34%
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 235,000			$ 235,000
Debt instruments, issuance and maturity dates:
Debt instrument, maturity date range, start				Jun. 01, 2021
Debt instrument, maturity date range, end				Oct. 31, 2021
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.25%			1.25%
Sum of LIBOR and margin	3.59%			3.59%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.38%			1.38%
Sum of LIBOR and margin	3.72%			3.72%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans Two [Member] | AMERCO [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	2.32%			2.32%
Applicable margin interest rate	1.38%			1.38%
Sum of LIBOR and margin	3.70%			3.70%
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
Notes, loans and leases payable	100,000			$ 100,000
Debt instruments, issuance and maturity dates:
Debt instrument, maturity date				Sep. 30, 2021
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	$ 281,300			$ 281,300
Debt instruments, issuance and maturity dates:
Debt instrument, maturity date range, start				Apr. 01, 2019
Debt instrument, maturity date range, end				Nov. 30, 2025
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	2.35%			2.35%
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	3.00%			3.00%
Debt instruments, interest rate, effective percentage:
LIBOR	2.46%			2.46%
Applicable margin interest rate	1.75%			1.75%
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	$ 258,600			$ 258,600
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	4.66%			4.66%
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	$ 555,000			$ 555,000
Notes, loans and leases payable	$ 530,000			$ 530,000
Debt instruments, issuance and maturity dates:
Debt instrument, maturity date range, start				Jan. 01, 2021
Debt instrument, maturity date range, end				Apr. 30, 2023
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	2.34%			2.34%
Sum of LIBOR and margin	3.49%			3.49%
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	2.35%			2.35%
Sum of LIBOR and margin	3.50%			3.50%
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 82,300			$ 82,300
Subsidiary holdings of parent company debt	$ 3,300			$ 3,300
Debt instruments, issuance and maturity dates:
Debt instrument, maturity date range, start				Jan. 01, 2019
Debt instrument, maturity date range, end				Dec. 31, 2048
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.75%			2.75%
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%			8.00%
Life Insurance [Member] | Federal Home Loan Bank [Member]
Federal home loan bank activity for current period:
Aggregate deposit amount		$ 60,000
Available for sale investments, noncurrent		122,100
Available for sale equity securities pledged as collateral		$ 69,800
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member]
Federal home loan bank activity for current period:
Aggregate deposit amount fixed interest rate		1.67%
Aggregate deposit maturity date		Sep. 29, 2019
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member]
Federal home loan bank activity for current period:
Aggregate deposit amount fixed interest rate		2.95%
Aggregate deposit maturity date		Mar. 29, 2021

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Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2018	Mar. 31, 2018
Debt instrument, maturities:
Notes, loans and leases payable, gross		$ 4,003,527	$ 3,538,699
Less: Debt issuance costs		(27,763)	(25,623)
Total notes, loans and leases payable		$ 3,975,764	3,513,076
Real estate loan (amortizing term) [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.89%
Debt instrument, maturities:
Debt instrument, maturity year		2023
Total notes, loans and leases payable		$ 105,413	135,287
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		$ 1,659,930	1,487,645
Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.72%
Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	6.62%
Working capital loan (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year		2021
Total notes, loans and leases payable		$ 335,000	55,000
Working capital loan (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.59%
Working capital loan (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.72%
Fleet loans (amortization term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start		2019
Debt instrument, maturity year range, end		2025
Total notes, loans and leases payable		$ 281,329	342,971
Fleet loans (amortization term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	1.95%
Fleet loans (amortization term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	4.66%
Fleet loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start		2021
Debt instrument, maturity year range, end		2023
Total notes, loans and leases payable		$ 530,000	460,000
Fleet loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.49%
Fleet loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	3.50%
Capital Leases (rental equipment) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start		2019
Debt instrument, maturity year range, end		2025
Total notes, loans and leases payable		$ 1,012,791	984,217
Capital Leases (rental equipment) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	1.92%
Capital Leases (rental equipment) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	5.04%
Other Obligations [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start		2019
Debt instrument, maturity year range, end		2048
Total notes, loans and leases payable		$ 79,064	$ 73,579
Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	2.75%
Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	[1]	8.00%

[1] Interest rate as of December 31, 2018, including the effect of applicable hedging instruments.

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Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Long-term debt, by Maturity:
2019	$ 444,230
2020	537,017
2021	701,960
2022	550,082
2023	421,537
Thereafter	$ 1,348,701

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Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Interest expense, borrowings:
Interest expense	$ 38,825	$ 31,983	$ 109,241	$ 93,475
Capitalized interest	(5,055)	(2,075)	(7,701)	(5,769)
Amortization of transaction costs	909	963	2,751	2,909
Interest expense resulting from derivatives	148	687	820	3,311
Total interest expense	$ 34,827	$ 31,558	$ 105,111	$ 93,926

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Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Interest and debt expense:
Weighted average interest rate during the quarter	3.52%	2.47%	3.31%	2.38%
Interest rate at quarter end	3.57%	2.56%	3.57%	2.56%
Maximum amount outstanding during the quarter	$ 865,000	$ 535,000	$ 865,000	$ 538,000
Average amount outstanding during the period	812,174	532,261	632,509	516,349
Facility fees	$ 41	$ 159	$ 313	$ 284

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Derivatives (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Interest Rate Derivatives [Abstract]
Total notional amount of Company's variable interest rate swaps on debt	$ 23,700		$ 23,700
Notional amount of operating lease	4,900		4,900
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	$ (87)	$ 565	551	$ 2,265
Loss reclassified from AOCI into income (effective portion)			789	$ 3,308
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months			$ 200

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Derivatives (Interest rate swap agreements) (Details) $ in Millions	9 Months Ended
	Dec. 31, 2018 USD ($)
Swap Agreement Fifteen
Swaps:
Original variable, rate debt amount	$ 15.1	[1]
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] operating lease

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Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Interest Rate Fair Value Hedges [Abstract]
Assets	$ 240	$ 437
Liabilities		$ (897)

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Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
The effect of interest rate contracts on the statement of operations:
Loss recognized in income on interest rate contracts	$ 148	$ 687	$ 820	$ 3,311
Gain recognized in AOCI on interest rate contracts (effective portion)			(731)	(3,655)
Loss reclassified from AOCI into income (effective portion)			789	3,308
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)			$ 31	$ 3

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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, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			$ (4,623)
Foreign currency translation	$ (4,101)	$ (1,794)	(5,081)	$ 19,240
Adjustment for adoption of ASU 2018-02
Unrealized net gain on investments	1,443	2,852	(55,830)	19,820
Amount reclassified from AOCI			789	3,308
Other comprehensive income (loss)	75,890	530,517	309,666	821,065
Balance as of December 31, 2018	(74,707)		(74,707)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			(54,853)
Foreign currency translation			(5,081)
Adjustment for adoption of ASU 2018-02
Unrealized net gain on investments
Change in fair value of cash flow hedges
Amount reclassified from AOCI
Other comprehensive income (loss)			(5,081)
Balance as of December 31, 2018	(59,934)		(59,934)
Unrealized Net Gain (loss) on Investments [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			52,509
Foreign currency translation
Adjustment for adoption of ASU 2018-02			(9,724)
Unrealized net gain on investments			(55,830)
Change in fair value of cash flow hedges
Amount reclassified from AOCI
Other comprehensive income (loss)			(65,554)
Balance as of December 31, 2018	(13,045)		(13,045)
Fair Market Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			(370)
Foreign currency translation
Adjustment for adoption of ASU 2018-02
Unrealized net gain on investments
Change in fair value of cash flow hedges			1,340
Amount reclassified from AOCI			(789)
Other comprehensive income (loss)			551
Balance as of December 31, 2018	181		181
Postretirement Benefit Obligation Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			(1,909)
Foreign currency translation
Adjustment for adoption of ASU 2018-02
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, 2018	(1,909)		(1,909)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax
Balance as of March 31, 2018			(4,623)
Foreign currency translation	(4,101)	(1,794)	(5,081)	19,240
Adjustment for adoption of ASU 2018-02			(9,724)
Unrealized net gain on investments	(8,281)	$ 2,852	(55,830)	$ 19,820
Change in fair value of cash flow hedges			1,340
Amount reclassified from AOCI			(789)
Other comprehensive income (loss)			(70,084)
Balance as of December 31, 2018	$ (74,707)		$ (74,707)

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Stockholders' Equity (Narratives) (Details)	9 Months Ended
	Dec. 31, 2018 $ / shares
Declared dividend, one
Dividends Declared:
Dividends payable, date declared	Dec. 05, 2018
Dividends payable, amount per share	$ 0.5
Dividends payable, date of record	Dec. 20, 2018
Dividends payable, date to be paid	Jan. 07, 2019
Declared dividend, two
Dividends Declared:
Dividends payable, date declared	Aug. 23, 2018
Dividends payable, amount per share	$ 0.5
Dividends payable, date of record	Sep. 10, 2018
Dividends payable, date to be paid	Sep. 24, 2018
Declared dividend, three
Dividends Declared:
Dividends payable, date declared	Jun. 06, 2018
Dividends payable, amount per share	$ 0.5
Dividends payable, date of record	Jun. 21, 2018
Dividends payable, date to be paid	Jul. 05, 2018
Declared dividend, four
Dividends Declared:
Dividends payable, date declared	Mar. 08, 2018
Dividends payable, amount per share	$ 0.5
Dividends payable, date of record	Mar. 23, 2018
Dividends payable, date to be paid	Apr. 06, 2018

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Contingent Liabilities And Commitments (Narratives) (Details) $ in Millions	9 Months Ended
	Dec. 31, 2018 USD ($)
Operating leases, rental equipment [Abstract]
Lease expiration year	2024
Guaranteed residual value	$ 11.1

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Contingent Liabilities and Commitments (Lease commitments for leases having terms of more than one year) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Year-ended December 31:
2019	$ 22,479
2020	18,825
2021	17,006
2022	16,482
2023	15,876
Thereafter	58,566
Total	149,234
Property, plant and equipment, Ground [Member]
Year-ended December 31:
2019	1,024
2020	1,024
2021	1,028
2022	1,030
2023	1,030
Thereafter	48,876
Total	54,012
Property, plant and equipment, Operating [Member]
Year-ended December 31:
2019	18,382
2020	17,801
2021	15,978
2022	15,452
2023	14,846
Thereafter	9,690
Total	92,149
Rental Equipment, Operating [Member]
Year-ended December 31:
2019	3,073
2020
2021
2022
2023
Thereafter
Total	$ 3,073

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Contingencies (Narratives) (Details) $ in Millions	9 Months Ended
	Dec. 31, 2018 USD ($)
Loss Contingency Information About Litigation Matters [Abstract]
Paid legal fees	$ 27.7

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Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]
Management fees revenue:
Management fees received exclusive of reimbursed expenses	$ 23.8	$ 23.3
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]
Management fees revenue:
Management fee rate	4.00%	4.00%
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]
Management fees revenue:
Management fee rate	10.00%	10.00%
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]
Related party costs and expenses:
Revenue, excluding dealer agreement commissions and expenses	$ 18.3
Expenses, related parties	2.0
Cash flow, related party	16.4
Revenue generated by dealer agreement from related parties	229.7
Commission expenses, generated from dealer agreement with related parties	$ 49.1

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Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related party transactions:
Management fees revenue	$ 7,899	$ 9,881	$ 22,507	$ 23,474
Revenue from related parties	7,899	10,789	22,507	26,800
Blackwater [Member]
Related party transactions:
Interest income revenue		908		3,326
Management fees revenue	5,776	5,661	18,254	18,054
Mercury [Member]
Related party transactions:
Management fees revenue	$ 2,123	$ 4,220	$ 4,253	$ 5,420

XML

Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related party cost and expense:
Related party expenses, total	$ 14,965	$ 14,091	$ 51,138	$ 48,889
Blackwater [Member]
Related party cost and expense:
U-Haul lease expenses	669	658	2,009	2,014
U-Haul commission expenses	$ 14,296	$ 13,433	$ 49,129	$ 46,875

XML

Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Mar. 31, 2018
Related party assets:
Related party assets		$ 38,156	$ 33,276
Blackwater [Member]
Related party assets:
U-Haul receivables		27,280	24,034
Mercury [Member]
Related party assets:
U-Haul receivables		10,116	10,357
Insurance Group [Member]
Related party assets:
Other	[1]	$ 760	$ (1,115)

[1] Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.

XML

Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands		Dec. 31, 2018		Mar. 31, 2018		Dec. 31, 2017		Mar. 31, 2017
ASSETS:
Cash and cash equivalents		$ 984,385		$ 759,388		$ 1,022,887		$ 697,806
Reinsurance recoverables and trade receivables, net		191,764		193,538
Inventories, net		96,187		89,877
Prepaid expenses		177,918		166,129
Investments, fixed maturities and marketable equities		2,127,342		1,919,860
Investments, other		332,532		399,064
Deferred policy acquisition costs, net		140,673		124,767
Other assets		83,839		244,782
Related party assets		38,156		33,276
Subtotal assets		4,172,796		3,930,681
Investments in subsidiaries
Property, plant and equipment, at cost:
Land		910,919		827,649
Buildings and improvements		3,762,491		3,140,713
Furniture and equipment		674,535		632,803
Property, plant and equipment, gross		10,452,724		9,537,883
Less: Accumulated depreciation		(2,979,760)		(2,721,142)
Total property, plant and equipment		7,472,964		6,816,741
Total assets		11,645,760		10,747,422		10,496,959
Liabilities:
Accounts payable and accrued expenses		517,360		511,115
Notes, loans and leases payable		3,975,764		3,513,076
Policy benefits and losses, claims and loss expenses payable		1,087,742		1,248,033
Liabilities from investment contracts		1,583,885		1,364,066
Other policyholders' funds and liabilities		12,907		10,040
Deferred income		29,226		34,276
Deferred income taxes, net		746,836		658,108
Related party liabilities
Total Liabilities		7,953,720		7,338,714
Stockholders' equity:
Additional paid-in capital		453,116		452,746
Accumulated other comprehensive loss		(74,707)		(4,623)
Retained earnings		3,985,927		3,635,561
Unearned employee stock ownership plan shares		(5,143)		(7,823)
Total stockholders' equity		3,692,040		3,408,708
Total liabilities and stockholders' equity		11,645,760		10,747,422
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross		572,645		545,968
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross		4,532,134		4,390,750
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		905,266		702,036		978,264		671,665
Reinsurance recoverables and trade receivables, net		62,296		64,798
Inventories, net		96,187		89,877
Prepaid expenses		177,918		166,129
Investments, fixed maturities and marketable equities
Investments, other		22,988		22,992
Deferred policy acquisition costs, net
Other assets		80,205		241,493
Related party assets		41,289		40,003
Subtotal assets		1,386,149		1,327,328
Investments in subsidiaries		518,629		544,151
Property, plant and equipment, at cost:
Land		910,919		827,649
Buildings and improvements		3,762,491		3,140,713
Furniture and equipment		674,535		632,803
Property, plant and equipment, gross		10,452,724		9,537,883
Less: Accumulated depreciation		(2,979,760)		(2,721,142)
Total property, plant and equipment		7,472,964		6,816,741
Total assets		9,377,742		8,688,220
Liabilities:
Accounts payable and accrued expenses		509,060		506,158
Notes, loans and leases payable		3,975,764		3,513,076
Policy benefits and losses, claims and loss expenses payable		409,981		568,456
Liabilities from investment contracts
Other policyholders' funds and liabilities
Deferred income		29,226		34,276
Deferred income taxes, net		738,186		629,389
Related party liabilities		23,485		28,157
Total Liabilities		5,685,702		5,279,512
Stockholders' equity:
Additional paid-in capital		453,326		452,956
Accumulated other comprehensive loss		(74,707)		(4,623)
Retained earnings		3,985,717		3,635,351
Unearned employee stock ownership plan shares		(5,143)		(7,823)
Total stockholders' equity		3,692,040		3,408,708
Total liabilities and stockholders' equity		9,377,742		8,688,220
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		572,645		545,968
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		4,532,134		4,390,750
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		5,715	[1]	6,639	[2]	12,296	[3]	12,725	[3]
Reinsurance recoverables and trade receivables, net		97,680	[1]	99,682	[2]
Inventories, net			[1]		[2]
Prepaid expenses			[1]		[2]
Investments, fixed maturities and marketable equities		284,871	[1]	285,846	[2]
Investments, other		69,719	[1]	65,553	[2]
Deferred policy acquisition costs, net			[1]		[2]
Other assets		532	[1]	685	[2]
Related party assets		7,359	[1]	6,959	[2]
Subtotal assets		465,876	[1]	465,364	[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		465,876	[1]	465,364	[2]
Liabilities:
Accounts payable and accrued expenses		3,745	[1]	2,582	[2]
Notes, loans and leases payable			[1]		[2]
Policy benefits and losses, claims and loss expenses payable		229,607	[1]	234,359	[2]
Liabilities from investment contracts			[1]		[2]
Other policyholders' funds and liabilities		5,050	[1]	5,377	[2]
Deferred income			[1]		[2]
Deferred income taxes, net		5,658	[1]	8,927	[2]
Related party liabilities		3,181	[1]	2,870	[2]
Total Liabilities		247,241	[1]	254,115	[2]
Stockholders' equity:
Additional paid-in capital		91,120	[1]	91,120	[2]
Accumulated other comprehensive loss		(3,026)	[1]	16,526	[2]
Retained earnings		127,240	[1]	100,302	[2]
Unearned employee stock ownership plan shares			[1]		[2]
Total stockholders' equity		218,635	[1]	211,249	[2]
Total liabilities and stockholders' equity		465,876	[1]	465,364	[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		73,404	[1]	50,713	[2]	32,327	[3]	13,416	[3]
Reinsurance recoverables and trade receivables, net		31,788	[1]	29,058	[2]
Inventories, net			[1]		[2]
Prepaid expenses			[1]		[2]
Investments, fixed maturities and marketable equities		1,842,471	[1]	1,634,014	[2]
Investments, other		239,825	[1]	310,519	[2]
Deferred policy acquisition costs, net		140,673	[1]	124,767	[2]
Other assets		3,102	[1]	2,604	[2]
Related party assets		16,618	[1]	18,334	[2]
Subtotal assets		2,347,881	[1]	2,170,009	[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		2,347,881	[1]	2,170,009	[2]
Liabilities:
Accounts payable and accrued expenses		4,555	[1]	2,375	[2]
Notes, loans and leases payable			[1]		[2]
Policy benefits and losses, claims and loss expenses payable		448,154	[1]	445,218	[2]
Liabilities from investment contracts		1,583,885	[1]	1,364,066	[2]
Other policyholders' funds and liabilities		7,857	[1]	4,663	[2]
Deferred income			[1]		[2]
Deferred income taxes, net		2,992	[1]	19,792	[2]
Related party liabilities		444	[1]	993	[2]
Total Liabilities		2,047,887	[1]	1,837,107	[2]
Stockholders' equity:
Additional paid-in capital		26,271	[1]	26,271	[2]
Accumulated other comprehensive loss		(10,018)	[1]	35,982	[2]
Retained earnings		281,241	[1]	268,149	[2]
Unearned employee stock ownership plan shares			[1]		[2]
Total stockholders' equity		299,994	[1]	332,902	[2]
Total liabilities and stockholders' equity		2,347,881	[1]	2,170,009	[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]	(27,110)		(32,020)
Subtotal assets		(27,110)		(32,020)
Investments in subsidiaries	[5]	(518,629)		(544,151)
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		(545,739)		(576,171)
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]	(27,110)		(32,020)
Total Liabilities		(27,110)		(32,020)
Stockholders' equity:
Additional paid-in capital	[5]	(117,601)		(117,601)
Accumulated other comprehensive loss	[5]	13,044		(52,508)
Retained earnings	[5]	(408,271)		(368,241)
Unearned employee stock ownership plan shares
Total stockholders' equity		(518,629)		(544,151)
Total liabilities and stockholders' equity		(545,739)		(576,171)
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, 2018

[2] Balances as of December 31, 2017

[3] Balance for the period ended September 30, 2017

[4] Eliminate intercompany receivables and payables

[5] Eliminate investment in subsidiaries

XML

Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2018		Dec. 31, 2017
Revenues:
Self-moving equipment rentals		$ 626,136		$ 574,801		$ 2,124,451		$ 1,985,217
Self-storage revenues		93,392		82,127		271,097		239,317
Self-moving and self-storage products and service sales		55,665		53,130		207,819		205,309
Property management fees		7,899		9,881		22,507		23,474
Life insurance premiums		34,778		38,957		107,586		116,910
Property and casualty insurance premiums		17,668		16,093		46,732		42,934
Net investment and interest income		32,211		28,821		85,043		82,507
Other revenue		51,342		39,072		177,940		147,825
Total revenues		919,091		842,882		3,043,175		2,843,493
Costs and expenses:
Operating expenses		478,461		437,840		1,504,365		1,346,782
Commission expenses		67,493		63,487		232,084		222,203
Cost of sales		34,149		33,995		130,432		124,456
Benefits and losses		42,869		45,168		137,196		139,997
Amortization of deferred policy acquisition costs		6,654		5,952		18,584		18,217
Lease expense		7,890		8,415		24,229		25,277
Depreciation, net of (gains) losses on disposals		143,473		137,061		402,525		396,540
Net gains on disposal of real estate				(192,404)		10		(192,223)
Total costs and expenses		780,989		539,514		2,449,425		2,081,249
Earnings (loss) from operations before equity in earnings of subsidiaries		138,102		303,368		593,750		762,244
Equity in earnings of subsidiaries
Earnings from operations		138,102		303,368		593,750		762,244
Other components of net periodic benefit recovery costs		253		231		760		695
Interest expense		(34,827)		(31,558)		(105,111)		(93,926)
Pretax earnings		103,022		271,579		487,879		667,623
Income tax (expense) benefit		(24,387)		257,315		(117,853)		112,117
Earnings available to common shareholders		78,635		528,894		370,026		779,740
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Revenues:
Self-moving equipment rentals		627,543		576,018		2,128,120		1,988,430
Self-storage revenues		93,392		82,127		271,097		239,317
Self-moving and self-storage products and service sales		55,665		53,130		207,819		205,309
Property management fees		7,899		9,881		22,507		23,474
Life insurance premiums
Property and casualty insurance premiums
Net investment and interest income		4,364		3,662		9,757		9,496
Other revenue		50,065		37,669		174,447		144,196
Total revenues		838,928		762,487		2,813,747		2,610,222
Costs and expenses:
Operating expenses		465,828		426,163		1,467,831		1,310,194
Commission expenses		67,493		63,487		232,084		222,203
Cost of sales		34,149		33,995		130,432		124,456
Benefits and losses
Amortization of deferred policy acquisition costs
Lease expense		8,026		8,498		24,637		25,460
Depreciation, net of (gains) losses on disposals		143,473		137,061		402,525		396,540
Net gains on disposal of real estate				(192,404)		10		(192,223)
Total costs and expenses		718,969		476,800		2,257,519		1,886,633
Earnings (loss) from operations before equity in earnings of subsidiaries		119,959		285,687		556,228		723,589
Equity in earnings of subsidiaries		14,664		11,823		30,306		25,998
Earnings from operations		134,623		297,510		586,534		749,587
Other components of net periodic benefit recovery costs		(253)		(231)		(760)		(695)
Interest expense		(35,114)		(31,854)		(105,974)		(94,925)
Pretax earnings		99,256		265,425		479,800		653,967
Income tax (expense) benefit		(20,621)		263,469		(109,774)		125,773
Earnings available to common shareholders		78,635		528,894		370,026		779,740
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		18,128	[1]	16,754	[2]	48,448	[3]	44,067	[4]
Net investment and interest income		4,018	[1]	3,645	[2]	10,109	[3]	11,637	[4]
Other revenue			[1]		[2]		[3]		[4]
Total revenues		22,146	[1]	20,399	[2]	58,557	[3]	55,704	[4]
Costs and expenses:
Operating expenses		9,412	[1]	8,160	[2]	26,027	[3]	24,632	[4]
Commission expenses			[1]		[2]		[3]		[4]
Cost of sales			[1]		[2]		[3]		[4]
Benefits and losses		1,733	[1]	4,644	[2]	10,957	[3]	11,954	[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			[1]		[2]		[3]		[4]
Total costs and expenses		11,145	[1]	12,804	[2]	36,984	[3]	36,586	[4]
Earnings (loss) from operations before equity in earnings of subsidiaries		11,001	[1]	7,595	[2]	21,573	[3]	19,118	[4]
Equity in earnings of subsidiaries			[1]		[2]		[3]		[4]
Earnings from operations		11,001	[1]	7,595	[2]	21,573	[3]	19,118	[4]
Other components of net periodic benefit recovery costs			[1]		[2]		[3]		[4]
Interest expense			[1]		[2]		[3]		[4]
Pretax earnings		11,001	[1]	7,595	[2]	21,573	[3]	19,118	[4]
Income tax (expense) benefit		(2,186)	[1]	(2,528)	[2]	(4,359)	[3]	(6,481)	[4]
Earnings available to common shareholders		8,815	[1]	5,067	[2]	17,214	[3]	12,637	[4]
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		34,778	[1]	38,957	[2]	107,586	[3]	116,910	[4]
Property and casualty insurance premiums			[1]		[2]		[3]		[4]
Net investment and interest income		24,248	[1]	21,887	[2]	66,435	[3]	62,531	[4]
Other revenue		1,409	[1]	1,535	[2]	3,889	[3]	4,024	[4]
Total revenues		60,435	[1]	62,379	[2]	177,910	[3]	183,465	[4]
Costs and expenses:
Operating expenses		5,216	[1]	5,521	[2]	16,275	[3]	16,669	[4]
Commission expenses			[1]		[2]		[3]		[4]
Cost of sales			[1]		[2]		[3]		[4]
Benefits and losses		41,136	[1]	40,524	[2]	126,239	[3]	128,043	[4]
Amortization of deferred policy acquisition costs		6,654	[1]	5,952	[2]	18,584	[3]	18,217	[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			[1]		[2]		[3]		[4]
Total costs and expenses		53,006	[1]	51,997	[2]	161,098	[3]	162,929	[4]
Earnings (loss) from operations before equity in earnings of subsidiaries		7,429	[1]	10,382	[2]	16,812	[3]	20,536	[4]
Equity in earnings of subsidiaries			[1]		[2]		[3]		[4]
Earnings from operations		7,429	[1]	10,382	[2]	16,812	[3]	20,536	[4]
Other components of net periodic benefit recovery costs			[1]		[2]		[3]		[4]
Interest expense			[1]		[2]		[3]		[4]
Pretax earnings		7,429	[1]	10,382	[2]	16,812	[3]	20,536	[4]
Income tax (expense) benefit		(1,580)	[1]	(3,626)	[2]	(3,720)	[3]	(7,175)	[4]
Earnings available to common shareholders		5,849	[1]	6,756	[2]	13,092	[3]	13,361	[4]
Consolidation, Eliminations [Member]
Revenues:
Self-moving equipment rentals	[5]	(1,407)		(1,217)		(3,669)		(3,213)
Self-storage revenues
Self-moving and self-storage products and service sales
Property management fees
Life insurance premiums
Property and casualty insurance premiums		(460)		(661)		(1,716)		(1,133)
Net investment and interest income	[6]	(419)		(373)		(1,258)		(1,157)
Other revenue	[6]	(132)		(132)		(396)		(395)
Total revenues		(2,418)		(2,383)		(7,039)	[6]	(5,898)
Costs and expenses:
Operating expenses	[5],[6]	(1,995)		(2,004)		(5,768)		(4,716)
Commission expenses
Cost of sales
Benefits and losses
Amortization of deferred policy acquisition costs
Lease expense	[6]	(136)		(83)		(408)		(183)
Depreciation, net of (gains) losses on disposals
Net gains on disposal of real estate
Total costs and expenses		(2,131)		(2,087)		(6,176)		(4,899)
Earnings (loss) from operations before equity in earnings of subsidiaries		(287)		(296)		(863)		(999)
Equity in earnings of subsidiaries	[7]	(14,664)		(11,823)		(30,306)		(25,998)
Earnings from operations		(14,951)		(12,119)		(31,169)		(26,997)
Other components of net periodic benefit recovery costs
Interest expense	[6]	287		296		863		999
Pretax earnings		(14,664)		(11,823)		(30,306)		(25,998)
Income tax (expense) benefit
Earnings available to common shareholders		$ (14,664)		$ (11,823)		$ (30,306)		$ (25,998)

[1] Balances for the quarter ended September 30, 2018

[2] Balances for the quarter ended September 30, 2017

[3] Balances for the nine months ended September 30, 2018

[4] Balances for the nine months ended September 30, 2017

[5] Eliminate intercompany premiums

[6] Eliminate intercompany lease / interest income

[7] Eliminate equity in earnings of subsidiaries

XML

Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2018		Dec. 31, 2017
Cash flow from operating activities:
Net earnings		$ 78,635		$ 528,894		$ 370,026		$ 779,740
Earnings from consolidated entities
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation						431,652		410,800
Amortization of deferred policy acquisition costs		6,654		5,952		18,584		18,217
Amortization of debt issuance costs						2,922		2,910
Interest credited to policyholders						28,540		23,250
Change in allowance for losses on trade receivables						124		(25)
Change in allowance for inventory reserves						2,539		4,334
Net gain on sale of personal property		(796)		(4,235)		(29,127)		(14,260)
Net gains on disposal of real estate				(192,404)		10		(192,223)
Net (gain) loss on sale of investments						(3,594)		(4,250)
Deferred income tax						108,614		(179,047)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables						1,601		(27,659)
Inventories						(8,858)		(17,410)
Prepaid expenses						(12,533)		(22,220)
Capitalization of deferred policy acquisition costs						(19,994)		(21,501)
Other assets						159,125		6,279
Related party assets						(1,838)		47,804
Accounts payable and accrued expenses						(5,420)		26,764
Policy benefits and losses, claims and loss expenses payable						(159,285)		2,767
Other policyholders' funds and liabilities						2,867		590
Deferred income						(4,982)		(1,297)
Related party liabilities						(3,269)		(4,542)
Net cash provided by operating activities						877,704		839,021
Cash flow from investing activities:
Escrow Deposits						(3,292)		19,707
Purchases of:
Property, plant and equipment						(1,325,365)		(970,472)
Short term investments						(39,494)		(48,743)
Fixed maturities investments						(394,266)		(274,283)
Equity securities						(957)		(662)
Preferred stock						(81)		(1,000)
Real estate						(505)		(1,783)
Mortgage loans						(56,892)		(80,707)
Proceeds from sale of:
Property, plant and equipment						561,848		591,040
Short term investments						47,012		54,319
Fixed maturities investments						83,767		102,404
Equity securities						8,608
Preferred stock						1,625		3,188
Real estate								5,348
Mortgage loans						116,800		23,726
Net cash used by investing activities						(1,001,192)		(577,918)
Cash flow from financing activities:
Borrowings from credit facilities						693,132		426,262
Principal repayments on credit facilities						(255,123)		(303,212)
Debt issuance costs						(5,097)		(4,581)
Capital lease payments						(236,683)		(219,623)
Employee stock ownership plan		(303)		(2,804)		(203)		(6,764)
Securitization deposits								(2,181)
Common stock dividends paid						(29,385)		(19,587)
Investment contract deposits						300,920		347,695
Investment contract withdrawals						(109,641)		(163,499)
Net cash provided by (used in) financing activities						357,920		54,510
Effects of exchange rate on cash						(9,435)		9,468
Increase (decrease) in cash and cash equivalents						224,997		325,081
Cash and cash equivalents at the beginning of period						759,388		697,806
Cash and cash equivalents at the end of the period		984,385		1,022,887		984,385		1,022,887
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Cash flow from operating activities:
Net earnings		78,635		528,894		370,026		779,740
Earnings from consolidated entities						(30,306)		(25,998)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation						431,652		410,800
Amortization of deferred policy acquisition costs
Amortization of debt issuance costs						2,922		2,910
Interest credited to policyholders
Change in allowance for losses on trade receivables						129		(22)
Change in allowance for inventory reserves						2,539		4,334
Net gain on sale of personal property						(29,127)		(14,260)
Net gains on disposal of real estate				(192,404)		10		(192,223)
Net (gain) loss on sale of investments
Deferred income tax						108,618		(176,566)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables						2,323		(32,898)
Inventories						(8,858)		(17,410)
Prepaid expenses						(12,533)		(22,220)
Capitalization of deferred policy acquisition costs
Other assets						159,232		4,649
Related party assets						(1,428)		43,822
Accounts payable and accrued expenses						(16,639)		15,455
Policy benefits and losses, claims and loss expenses payable						(157,470)		8,427
Other policyholders' funds and liabilities
Deferred income						(4,982)		(1,297)
Related party liabilities						(3,039)		(4,412)
Net cash provided by operating activities						813,069		782,831
Cash flow from investing activities:
Escrow Deposits						(3,292)		19,707
Purchases of:
Property, plant and equipment						(1,325,365)		(970,472)
Short term investments
Fixed maturities investments
Equity securities
Preferred stock
Real estate						(236)		(1,637)
Mortgage loans
Proceeds from sale of:
Property, plant and equipment						561,848		591,040
Short term investments
Fixed maturities investments
Equity securities
Preferred stock
Real estate								5,348
Mortgage loans
Net cash used by investing activities						(767,045)		(356,014)
Cash flow from financing activities:
Borrowings from credit facilities						666,232		426,262
Principal repayments on credit facilities						(228,223)		(303,212)
Debt issuance costs						(5,097)		(4,581)
Capital lease payments						(236,683)		(219,623)
Employee stock ownership plan						(203)		(6,764)
Securitization deposits								(2,181)
Common stock dividends paid						(29,385)		19,587
Investment contract deposits
Investment contract withdrawals
Net cash provided by (used in) financing activities						166,641		(129,686)
Effects of exchange rate on cash						(9,435)		9,468
Increase (decrease) in cash and cash equivalents						203,230		306,599
Cash and cash equivalents at the beginning of period						702,036		671,665
Cash and cash equivalents at the end of the period		905,266		978,264		905,266		978,264
Operating Segments [Member] | Property and Casualty Insurance [Member]
Cash flow from operating activities:
Net earnings		8,815	[1]	5,067	[2]	17,214	[3]	12,637	[4]
Earnings from consolidated entities							[5]		[6]
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation							[5]		[6]
Amortization of deferred policy acquisition costs			[1]		[2]		[3]		[4]
Amortization of debt issuance costs							[5]		[6]
Interest credited to policyholders							[5]		[6]
Change in allowance for losses on trade receivables							[5]		[6]
Change in allowance for inventory reserves							[5]		[6]
Net gain on sale of personal property							[5]		[6]
Net gains on disposal of real estate			[1]		[2]		[3]		[4]
Net (gain) loss on sale of investments						(3,007)	[5]	(881)	[6]
Deferred income tax						3,624	[5]	(1,315)	[6]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables						2,000	[5]	6,908	[6]
Inventories							[5]		[6]
Prepaid expenses							[5]		[6]
Capitalization of deferred policy acquisition costs							[5]		[6]
Other assets						391	[5]	1,796	[6]
Related party assets						(410)	[5]	3,982	[6]
Accounts payable and accrued expenses						1,174	[5]	1,229	[6]
Policy benefits and losses, claims and loss expenses payable						(4,751)	[5]	(6,896)	[6]
Other policyholders' funds and liabilities						(327)	[5]	1,099	[6]
Deferred income							[5]		[6]
Related party liabilities						318	[5]	(205)	[6]
Net cash provided by operating activities						16,226	[5]	18,354	[6]
Cash flow from investing activities:
Escrow Deposits							[5]		[6]
Purchases of:
Property, plant and equipment							[5]		[6]
Short term investments						(39,251)	[5]	(39,701)	[6]
Fixed maturities investments						(32,862)	[5]	(34,284)	[6]
Equity securities							[5]		[6]
Preferred stock							[5]	(1,000)	[6]
Real estate						(187)	[5]	(16)	[6]
Mortgage loans						(13,312)	[5]	(11,609)	[6]
Proceeds from sale of:
Property, plant and equipment							[5]		[6]
Short term investments						47,012	[5]	43,570	[6]
Fixed maturities investments						9,886	[5]	17,821	[6]
Equity securities	[5]					8,608
Preferred stock						1,625	[5]	3,188	[6]
Real estate							[5]		[6]
Mortgage loans						1,331	[5]	3,248	[6]
Net cash used by investing activities						(17,150)	[5]	(18,783)	[6]
Cash flow from financing activities:
Borrowings from credit facilities							[5]		[6]
Principal repayments on credit facilities							[5]		[6]
Debt issuance costs							[5]		[6]
Capital lease payments							[5]		[6]
Employee stock ownership plan							[5]		[6]
Securitization deposits							[5]		[6]
Common stock dividends paid							[5]		[6]
Investment contract deposits							[5]		[6]
Investment contract withdrawals							[5]		[6]
Net cash provided by (used in) financing activities							[5]		[6]
Effects of exchange rate on cash							[5]		[6]
Increase (decrease) in cash and cash equivalents						(924)	[5]	(429)	[6]
Cash and cash equivalents at the beginning of period						6,639	[7]	12,725	[6]
Cash and cash equivalents at the end of the period		5,715	[8]	12,296	[6]	5,715	[8]	12,296	[6]
Operating Segments [Member] | Life Insurance [Member]
Cash flow from operating activities:
Net earnings		5,849	[1]	6,756	[2]	13,092	[3]	13,361	[4]
Earnings from consolidated entities							[5]		[6]
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation							[5]		[6]
Amortization of deferred policy acquisition costs		6,654	[1]	5,952	[2]	18,584	[3]	18,217	[4]
Amortization of debt issuance costs							[5]		[6]
Interest credited to policyholders						28,540	[5]	23,250	[6]
Change in allowance for losses on trade receivables						(5)	[5]	(3)	[6]
Change in allowance for inventory reserves							[5]		[6]
Net gain on sale of personal property							[5]		[6]
Net gains on disposal of real estate			[1]		[2]		[3]		[4]
Net (gain) loss on sale of investments						(587)	[5]	(3,369)	[6]
Deferred income tax						(3,628)	[5]	(1,166)	[6]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables						(2,722)	[5]	(1,669)	[6]
Inventories							[5]		[6]
Prepaid expenses							[5]		[6]
Capitalization of deferred policy acquisition costs						(19,994)	[5]	(21,501)	[6]
Other assets						(498)	[5]	(166)	[6]
Related party assets							[5]		[6]
Accounts payable and accrued expenses						10,045	[5]	10,080	[6]
Policy benefits and losses, claims and loss expenses payable						2,936	[5]	1,236	[6]
Other policyholders' funds and liabilities						3,194	[5]	(509)	[6]
Deferred income							[5]		[6]
Related party liabilities						(548)	[5]	75	[6]
Net cash provided by operating activities						48,409	[5]	37,836	[6]
Cash flow from investing activities:
Escrow Deposits							[5]		[6]
Purchases of:
Property, plant and equipment							[5]		[6]
Short term investments						(243)	[5]	(9,042)	[6]
Fixed maturities investments						(361,404)	[5]	(239,999)	[6]
Equity securities						(957)	[5]	(662)	[6]
Preferred stock						(81)	[5]		[6]
Real estate						(82)	[5]	(130)	[6]
Mortgage loans						(43,580)	[5]	(69,098)	[6]
Proceeds from sale of:
Property, plant and equipment							[5]		[6]
Short term investments							[5]	10,749	[6]
Fixed maturities investments						73,881	[5]	84,583	[6]
Equity securities	[5]
Preferred stock							[5]		[6]
Real estate							[5]		[6]
Mortgage loans						115,469	[5]	20,478	[6]
Net cash used by investing activities						(216,997)	[5]	(203,121)	[6]
Cash flow from financing activities:
Borrowings from credit facilities						26,900	[5]		[6]
Principal repayments on credit facilities						(26,900)	[5]		[6]
Debt issuance costs							[5]		[6]
Capital lease payments							[5]		[6]
Employee stock ownership plan							[5]		[6]
Securitization deposits							[5]		[6]
Common stock dividends paid							[5]		[6]
Investment contract deposits						300,920	[5]	347,695	[6]
Investment contract withdrawals						(109,641)	[5]	(169,499)	[6]
Net cash provided by (used in) financing activities						191,279	[5]	184,196	[6]
Effects of exchange rate on cash							[5]		[6]
Increase (decrease) in cash and cash equivalents						22,691	[5]	18,911	[6]
Cash and cash equivalents at the beginning of period						50,713	[7]	13,416	[6]
Cash and cash equivalents at the end of the period		73,404	[8]	32,327	[6]	73,404	[8]	32,327	[6]
Consolidation, Eliminations [Member]
Cash flow from operating activities:
Net earnings		(14,664)		(11,823)		(30,306)		(25,998)
Earnings from consolidated entities						30,306		25,998
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
Equity securities
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, 2018

[2] Balances for the quarter ended September 30, 2017

[3] Balances for the nine months ended September 30, 2018

[4] Balances for the nine months ended September 30, 2017

[5] Balance for the period ended September 30, 2018

[6] Balance for the period ended September 30, 2017

[7] Balances as of December 31, 2017

[8] Balances as of September 30, 2018

[9] Elimination of intercompany investments

XML

Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Quarter ended:
Total revenues	$ 919,091	$ 842,882	$ 3,043,175	$ 2,843,493
Depreciation and amortization, net of (gains) losses on disposals	150,127	(49,391)	421,119	222,534
Interest expense	34,827	31,558	105,111	93,926
Pretax earnings	103,022	271,579	487,879	667,623
Income tax (expense) benefit	(24,387)	257,315	(117,853)	112,117
Identifiable assets	11,645,760	10,496,959	11,645,760	10,496,959	$ 10,747,422
United States [Member]
Quarter ended:
Total revenues	880,767	805,692	2,901,908	2,707,614
Depreciation and amortization, net of (gains) losses on disposals	147,868	(51,211)	416,784	216,885
Interest expense	34,051	30,824	102,924	91,735
Pretax earnings	100,832	269,830	472,302	654,388
Income tax (expense) benefit	(23,828)	264,361	(113,712)	115,855
Identifiable assets	11,285,627	10,186,992	11,285,627	10,186,992
Canada [Member]
Quarter ended:
Total revenues	38,324	37,190	141,267	135,879
Depreciation and amortization, net of (gains) losses on disposals	2,259	1,820	4,335	5,649
Interest expense	776	734	2,187	2,191
Pretax earnings	2,190	1,749	15,577	13,235
Income tax (expense) benefit	(559)	(7,046)	(4,141)	(3,738)
Identifiable assets	$ 360,133	$ 309,967	$ 360,133	$ 309,967

XML

Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 277	$ 269	$ 831	$ 805
Other components of net periodic benefit cost:
Interest cost on accumulated postretirement benefit	235	218	707	652
Other components	18	13	53	43
Total other components of net periodic benefit costs	253	231	760	695
Net periodic postretirement benefit cost	$ 530	$ 500	$ 1,591	$ 1,500

XML

Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Assets:
Short-term investments	$ 670,795	$ 475,320
Fixed maturities - available for sale	2,100,229	1,881,137
Preferred stock	8,815	10,861
Common stock	18,298	27,862
Derivatives	4,783	4,825
Total	2,802,920	2,400,005
Liabilities:
Derivatives		897
Total		897
Level 1 [Member]
Assets:
Short-term investments	670,795	475,320
Fixed maturities - available for sale	7,190	7,567
Preferred stock	8,815	10,861
Common stock	18,298	27,862
Derivatives	4,543	4,388
Total	709,641	525,998
Liabilities:
Derivatives
Total
Level 2 [Member]
Assets:
Short-term investments
Fixed maturities - available for sale	2,092,818	1,873,293
Preferred stock
Common stock
Derivatives	240	437
Total	2,093,058	1,873,730
Liabilities:
Derivatives		897
Total		897
Level 3 [Member]
Assets:
Short-term investments
Fixed maturities - available for sale	221	277
Preferred stock
Common stock
Derivatives
Total	221	277
Liabilities:
Derivatives
Total

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Fair Value Measurements (Significant Unobservable Input (Level 3) Fair Value Measurements) (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2018 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at March 31, 2018	$ 277
Fixed Maturities - Asset backed securities redeemed	(95)
Fixed maturities - Asset back securities - net gain (realized)	39
Balance at December 31, 2018	$ 221

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Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Revenues recognized over time	$ 662,498	$ 607,079	$ 2,255,541	$ 2,099,216
Revenues recognized at point in time	65,372	62,208	240,281	236,067
Total revenues recognized under ASC 606	727,870	669,287	2,495,822	2,335,283
Revenues recognized under ASC 840	102,863	89,052	301,551	261,968
Revenues recognized under ASC 944	56,147	55,722	160,759	163,735
Revenues recognized under ASC 320	32,211	28,821	85,043	82,507
Total revenues	$ 919,091	$ 842,882	$ 3,043,175	$ 2,843,493

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Subsequent Events (Narratives) (Details) $ in Millions	Dec. 01, 2018 USD ($)
Subsequent Events [Abstract]
Reinsurance agreement termination cash transfer	$ 64.6