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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-46
Consolidating statements of operations by industry segment for period ending March 31, 2014 are as follows:
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(In thousands)
Revenues:
Self-moving equipment rentals
$
1,958,209
$
–
$
–
$
(2,786)
(c)
$
1,955,423
Self-storage revenues
181,794
–
–
–
181,794
Self-moving & self-storage products & service sales
234,187
–
–
–
234,187
Property management fees
24,493
–
–
–
24,493
Life insurance premiums
–
–
157,919
–
157,919
Property and casualty insurance premiums
–
41,052
–
–
41,052
Net investment and interest income
15,212
10,592
54,398
(611)
(b)
79,591
Other revenue
158,055
–
3,211
(473)
(b)
160,793
Total revenues
2,571,950
51,644
215,528
(3,870)
2,835,252
Costs and expenses:
Operating expenses
1,272,406
20,799
23,686
(3,217)
(b,c)
1,313,674
Commission expenses
227,332
–
–
–
227,332
Cost of sales
127,270
–
–
–
127,270
Benefits and losses
–
11,513
145,189
–
156,702
Amortization of deferred policy acquisition costs
–
–
19,982
–
19,982
Lease expense
100,649
–
–
(183)
(b)
100,466
Depreciation, net of (gains) losses on disposals
259,612
–
–
–
259,612
Total costs and expenses
1,987,269
32,312
188,857
(3,400)
2,205,038
Earnings from operations before equity in earnings of subsidiaries
584,681
19,332
26,671
(470)
630,214
Equity in earnings of subsidiaries
29,992
–
–
(29,992)
(d)
–
Earnings from operations
614,673
19,332
26,671
(30,462)
630,214
Interest expense
(93,162)
–
–
470
(b)
(92,692)
Pretax earnings
521,511
19,332
26,671
(29,992)
537,522
Income tax expense
(179,120)
(6,670)
(9,341)
–
(195,131)
Earnings available to common shareholders
$
342,391
$
12,662
$
17,330
$
(29,992)
$
342,391
(a) Balances for the year ended December 31, 2013
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries