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December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th 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 2019 and 2018 correspond to fiscal 2020 and 2019 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, 2019 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months of fiscal 2020 and 2019 and cash flows for the first nine months of fiscal 2020 and 2019 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, 2019. 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 ( 3 ) 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 8   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. 3 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 as of December 31, 2018. As of December 31, 2019, all of these shares have been released. 15559 Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 30.9 million and $ 30.8 million as of December 31, 2019 and March 31, 2019, respectively. Available-for-Sale Investments Available-for-sale investments as of December 31, 2019 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 $ 112,784 $ 9,370 $ (3) $ – $ 122,151 U.S. government agency mortgage-backed securities   39,146   887   (2)   –   40,031 Obligations of states and political subdivisions   292,619   23,669   (134)   (45)   316,109 Corporate securities   1,699,751   102,544   (1,133)   (528)   1,800,634 Mortgage-backed securities   153,880   7,602   (1)   (2)   161,479 Redeemable preferred stocks   1,493   82   –   –   1,575   $ 2,299,673 $ 144,154 $ (1,273) $ (575) $ 2,441,979   9   Available-for-sale investments as of March 31, 2019 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 $ 136,010 $ 2,409 $ (2,104) $ (447) $ 135,868 U.S. government agency mortgage-backed securities   31,101   433   (146)   (19)   31,369 Obligations of states and political subdivisions   298,955   8,079   (233)   (905)   305,896 Corporate securities   1,613,199   14,777   (14,257)   (24,986)   1,588,733 Mortgage-backed securities   148,203   880   (285)   (903)   147,895 Redeemable preferred stocks   1,493   20   –   (45)   1,468   $ 2,228,961 $ 26,598 $ (17,025) $ (27,305) $ 2,211,229   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 $ 187.9 million during the first nine months of fiscal 2020. The gross realized gains on these sales totaled $ 4.6 million. The gross realized losses on these sales totaled $ 0.2 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 them 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 in the third quarter or first nine months of fiscal 2020 or 2019. 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 the first nine months of fiscal 2020 and fiscal 2019, respectively. 10   The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     December 31, 2019   March 31, 2019     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 114,557 $ 115,001 $ 71,987 $ 71,954 Due after one year through five years   554,591   572,647   541,195   540,658 Due after five years through ten years   662,534   707,015   621,031   614,485 Due after ten years   812,618   884,262   845,052   834,769     2,144,300   2,278,925   2,079,265   2,061,866                   Mortgage-backed securities   153,880   161,479   148,203   147,895 Redeemable preferred stocks   1,493   1,575   1,493   1,468   $ 2,299,673 $ 2,441,979 $ 2,228,961 $ 2,211,229   As of December 31, 2019 and March 31, 2019, 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:     December 31, 2019   March 31, 2019     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 19,988 $ 10,123 $ 17,379 Non-redeemable preferred stocks   7,451   7,501   7,451   6,789   $ 17,226 $ 27,489 $ 17,574 $ 24,168   11 30900000 30800000 Available-for-sale investments as of December 31, 2019 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 $ 112,784 $ 9,370 $ (3) $ – $ 122,151 U.S. government agency mortgage-backed securities   39,146   887   (2)   –   40,031 Obligations of states and political subdivisions   292,619   23,669   (134)   (45)   316,109 Corporate securities   1,699,751   102,544   (1,133)   (528)   1,800,634 Mortgage-backed securities   153,880   7,602   (1)   (2)   161,479 Redeemable preferred stocks   1,493   82   –   –   1,575   $ 2,299,673 $ 144,154 $ (1,273) $ (575) $ 2,441,979 112784000 9370000 3000 0 122151000 39146000 887000 2000 0 40031000 292619000 23669000 134000 45000 316109000 1699751000 102544000 1133000 528000 1800634000 153880000 7602000 1000 2000 161479000 1493000 82000 0 0 1575000 2299673000 144154000 1273000 575000 2441979000 9   Available-for-sale investments as of March 31, 2019 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 $ 136,010 $ 2,409 $ (2,104) $ (447) $ 135,868 U.S. government agency mortgage-backed securities   31,101   433   (146)   (19)   31,369 Obligations of states and political subdivisions   298,955   8,079   (233)   (905)   305,896 Corporate securities   1,613,199   14,777   (14,257)   (24,986)   1,588,733 Mortgage-backed securities   148,203   880   (285)   (903)   147,895 Redeemable preferred stocks   1,493   20   –   (45)   1,468   $ 2,228,961 $ 26,598 $ (17,025) $ (27,305) $ 2,211,229 136010000 2409000 2104000 447000 135868000 31101000 433000 146000 19000 31369000 298955000 8079000 233000 905000 305896000 1613199000 14777000 14257000 24986000 1588733000 148203000 880000 285000 903000 147895000 1493000 20000 0 45000 1468000 2228961000 26598000 17025000 27305000 2211229000 187900000 4600000 200000     December 31, 2019   March 31, 2019     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 114,557 $ 115,001 $ 71,987 $ 71,954 Due after one year through five years   554,591   572,647   541,195   540,658 Due after five years through ten years   662,534   707,015   621,031   614,485 Due after ten years   812,618   884,262   845,052   834,769     2,144,300   2,278,925   2,079,265   2,061,866                   Mortgage-backed securities   153,880   161,479   148,203   147,895 Redeemable preferred stocks   1,493   1,575   1,493   1,468   $ 2,299,673 $ 2,441,979 $ 2,228,961 $ 2,211,229 114557000 115001000 71987000 71954000 554591000 572647000 541195000 540658000 662534000 707015000 621031000 614485000 812618000 884262000 845052000 834769000 2144300000 2278925000 2079265000 2061866000 153880000 161479000 148203000 147895000 1493000 1575000 1493000 1468000 2299673000 2441979000 2228961000 2211229000 Equity investments of common stock and non-redeemable preferred stock were as follows:     December 31, 2019   March 31, 2019     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 19,988 $ 10,123 $ 17,379 Non-redeemable preferred stocks   7,451   7,501   7,451   6,789   $ 17,226 $ 27,489 $ 17,574 $ 24,168 9775000 19988000 10123000 17379000 7451000 7501000 7451000 6789000 17226000 27489000 17574000 24168000 Long-Term Debt Long-term debt was as follows:                       December 31,   March 31,   2020 Rates (a)     Maturities   2019   2019                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       3.22 %       2023 $ 95,413 $ 102,913 Senior mortgages 3.36 % - 6.62 %   2021 - 2038   1,953,704   1,741,652 Real estate loans (revolving credit) 3.03 % - 3.20 %   2022 - 2024   435,000   429,400 Fleet loans (amortizing term) 1.95 % - 4.66 %   2020 - 2027   231,043   263,209 Fleet loans (revolving credit) 2.84 % - 2.86 %   2022 - 2024   585,000   530,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   795,465   1,042,652 Finance liability (rental equipment) 2.73 % - 4.22 %   2024 - 2026   398,157   – Other obligations 2.50 % - 8.00 %   2020 - 2048   84,159   82,417 Notes, loans and finance/capital leases payable                   4,577,941   4,192,243 Less: Debt issuance costs                     (29,332)   (28,920) Total notes, loans and finance/capital leases payable, net         $ 4,548,609 $ 4,163,323                             (a) Interest rates as of December 31, 2019, 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”).   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 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, 2019, the applicable LIBOR was 1.72 % and the applicable margin was 1.50 %, the sum of which was 3.22 %. 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. 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 3.36 % 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. 12   Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 335.0 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 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, 2019, the applicable LIBOR was 1.70 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 2.95 % and 3.20 %. Certain loans have interest rate swaps fixing the rate between 3.03 % and 3.14 % based on current margins. 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 real estate 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, 2019, the outstanding balance was $100.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 2019, the applicable LIBOR was 1.70 % and the margin was 1.38 %, the sum of which was 3.08 %. 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 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 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 $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of December 31, 2019, the applicable LIBOR was between 1.69 % and 1.71 %, and the margin was 1.15 %, the sum of which was between 2.84 % and 2.86 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance/Capital Leases The Finance/Capital Lease balance represents our sale-leaseback transactions of rental equipment that were entered into and classified as capital leases prior to the adoption of ASC 842 on April 1, 2019. The historical capital lease balance was reclassified to Right-of-use assets-finance, net. The agreements are generally 7 year terms with interest rates ranging from 1.92 % to 5.04 %.   All of our finance leases are collateralized by our rental fleet. There were no new financing leases, as assessed under the new leasing guidance, entered into during the nine months ended December 31, 2019. 13   Finance Liabilities Finance Liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842 on April 1, 2019, which substantially changed the accounting for sale-leasebacks going forward. In accordance with the new leasing guidance, we assess if sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs.   We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost.     Our finance liabilities have an average term of 7 years and interest rates ranging from 2.73 % to 4.22 %. These finance liabilities are collateralized by our rental fleet.   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, 2019, the aggregate outstanding principal balance of the U-Notes ® issued was $ 87.0 million, of which $ 2.9 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.50 % and 8.00 % and maturity dates range between 2020 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, 2019, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 1.72 % and 2.95 % with maturities between March 30, 2019 and September 30, 2022. As of September 30, 2019, available-for-sale investments held with the FHLB totaled $ 120.1 million, of which $ 67.9 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 Finance/Capital Leases Payable The annual maturities of our notes, loans and finance/capital leases payable, as of December 31, 2019 for the next five years and thereafter are as follows:     Year Ending December 31,     2020   2021   2022   2023   2024   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 483,060 $ 446,465 $ 995,089 $ 596,752 $ 586,102 $ 1,470,473 Interest on Borrowings Interest Expense Components of interest expense were as follows:     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) Interest expense $ 45,037 $ 38,825 Capitalized interest   (5,775)   (5,055) Amortization of transaction costs   1,176   909 Interest expense effect resulting from cash flow hedges   (465)   148 Total interest expense $ 39,973 $ 34,827 14       Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) Interest expense $ 133,111 $ 109,241 Capitalized interest   (17,943)   (7,701) Amortization of transaction costs   3,276   2,751 Interest expense effect resulting from cash flow hedges   (461)   820 Total interest expense $ 117,983 $ 105,111 Interest paid in cash, including payments related to derivative contracts, amounted to $ 41.9 million and $ 38.5 million for the third quarter of fiscal 2020 and 2019, respectively, and $ 127.8 million and $ 109.6 million for the first nine months of fiscal 2020 and 2019, respectively. Interest Rates Interest rates and Company borrowings were as follows:     Revolving Credit Activity       Quarter Ended December 31,       2019   2018       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   3.09 % 3.52 % Interest rate at the end of the quarter   2.95 % 3.57 % Maximum amount outstanding during the quarter $ 1,025,000 $ 865,000   Average amount outstanding during the quarter $ 1,014,511 $ 812,174   Facility fees $ 40 $ 41         Revolving Credit Activity       Nine Months Ended December 31,       2019   2018       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   3.44 % 3.31 % Interest rate at the end of the period   2.95 % 3.57 % Maximum amount outstanding during the period $ 1,025,000 $ 865,000   Average amount outstanding during the period $ 995,508 $ 632,509   Facility fees $ 147 $ 313   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. 15 Long-term debt was as follows:                       December 31,   March 31,   2020 Rates (a)     Maturities   2019   2019                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       3.22 %       2023 $ 95,413 $ 102,913 Senior mortgages 3.36 % - 6.62 %   2021 - 2038   1,953,704   1,741,652 Real estate loans (revolving credit) 3.03 % - 3.20 %   2022 - 2024   435,000   429,400 Fleet loans (amortizing term) 1.95 % - 4.66 %   2020 - 2027   231,043   263,209 Fleet loans (revolving credit) 2.84 % - 2.86 %   2022 - 2024   585,000   530,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   795,465   1,042,652 Finance liability (rental equipment) 2.73 % - 4.22 %   2024 - 2026   398,157   – Other obligations 2.50 % - 8.00 %   2020 - 2048   84,159   82,417 Notes, loans and finance/capital leases payable                   4,577,941   4,192,243 Less: Debt issuance costs                     (29,332)   (28,920) Total notes, loans and finance/capital leases payable, net         $ 4,548,609 $ 4,163,323                             (a) Interest rates as of December 31, 2019, including the effect of applicable hedging instruments.         0.0322 2023 95413000 102913000 0.0336 0.0662 2021 2038 1953704000 1741652000 0.0303 0.0320 2022 2024 435000000 429400000 0.0195 0.0466 2020 2027 231043000 263209000 0.0284 0.0286 2022 2024 585000000 530000000 0.0192 0.0504 2020 2026 795465000 1042652000 0.0273 0.0422 2024 2026 398157000 0 0.0250 0.0800 2020 2048 84159000 82417000 4192243000 29332000 28920000 4548609000 4163323000 0.0172 0.0150 0.0322 0.0336 0.0662 335000000.0 0.0170 0.0125 0.0150 0.0295 0.0320 0.0303 0.0314 150000000.0 300000000.0 0.0170 0.0138 0.0308 0.0195 0.0466 590000000.0 0.0115 7 year terms 0.0192 0.0504 7 years 0.0273 0.0422 87000000.0 2900000 0.0250 0.0800 2020 2048 60000000.0 0.0172 0.0295 120100000 67900000     Year Ending December 31,     2020   2021   2022   2023   2024   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 483,060 $ 446,465 $ 995,089 $ 596,752 $ 586,102 $ 1,470,473 483060000 446465000 995089000 596752000 586102000 1470473000     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) Interest expense $ 45,037 $ 38,825 Capitalized interest   (5,775)   (5,055) Amortization of transaction costs   1,176   909 Interest expense effect resulting from cash flow hedges   (465)   148 Total interest expense $ 39,973 $ 34,827 45037000 38825000 5775000 5055000 1176000 909000 -465000 148000     Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) Interest expense $ 133,111 $ 109,241 Capitalized interest   (17,943)   (7,701) Amortization of transaction costs   3,276   2,751 Interest expense effect resulting from cash flow hedges   (461)   820 Total interest expense $ 117,983 $ 105,111 133111000 109241000 17943000 7701000 3276000 2751000 -461000 820000 41900000 38500000 127800000 109600000     Revolving Credit Activity       Quarter Ended December 31,       2019   2018       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   3.09 % 3.52 % Interest rate at the end of the quarter   2.95 % 3.57 % Maximum amount outstanding during the quarter $ 1,025,000 $ 865,000   Average amount outstanding during the quarter $ 1,014,511 $ 812,174   Facility fees $ 40 $ 41   0.0309 0.0352 0.0295 0.0357 1025000000 865000000 1014511000 812174000 40000 41000     Revolving Credit Activity       Nine Months Ended December 31,       2019   2018       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   3.44 % 3.31 % Interest rate at the end of the period   2.95 % 3.57 % Maximum amount outstanding during the period $ 1,025,000 $ 865,000   Average amount outstanding during the period $ 995,508 $ 632,509   Facility fees $ 147 $ 313   0.0344 0.0331 0.0295 0.0357 1025000000 865000000 995508000 632509000 147000 313000 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. 15   The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows:     Derivatives Fair Values as of     December 31, 2019   March 31, 2019     (Unaudited)     (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ 139 Liabilities $ 1,415 $ – Notional amount $ 235,000 $ 22,792       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2019   December 31, 2018     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ 1,558 $ (731) (Gain) loss reclassified from AOCI into income $ (458) $ 789   Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first nine months of fiscal 2020, we recognized a decrease in the fair value of our cash flow hedges of $ 1.2 million, net of taxes. During the first nine months of fiscal 2020, we reclassified $ 0.5 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of December 31, 2019, we expect to reclassify $ 0.1 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.     Derivatives Fair Values as of     December 31, 2019   March 31, 2019     (Unaudited)     (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ 139 Liabilities $ 1,415 $ – Notional amount $ 235,000 $ 22,792 0 139000 1415000 0 235000000 22792000     The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2019   December 31, 2018     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ 1,558 $ (731) (Gain) loss reclassified from AOCI into income $ (458) $ 789 1558000 -731000 1200000 100000 A summary of AOCI components, net of tax, were as follows:     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance as of March 31, 2019 $ (56,612) $ (7,259) $ 107 $ (2,934) $ (66,698) Foreign currency translation   2,919   –   –   –   2,919 Unrealized net gain on investments   –   104,471   –   –   104,471 Change in fair value of cash flow hedges   –   –   (1,173)   –   (1,173) Amounts reclassified into earnings on hedging activities   –   –   (2)   –   (2) Other comprehensive income (loss)   2,919   104,471   (1,175)   –   106,215 Balance as of December 31, 2019 $ (53,693) $ 97,212 $ (1,068) $ (2,934) $ 39,517       Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance as of March 31, 2019 $ (56,612) $ (7,259) $ 107 $ (2,934) $ (66,698) Foreign currency translation   2,919   –   –   –   2,919 Unrealized net gain on investments   –   104,471   –   –   104,471 Change in fair value of cash flow hedges   –   –   (1,173)   –   (1,173) Amounts reclassified into earnings on hedging activities   –   –   (2)   –   (2) Other comprehensive income (loss)   2,919   104,471   (1,175)   –   106,215 Balance as of December 31, 2019 $ (53,693) $ 97,212 $ (1,068) $ (2,934) $ 39,517 -56612000 -7259000 107000 -2934000 -66698000 2919000 0 0 0 2919000 0 104471000 0 0 104471000 0 0 -1173000 0 -1173000 0 0 -2000 0 -2000 2919000 104471000 -1175000 0 106215000 -53693000 97212000 -1068000 -2934000 39517000 The   dividends declared or paid during the first nine months of fiscal 2020 were as follows: Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               March 6, 2019 $ 0.50   March 21, 2019   April 4, 2019 August 22, 2019   0.50   September 9, 2019   September 23, 2019 December 4, 2019   0.50   December 19, 2019   January 6, 2020   On June 8, 2016, our stockholders’ approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2019, no awards had been issued under this plan. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               March 6, 2019 $ 0.50   March 21, 2019   April 4, 2019 August 22, 2019   0.50   September 9, 2019   September 23, 2019 December 4, 2019   0.50   December 19, 2019   January 6, 2020 2019-03-06 0.50 2019-03-21 2019-04-04 2019-08-22 0.50 2019-09-09 2019-09-23 2019-12-04 0.50 2019-12-19 2020-01-06 Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, of the Notes to Condensed Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in Right-of-Use (“ROU“) assets - operating and operating lease liability in our condensed consolidated balance sheet dated December 31, 2019. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our condensed consolidated balance sheet dated December 31, 2019. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of this standard resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant, and equipment, net to ROU assets financing, net. 17   The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Finanical Statements for additional information. The following table shows the components of our right-of-use assets:     As of December 31, 2019     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 121,919 $ 121,919 Furniture and equipment   27,309   –   27,309 Rental trailers and other rental equipment   117,987   –   117,987 Rental trucks   1,746,036   –   1,746,036 Right-of-use assets, gross   1,891,332   121,919   2,013,251 Less: Accumulated depreciation   (760,859)   (13,945)   (774,804) Right-of-use assets, net $ 1,130,473 $ 107,974 $ 1,238,447       Finance   Operating       (Unaudited)   Weighted average remaining lease term (years)   4 Years   5 Years   Weighted average discount rate   3.43 % 4.60 %   For the first nine months ended December 31, 2019, cash paid for leases included in our operating and financing cash flow activities were $ 18.9 million and $ 247.2 million, respectively. The components of lease costs were as follows:     Nine Months Ended     December 31, 2019     (Unaudited)     (In thousands)       Operating lease costs $ 20,324       Finance lease cost:     Amortization of right-of-use assets $ 143,574 Interest on lease liabilities   24,083 Total finance lease cost $ 167,657 18   Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2020 $ 231,189 $ 23,585 2021   174,105   21,204 2022   132,805   20,354 2023   115,521   19,689 2024   82,385   12,195 Thereafter   59,460   67,422 Total lease payments   795,465   164,449 Less: imputed interest   –   (56,868) Present value of lease liabilities $ 795,465 $ 107,581   9. Contingencies Environmental Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. 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. 19 105400000 948200000     As of December 31, 2019     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 121,919 $ 121,919 Furniture and equipment   27,309   –   27,309 Rental trailers and other rental equipment   117,987   –   117,987 Rental trucks   1,746,036   –   1,746,036 Right-of-use assets, gross   1,891,332   121,919   2,013,251 Less: Accumulated depreciation   (760,859)   (13,945)   (774,804) Right-of-use assets, net $ 1,130,473 $ 107,974 $ 1,238,447 0 121919000 121919000 27309000 0 27309000 117987000 0 117987000 1746036000 0 1746036000 1891332000 121919000 2013251000 760859000 13945000 774804000 1130473000 107974000 1238447000     Finance   Operating       (Unaudited)   Weighted average remaining lease term (years)   4 Years   5 Years   Weighted average discount rate   3.43 % 4.60 % 4 Years 5 Years 0.0343 0.0460 18900000 247200000     Nine Months Ended     December 31, 2019     (Unaudited)     (In thousands)       Operating lease costs $ 20,324       Finance lease cost:     Amortization of right-of-use assets $ 143,574 Interest on lease liabilities   24,083 Total finance lease cost $ 167,657 20324000 143574000 24083000 167657000     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2020 $ 231,189 $ 23,585 2021   174,105   21,204 2022   132,805   20,354 2023   115,521   19,689 2024   82,385   12,195 Thereafter   59,460   67,422 Total lease payments   795,465   164,449 Less: imputed interest   –   (56,868) Present value of lease liabilities $ 795,465 $ 107,581 231189000 23585000 174105000 21204000 132805000 20354000 115521000 19689000 82385000 12195000 59460000 67422000 795465000 164449000 0 56868000 795465000 107581000 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. 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. 19   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, Galaxy Investments, L.P. and 2015 SAC self-storage 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 stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenue     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 5,763 $ 5,776 U-Haul management fee revenue from Mercury   3,335   2,123   $ 9,098 $ 7,899       Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 18,330 $ 18,254 U-Haul management fee revenue from Mercury   5,157   4,253   $ 23,487 $ 22,507   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 $ 22.7 million and $ 23.8 million from the above-mentioned entities during the first nine months of fiscal 2020 and 2019, 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 owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 658 $ 669 U-Haul commission expenses to Blackwater   14,140   14,296   $ 14,798 $ 14,965 20         Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,974 $ 2,009 U-Haul commission expenses to Blackwater   49,959   49,129   $ 51,933 $ 51,138 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, 2019, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts 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 $ 16.5 million during the first nine months of fiscal 2020. Revenues and commission expenses related to the Dealer Agreements were $ 236.4 million and $ 50.0 million, respectively, during the first nine months of fiscal 2020. In December 2019, Real Estate completed the sale of two office buildings to Oxford at cost for approximately $ 15.0 million. Oxford assumed the debt securing the property of $ 11.5 million and paid the balance in cash. There were no gains on this transaction. Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”) 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. Related Party Assets     December 31,   March 31,     2019   2019     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 37,840 $ 25,158 U-Haul receivable from Mercury   9,720   7,234 Other (a)   428   (1,503)   $ 47,988 $ 30,889 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods .         Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 5,763 $ 5,776 U-Haul management fee revenue from Mercury   3,335   2,123   $ 9,098 $ 7,899 5763000 5776000 3335000 2123000     Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 18,330 $ 18,254 U-Haul management fee revenue from Mercury   5,157   4,253   $ 23,487 $ 22,507 18330000 18254000 5157000 4253000 0.04 0.10 22700000 23800000     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 658 $ 669 U-Haul commission expenses to Blackwater   14,140   14,296   $ 14,798 $ 14,965 658000 669000 14140000 14296000     Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,974 $ 2,009 U-Haul commission expenses to Blackwater   49,959   49,129   $ 51,933 $ 51,138 1974000 2009000 49959000 49129000 18300000 2000000.0 16500000 236400000 50000000.0 15000000.0 11500000     December 31,   March 31,     2019   2019     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 37,840 $ 25,158 U-Haul receivable from Mercury   9,720   7,234 Other (a)   428   (1,503)   $ 47,988 $ 30,889 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods . 37840000 25158000 9720000 7234000 428000 -1503000 47988000 30889000 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     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                         604176000 5868000 21907000 0 631951000 72170000 96189000 31805000 0 200164000 103003000 0 0 0 103003000 188780000 0 0 0 188780000 0 290776000 2178692000 0 2469468000 20988000 85760000 229979000 0 336727000 0 0 106354000 0 106354000 67916000 724000 3181000 0 71821000 1130473000 0 0 0 1130473000 107974000 0 0 0 107974000 52223000 8007000 19450000 -31692000 47988000 2347703000 487324000 2591368000 -31692000 5394703000 657994000 0 0 -657994000 0 1018010000 0 0 0 1018010000 4522855000 0 0 0 4522855000 733063000 0 0 0 733063000 511872000 0 0 0 511872000 3454759000 0 0 0 3454759000 10240559000 0 0 0 10240559000 2640940000 0 0 0 2640940000 7599619000 0 0 0 7599619000 10605316000 487324000 2591368000 -689686000 12994322000 536387000 2662000 12721000 0 551770000 4548609000 0 0 0 4548609000 107581000 0 0 0 107581000 416793000 223890000 374980000 0 1015663000 0 0 1753428000 0 1753428000 0 5838000 7086000 0 12924000 31459000 0 0 0 31459000 835519000 10333000 23819000 0 869671000 24490000 5039000 902000 -30431000 0 6500838000 247762000 2172936000 -30431000 8891105000 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 40778000 13290000 85185000 -99736000 39517000 4276824000 131851000 304476000 -436117000 4277034000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 0 0 0 0 0 4104478000 239562000 418432000 -659255000 4103217000 10605316000 487324000 2591368000 -689686000 12994322000     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                       643918000 5757000 24026000 0 673701000 90832000 102120000 31833000 0 224785000 103504000 0 0 0 103504000 174100000 0 0 0 174100000 0 279641000 1955756000 0 2235397000 23013000 74679000 203044000 0 300736000 0 0 136276000 0 136276000 72768000 2456000 3130000 0 35997000 6639000 16466000 -28213000 30889000 1144132000 471292000 2370531000 -28213000 3957742000 534157000 0 0 -534157000 0 976454000 0 0 0 976454000 4003726000 0 0 0 4003726000 689780000 0 0 0 689780000 590039000 0 0 0 590039000 4762028000 0 0 0 4762028000 11022027000 0 0 0 11022027000 3088056000 0 0 0 3088056000 7933971000 0 0 0 7933971000 9612260000 471292000 2370531000 -562370000 11891713000 548099000 2844000 5930000 0 556873000 4163323000 0 0 0 4163323000 407934000 229958000 373291000 0 1011183000 0 0 1666742000 0 1666742000 0 5259000 9788000 0 15047000 35186000 0 0 0 35186000 741644000 6961000 2365000 0 750970000 25446000 3836000 692000 -29974000 0 5921632000 248858000 2058808000 -29974000 8199324000 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 453536000 91120000 26271000 -117601000 453326000 -68459000 -3721000 -5300000 10782000 -66698000 3976752000 131734000 288252000 -419776000 3976962000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 4048000 0 0 0 4048000 3690628000 222434000 311723000 -532396000 3692389000 9612260000 471292000 2370531000 -562370000 11891713000     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                       622902000 0 0 -1431000 621471000 106701000 0 0 0 106701000 54454000 0 0 0 54454000 9098000 0 0 0 9098000 0 0 31164000 0 31164000 0 20040000 0 -773000 19267000 2351000 5326000 26550000 -445000 33782000 50858000 0 1175000 -90000 51943000 846364000 25366000 58889000 -2739000 927880000 505473000 9309000 4962000 -2291000 517453000 66542000 0 0 0 66542000 35318000 0 0 0 35318000 0 6173000 36691000 0 42864000 0 0 8046000 0 8046000 6660000 0 0 -170000 6490000 170074000 0 0 0 170074000 528000 0 0 0 528000 784595000 15482000 49699000 -2461000 847315000 61769000 9884000 9190000 -278000 80565000 15196000 0 0 -15196000 0 76965000 9884000 9190000 -15474000 80565000 263000 0 0 0 40251000 0 0 -278000 36451000 9884000 9190000 -15196000 40329000 5519000 2083000 1795000 0 30932000 7801000 7395000 -15196000 30932000     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                       627543000 0 0 -1407000 626136000 93392000 0 0 0 93392000 55665000 0 0 0 55665000 7899000 0 0 0 7899000 0 0 34778000 0 34778000 0 18128000 0 -460000 17668000 4364000 4018000 24248000 -419000 32211000 50065000 0 1409000 -132000 51342000 838928000 22146000 60435000 -2418000 919091000 465828000 9412000 5216000 -1995000 478461000 67493000 0 0 0 67493000 34149000 0 0 0 34149000 0 1733000 41136000 0 42869000 0 0 6654000 0 6654000 8026000 0 0 -136000 7890000 143473000 0 0 0 143473000 718969000 11145000 53006000 -2131000 780989000 119959000 11001000 7429000 -287000 138102000 14664000 0 0 -14664000 0 134623000 11001000 7429000 -14951000 138102000 253000 0 0 0 35114000 0 0 -287000 99256000 11001000 7429000 -14664000 103022000 20621000 2186000 1580000 0 78635000 8815000 5849000 -14664000 78635000     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                       2177697000 0 0 -3305000 2174392000 309940000 0 0 0 309940000 207601000 0 0 0 207601000 23487000 0 0 0 23487000 0 0 96229000 0 96229000 0 53370000 0 -2314000 51056000 8649000 15829000 79416000 -1265000 102629000 188940000 0 3424000 -355000 192009000 2916314000 69199000 179069000 -7239000 3157343000 1580705000 26785000 15809000 -5961000 1617338000 233540000 0 0 0 233540000 128177000 0 0 0 128177000 0 14972000 122723000 0 137695000 0 0 20625000 0 20625000 20324000 0 0 -442000 19882000 462227000 0 0 0 462227000 -1311000 0 0 0 -1311000 2423662000 41757000 159157000 -6403000 2618173000 492652000 27442000 19912000 -836000 539170000 37941000 0 0 -37941000 0 530593000 27442000 19912000 -38777000 539170000 790000 0 0 0 118819000 0 0 -836000 410984000 27442000 19912000 -37941000 420397000 91304000 5725000 3688000 0 319680000 21717000 16224000 -37941000 319680000     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                       2128120000 0 0 -3669000 2124451000 271097000 0 0 0 271097000 207819000 0 0 0 207819000 22507000 0 0 0 22507000 0 0 107586000 0 107586000 0 48448000 0 -1716000 46732000 9757000 10109000 66435000 -1258000 85043000 174447000 0 3889000 -396000 177940000 2813747000 58557000 177910000 -7039000 3043175000 1467831000 26027000 16275000 -5768000 1504365000 232084000 0 0 0 232084000 130432000 0 0 0 130432000 0 10957000 126239000 0 137196000 0 0 18584000 0 18584000 24637000 0 0 -408000 24229000 402525000 0 0 0 402525000 10000 0 0 0 10000 2257519000 36984000 161098000 -6176000 2449425000 556228000 21573000 16812000 -863000 593750000 30306000 0 0 -30306000 0 586534000 21573000 16812000 -31169000 593750000 760000 0 0 0 105974000 0 0 -863000 479800000 21573000 16812000 -30306000 487879000 109774000 4359000 3720000 0 370026000 17214000 13092000 -30306000 370026000     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                       319680000 21717000 16224000 -37941000 319680000 37941000 0 0 -37941000 0 494753000 0 0 0 494753000 0 0 20625000 0 20625000 0 1129000 8719000 0 9848000 3275000 0 0 0 3275000 0 0 38169000 0 38169000 -76000 0 0 0 -76000 -85000 0 0 0 -85000 32526000 0 0 0 32526000 -1311000 0 0 0 -1311000 0 178000 8599000 0 8777000 0 -3749000 0 0 -3749000 94258000 -1150000 -5303000 0 87805000 -18799000 -5931000 -29000 0 -24759000 -589000 0 0 0 -589000 16402000 0 0 0 16402000 0 0 17530000 0 17530000 2215000 -1973000 51000 0 293000 16151000 1356000 0 0 17507000 42453000 -199000 9500000 0 51754000 8353000 -6067000 1688000 0 3974000 0 578000 -2701000 0 -2123000 -2317000 0 0 0 -2317000 -956000 1192000 210000 0 446000 872180000 19821000 60980000 0 952981000 -7153000 0 0 0 -7153000 1917862000 0 0 0 1917862000 0 47036000 421000 0 47457000 0 8954000 258955000 0 267909000 0 0 83000 0 83000 0 328000 156000 0 484000 0 12750000 30335000 0 43085000 599797000 0 0 0 599797000 0 46859000 0 0 46859000 0 21981000 171215000 0 193196000 0 185000 0 0 185000 311000 0 0 0 311000 0 1933000 7119000 0 9052000 -1310601000 1890000 -111616000 0 -1420327000 865362000 0 2500000 0 867862000 222832000 0 2500000 0 225332000 3671000 0 0 0 3671000 247188000 0 0 0 247188000 206000 0 0 0 206000 19600000 0 0 0 19600000 21600000 -21600000 0 0 0 0 0 171465000 0 171465000 0 0 122948000 0 122948000 393465000 -21600000 48517000 0 420382000 5214000 0 0 0 5214000 -39742000 111000 -2119000 0 -41750000 643918000 5757000 24026000 0 673701000 604176000 5868000 21907000 0 631951000     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                       370026000 17214000 13092000 -30306000 370026000 30306000 0 0 -30306000 0 431652000 0 0 0 431652000 0 0 18584000 0 18584000 0 991000 8811000 0 9802000 2922000 0 0 0 2922000 0 28540000 0 28540000 129000 0 -5000 0 124000 2539000 0 0 0 2539000 29127000 0 0 0 29127000 10000 0 0 0 10000 0 3007000 587000 0 3594000 0 4289000 0 0 4289000 108618000 -665000 -3628000 0 104325000 -2323000 -2000000 2722000 0 -1601000 8858000 0 0 0 8858000 12533000 0 0 0 12533000 0 0 19994000 0 19994000 -159232000 -391000 498000 0 -159125000 1428000 410000 0 0 1838000 -16639000 1174000 1234000 0 -14231000 -157470000 -4751000 2936000 0 -159285000 0 -327000 3194000 0 2867000 -4982000 0 0 -4982000 -3039000 318000 -548000 0 -3269000 813069000 17217000 48409000 0 878695000 3292000 0 0 0 3292000 1325365000 0 0 0 1325365000 0 39251000 243000 0 39494000 0 32862000 361404000 0 394266000 0 0 957000 0 957000 0 0 81000 0 81000 236000 187000 82000 0 505000 0 13312000 43580000 0 56892000 561848000 0 0 0 561848000 0 47012000 0 0 47012000 0 8895000 73881000 0 82776000 0 8608000 0 0 8608000 0 1625000 0 0 0 1331000 115469000 0 116800000 -767045000 -18141000 -216997000 0 -1002183000 666232000 0 26900000 0 693132000 228223000 0 26900000 0 255123000 5097000 0 0 0 5097000 236683000 0 0 0 236683000 203000 0 0 0 203000 29385000 0 0 0 29385000 0 0 300920000 0 300920000 0 0 109641000 0 109641000 166641000 0 191279000 0 357920000 -9435000 0 0 0 -9435000 203230000 -924000 22691000 0 224997000 702036000 6639000 50713000 0 759388000 905266000 5715000 73404000 0 984385000 Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended December 31, 2019             Total revenues $ 886,731 $ 41,149 $ 927,880 Depreciation and amortization, net of (gains) losses on disposal   174,669   3,979   178,648 Interest expense   39,042   931   39,973 Pretax earnings (loss)   40,606   (277)   40,329 Income tax expense   9,303   94   9,397 Identifiable assets   12,575,914   418,408   12,994,322               Quarter Ended December 31, 2018             Total revenues $ 880,767 $ 38,324 $ 919,091 Depreciation and amortization, net of (gains) losses on disposal   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       United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2019             Total revenues $ 3,008,067 $ 149,276 $ 3,157,343 Depreciation and amortization, net of (gains) losses on disposal   471,535   10,006   481,541 Interest expense   115,523   2,460   117,983 Pretax earnings   411,565   8,832   420,397 Income tax expense   97,951   2,766   100,717 Identifiable assets   12,575,914   418,408   12,994,322               Nine Months Ended December 31, 2018             Total revenues $ 2,901,908 $ 141,267 $ 3,043,175 Depreciation and amortization, net of (gains) losses on disposal   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     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended December 31, 2019             Total revenues $ 886,731 $ 41,149 $ 927,880 Depreciation and amortization, net of (gains) losses on disposal   174,669   3,979   178,648 Interest expense   39,042   931   39,973 Pretax earnings (loss)   40,606   (277)   40,329 Income tax expense   9,303   94   9,397 Identifiable assets   12,575,914   418,408   12,994,322               Quarter Ended December 31, 2018             Total revenues $ 880,767 $ 38,324 $ 919,091 Depreciation and amortization, net of (gains) losses on disposal   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 886731000 41149000 927880000 174669000 3979000 178648000 39042000 931000 40606000 -277000 40329000 9303000 94000 12575914000 418408000 12994322000 880767000 38324000 919091000 147868000 2259000 150127000 34051000 776000 100832000 2190000 103022000 23828000 559000 11285627000 360133000 11645760000     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2019             Total revenues $ 3,008,067 $ 149,276 $ 3,157,343 Depreciation and amortization, net of (gains) losses on disposal   471,535   10,006   481,541 Interest expense   115,523   2,460   117,983 Pretax earnings   411,565   8,832   420,397 Income tax expense   97,951   2,766   100,717 Identifiable assets   12,575,914   418,408   12,994,322               Nine Months Ended December 31, 2018             Total revenues $ 2,901,908 $ 141,267 $ 3,043,175 Depreciation and amortization, net of (gains) losses on disposal   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 3008067000 149276000 3157343000 471535000 10006000 481541000 115523000 2460000 411565000 8832000 420397000 97951000 2766000 12575914000 418408000 12994322000 2901908000 141267000 3043175000 416784000 4335000 421119000 102924000 2187000 472302000 15577000 487879000 113712000 4141000 11285627000 360133000 11645760000 The components of the net periodic benefit costs with respect to postretirement benefits were as follows:     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 292 $ 277 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   241   235 Other components   22   18 Total other components of net periodic benefit costs   263   253 Net periodic postretirement benefit cost $ 555 $ 530       Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 876 $ 831 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   723   707 Other components   67   53 Total other components of net periodic benefit costs   790   760 Net periodic postretirement benefit cost $ 1,666 $ 1,591     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 292 $ 277 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   241   235 Other components   22   18 Total other components of net periodic benefit costs   263   253 Net periodic postretirement benefit cost $ 555 $ 530 292000 277000 241000 235000 22000 18000 555000 530000     Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 876 $ 831 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   723   707 Other components   67   53 Total other components of net periodic benefit costs   790   760 Net periodic postretirement benefit cost $ 1,666 $ 1,591 876000 831000 723000 707000 67000 53000 1666000 1591000 Assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are 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. 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. 35   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. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:     Fair Value Hierarchy     Carrying               Total Estimated As of December 31, 2019   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 200,164 $ – $ – $ 200,164 $ 200,164 Mortgage loans, net   259,867   –   –   259,867   259,867 Other investments   76,860   –   –   76,860   76,860 Total $ 536,891 $ – $ – $ 536,891 $ 536,891                                             Liabilities                     Notes, loans and finance/capital leases payable   4,548,609   –   4,548,609   –   4,548,609 Total $ 4,548,609 $ – $ 4,548,609 $ – $ 4,548,609       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2019   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,785 $ – $ – $ 224,785 $ 224,785 Mortgage loans, net   225,829   –   –   225,829   225,829 Other investments   74,907   –   –   74,907   74,907 Total $ 525,521 $ – $ – $ 525,521 $ 525,521                                             Liabilities                     Notes, loans and leases payable   4,192,243   –   4,192,243   –   4,192,243 Total $ 4,192,243 $ – $ 4,192,243 $ – $ 4,192,243 36   The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of December 31, 2019 and March 31, 2019 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of December 31, 2019   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 476,776 $ 476,776 $ – $ – Fixed maturities - available for sale   2,440,404   7,607   2,432,578   219 Preferred stock   9,076   9,076   –   – Common stock   19,988   19,988   –   – Derivatives   4,795   4,795   –   – Total $ 2,951,039 $ 518,242 $ 2,432,578 $ 219                                     Liabilities                 Derivatives   1,415   –   1,415   – Total $ 1,415 $ – $ 1,415 $ –   As of March 31, 2019   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 463,847 $ 463,599 $ 248 $ – Fixed maturities - available for sale   2,209,761   7,327   2,202,213   221 Preferred stock   8,257   8,257   –   – Common stock   17,379   17,379   –   – Derivatives   1,607   1,468   139   – Total $ 2,700,851 $ 498,030 $ 2,202,600 $ 221                                     Liabilities                 Derivatives   –   –   –   – Total $ – $ – $ – $ –   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both December 31, 2019 and March 31, 2019.   37     Fair Value Hierarchy     Carrying               Total Estimated As of December 31, 2019   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 200,164 $ – $ – $ 200,164 $ 200,164 Mortgage loans, net   259,867   –   –   259,867   259,867 Other investments   76,860   –   –   76,860   76,860 Total $ 536,891 $ – $ – $ 536,891 $ 536,891                                             Liabilities                     Notes, loans and finance/capital leases payable   4,548,609   –   4,548,609   –   4,548,609 Total $ 4,548,609 $ – $ 4,548,609 $ – $ 4,548,609 200164000 0 0 200164000 200164000 259867000 0 0 259867000 259867000 76860000 0 0 76860000 76860000 536891000 0 0 536891000 536891000 4548609000 0 4548609000 0 4548609000 0 4548609000 0 4548609000     Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2019   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,785 $ – $ – $ 224,785 $ 224,785 Mortgage loans, net   225,829   –   –   225,829   225,829 Other investments   74,907   –   –   74,907   74,907 Total $ 525,521 $ – $ – $ 525,521 $ 525,521                                             Liabilities                     Notes, loans and leases payable   4,192,243   –   4,192,243   –   4,192,243 Total $ 4,192,243 $ – $ 4,192,243 $ – $ 4,192,243 224785000 0 0 224785000 224785000 225829000 0 0 225829000 225829000 74907000 0 0 74907000 74907000 525521000 0 0 525521000 525521000 4192243000 0 4192243000 0 4192243000 4192243000 0 4192243000 0 4192243000 As of December 31, 2019   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 476,776 $ 476,776 $ – $ – Fixed maturities - available for sale   2,440,404   7,607   2,432,578   219 Preferred stock   9,076   9,076   –   – Common stock   19,988   19,988   –   – Derivatives   4,795   4,795   –   – Total $ 2,951,039 $ 518,242 $ 2,432,578 $ 219                                     Liabilities                 Derivatives   1,415   –   1,415   – Total $ 1,415 $ – $ 1,415 $ – 476776000 476776000 0 0 2440404000 7607000 2432578000 219000 9076000 9076000 0 0 19988000 19988000 0 0 4795000 4795000 0 0 2951039000 518242000 2432578000 219000 1415000 0 1415000 0 1415000 0 1415000 0 As of March 31, 2019   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 463,847 $ 463,599 $ 248 $ – Fixed maturities - available for sale   2,209,761   7,327   2,202,213   221 Preferred stock   8,257   8,257   –   – Common stock   17,379   17,379   –   – Derivatives   1,607   1,468   139   – Total $ 2,700,851 $ 498,030 $ 2,202,600 $ 221                                     Liabilities                 Derivatives   –   –   –   – Total $ – $ – $ – $ – 463847000 463599000 248000 0 2209761000 7327000 2202213000 221000 8257000 8257000 0 0 17379000 17379000 0 0 1607000 1468000 139000 0 2700851000 498030000 2202600000 221000 0 0 0 0 0 0 0 0 200000 Revenue Recognized in Accordance with Topic 606 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , an updated standard on revenue recognition. The standard outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires expanded disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 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, 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 effect on our Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows. 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. There were no material contract assets or liabilities as of December 31, 2019 and March 31, 2019. 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. 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 38   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 of fiscal 2020 did not have a material effect on our financial statements. 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 842, 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 begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services 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. Revenue Recognized in Accordance withTopic 842/840 The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) 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 are being accounted for as leases. We combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. 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. Please see Note 8, Leases, of the Notes to Condensed Consolidated Financial Statements. 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. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. 39   The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:     Year Ending December 31,     2020   2021   2022   2023   2024   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 3,101 $ – $ – $ – $ – $ – Property lease revenues   21,081   17,122   13,577   10,414   7,458   58,598 Total $ 24,182 $ 17,122 $ 13,577 $ 10,414 $ 7,458 $ 58,598   The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics 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. In the following tables, revenue is disaggregated by timing of revenue recognition:       Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Revenues recognized over time: $ 31,695 $ 662,498 Revenues recognized at a point in time:   64,802   65,372 Total revenues recognized under ASC 606   96,497   727,870           Revenues recognized under ASC 842 or 840   745,378   102,863 Revenues recognized under ASC 944   52,223   56,147 Revenues recognized under ASC 320   33,782   32,211 Total revenues $ 927,880 $ 919,091 40         Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Revenues recognized over time: $ 119,760 $ 2,255,541 Revenues recognized at a point in time:   242,238   240,281 Total revenues recognized under ASC 606   361,998   2,495,822           Revenues recognized under ASC 842 or 840   2,540,372   301,551 Revenues recognized under ASC 944   152,344   160,759 Revenues recognized under ASC 320   102,629   85,043 Total revenues $ 3,157,343 $ 3,043,175   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 for the third quarter and first nine months ended December 31, 2018. Whereas revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues . Self-moving equipment rentals are now in revenues recognized under ASC 842/840 as of April 1, 2019. We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. 16.   Accounting Pronouncements Adoption of New Accounting Pronouncements On April 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) along with related updates, which require a lessee to recognize all leases with terms greater than 12 months on their balance sheet as a liability for its lease obligation, measured at the present value of lease payments not yet paid, and a corresponding asset representing its right to use the underlying asset over the lease term. The new leasing standard does not significantly change a lessee’s recognition, measurement and presentation of expenses and cash flows. Additionally, Topic 842 aligns key aspects of lessor accounting with the new revenue recognition guidance in Topic 606 (see   ASU 2014-09 on the previous page) and expands disclosure of key information about leasing arrangements in an attempt to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases . We have determined portions of the vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in the new leasing standard. As we disclosed in our discussion of ASU 2014-09, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606. Topic 842 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 classify leases as either finance leases (comparable to current capital leases) or operating leases (comparable to current operating leases). Costs for a finance lease are split between amortization and interest expense, with operating leases reporting a single lease expense. 41     Year Ending December 31,     2020   2021   2022   2023   2024   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 3,101 $ – $ – $ – $ – $ – Property lease revenues   21,081   17,122   13,577   10,414   7,458   58,598 Total $ 24,182 $ 17,122 $ 13,577 $ 10,414 $ 7,458 $ 58,598 3101000 0 0 0 0 0 21081000 17122000 13577000 10414000 7458000 58598000 24182000 17122000 13577000 10414000 7458000 58598000     Quarter Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Revenues recognized over time: $ 31,695 $ 662,498 Revenues recognized at a point in time:   64,802   65,372 Total revenues recognized under ASC 606   96,497   727,870           Revenues recognized under ASC 842 or 840   745,378   102,863 Revenues recognized under ASC 944   52,223   56,147 Revenues recognized under ASC 320   33,782   32,211 Total revenues $ 927,880 $ 919,091 31695000 662498000 64802000 65372000 96497000 727870000 745378000 102863000 52223000 56147000 33782000 32211000 927880000 919091000     Nine Months Ended December 31,     2019   2018     (Unaudited)     (In thousands)           Revenues recognized over time: $ 119,760 $ 2,255,541 Revenues recognized at a point in time:   242,238   240,281 Total revenues recognized under ASC 606   361,998   2,495,822           Revenues recognized under ASC 842 or 840   2,540,372   301,551 Revenues recognized under ASC 944   152,344   160,759 Revenues recognized under ASC 320   102,629   85,043 Total revenues $ 3,157,343 $ 3,043,175 119760000 2255541000 242238000 240281000 361998000 2495822000 2540372000 301551000 152344000 160759000 102629000 85043000 3157343000 3043175000 Adoption of New Accounting Pronouncements On April 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) along with related updates, which require a lessee to recognize all leases with terms greater than 12 months on their balance sheet as a liability for its lease obligation, measured at the present value of lease payments not yet paid, and a corresponding asset representing its right to use the underlying asset over the lease term. The new leasing standard does not significantly change a lessee’s recognition, measurement and presentation of expenses and cash flows. Additionally, Topic 842 aligns key aspects of lessor accounting with the new revenue recognition guidance in Topic 606 (see   ASU 2014-09 on the previous page) and expands disclosure of key information about leasing arrangements in an attempt to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases . We have determined portions of the vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in the new leasing standard. As we disclosed in our discussion of ASU 2014-09, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606. Topic 842 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 classify leases as either finance leases (comparable to current capital leases) or operating leases (comparable to current operating leases). Costs for a finance lease are split between amortization and interest expense, with operating leases reporting a single lease expense. 41   Topic 842 substantially changed the accounting for sale-leasebacks going forward, where we are to assess if the contract qualifies as a sale under ASC 606. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost. As all existing sale-leasebacks have been accounted for as a sale, we did not reassess any existing sale-leaseback transactions. We adopted the new leasing standard using the Effective Date Approach, which allows entities to only apply the new lease standard in the year of adoption. We elected the available practical expedients for existing or expired contracts of lessees and lessors wherein the Company is not required to reassess whether such contracts contain leases, the lease classification or the initial direct costs. Additionally, we elected as accounting policies to not recognize right of use assets or lease liabilities for short-term leases (i.e. those with a term of 12 months or less) and to combine lease and non-lease components in the contract for both lessee and lessor arrangements.   Adoption of this standard resulted in most of our operating lease commitments being recognized as operating lease liabilities and right-of-use assets. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Cost (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December   15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. This update is effective for public companies for annual reporting periods beginning after December 15, 2019. In November 2019, the FASB released ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which clarified narrow issues within ASU 2016-13. Specifically, the four main clarifications include: expected recoveries for purchased financial assets with credit deterioration; transition relief for troubled debt restructurings; disclosures for accrued interest receivables; and financial assets backed by collateral maintenance provisions. We are currently evaluating the impact of these standards 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 annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. 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 statements 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. 42   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. We are currently evaluating the impact of this update on our disclosures in the Notes to 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. 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.