Consolidating Financial Information by Industry Segment	9 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]
11. Consolidating Financial Information by Industry Segment	Consolidating balance sheets by industry segment as of December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 604,176 $ 5,868 $ 21,907 $ – $ 631,951 Reinsurance recoverables and trade receivables, net 72,170 96,189 31,805 – 200,164 Inventories and parts, net 103,003 – – – 103,003 Prepaid expenses 188,780 – – – 188,780 Investments, fixed maturities and marketable equities – 290,776 2,178,692 – 2,469,468 Investments, other 20,988 85,760 229,979 – 336,727 Deferred policy acquisition costs, net – – 106,354 – 106,354 Other assets 67,916 724 3,181 – 71,821 Right of use assets - financing, net 1,130,473 – – – 1,130,473 Right of use assets - operating 107,974 – – – 107,974 Related party assets 52,223 8,007 19,450 (31,692) (c) 47,988 2,347,703 487,324 2,591,368 (31,692) 5,394,703 Investment in subsidiaries 657,994 – – (657,994) (b) – Property, plant and equipment, at cost: Land 1,018,010 – – – 1,018,010 Buildings and improvements 4,522,855 – – – 4,522,855 Furniture and equipment 733,063 – – – 733,063 Rental trailers and other rental equipment 511,872 – – – 511,872 Rental trucks 3,454,759 – – – 3,454,759 10,240,559 – – – 10,240,559 Less: Accumulated depreciation (2,640,940) – – – (2,640,940) Total property, plant and equipment, net 7,599,619 – – – 7,599,619 Total assets $ 10,605,316 $ 487,324 $ 2,591,368 $ (689,686) $ 12,994,322 (a) Balances as of September 30, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 22 Consolidating balance sheets by industry segment as of December 31, 2019 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 $ 536,387 $ 2,662 $ 12,721 $ – $ 551,770 Notes, loans and finance/capital leases payable, net 4,548,609 – – – 4,548,609 Operating lease liability 107,581 – – – 107,581 Policy benefits and losses, claims and loss expenses payable 416,793 223,890 374,980 – 1,015,663 Liabilities from investment contracts – – 1,753,428 – 1,753,428 Other policyholders' funds and liabilities – 5,838 7,086 – 12,924 Deferred income 31,459 – – – 31,459 Deferred income taxes, net 835,519 10,333 23,819 – 869,671 Related party liabilities 24,490 5,039 902 (30,431) (c) – Total liabilities 6,500,838 247,762 2,172,936 (30,431) 8,891,105 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 454,029 91,120 26,271 (117,601) (b) 453,819 Accumulated other comprehensive income (loss) 40,778 13,290 85,185 (99,736) (b) 39,517 Retained earnings 4,276,824 131,851 304,476 (436,117) (b) 4,277,034 Cost of common stock in treasury, net (525,653) – – – (525,653) Cost of preferred stock in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan stock – – – – – Total stockholders' equity 4,104,478 239,562 418,432 (659,255) 4,103,217 Total liabilities and stockholders' equity $ 10,605,316 $ 487,324 $ 2,591,368 $ (689,686) $ 12,994,322 (a) Balances as of September 30, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 23 Consolidating balance sheets by industry segment as of March 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 643,918 $ 5,757 $ 24,026 $ – $ 673,701 Reinsurance recoverables and trade receivables, net 90,832 102,120 31,833 – 224,785 Inventories and parts, net 103,504 – – – 103,504 Prepaid expenses 174,100 – – – 174,100 Investments, fixed maturities and marketable equities – 279,641 1,955,756 – 2,235,397 Investments, other 23,013 74,679 203,044 – 300,736 Deferred policy acquisition costs, net – – 136,276 – 136,276 Other assets 72,768 2,456 3,130 – 78,354 Related party assets 35,997 6,639 16,466 (28,213) (c) 30,889 1,144,132 471,292 2,370,531 (28,213) 3,957,742 Investment in subsidiaries 534,157 – – (534,157) (b) – Property, plant and equipment, at cost: Land 976,454 – – – 976,454 Buildings and improvements 4,003,726 – – – 4,003,726 Furniture and equipment 689,780 – – – 689,780 Rental trailers and other rental equipment 590,039 – – – 590,039 Rental trucks 4,762,028 – – – 4,762,028 11,022,027 – – – 11,022,027 Less: Accumulated depreciation (3,088,056) – – – (3,088,056) Total property, plant and equipment, net 7,933,971 – – – 7,933,971 Total assets $ 9,612,260 $ 471,292 $ 2,370,531 $ (562,370) $ 11,891,713 (a) Balances as of December 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 24 Consolidating balance sheets by industry segment as of March 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 548,099 $ 2,844 $ 5,930 $ – $ 556,873 Notes, loans and leases payable, net 4,163,323 – – – 4,163,323 Policy benefits and losses, claims and loss expenses payable 407,934 229,958 373,291 – 1,011,183 Liabilities from investment contracts – – 1,666,742 – 1,666,742 Other policyholders' funds and liabilities – 5,259 9,788 – 15,047 Deferred income 35,186 – – – 35,186 Deferred income taxes, net 741,644 6,961 2,365 – 750,970 Related party liabilities 25,446 3,836 692 (29,974) (c) – Total liabilities 5,921,632 248,858 2,058,808 (29,974) 8,199,324 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 453,536 91,120 26,271 (117,601) (b) 453,326 Accumulated other comprehensive income (loss) (68,459) (3,721) (5,300) 10,782 (b) (66,698) Retained earnings 3,976,752 131,734 288,252 (419,776) (b) 3,976,962 Cost of common stock in treasury, net (525,653) – – – (525,653) Cost of preferred stock in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan stock (4,048) – – – (4,048) Total stockholders' equity 3,690,628 222,434 311,723 (532,396) 3,692,389 Total liabilities and stockholders' equity $ 9,612,260 $ 471,292 $ 2,370,531 $ (562,370) $ 11,891,713 (a) Balances as of December 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 25 Consolidating statement of operations by industry segment for the quarter ended December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 622,902 $ – $ – $ (1,431) (c) $ 621,471 Self-storage revenues 106,701 – – – 106,701 Self-moving and self-storage products and service sales 54,454 – – – 54,454 Property management fees 9,098 – – – 9,098 Life insurance premiums – – 31,164 – 31,164 Property and casualty insurance premiums – 20,040 – (773) (c) 19,267 Net investment and interest income 2,351 5,326 26,550 (445) (b) 33,782 Other revenue 50,858 – 1,175 (90) (b) 51,943 Total revenues 846,364 25,366 58,889 (2,739) 927,880 Costs and expenses: Operating expenses 505,473 9,309 4,962 (2,291) (b,c) 517,453 Commission expenses 66,542 – – – 66,542 Cost of sales 35,318 – – – 35,318 Benefits and losses – 6,173 36,691 – 42,864 Amortization of deferred policy acquisition costs – – 8,046 – 8,046 Lease expense 6,660 – – (170) (b) 6,490 Depreciation, net of (gains) losses on disposal 170,074 – – – 170,074 Net losses on disposal of real estate 528 – – – 528 Total costs and expenses 784,595 15,482 49,699 (2,461) 847,315 Earnings from operations before equity in earnings of subsidiaries 61,769 9,884 9,190 (278) 80,565 Equity in earnings of subsidiaries 15,196 – – (15,196) (d) – Earnings from operations 76,965 9,884 9,190 (15,474) 80,565 Other components of net periodic benefit costs (263) – – – (263) Interest expense (40,251) – – 278 (b) (39,973) Pretax earnings 36,451 9,884 9,190 (15,196) 40,329 Income tax expense (5,519) (2,083) (1,795) – (9,397) Earnings available to common stockholders $ 30,932 $ 7,801 $ 7,395 $ (15,196) $ 30,932 (a) Balances for the quarter ended September 30, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 26 Consolidating statements of operations by industry 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 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 stockholders $ 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 Consolidating statements of operations by industry for the nine months ended December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 2,177,697 $ – $ – $ (3,305) (c) $ 2,174,392 Self-storage revenues 309,940 – – – 309,940 Self-moving and self-storage products and service sales 207,601 – – – 207,601 Property management fees 23,487 – – – 23,487 Life insurance premiums – – 96,229 – 96,229 Property and casualty insurance premiums – 53,370 – (2,314) (c) 51,056 Net investment and interest income 8,649 15,829 79,416 (1,265) (b) 102,629 Other revenue 188,940 – 3,424 (355) (b) 192,009 Total revenues 2,916,314 69,199 179,069 (7,239) 3,157,343 Costs and expenses: Operating expenses 1,580,705 26,785 15,809 (5,961) (b,c) 1,617,338 Commission expenses 233,540 – – – 233,540 Cost of sales 128,177 – – – 128,177 Benefits and losses – 14,972 122,723 – 137,695 Amortization of deferred policy acquisition costs – – 20,625 – 20,625 Lease expense 20,324 – – (442) (b) 19,882 Depreciation, net of (gains) losses on disposal 462,227 – – – 462,227 Net gains on disposal of real estate (1,311) – – – (1,311) Total costs and expenses 2,423,662 41,757 159,157 (6,403) 2,618,173 Earnings from operations before equity in earnings of subsidiaries 492,652 27,442 19,912 (836) 539,170 Equity in earnings of subsidiaries 37,941 – – (37,941) (d) – Earnings from operations 530,593 27,442 19,912 (38,777) 539,170 Other components of net periodic benefit costs (790) – – – (790) Interest expense (118,819) – – 836 (b) (117,983) Pretax earnings 410,984 27,442 19,912 (37,941) 420,397 Income tax expense (91,304) (5,725) (3,688) – (100,717) Earnings available to common stockholders $ 319,680 $ 21,717 $ 16,224 $ (37,941) $ 319,680 (a) Balances for the nine months ended September 30, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 28 Consolidating statements of operations by industry 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 stockholders $ 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 Consolidating cash flow statements by industry segment for the nine months ended December 31, 2019 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 $ 319,680 $ 21,717 $ 16,224 $ (37,941) $ 319,680 Earnings from consolidated entities (37,941) – – 37,941 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 494,753 – – – 494,753 Amortization of deferred policy acquisition costs – – 20,625 – 20,625 Amortization of premiums and accretion of discounts related to investments, net – 1,129 8,719 – 9,848 Amortization of debt issuance costs 3,275 – – – 3,275 Interest credited to policyholders – – 38,169 – 38,169 Change in allowance for losses on trade receivables (76) – – – (76) Change in allowance for inventories and parts reserve (85) – – – (85) Net gains on disposal of personal property (32,526) – – – (32,526) Net gains on disposal of real estate (1,311) – – – (1,311) Net gains on sales of investments – (178) (8,599) – (8,777) Net gains on equity investments – (3,749) – – (3,749) Deferred income taxes 94,258 (1,150) (5,303) – 87,805 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 18,799 5,931 29 – 24,759 Inventories and parts 589 – – – 589 Prepaid expenses (16,402) – – – (16,402) Capitalization of deferred policy acquisition costs – – (17,530) – (17,530) Other assets (2,215) 1,973 (51) – (293) Related party assets (16,151) (1,356) – – (17,507) Accounts payable and accrued expenses 42,453 (199) 9,500 – 51,754 Policy benefits and losses, claims and loss expenses payable 8,353 (6,067) 1,688 – 3,974 Other policyholders' funds and liabilities – 578 (2,701) – (2,123) Deferred income (2,317) – – – (2,317) Related party liabilities (956) 1,192 210 – 446 Net cash provided by operating activities 872,180 19,821 60,980 – 952,981 Cash flows from investing activities: Escrow deposits 7,153 – – – 7,153 Purchases of: Property, plant and equipment (1,917,862) – – – (1,917,862) Short term investments – (47,036) (421) – (47,457) Fixed maturities investments – (8,954) (258,955) – (267,909) Equity securities – – (83) – (83) Real estate – (328) (156) – (484) Mortgage loans – (12,750) (30,335) – (43,085) Proceeds from sales and paydowns of: Property, plant and equipment 599,797 – – – 599,797 Short term investments – 46,859 – – 46,859 Fixed maturities investments – 21,981 171,215 – 193,196 Equity securities – 185 – – 185 Real estate 311 – – – 311 Mortgage loans – 1,933 7,119 – 9,052 Net cash provided (used) by investing activities (1,310,601) 1,890 (111,616) – (1,420,327) (page 1 of 2) (a) Balance for the period ended September 30, 2019 30 Consolidating cash flow statements by industry segment for the nine months ended December 31, 2019 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 865,362 – 2,500 – 867,862 Principal repayments on credit facilities (222,832) – (2,500) – (225,332) Payments of debt issuance costs (3,671) – – – (3,671) Finance/capital lease payments (247,188) – – – (247,188) Employee stock ownership plan stock (206) – – – (206) Common stock dividend paid (19,600) – – – (19,600) Net contribution from (to) related party 21,600 (21,600) – – – Investment contract deposits – – 171,465 – 171,465 Investment contract withdrawals – – (122,948) – (122,948) Net cash provided (used) by financing activities 393,465 (21,600) 48,517 – 420,382 Effects of exchange rate on cash 5,214 – – – 5,214 Increase (decrease) in cash and cash equivalents (39,742) 111 (2,119) – (41,750) Cash and cash equivalents at beginning of period 643,918 5,757 24,026 – 673,701 Cash and cash equivalents at end of period $ 604,176 $ 5,868 $ 21,907 $ – $ 631,951 (page 2 of 2) (a) Balance for the period ended September 30, 2019 31 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 cash provided by operations: Depreciation 431,652 – – – 431,652 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Amortization of premiums and accretion of discounts related to investments, net – 991 8,811 – 9,802 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) Net losses on equity investments – 4,289 – – 4,289 Deferred income taxes 108,618 (665) (3,628) – 104,325 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 1,234 – (14,231) 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 by operating activities 813,069 17,217 48,409 – 878,695 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 – 8,895 73,881 – 82,776 Equity securities – 8,608 – – 8,608 Preferred stock – 1,625 – – 1,625 Mortgage loans – 1,331 115,469 – 116,800 Net cash used by investing activities (767,045) (18,141) (216,997) – (1,002,183) (page 1 of 2) (a) Balance for the period ended September 30, 2018 32 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) Payment of debt issuance costs (5,097) – – – (5,097) Capital lease payments (236,683) – – – (236,683) Employee stock ownership plan stock (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 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 33

Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 2019

11. Consolidating Financial Information by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 604,176 $ 5,868 $ 21,907 $ – $ 631,951 Reinsurance recoverables and trade receivables, net 72,170 96,189 31,805 – 200,164 Inventories and parts, net 103,003 – – – 103,003 Prepaid expenses 188,780 – – – 188,780 Investments, fixed maturities and marketable equities – 290,776 2,178,692 – 2,469,468 Investments, other 20,988 85,760 229,979 – 336,727 Deferred policy acquisition costs, net – – 106,354 – 106,354 Other assets 67,916 724 3,181 – 71,821 Right of use assets - financing, net 1,130,473 – – – 1,130,473 Right of use assets - operating 107,974 – – – 107,974 Related party assets 52,223 8,007 19,450 (31,692) (c) 47,988 2,347,703 487,324 2,591,368 (31,692) 5,394,703 Investment in subsidiaries 657,994 – – (657,994) (b) – Property, plant and equipment, at cost: Land 1,018,010 – – – 1,018,010 Buildings and improvements 4,522,855 – – – 4,522,855 Furniture and equipment 733,063 – – – 733,063 Rental trailers and other rental equipment 511,872 – – – 511,872 Rental trucks 3,454,759 – – – 3,454,759 10,240,559 – – – 10,240,559 Less: Accumulated depreciation (2,640,940) – – – (2,640,940) Total property, plant and equipment, net 7,599,619 – – – 7,599,619 Total assets $ 10,605,316 $ 487,324 $ 2,591,368 $ (689,686) $ 12,994,322 (a) Balances as of September 30, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 22 Consolidating balance sheets by industry segment as of December 31, 2019 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 $ 536,387 $ 2,662 $ 12,721 $ – $ 551,770 Notes, loans and finance/capital leases payable, net 4,548,609 – – – 4,548,609 Operating lease liability 107,581 – – – 107,581 Policy benefits and losses, claims and loss expenses payable 416,793 223,890 374,980 – 1,015,663 Liabilities from investment contracts – – 1,753,428 – 1,753,428 Other policyholders' funds and liabilities – 5,838 7,086 – 12,924 Deferred income 31,459 – – – 31,459 Deferred income taxes, net 835,519 10,333 23,819 – 869,671 Related party liabilities 24,490 5,039 902 (30,431) (c) – Total liabilities 6,500,838 247,762 2,172,936 (30,431) 8,891,105 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 454,029 91,120 26,271 (117,601) (b) 453,819 Accumulated other comprehensive income (loss) 40,778 13,290 85,185 (99,736) (b) 39,517 Retained earnings 4,276,824 131,851 304,476 (436,117) (b) 4,277,034 Cost of common stock in treasury, net (525,653) – – – (525,653) Cost of preferred stock in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan stock – – – – – Total stockholders' equity 4,104,478 239,562 418,432 (659,255) 4,103,217 Total liabilities and stockholders' equity $ 10,605,316 $ 487,324 $ 2,591,368 $ (689,686) $ 12,994,322 (a) Balances as of September 30, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 23 Consolidating balance sheets by industry segment as of March 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 643,918 $ 5,757 $ 24,026 $ – $ 673,701 Reinsurance recoverables and trade receivables, net 90,832 102,120 31,833 – 224,785 Inventories and parts, net 103,504 – – – 103,504 Prepaid expenses 174,100 – – – 174,100 Investments, fixed maturities and marketable equities – 279,641 1,955,756 – 2,235,397 Investments, other 23,013 74,679 203,044 – 300,736 Deferred policy acquisition costs, net – – 136,276 – 136,276 Other assets 72,768 2,456 3,130 – 78,354 Related party assets 35,997 6,639 16,466 (28,213) (c) 30,889 1,144,132 471,292 2,370,531 (28,213) 3,957,742 Investment in subsidiaries 534,157 – – (534,157) (b) – Property, plant and equipment, at cost: Land 976,454 – – – 976,454 Buildings and improvements 4,003,726 – – – 4,003,726 Furniture and equipment 689,780 – – – 689,780 Rental trailers and other rental equipment 590,039 – – – 590,039 Rental trucks 4,762,028 – – – 4,762,028 11,022,027 – – – 11,022,027 Less: Accumulated depreciation (3,088,056) – – – (3,088,056) Total property, plant and equipment, net 7,933,971 – – – 7,933,971 Total assets $ 9,612,260 $ 471,292 $ 2,370,531 $ (562,370) $ 11,891,713 (a) Balances as of December 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 24 Consolidating balance sheets by industry segment as of March 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 548,099 $ 2,844 $ 5,930 $ – $ 556,873 Notes, loans and leases payable, net 4,163,323 – – – 4,163,323 Policy benefits and losses, claims and loss expenses payable 407,934 229,958 373,291 – 1,011,183 Liabilities from investment contracts – – 1,666,742 – 1,666,742 Other policyholders' funds and liabilities – 5,259 9,788 – 15,047 Deferred income 35,186 – – – 35,186 Deferred income taxes, net 741,644 6,961 2,365 – 750,970 Related party liabilities 25,446 3,836 692 (29,974) (c) – Total liabilities 5,921,632 248,858 2,058,808 (29,974) 8,199,324 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 453,536 91,120 26,271 (117,601) (b) 453,326 Accumulated other comprehensive income (loss) (68,459) (3,721) (5,300) 10,782 (b) (66,698) Retained earnings 3,976,752 131,734 288,252 (419,776) (b) 3,976,962 Cost of common stock in treasury, net (525,653) – – – (525,653) Cost of preferred stock in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan stock (4,048) – – – (4,048) Total stockholders' equity 3,690,628 222,434 311,723 (532,396) 3,692,389 Total liabilities and stockholders' equity $ 9,612,260 $ 471,292 $ 2,370,531 $ (562,370) $ 11,891,713 (a) Balances as of December 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 25 Consolidating statement of operations by industry segment for the quarter ended December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 622,902 $ – $ – $ (1,431) (c) $ 621,471 Self-storage revenues 106,701 – – – 106,701 Self-moving and self-storage products and service sales 54,454 – – – 54,454 Property management fees 9,098 – – – 9,098 Life insurance premiums – – 31,164 – 31,164 Property and casualty insurance premiums – 20,040 – (773) (c) 19,267 Net investment and interest income 2,351 5,326 26,550 (445) (b) 33,782 Other revenue 50,858 – 1,175 (90) (b) 51,943 Total revenues 846,364 25,366 58,889 (2,739) 927,880 Costs and expenses: Operating expenses 505,473 9,309 4,962 (2,291) (b,c) 517,453 Commission expenses 66,542 – – – 66,542 Cost of sales 35,318 – – – 35,318 Benefits and losses – 6,173 36,691 – 42,864 Amortization of deferred policy acquisition costs – – 8,046 – 8,046 Lease expense 6,660 – – (170) (b) 6,490 Depreciation, net of (gains) losses on disposal 170,074 – – – 170,074 Net losses on disposal of real estate 528 – – – 528 Total costs and expenses 784,595 15,482 49,699 (2,461) 847,315 Earnings from operations before equity in earnings of subsidiaries 61,769 9,884 9,190 (278) 80,565 Equity in earnings of subsidiaries 15,196 – – (15,196) (d) – Earnings from operations 76,965 9,884 9,190 (15,474) 80,565 Other components of net periodic benefit costs (263) – – – (263) Interest expense (40,251) – – 278 (b) (39,973) Pretax earnings 36,451 9,884 9,190 (15,196) 40,329 Income tax expense (5,519) (2,083) (1,795) – (9,397) Earnings available to common stockholders $ 30,932 $ 7,801 $ 7,395 $ (15,196) $ 30,932 (a) Balances for the quarter ended September 30, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 26 Consolidating statements of operations by industry 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 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 stockholders $ 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 Consolidating statements of operations by industry for the nine months ended December 31, 2019 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 2,177,697 $ – $ – $ (3,305) (c) $ 2,174,392 Self-storage revenues 309,940 – – – 309,940 Self-moving and self-storage products and service sales 207,601 – – – 207,601 Property management fees 23,487 – – – 23,487 Life insurance premiums – – 96,229 – 96,229 Property and casualty insurance premiums – 53,370 – (2,314) (c) 51,056 Net investment and interest income 8,649 15,829 79,416 (1,265) (b) 102,629 Other revenue 188,940 – 3,424 (355) (b) 192,009 Total revenues 2,916,314 69,199 179,069 (7,239) 3,157,343 Costs and expenses: Operating expenses 1,580,705 26,785 15,809 (5,961) (b,c) 1,617,338 Commission expenses 233,540 – – – 233,540 Cost of sales 128,177 – – – 128,177 Benefits and losses – 14,972 122,723 – 137,695 Amortization of deferred policy acquisition costs – – 20,625 – 20,625 Lease expense 20,324 – – (442) (b) 19,882 Depreciation, net of (gains) losses on disposal 462,227 – – – 462,227 Net gains on disposal of real estate (1,311) – – – (1,311) Total costs and expenses 2,423,662 41,757 159,157 (6,403) 2,618,173 Earnings from operations before equity in earnings of subsidiaries 492,652 27,442 19,912 (836) 539,170 Equity in earnings of subsidiaries 37,941 – – (37,941) (d) – Earnings from operations 530,593 27,442 19,912 (38,777) 539,170 Other components of net periodic benefit costs (790) – – – (790) Interest expense (118,819) – – 836 (b) (117,983) Pretax earnings 410,984 27,442 19,912 (37,941) 420,397 Income tax expense (91,304) (5,725) (3,688) – (100,717) Earnings available to common stockholders $ 319,680 $ 21,717 $ 16,224 $ (37,941) $ 319,680 (a) Balances for the nine months ended September 30, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 28 Consolidating statements of operations by industry 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 stockholders $ 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 Consolidating cash flow statements by industry segment for the nine months ended December 31, 2019 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 $ 319,680 $ 21,717 $ 16,224 $ (37,941) $ 319,680 Earnings from consolidated entities (37,941) – – 37,941 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 494,753 – – – 494,753 Amortization of deferred policy acquisition costs – – 20,625 – 20,625 Amortization of premiums and accretion of discounts related to investments, net – 1,129 8,719 – 9,848 Amortization of debt issuance costs 3,275 – – – 3,275 Interest credited to policyholders – – 38,169 – 38,169 Change in allowance for losses on trade receivables (76) – – – (76) Change in allowance for inventories and parts reserve (85) – – – (85) Net gains on