Consolidating Financial Information by Industry Segment	3 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]
11. Consolidating Financial Information by Industry Segment	11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of June 30, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ - $ 825,074 Reinsurance recoverables and trade receivables, net 83,795 87,403 37,173 - 208,371 Inventories and parts, net 100,835 - - - 100,835 Prepaid expenses 585,879 - - - 585,879 Investments, fixed maturities and marketable equities - 270,083 2,123,439 - 2,393,522 Investments, other 20,988 96,738 277,397 - 395,123 Deferred policy acquisition costs, net - - 117,123 - 117,123 Other assets 67,047 1,094 2,274 - 70,415 Right of use assets - financing, net 1,026,928 - - - 1,026,928 Right of use assets - operating 106,202 262 218 - 106,682 Related party assets 34,035 7,024 13,474 (45,127) (c) 9,406 2,796,650 466,723 2,621,112 (45,127) 5,839,358 Investment in subsidiaries 599,538 - - (599,538) (b) - Property, plant and equipment, at cost: Land 1,043,952 - - - 1,043,952 Buildings and improvements 4,752,816 - - - 4,752,816 Furniture and equipment 754,641 - - - 754,641 Rental trailers and other rental equipment 513,623 - - - 513,623 Rental trucks 3,619,718 - - - 3,619,718 10,684,750 - - - 10,684,750 Less: Accumulated depreciation (2,811,749) - - - (2,811,749) Total property, plant and equipment, net 7,873,001 - - - 7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665) $ 13,712,359 (a) Balances as of March 31, 2020 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 21 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ - $ 582,356 Notes, loans and finance/capital leases payable, net 4,766,564 - 11,399 - 4,777,963 Operating lease liability 106,114 271 229 - 106,614 Policy benefits and losses, claims and loss expenses payable 410,989 207,571 380,202 - 998,762 Liabilities from investment contracts - - 1,833,617 - 1,833,617 Other policyholders' funds and liabilities - 1,662 5,102 - 6,764 Deferred income 42,789 - - - 42,789 Deferred income taxes, net 1,092,631 6,715 6,966 - 1,106,312 Related party liabilities 26,143 3,694 1,387 (31,224) (c) - Total liabilities 7,016,703 225,194 2,244,504 (31,224) 9,455,177 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) (18,428) 3,937 36,550 (35,791) (b) (13,732) Retained earnings 4,484,038 143,171 311,287 (454,248) (b) 4,484,248 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 4,252,486 241,529 376,608 (613,441) 4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665) $ 13,712,359 (a) Balances as of March 31, 2020 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 22 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ - $ 494,352 Reinsurance recoverables and trade receivables, net 60,073 93,995 32,604 - 186,672 Inventories and parts, net 101,083 - - - 101,083 Prepaid expenses 562,904 - - - 562,904 Investments, fixed maturities and marketable equities - 288,998 2,203,740 - 2,492,738 Investments, other 20,988 90,145 249,240 - 360,373 Deferred policy acquisition costs, net - - 103,118 - 103,118 Other assets 69,128 680 2,148 - 71,956 Right of use assets - financing, net 1,080,353 - - - 1,080,353 Right of use assets - operating 106,631 - - - 106,631 Related party assets 41,027 7,137 18,629 (32,009) (c) 34,784 2,501,265 485,749 2,639,959 (32,009) 5,594,964 Investment in subsidiaries 668,498 - - (668,498) (b) - Property, plant and equipment, at cost: Land 1,032,945 - - - 1,032,945 Buildings and improvements 4,663,461 - - - 4,663,461 Furniture and equipment 752,363 - - - 752,363 Rental trailers and other rental equipment 511,520 - - - 511,520 Rental trucks 3,595,933 - - - 3,595,933 10,556,222 - - - 10,556,222 Less: Accumulated depreciation (2,713,162) - - - (2,713,162) Total property, plant and equipment, net 7,843,060 - - - 7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507) $ 13,438,024 (a) Balances as of December 31, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 23 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ - $ 554,353 Notes, loans and finance/capital leases payable, net 4,609,844 - 11,447 - 4,621,291 Operating lease liability 106,443 - - - 106,443 Policy benefits and losses, claims and loss expenses payable 410,107 210,341 377,199 - 997,647 Liabilities from investment contracts - - 1,802,217 - 1,802,217 Other policyholders' funds and liabilities - 5,751 4,439 - 10,190 Deferred income 31,620 - - - 31,620 Deferred income taxes, net 1,063,681 8,447 21,415 - 1,093,543 Related party liabilities 24,275 4,616 2,670 (31,561) (c) - Total liabilities 6,791,655 234,685 2,222,525 (31,561) 9,217,304 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) 35,100 12,581 78,550 (91,579) (b) 34,652 Retained earnings 4,399,192 144,062 310,113 (453,965) (b) 4,399,402 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 4,221,168 251,064 417,434 (668,946) 4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507) $ 13,438,024 (a) Balances as of December 31, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 24 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statement of operations by industry segment for the quarter ended June 30, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues 108,955 - - - 108,955 Self-moving and self-storage products and service sales 91,350 - - - 91,350 Property management fees 7,347 - - - 7,347 Life insurance premiums - - 30,908 - 30,908 Property and casualty insurance premiums - 14,507 - (773) (c) 13,734 Net investment and interest income 662 (873) 18,006 (813) (b) 16,982 Other revenue 63,073 - 739 (136) (b) 63,676 Total revenues 926,300 13,634 49,653 (2,350) 987,237 Costs and expenses: Operating expenses 480,081 8,825 5,288 (1,532) (b,c) 492,662 Commission expenses 69,175 - - - 69,175 Cost of sales 52,831 - - - 52,831 Benefits and losses - 4,030 35,547 - 39,577 Amortization of deferred policy acquisition costs - - 6,888 - 6,888 Lease expense 7,137 1 10 (545) (b) 6,603 Depreciation, net of gains on disposals 165,671 - - - 165,671 Net gains on disposal of real estate (256) - - - (256) Total costs and expenses 774,639 12,856 47,733 (2,077) 833,151 Earnings from operations before equity in earnings of subsidiaries 151,661 778 1,920 (273) 154,086 Equity in earnings of subsidiaries 2,395 - - (2,395) (d) - Earnings from operations 154,056 778 1,920 (2,668) 154,086 Other components of net periodic benefit costs (247) - - - (247) Interest expense (39,794) - - 273 (b) (39,521) Pretax earnings 114,015 778 1,920 (2,395) 114,318 Income tax expense (26,289) (162) (141) - (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395) $ 87,726 (a) Balances for the quarter ended March 31, 2020 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 25 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended June 30, 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 $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues 98,274 - - - 98,274 Self-moving and self-storage products and service sales 80,026 - - - 80,026 Property management fees 7,156 - - - 7,156 Life insurance premiums - - 32,710 - 32,710 Property and casualty insurance premiums - 14,114 - (690) (c) 13,424 Net investment and interest income 3,267 6,191 26,701 (410) (b) 35,749 Other revenue 62,539 - 910 (135) (b) 63,314 Total revenues 1,000,398 20,305 60,321 (1,775) 1,079,249 Costs and expenses: Operating expenses 522,524 8,081 5,228 (1,361) (b,c) 534,472 Commission expenses 80,899 - - - 80,899 Cost of sales 48,929 - - - 48,929 Benefits and losses - 3,758 45,248 - 49,006 Amortization of deferred policy acquisition costs - - 6,064 - 6,064 Lease expense 7,172 - - (136) (b) 7,036 Depreciation, net of gains on disposals 140,600 - - - 140,600 Net gains on disposal of real estate (1,622) - - - (1,622) Total costs and expenses 798,502 11,839 56,540 (1,497) 865,384 Earnings from operations before equity in earnings of subsidiaries 201,896 8,466 3,781 (278) 213,865 Equity in earnings of subsidiaries 9,831 - - (9,831) (d) - Earnings from operations 211,727 8,466 3,781 (10,109) 213,865 Other components of net periodic benefit costs (263) - - - (263) Interest expense (39,166) - - 278 (b) (38,888) Pretax earnings 172,298 8,466 3,781 (9,831) 174,714 Income tax expense (39,876) (1,778) (638) - (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831) $ 132,422 (a) Balances for the quarter ended March 31, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 26 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 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 $ 87,726 $ 616 $ 1,779 $ (2,395) $ 87,726 Earnings from consolidated entities (2,395) - - 2,395 - Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 166,740 - - - 166,740 Amortization of deferred policy acquisition costs - - 6,888 - 6,888 Amortization of premiums and accretion of discounts related to investments, net - 395 3,155 - 3,550 Amortization of debt issuance costs 1,297 - - - 1,297 Interest credited to policyholders - - 7,667 - 7,667 Change in allowance for losses on trade receivables 60 - - - 60 Change in allowance for inventories and parts reserve (99) - - - (99) Net gains on disposal of personal property (1,069) - - - (1,069) Net gains on disposal of real estate (256) - - - (256) Net (gains) losses on sales of investments - (13) 2,027 - 2,014 Net losses on equity investments - 3,989 - - 3,989 Deferred income taxes 28,939 1,070 (2,475) - 27,534 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (24,749) 5,725 (4,570) - (23,594) Inventories and parts 350 - - - 350 Prepaid expenses (22,831) - - - (22,831) Capitalization of deferred policy acquisition costs - - (7,308) - (7,308) Other assets 758 (340) (344) - 74 Related party assets 7,302 27 - - 7,329 Accounts payable and accrued expenses 56,522 (246) 1,997 - 58,273 Policy benefits and losses, claims and loss expenses payable 294 (2,769) 3,003 - 528 Other policyholders' funds and liabilities - (4,089) 663 - (3,426) Deferred income 11,238 - 3,660 - 14,898 Related party liabilities 1,867 (834) (1,282) - (249) Net cash provided by operating activities 311,694 3,531 14,860 - 330,085 Cash flows from investing activities: Escrow deposits 1,401 - - - 1,401 Purchases of: Property, plant and equipment (249,740) - - - (249,740) Short term investments - (8,989) (636) - (9,625) Fixed maturities investments - (1,864) (92,329) - (94,193) Real estate - - (192) - (192) Mortgage loans - - (33,300) - (33,300) Proceeds from sales and paydowns of: Property, plant and equipment 76,412 - - - 76,412 Short term investments - 1,980 468 - 2,448 Fixed maturities investments - 4,402 105,763 - 110,165 Mortgage loans - 265 1,167 - 1,432 Net cash used by investing activities (171,927) (4,206) (19,059) - (195,192) (page 1 of 2) (a) Balance for the period ended March 31, 2020 27 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued 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 367,451 - 9,600 - 377,051 Principal repayments on credit facilities (144,489) - (9,600) - (154,089) Payments of debt issuance costs (1,677) - - - (1,677) Finance/capital lease payments (68,554) - - - (68,554) Net contribution from (to) related party 18,599 - - - 18,599 Investment contract deposits - - 75,366 - 75,366 Investment contract withdrawals - - (51,633) - (51,633) Net cash provided (used) by financing activities 171,330 - 23,733 - 195,063 Effects of exchange rate on cash 766 - - - 766 Increase (decrease) in cash and cash equivalents 311,863 (675) 19,534 - 330,722 Cash and cash equivalents at beginning of period 459,078 4,794 30,480 - 494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ - $ 825,074 (page 2 of 2) (a) Balance for the period ended March 31, 2020 28 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 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 $ 132,422 $ 6,688 $ 3,143 $ (9,831) $ 132,422 Earnings from consolidated entities (9,831) - - 9,831 - Adjustments to reconcile net earnings to cash provided by operations: Depreciation 157,278 - - - 157,278 Amortization of deferred policy acquisition costs - - 6,064 - 6,064 Amortization of premiums and accretion of discounts related to investments, net - 374 2,901 - 3,275 Amortization of debt issuance costs 1,053 - - - 1,053 Interest credited to policyholders - - 14,218 - 14,218 Change in allowance for losses on trade receivables (162) - - - (162) Change in allowance for inventories and parts reserve 367 - - - 367 Net gains on disposal of personal property (16,678) - - - (16,678) Net gains on disposal of real estate (1,622) - - - (1,622) Net gains on sales of investments - (33) (4,234) - (4,267) Net gains on equity investments - (2,215) - - (2,215) Deferred income taxes 35,980 (2,564) (3,653) - 29,763 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (23,033) 5,078 (260) - (18,215) Inventories and parts 2,110 - - - 2,110 Prepaid expenses (15,720) - - - (15,720) Capitalization of deferred policy acquisition costs - - (5,090) - (5,090) Other assets 1,805 1,546 (14) - 3,337 Related party assets (925) (439) - - (1,364) Accounts payable and accrued expenses 86,094 2,368 1,254 - 89,716 Policy benefits and losses, claims and loss expenses payable 8,802 (6,987) 503 - 2,318 Other policyholders' funds and liabilities - (414) (4,867) - (5,281) Deferred income 8,527 - - - 8,527 Related party liabilities 1,345 (315) 62 - 1,092 Net cash provided by operating activities 367,812 3,087 10,027 - 380,926 Cash flows from investing activities: Escrow deposits 1,968 - - - 1,968 Purchases of: Property, plant and equipment (847,248) - - - (847,248) Short term investments - (8,689) - - (8,689) Fixed maturities investments - (5,149) (71,366) - (76,515) Real estate - (328) - - (328) Mortgage loans - - (9,410) - (9,410) Proceeds from sales and paydowns of: Property, plant and equipment 160,754 - - - 160,754 Short term investments - 6,942 40 - 6,982 Fixed maturities investments - 4,196 34,062 - 38,258 Real estate 311 - - - 311 Mortgage loans - 245 1,433 - 1,678 Net cash used by investing activities (684,215) (2,783) (45,241) - (732,239) (page 1 of 2) (a) Balance for the period ended March 31, 2019 29 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued 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 331,200 - 2,500 - 333,700 Principal repayments on credit facilities (58,604) - (2,500) - (61,104) Payment of debt issuance costs (5) - - - (5) Finance/capital lease payments (94,446) - - - (94,446) Employee stock ownership plan stock (131) - - - (131) Common stock dividend paid (9,796) - - - (9,796) Investment contract deposits - - 61,515 - 61,515 Investment contract withdrawals - - (37,054) - (37,054) Net cash provided by financing activities 168,218 - 24,461 - 192,679 Effects of exchange rate on cash 4,764 - - - 4,764 Increase (decrease) in cash and cash equivalents (143,421) 304 (10,753) - (153,870) Cash and cash equivalents at beginning of period 643,918 5,757 24,026 - 673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ - $ 519,831 (page 2 of 2) (a) Balance for the period ended March 31, 2019 30

Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2020

11. Consolidating Financial Information by Industry Segment

11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of June 30, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ - $ 825,074 Reinsurance recoverables and trade receivables, net 83,795 87,403 37,173 - 208,371 Inventories and parts, net 100,835 - - - 100,835 Prepaid expenses 585,879 - - - 585,879 Investments, fixed maturities and marketable equities - 270,083 2,123,439 - 2,393,522 Investments, other 20,988 96,738 277,397 - 395,123 Deferred policy acquisition costs, net - - 117,123 - 117,123 Other assets 67,047 1,094 2,274 - 70,415 Right of use assets - financing, net 1,026,928 - - - 1,026,928 Right of use assets - operating 106,202 262 218 - 106,682 Related party assets 34,035 7,024 13,474 (45,127) (c) 9,406 2,796,650 466,723 2,621,112 (45,127) 5,839,358 Investment in subsidiaries 599,538 - - (599,538) (b) - Property, plant and equipment, at cost: Land 1,043,952 - - - 1,043,952 Buildings and improvements 4,752,816 - - - 4,752,816 Furniture and equipment 754,641 - - - 754,641 Rental trailers and other rental equipment 513,623 - - - 513,623 Rental trucks 3,619,718 - - - 3,619,718 10,684,750 - - - 10,684,750 Less: Accumulated depreciation (2,811,749) - - - (2,811,749) Total property, plant and equipment, net 7,873,001 - - - 7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665) $ 13,712,359 (a) Balances as of March 31, 2020 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 21 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ - $ 582,356 Notes, loans and finance/capital leases payable, net 4,766,564 - 11,399 - 4,777,963 Operating lease liability 106,114 271 229 - 106,614 Policy benefits and losses, claims and loss expenses payable 410,989 207,571 380,202 - 998,762 Liabilities from investment contracts - - 1,833,617 - 1,833,617 Other policyholders' funds and liabilities - 1,662 5,102 - 6,764 Deferred income 42,789 - - - 42,789 Deferred income taxes, net 1,092,631 6,715 6,966 - 1,106,312 Related party liabilities 26,143 3,694 1,387 (31,224) (c) - Total liabilities 7,016,703 225,194 2,244,504 (31,224) 9,455,177 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) (18,428) 3,937 36,550 (35,791) (b) (13,732) Retained earnings 4,484,038 143,171 311,287 (454,248) (b) 4,484,248 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 4,252,486 241,529 376,608 (613,441) 4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665) $ 13,712,359 (a) Balances as of March 31, 2020 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 22 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ - $ 494,352 Reinsurance recoverables and trade receivables, net 60,073 93,995 32,604 - 186,672 Inventories and parts, net 101,083 - - - 101,083 Prepaid expenses 562,904 - - - 562,904 Investments, fixed maturities and marketable equities - 288,998 2,203,740 - 2,492,738 Investments, other 20,988 90,145 249,240 - 360,373 Deferred policy acquisition costs, net - - 103,118 - 103,118 Other assets 69,128 680 2,148 - 71,956 Right of use assets - financing, net 1,080,353 - - - 1,080,353 Right of use assets - operating 106,631 - - - 106,631 Related party assets 41,027 7,137 18,629 (32,009) (c) 34,784 2,501,265 485,749 2,639,959 (32,009) 5,594,964 Investment in subsidiaries 668,498 - - (668,498) (b) - Property, plant and equipment, at cost: Land 1,032,945 - - - 1,032,945 Buildings and improvements 4,663,461 - - - 4,663,461 Furniture and equipment 752,363 - - - 752,363 Rental trailers and other rental equipment 511,520 - - - 511,520 Rental trucks 3,595,933 - - - 3,595,933 10,556,222 - - - 10,556,222 Less: Accumulated depreciation (2,713,162) - - - (2,713,162) Total property, plant and equipment, net 7,843,060 - - - 7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507) $ 13,438,024 (a) Balances as of December 31, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 23 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ - $ 554,353 Notes, loans and finance/capital leases payable, net 4,609,844 - 11,447 - 4,621,291 Operating lease liability 106,443 - - - 106,443 Policy benefits and losses, claims and loss expenses payable 410,107 210,341 377,199 - 997,647 Liabilities from investment contracts - - 1,802,217 - 1,802,217 Other policyholders' funds and liabilities - 5,751 4,439 - 10,190 Deferred income 31,620 - - - 31,620 Deferred income taxes, net 1,063,681 8,447 21,415 - 1,093,543 Related party liabilities 24,275 4,616 2,670 (31,561) (c) - Total liabilities 6,791,655 234,685 2,222,525 (31,561) 9,217,304 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) 35,100 12,581 78,550 (91,579) (b) 34,652 Retained earnings 4,399,192 144,062 310,113 (453,965) (b) 4,399,402 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 4,221,168 251,064 417,434 (668,946) 4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507) $ 13,438,024 (a) Balances as of December 31, 2019 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 24 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statement of operations by industry segment for the quarter ended June 30, 2020 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues 108,955 - - - 108,955 Self-moving and self-storage products and service sales 91,350 - - - 91,350 Property management fees 7,347 - - - 7,347 Life insurance premiums - - 30,908 - 30,908 Property and casualty insurance premiums - 14,507 - (773) (c) 13,734 Net investment and interest income 662 (873) 18,006 (813) (b) 16,982 Other revenue 63,073 - 739 (136) (b) 63,676 Total revenues 926,300 13,634 49,653 (2,350) 987,237 Costs and expenses: Operating expenses 480,081 8,825 5,288 (1,532) (b,c) 492,662 Commission expenses 69,175 - - - 69,175 Cost of sales 52,831 - - - 52,831 Benefits and losses - 4,030 35,547 - 39,577 Amortization of deferred policy acquisition costs - - 6,888 - 6,888 Lease expense 7,137 1 10 (545) (b) 6,603 Depreciation, net of gains on disposals 165,671 - - - 165,671 Net gains on disposal of real estate (256) - - - (256) Total costs and expenses 774,639 12,856 47,733 (2,077) 833,151 Earnings from operations before equity in earnings of subsidiaries 151,661 778 1,920 (273) 154,086 Equity in earnings of subsidiaries 2,395 - - (2,395) (d) - Earnings from operations 154,056 778 1,920 (2,668) 154,086 Other components of net periodic benefit costs (247) - - - (247) Interest expense (39,794) - - 273 (b) (39,521) Pretax earnings 114,015 778 1,920 (2,395) 114,318 Income tax expense (26,289) (162) (141) - (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395) $ 87,726 (a) Balances for the quarter ended March 31, 2020 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 25 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended June 30, 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 $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues 98,274 - - - 98,274 Self-moving and self-storage products and service sales 80,026 - - - 80,026 Property management fees 7,156 - - - 7,156 Life insurance premiums - - 32,710 - 32,710 Property and casualty insurance premiums - 14,114 - (690) (c) 13,424 Net investment and interest income 3,267 6,191 26,701 (410) (b) 35,749 Other revenue 62,539 - 910 (135) (b) 63,314 Total revenues 1,000,398 20,305 60,321 (1,775) 1,079,249 Costs and expenses: Operating expenses 522,524 8,081 5,228 (1,361) (b,c) 534,472 Commission expenses 80,899 - - - 80,899 Cost of sales 48,929 - - - 48,929 Benefits and losses - 3,758 45,248 - 49,006 Amortization of deferred policy acquisition costs - - 6,064 - 6,064 Lease expense 7,172 - - (136) (b) 7,036 Depreciation, net of gains on disposals 140,600 - - - 140,600 Net gains on disposal of real estate (1,622) - - - (1,622) Total costs and expenses 798,502 11,839 56,540 (1,497) 865,384 Earnings from operations before equity in earnings of subsidiaries 201,896 8,466 3,781 (278) 213,865 Equity in earnings of subsidiaries 9,831 - - (9,831) (d) - Earnings from operations 211,727 8,466 3,781 (10,109) 213,865 Other components of net periodic benefit costs (263) - - - (263) Interest expense (39,166) - - 278 (b) (38,888) Pretax earnings 172,298 8,466 3,781 (9,831) 174,714 Income tax expense (39,876) (1,778) (638) - (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831) $ 132,422 (a) Balances for the quarter ended March 31, 2019 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 26 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 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 $ 87,726 $ 616 $ 1,779 $ (2,395) $ 87,726 Earnings from consolidated entities (2,395) - - 2,395 - Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 166,740 - - - 166,740 Amortization of deferred policy acquisition costs - - 6,888 - 6,888 Amortization of premiums and accretion of discounts related to investments, net - 395 3,155 - 3,550 Amortization of debt issuance costs 1,297 - - - 1,297 Interest credited to policyholders - - 7,667 - 7,667 Change in allowance for losses on trade receivables 60 - - - 60 Change in allowance for inventories and parts reserve (99) - - - (99) Net gains on disposal of personal property (1,069) - - - (1,069) Net gains on disposal of real estate (256) - - - (256) Net (gains) losses on sales of investments - (13) 2,027 - 2,014 Net losses on equity investments - 3,989 - - 3,989 Deferred income taxes 28,939 1,070 (2,475) - 27,534 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (24,749) 5,725 (4,570) - (23,594) Inventories and parts 350 - - - 350 Prepaid expenses (22,831) - - - (22,831) Capitalization of deferred policy acquisition costs - - (7,308) - (7,308) Other assets 758 (340) (344) - 74 Related party assets 7,302 27 - - 7,329 Accounts payable and accrued expenses 56,522 (246) 1,997 - 58,273 Policy benefits and losses, claims and loss expenses payable 294 (2,769) 3,003 - 528 Other policyholders' funds and liabilities - (4,089) 663 - (3,426) Deferred income 11,238 - 3,660 - 14,898 Related party liabilities 1,867 (834) (1,282) - (249) Net cash provided by operating activities 311,694 3,531 14,860 - 330,085 Cash flows from investing activities: Escrow deposits 1,401 - - - 1,401 Purchases of: Property, plant and equipment (249,740) - - - (249,740) Short term investments - (8,989) (636) - (9,625) Fixed maturities investments - (1,864) (92,329) - (94,193) Real estate - - (192) - (192) Mortgage loans - - (33,300) - (33,300) Proceeds from sales and paydowns of: Property, plant and equipment 76,412 - - - 76,412 Short term investments - 1,980 468 - 2,448 Fixed maturities investments - 4,402 105,763 - 110,165 Mortgage loans - 265 1,167 - 1,432 Net cash used by investing activities (171,927) (4,206) (19,059) - (195,192) (page 1 of 2) (a) Balance for the period ended March 31, 2020 27 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued 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 367,451 - 9,600 - 377,051 Principal repayments on credit facilities (144,489) - (9,600) - (154,089) Payments of debt issuance costs (1,677) - - - (1,677) Finance/capital lease payments (68,554) - - - (68,554) Net contribution from (to) related party 18,599 - - - 18,599 Investment contract deposits - - 75,366 - 75,366 Investment contract withdrawals - - (51,633) - (51,633) Net cash provided (used) by financing activities 171,330 - 23,733 - 195,063 Effects of exchange rate on cash 766 - - - 766 Increase (decrease) in cash and cash equivalents 311,863 (675) 19,534 - 330,722 Cash and cash equivalents at beginning of period 459,078 4,794 30,480 - 494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ - $ 825,074 (page 2 of 2) (a) Balance for the period ended March 31, 2020 28 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 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 $ 132,422 $ 6,688 $ 3,143 $ (9,831) $ 132,422 Earnings from consolidated entities (9,831) - - 9,831 - Adjustments to reconcile net earnings to cash provided by operations: Depreciation 157,278 - - - 157,278 Amortization of deferred policy acquisition costs - - 6,064 - 6,064 Amortization of premiums and accretion of discounts related to investments, net - 374 2,901 - 3,275 Amortization of debt issuance costs 1,053 - - - 1,053 Interest credited to policyholders - - 14,218 - 14,218 Change in allowance for losses on trade receivables (162) - - - (162) Change in allowance for inventories and parts reserve 367 - - - 367 Net gains on disposal of personal property (16,678) - - - (16,678) Net gains on disposal of real estate (1,622) - - - (1,622) Net gains on sales of investments - (33) (4,234) - (4,267) Net gains on equity investments - (2,215) - - (2,215) Deferred income taxes 35,980 (2,564) (3,653) - 29,763 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (23,033) 5,078 (260) - (18,215) Inventories and parts 2,110 - - - 2,110 Prepaid expenses (15,720) - - - (15,720) Capitalization of deferred policy acquisition costs - - (5,090) - (5,090) Other assets 1,805 1,546 (14) - 3,337 Related party assets (925) (439) - - (1,364) Accounts payable and accrued expenses 86,094 2,368 1,254 - 89,716 Policy benefits and losses, claims and loss expenses payable 8,802 (6,987) 503 - 2,318 Other policyholders' funds and liabilities - (414) (4,867) - (5,281) Deferred income 8,527 - - - 8,527 Related party liabilities 1,345 (315) 62 - 1,092 Net cash provided by operating activities 367,812 3,087 10,027 - 380,926 Cash flows from investing activities: Escrow deposits 1,968 - - - 1,968 Purchases of: Property, plant and equipment (847,248) - - - (847,248) Short term investments - (8,689) - - (8,689) Fixed maturities investments - (5,149) (71,366) - (76,515) Real estate - (328) - - (328) Mortgage loans - - (9,410) - (9,410) Proceeds from sales and paydowns of: Property, plant and equipment 160,754 - - - 160,754 Short term investments - 6,942 40 - 6,982 Fixed maturities investments - 4,196 34,062 - 38,258 Real estate 311 - - - 311 Mortgage loans - 245 1,433 - 1,678 Net cash used by investing activities (684,215) (2,783) (45,241) - (732,239) (page 1 of 2) (a) Balance for the period ended March 31, 2019 29 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued 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 331,200 - 2,500 - 333,700 Principal repayments on credit facilities (58,604) - (2,500) - (61,104) Payment of debt issuance costs (5) - - - (5) Finance/capital lease payments (94,446) - - - (94,446) Employee stock ownership plan stock (131) - - - (131) Common stock dividend paid (9,796) - - - (9,796) Investment contract deposits - - 61,515 - 61,515 Investment contract withdrawals - - (37,054) - (37,054) Net cash provided by financing activities 168,218 - 24,461 - 192,679 Effects of exchange rate on cash 4,764 - - - 4,764 Increase (decrease) in cash and cash equivalents (143,421) 304 (10,753) - (153,870) Cash and cash equivalents at beginning of period 643,918 5,757 24,026 - 673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ - $ 519,831 (page 2 of 2) (a) Balance for the period ended March 31, 2019 30