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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-44
Consolidating statements of operations by industry segment for period ending March 31, 2016 are as follows:
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(In thousands)
Revenues:
Self-moving equipment rentals
$
2,301,586
$
–
$
–
$
(3,606)
(c)
$
2,297,980
Self-storage revenues
247,944
–
–
–
247,944
Self-moving & self-storage products & service sales
251,541
–
–
–
251,541
Property management fees
26,533
–
–
–
26,533
Life insurance premiums
–
–
162,662
–
162,662
Property and casualty insurance premiums
–
50,020
–
–
50,020
Net investment and interest income
8,801
14,783
63,999
(778)
(b)
86,805
Other revenue
148,099
–
4,559
(487)
(b)
152,171
Total revenues
2,984,504
64,803
231,220
(4,871)
3,275,656
Costs and expenses:
Operating expenses
1,423,107
27,958
23,037
(4,055)
(b,c)
1,470,047
Commission expenses
262,627
–
–
–
262,627
Cost of sales
144,990
–
–
–
144,990
Benefits and losses
–
12,298
155,138
–
167,436
Amortization of deferred policy acquisition costs
–
–
23,272
–
23,272
Lease expense
49,966
–
–
(186)
(b)
49,780
Depreciation, net of (gains) losses on disposals
290,690
–
–
–
290,690
Total costs and expenses
2,171,380
40,256
201,447
(4,241)
2,408,842
Earnings from operations before equity in earnings of subsidiaries
813,124
24,547
29,773
(630)
866,814
Equity in earnings of subsidiaries
35,522
–
–
(35,522)
(d)
–
Earnings from operations
848,646
24,547
29,773
(36,152)
866,814
Interest expense
(98,533)
–
–
630
(b)
(97,903)
Pretax earnings
750,113
24,547
29,773
(35,522)
768,911
Income tax expense
(261,112)
(8,379)
(10,419)
–
(279,910)
Earnings available to common shareholders
$
489,001
$
16,168
$
19,354
$
(35,522)
$
489,001
(a) Balances for the year ended December 31, 2015
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries