Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2011

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

11. Consolidating Financial Information by Industry Segment

AMERCO's three reportable segments are:

�   Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,

�   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

�   Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of June 30, 2011 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	69,618		$	120,663		$	839		$	-			$	191,120		$	19,504	$	33,129	$	-			$	243,753
Reinsurance recoverables and trade receivables, net		-			28,661			-			-				28,661			174,485		39,345		-				242,491
Inventories, net		-			58,960			-			-				58,960			-		-		-				58,960
Prepaid expenses		7,008			49,156			310			-				56,474			-		-		-				56,474
Investments, fixed maturities and marketable equities		19,465			-			-			-				19,465			125,166		527,913		(7,994	)	(d)		664,550
Investments, other		-			10,390			32,730			-				43,120			89,035		74,397		-				206,552
Deferred policy acquisition costs, net		-			-			-			-				-			-		54,420		-				54,420
Other assets		2,703			97,744			27,209			-				127,656			663		337		-				128,656
Related party assets		1,225,280			243,250			87			(1,168,453	)	(c)		300,164			2,817		-		1,934		(c)		304,915
		1,324,074			608,824			61,175			(1,168,453	)			825,620			411,670		729,541		(6,060	)			1,960,771
Investment in subsidiaries		(76,690	)		-			-			422,176		(b)		345,486			-		-		(345,486	)	(b)		-
Property, plant and equipment, at cost:
Land		-			46,861			192,432			-				239,293			-		-		-				239,293
Buildings and improvements		-			168,221			875,498			-				1,043,719			-		-		-				1,043,719
Furniture and equipment		168			290,506			18,270			-				308,944			-		-		-				308,944
Rental trailers and other rental equipment		-			252,905			-			-				252,905			-		-		-				252,905
Rental trucks		-			1,723,159			-			-				1,723,159			-		-		-				1,723,159
		168			2,481,652			1,086,200			-				3,568,020			-		-		-				3,568,020
Less:  Accumulated depreciation		(142	)		(1,006,106	)		(348,087	)		-				(1,354,335	)		-		-		-				(1,354,335	)
Total property, plant and equipment		26			1,475,546			738,113			-				2,213,685			-		-		-				2,213,685
Total assets	$	1,247,410		$	2,084,370		$	799,288		$	(746,277	)		$	3,384,791		$	411,670	$	729,541	$	(351,546	)		$	4,174,456
(a) Balances as of March 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating balance sheets by industry segment as of June 30, 2011 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)		Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	885		$	296,924		$	3,661		$	-			$	301,470		$	-		$	22,558	$	(7	)	(c)	$	324,021
Notes, loans and leases payable		-			699,788			713,462			-				1,413,250			-			-		(750	)	(c)		1,412,500
Policy benefits and losses, claims and loss expenses payable		-			387,647			-			-				387,647			278,452			266,018		-				932,117
Liabilities from investment contracts		-			-			-			-				-			-			241,202		-				241,202
Other policyholders' funds and liabilities		-			-			-			-				-			4,961			2,671		-				7,632
Deferred income		-			35,547			-			-				35,547			-			-		-				35,547
Deferred income taxes		323,167			-			-			-				323,167			(29,235	)		8,046		(281	)	(d)		301,697
Related party liabilities		-			937,027			234,880			(1,168,453	)	(c)		3,454			1,462			108		(5,024	)	(c)		-
Total liabilities		324,052			2,356,933			952,003			(1,168,453	)			2,464,535			255,640			540,603		(6,062	)			3,254,716
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-				-
Series B preferred stock		-			-			-			-				-			-			-		-				-
Series A common stock		-			-			-			-				-			-			-		-				-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)		10,497
Additional paid-in capital		432,210			121,230			147,941			(269,171	)	(b)		432,210			89,620			26,271		(116,101	)	(b,d)		432,000
Accumulated other comprehensive income (loss)		(50,722	)		(58,729	)		-			58,729		(b)		(50,722	)		2,857			8,857		(12,237	)	(b,d)		(51,245	)
Retained earnings (deficit)		1,209,023			(332,502	)		(300,657	)		633,159		(b)		1,209,023			60,252			151,310		(211,345	)	(b,d)		1,209,240
Cost of common shares in treasury, net		(525,653	)		-			-			-				(525,653	)		-			-		-				(525,653	)
Cost of preferred shares in treasury, net		(151,997	)		-			-			-				(151,997	)		-			-		-				(151,997	)
Unearned employee stock ownership plan shares		-			(3,102	)		-			-				(3,102	)		-			-		-				(3,102	)
Total stockholders' equity (deficit)		923,358			(272,563	)		(152,715	)		422,176				920,256			156,030			188,938		(345,484	)			919,740
Total liabilities and stockholders' equity	$	1,247,410		$	2,084,370		$	799,288		$	(746,277	)		$	3,384,791		$	411,670		$	729,541	$	(351,546	)		$	4,174,456
(a) Balances as of March 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating balance sheets by industry segment as of March 31, 2011 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				AMERCO Consolidated
	(In thousands)
Assets:
Cash and cash equivalents	$	250,104		$	72,634		$	757		$	-			$	323,495		$	14,700	$	37,301	$	-			$	375,496
Reinsurance recoverables and trade receivables, net		-			19,210			-			-				19,210			173,256		12,905		-				205,371
Inventories, net		-			59,942			-			-				59,942			-		-		-				59,942
Prepaid expenses		15,966			41,533			125			-				57,624			-		-		-				57,624
Investments, fixed maturities and marketable equities		22,946			-			-			-				22,946			126,240		518,620		(7,997	)	(d)		659,809
Investments, other		-			10,385			18,605			-				28,990			90,615		82,263		-				201,868
Deferred policy acquisition costs, net		-			-			-			-				-			-		52,870		-				52,870
Other assets		2,863			134,330			28,251			-				165,444			877		312		-				166,633
Related party assets		1,146,296			247,024			72			(1,089,457	)	(c)		303,935			2,801		-		(4,768	)	(c)		301,968
		1,438,175			585,058			47,810			(1,089,457	)			981,586			408,489		704,271		(12,765	)			2,081,581
Investment in subsidiaries		(138,714	)		-			-			482,025		(b)		343,311			-		-		(343,311	)	(b)		-
Property, plant and equipment, at cost:
Land		-			46,651			192,526			-				239,177			-		-		-				239,177
Buildings and improvements		-			150,585			874,084			-				1,024,669			-		-		-				1,024,669
Furniture and equipment		203			292,242			18,226			-				310,671			-		-		-				310,671
Rental trailers and other rental equipment		-			249,700			-			-				249,700			-		-		-				249,700
Rental trucks		-			1,611,763			-			-				1,611,763			-		-		-				1,611,763
		203			2,350,941			1,084,836			-				3,435,980			-		-		-				3,435,980
Less:  Accumulated depreciation		(176	)		(996,192	)		(345,039	)		-				(1,341,407	)		-		-		-				(1,341,407	)
Total property, plant and equipment		27			1,354,749			739,797			-				2,094,573			-		-		-				2,094,573
Total assets	$	1,299,488		$	1,939,807		$	787,607		$	(607,432	)		$	3,419,470		$	408,489	$	704,271	$	(356,076	)		$	4,176,154
(a)  Balances as of December 31, 2010
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating balance sheets by industry segment as of March 31, 2011 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)		Eliminations				AMERCO Consolidated
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	854		$	294,387		$	3,729		$	-			$	298,970		$	-		$	5,036	$	-			$	304,006
Notes, loans and leases payable		-			693,801			704,041			-				1,397,842			-			-		-				1,397,842
Policy benefits and losses, claims and loss expenses payable		-			397,381			-			-				397,381			276,726			253,269		-				927,376
Liabilities from investment contracts		-			-			-			-				-			-			246,717		-				246,717
Other policyholders' funds and liabilities		-			-			-			-				-			4,820			3,907		-				8,727
Deferred income		-			27,209			-			-				27,209			-			-		-				27,209
Deferred income taxes		294,518			-			-			-				294,518			(29,519	)		6,541		(283	)	(d)		271,257
Related party liabilities		-			858,655			233,618			(1,089,457	)	(c)		2,816			1,816			136		(4,768	)	(c)		-
Total liabilities		295,372			2,271,433			941,388			(1,089,457	)			2,418,736			253,843			515,606		(5,051	)			3,183,134
Stockholders' equity :
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-				-
Series B preferred stock		-			-			-			-				-			-			-		-				-
Series A common stock		-			-			-			-				-			-			-		-				-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)		10,497
Additional paid-in capital		432,611			121,230			147,941			(269,171	)	(b)		432,611			89,620			26,271		(123,290	)	(b,d)		425,212
Accumulated other comprehensive income (loss)		(45,942	)		(57,328	)		-			57,328		(b)		(45,942	)		2,707			9,951		(13,183	)	(b,d)		(46,467	)
Retained earnings (deficit)		1,139,792			(392,686	)		(301,723	)		694,409		(b)		1,139,792			59,018			149,943		(208,751	)	(b,d)		1,140,002
Cost of common shares in treasury, net		(525,653	)		-			-			-				(525,653	)		-			-		-				(525,653	)
Cost of preferred shares in treasury, net		(7,189	)		-			-			-				(7,189	)		-			-		-				(7,189	)
Unearned employee stock ownership plan shares		-			(3,382	)		-			-				(3,382	)		-			-		-				(3,382	)
Total stockholders' equity (deficit)		1,004,116			(331,626	)		(153,781	)		482,025				1,000,734			154,646			188,665		(351,025	)			993,020
Total liabilities and stockholders' equity	$	1,299,488		$	1,939,807		$	787,607		$	(607,432	)		$	3,419,470		$	408,489		$	704,271	$	(356,076	)		$	4,176,154
(a)  Balances as of December 31, 2010
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating statement of operations by industry segment for the quarter ending June 30, 2011 is as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	446,885		$	-		$	-			$	446,885		$	-		$	-		$	(337	)	(c)	$	446,548
Self-storage revenues		-			31,512			316			-				31,828			-			-			-				31,828
Self-moving & self-storage products & service sales		-			64,378			-			-				64,378			-			-			-				64,378
Property management fees		-			4,735			-			-				4,735			-			-			-				4,735
Life insurance premiums		-			-			-			-				-			-			50,999			-				50,999
Property and casualty insurance premiums		-			-			-			-				-			6,898			-			-				6,898
Net investment and interest income		1,719			5,160			150			-				7,029			2,234			8,538			(538	)	(b,e)		17,263
Other revenue		-			21,531			19,747			(21,134	)	(b)		20,144			-			462			(290	)	(b)		20,316
Total revenues		1,719			574,201			20,213			(21,134	)			574,999			9,132			59,999			(1,165	)			642,965
Costs and expenses:
Operating expenses		2,728			277,728			2,379			(21,134	)	(b)		261,701			2,774			8,118			(618	)	(b,c)		271,975
Commission expenses		-			56,952			-			-				56,952			-			-			-				56,952
Cost of sales		-			32,778			-			-				32,778			-			-			-				32,778
Benefits and losses		-			-			-			-				-			4,459			45,471			-				49,930
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			4,375			-				4,375
Lease expense		22			34,511			7			-				34,540			-			-			(306	)	(b)		34,234
Depreciation, net of (gains) losses on disposals		1			41,401			2,956			-				44,358			-			-			-				44,358
Total costs and expenses		2,751			443,370			5,342			(21,134	)			430,329			7,233			57,964			(924	)			494,602
Equity in earnings of subsidiaries		63,851			-			-			(61,250	)	(d)		2,601			-			-			(2,601	)	(d)		-
Earnings from operations		62,819			130,831			14,871			(61,250	)			147,271			1,899			2,035			(2,842	)			148,363
Interest income (expense)		24,467			(34,282	)		(12,902	)		-				(22,717	)		-			-			84		(b)		(22,633	)
Pretax earnings		87,286			96,549			1,969			(61,250	)			124,554			1,899			2,035			(2,758	)			125,730
Income tax expense		(8,906	)		(36,365	)		(903	)		-				(46,174	)		(665	)		(668	)		-				(47,507	)
Net earnings		78,380			60,184			1,066			(61,250	)			78,380			1,234			1,367			(2,758	)			78,223
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-			-			-				(5,908	)		-			-			-				(5,908	)
Less:  Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			164		(e)		(3,077	)
Earnings available to common shareholders	$	69,231		$	60,184		$	1,066		$	(61,250	)		$	69,231		$	1,234		$	1,367		$	(2,594	)		$	69,238
(a) Balances for the quarter ended March 31, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Elimination of preferred stock dividend paid to affiliate

Consolidating statements of operations by industry for the quarter ended June 30, 2010 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				AMERCO Consolidated
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	419,880		$	-		$	-			$	419,880		$	-		$	-		$	(417	)	(c)	$	419,463
Self-storage revenues		-			27,915			312			-				28,227			-			-			-				28,227
Self-moving & self-storage products & service sales		-			63,290			-			-				63,290			-			-			-				63,290
Property management fees		-			4,536			-			-				4,536			-			-			-				4,536
Life insurance premiums		-			-			-			-				-			-			37,803			-				37,803
Property and casualty insurance premiums		-			-			-			-				-			6,179			-			-				6,179
Net investment and interest income		1,211			5,079			-			-				6,290			1,915			5,532			(382	)	(b,e)		13,355
Other revenue		20			14,172			19,372			(20,629	)	(b)		12,935			-			507			(348	)	(b)		13,094
Total revenues		1,231			534,872			19,684			(20,629	)			535,158			8,094			43,842			(1,147	)			585,947
Costs and expenses:
Operating expenses		2,079			260,657			2,263			(20,629	)	(b)		244,370			2,818			6,703			(757	)	(b,c)		253,134
Commission expenses		-			52,169			-			-				52,169			-			-			-				52,169
Cost of sales		-			31,665			-			-				31,665			-			-			-				31,665
Benefits and losses		-			-			-			-				-			3,879			31,543			-				35,422
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,193			-				2,193
Lease expense		25			38,941			5			-				38,971			-			-			(305	)	(b)		38,666
Depreciation, net of (gains) losses on disposals		2			42,607			1,980			-				44,589			-			-			-				44,589
Total costs and expenses		2,106			426,039			4,248			(20,629	)			411,764			6,697			40,439			(1,062	)			457,838
Equity in earnings of subsidiaries		53,937			-			-			(50,896	)	(d)		3,041			-			-			(3,041	)	(d)		-
Earnings from operations		53,062			108,833			15,436			(50,896	)			126,435			1,397			3,403			(3,126	)			128,109
Interest income (expense)		21,280			(32,876	)		(9,868	)		-				(21,464	)		-			-			-				(21,464	)
Pretax earnings		74,342			75,957			5,568			(50,896	)			104,971			1,397			3,403			(3,126	)			106,645
Income tax expense		(7,755	)		(28,298	)		(2,331	)		-				(38,384	)		(489	)		(1,270	)		-				(40,143	)
Net earnings		66,587			47,659			3,237			(50,896	)			66,587			908			2,133			(3,126	)			66,502
Loss of carrying amount of preferred stock over consideration paid		-			-			-			-				-			-			-			(31	)			(31	)
Less:  Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			85		(e)		(3,156	)
Earnings available to common shareholders	$	63,346		$	47,659		$	3,237		$	(50,896	)		$	63,346		$	908		$	2,133		$	(3,072	)		$	63,315
(a) Balances for the quarter ended March 31, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividend paid to affiliate

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2011 are as follows:

	Moving & Storage												AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination				AMERCO Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	78,380		$	60,184		$	1,066		$	(61,250	)	$	78,380		$	1,234		$	1,367		$	(2,758	)		$	78,223
Earnings from consolidated entities		(63,851	)		-			-			61,250			(2,601	)		-			-			2,601				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1			50,815			3,252			-			54,068			-			-			-				54,068
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			4,375			-				4,375
Change in allowance for losses on trade receivables		-			133			-			-			133			-			2			-				135
Change in allowance for inventory reserve		-			1,377			-			-			1,377			-			-			-				1,377
Net gain on sale of real and personal property		-			(9,414	)		(296	)		-			(9,710	)		-			-			-				(9,710	)
Net (gain) loss on sale of investments		(488	)		-			-			-			(488	)		21			(3,049	)		-				(3,516	)
Deferred income taxes		30,142			-			-			-			30,142			210			2,094			-				32,446
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(9,582	)		-			-			(9,582	)		(1,229	)		(26,442	)		-				(37,253	)
Inventories		-			(393	)		-			-			(393	)		-			-			-				(393	)
Prepaid expenses		8,958			(7,623	)		(185	)		-			1,150			-			-			-				1,150
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(4,518	)		-				(4,518	)
Other assets		160			7,147			1,128			-			8,435			215			(25	)		-				8,625
Related party assets		12			3,777			(15	)		-			3,774			(7	)		-			(6,965	)	(b)		(3,198	)
Accounts payable and accrued expenses		911			(1,286	)		(109	)		-			(484	)		-			18,018			-				17,534
Policy benefits and losses, claims and loss expenses payable		-			(9,933	)		-			-			(9,933	)		1,726			12,749			-				4,542
Other policyholders' funds and liabilities		-			-			-			-			-			141			(1,236	)		-				(1,095	)
Deferred income		-			8,328			-			-			8,328			-			-			-				8,328
Related party liabilities		-			636			-			-			636			(363	)		(28	)		-				245
Net cash provided (used) by operating activities		54,225			94,166			4,841			-			153,232			1,948			3,307			(7,122	)			151,365
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(214,039	)		(1,740	)		-			(215,779	)		-			-			-				(215,779	)
Short term investments		-			-			-			-			-			(15,853	)		(50,510	)		-				(66,363	)
Fixed maturities investments		-			-			-			-			-			(7,831	)		(67,228	)		-				(75,059	)
Equity securities		(8,759	)		-			-			-			(8,759	)		-			-			-				(8,759	)
Preferred stock		-			-			-			-			-			(541	)		-			-				(541	)
Real estate		-			-			-			-			-			(12	)		-			-				(12	)
Mortgage loans		-			(5	)		(47,751	)		-			(47,756	)		(11,639	)		(2,984	)		26,177		(b)		(36,202	)
Proceeds from sales of:
Property, plant and equipment		-			54,501			509			-			55,010			-			-			-				55,010
Short term investments		-			-			-			-			-			19,134			60,743			-				79,877
Fixed maturities investments		-			-			-			-			-			8,649			57,386			-				66,035
Equity securities		8,800			-			-			-			8,800			-			-			-				8,800
Preferred stock		-			-			-			-			-			1,000			-			-				1,000
Real estate		-			-			-			-			-			34			-			-				34
Mortgage loans		-			-			33,626			-			33,626			9,915			628			(26,177	)	(b)		17,992
Net cash provided (used) by investing activities		41			(159,543	)		(15,356	)		-			(174,858	)		2,856			(1,965	)		-				(173,967	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2011
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2011, are as follows:

	Moving & Storage											AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination		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		-			29,308			30,000			-		59,308			-		-			(750	)	(c)		58,558
Principal repayments on credit facilities		-			(21,673	)		(20,579	)		-		(42,252	)		-		-			-				(42,252	)
Debt issuance costs		-			(474	)		(86	)		-		(560	)		-		-			-				(560	)
Capital lease payments		-			(1,727	)		-			-		(1,727	)		-		-			-				(1,727	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			280			-			-		280			-		-			-				280
Proceeds from (repayment of) intercompany loans		(78,996	)		77,734			1,262			-		-			-		-			-				-
Securitization deposits		-			29,914			-			-		29,914			-		-			-				29,914
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708		(c)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			164		(b)		(3,077	)
Contribution to related party		(518	)		-			-			-		(518	)		-		-			-				(518	)
Investment contract deposits		-			-			-			-		-			-		2,509			-				2,509
Investment contract withdrawals		-			-			-			-		-			-		(8,023	)		-				(8,023	)
Net cash provided (used) by financing activities		(234,752	)		113,362			10,597			-		(110,793	)		-		(5,514	)		7,122				(109,185	)
Effects of exchange rate on cash		-			44			-			-		44			-		-			-				44
Increase (decrease) in cash and cash equivalents		(180,486	)		48,029			82			-		(132,375	)		4,804		(4,172	)		-				(131,743	)
Cash and cash equivalents at beginning of period		250,104			72,634			757			-		323,495			14,700		37,301			-				375,496
Cash and cash equivalents at end of period	$	69,618		$	120,663		$	839		$	-	$	191,120		$	19,504	$	33,129		$	-			$	243,753
	(page 2 of 2)
(a) Balance for the period ended March 31, 2011
(b) Elimination of preferred stock dividend paid to affiliate
(c) Elimination of intercompany investments

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2010 are as follows:

	Moving & Storage												AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination			Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			AMERCO Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	66,587		$	47,659		$	3,237		$	(50,896	)	$	66,587		$	908		$	2,133		$	(3,126	)	$	66,502
Earnings from consolidated entities		(53,937	)		-			-			50,896			(3,041	)		-			-			3,041			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		2			49,781			3,194			-			52,977			-			-			-			52,977
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			2,193			-			2,193
Change in allowance for losses on trade receivables		-			(29	)		-			-			(29	)		-			1			-			(28	)
Change in allowance for losses on mortgage notes		-			-			-			-			-			-			-			-			-
Change in allowance for inventory reserve		-			494			-			-			494			-			-			-			494
Net gain on sale of real and personal property		-			(7,174	)		(1,214	)		-			(8,388	)		-			-			-			(8,388	)
Net (gain) loss on sale of investments		-			-			-			-			-			8			(1,023	)		-			(1,015	)
Deferred income taxes		24,747			-			-			-			24,747			162			321			-			25,230
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(10,614	)		-			-			(10,614	)		1,669			(6,400	)		-			(15,345	)
Inventories		-			(3,283	)		-			-			(3,283	)		-			-			-			(3,283	)
Prepaid expenses		-			(2,379	)		48			-			(2,331	)		-			-			-			(2,331	)
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(3,663	)		-			(3,663	)
Other assets		3			(1,615	)		620			-			(992	)		131			52			-			(809	)
Related party assets		172			4,835			(17	)		-			4,990			(299	)		-			-			4,691
Accounts payable and accrued expenses		3,567			32,429			(177	)		-			35,819			-			3,149			-			38,968
Policy benefits and losses, claims and loss expenses payable		-			2,641			-			-			2,641			(4,686	)		12,285			-			10,240
Other policyholders' funds and liabilities		-			-			-			-			-			591			(691	)		-			(100	)
Deferred income		-			6,727			-			-			6,727			-			-			-			6,727
Related party liabilities		-			829			-			-			829			(38	)		-			-			791
Net cash provided (used) by operating activities		41,141			120,301			5,691			-			167,133			(1,554	)		8,357			(85	)		173,851
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(2	)		(124,784	)		(14,116	)		-			(138,902	)		-			-			-			(138,902	)
Short term investments		-			-			-			-			-			(22,060	)		(29,767	)		-			(51,827	)
Fixed maturities investments		-			-			-			-			-			(10,443	)		(55,784	)		-			(66,227	)
Equity securities		(4,746	)		-			-			-			(4,746	)		(1,479	)		-			-			(6,225	)
Preferred stock		-			-			-			-			-			(3,327	)		(148	)		-			(3,475	)
Real estate		-			-			-			-			-			(53	)		(81	)		-			(134	)
Mortgage loans		-			-			-			-			-			(51	)		-			-			(51	)
Proceeds from sales of:
Property, plant and equipment		-			45,863			1,362			-			47,225			-			-			-			47,225
Short term investments		-			-			-			-			-			29,951			54,476			-			84,427
Fixed maturities investments		-			-			-			-			-			7,126			26,575			-			33,701
Equity securities		-			-			-			-			-			133			-			-			133
Real estate		-			1,506			82			-			1,588			-			-			-			1,588
Mortgage loans		-			-			-			-			-			19			702			-			721
Net cash provided (used) by investing activities		(4,748	)		(77,415	)		(12,672	)		-			(94,835	)		(184	)		(4,027	)		-			(99,046	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2010

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2010, are as follows:

	Moving & Storage											AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Elimination		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		-			72,823			19,134			-		91,957			-			-			-			91,957
Principal repayments on credit facilities		-			(26,929	)		(79,750	)		-		(106,679	)		-			-			-			(106,679	)
Debt issuance costs		-			(89	)		-			-		(89	)		-			-			-			(89	)
Capital lease payments		-			(6,951	)		-			-		(6,951	)		-			-			-			(6,951	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			295			-			-		295			-			-			-			295
Proceeds from (repayment of) intercompany loans		(1,122	)		(66,474	)		67,596			-		-			-			-			-			-
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-			-			85	(b)		(3,156	)
Investment contract deposits		-			-			-			-		-			-			3,018			-			3,018
Investment contract withdrawals		-			-			-			-		-			-			(8,685	)		-			(8,685	)
Net cash provided (used) by financing activities		(4,363	)		(27,325	)		6,980			-		(24,708	)		-			(5,667	)		85			(30,290	)
Effects of exchange rate on cash		-			(519	)		-			-		(519	)		-			-			-			(519	)
Increase (decrease) in cash and cash equivalents		32,030			15,042			(1	)		-		47,071			(1,738	)		(1,337	)		-			43,996
Cash and cash equivalents at beginning of period		100,460			107,241			4			-		207,705			22,126			14,287			-			244,118
Cash and cash equivalents at end of period	$	132,490		$	122,283		$	3		$	-	$	254,776		$	20,388		$	12,950		$	-		$	288,114
	(page 2 of 2)
(a) Balance for the period ended March 31, 2010
(b) Elimination of preferred stock dividend paid to affiliate