disposal of personal property (32,526) – – – (32,526) Net gains on disposal of real estate (1,311) – – – (1,311) Net gains on sales of investments – (178) (8,599) – (8,777) Net gains on equity investments – (3,749) – – (3,749) Deferred income taxes 94,258 (1,150) (5,303) – 87,805 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 18,799 5,931 29 – 24,759 Inventories and parts 589 – – – 589 Prepaid expenses (16,402) – – – (16,402) Capitalization of deferred policy acquisition costs – – (17,530) – (17,530) Other assets (2,215) 1,973 (51) – (293) Related party assets (16,151) (1,356) – – (17,507) Accounts payable and accrued expenses 42,453 (199) 9,500 – 51,754 Policy benefits and losses, claims and loss expenses payable 8,353 (6,067) 1,688 – 3,974 Other policyholders' funds and liabilities – 578 (2,701) – (2,123) Deferred income (2,317) – – – (2,317) Related party liabilities (956) 1,192 210 – 446 Net cash provided by operating activities 872,180 19,821 60,980 – 952,981 Cash flows from investing activities: Escrow deposits 7,153 – – – 7,153 Purchases of: Property, plant and equipment (1,917,862) – – – (1,917,862) Short term investments – (47,036) (421) – (47,457) Fixed maturities investments – (8,954) (258,955) – (267,909) Equity securities – – (83) – (83) Real estate – (328) (156) – (484) Mortgage loans – (12,750) (30,335) – (43,085) Proceeds from sales and paydowns of: Property, plant and equipment 599,797 – – – 599,797 Short term investments – 46,859 – – 46,859 Fixed maturities investments – 21,981 171,215 – 193,196 Equity securities – 185 – – 185 Real estate 311 – – – 311 Mortgage loans – 1,933 7,119 – 9,052 Net cash provided (used) by investing activities (1,310,601) 1,890 (111,616) – (1,420,327) (page 1 of 2) (a) Balance for the period ended September 30, 2019 30 Consolidating cash flow statements by industry segment for the nine months ended December 31, 2019 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 865,362 – 2,500 – 867,862 Principal repayments on credit facilities (222,832) – (2,500) – (225,332) Payments of debt issuance costs (3,671) – – – (3,671) Finance/capital lease payments (247,188) – – – (247,188) Employee stock ownership plan stock (206) – – – (206) Common stock dividend paid (19,600) – – – (19,600) Net contribution from (to) related party 21,600 (21,600) – – – Investment contract deposits – – 171,465 – 171,465 Investment contract withdrawals – – (122,948) – (122,948) Net cash provided (used) by financing activities 393,465 (21,600) 48,517 – 420,382 Effects of exchange rate on cash 5,214 – – – 5,214 Increase (decrease) in cash and cash equivalents (39,742) 111 (2,119) – (41,750) Cash and cash equivalents at beginning of period 643,918 5,757 24,026 – 673,701 Cash and cash equivalents at end of period $ 604,176 $ 5,868 $ 21,907 $ – $ 631,951 (page 2 of 2) (a) Balance for the period ended September 30, 2019 31 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 cash provided by operations: Depreciation 431,652 – – – 431,652 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Amortization of premiums and accretion of discounts related to investments, net – 991 8,811 – 9,802 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) Net losses on equity investments – 4,289 – – 4,289 Deferred income taxes 108,618 (665) (3,628) – 104,325 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 1,234 – (14,231) 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 by operating activities 813,069 17,217 48,409 – 878,695 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 – 8,895 73,881 – 82,776 Equity securities – 8,608 – – 8,608 Preferred stock – 1,625 – – 1,625 Mortgage loans – 1,331 115,469 – 116,800 Net cash used by investing activities (767,045) (18,141) (216,997) – (1,002,183) (page 1 of 2) (a) Balance for the period ended September 30, 2018 32 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) Payment of debt issuance costs (5,097) – – – (5,097) Capital lease payments (236,683) – – – (236,683) Employee stock ownership plan stock (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 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 33