Consolidating Financial Information by Industry Segment

3 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

12. Consolidating Financial Information by Industry Segment

12. 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.

12. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of December 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
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	289,497		$	115,999		$	767		$	-			$	406,263		$	19,285	$	12,729	$	-			$	438,277
Reinsurance recoverables and trade receivables, net		-			31,696			-			-				31,696			238,058		82,074		-				351,828
Inventories, net		-			56,766			-			-				56,766			-		-		-				56,766
Prepaid expenses		12,899			41,650			392			-				54,941			-		-		-				54,941
Investments, fixed maturities and marketable equities		9,965			-			-			-				9,965			128,303		586,188		-				724,456
Investments, other		-			9,620			41,773			-				51,393			96,076		97,075		(2,005	)	(c)		242,539
Deferred policy acquisition costs, net		-			-			-			-				-			-		62,384		-				62,384
Other assets		320			87,436			35,950			-				123,706			357		201		-				124,264
Related party assets		1,106,280			251,840			96			(1,049,339	)	(c)		308,877			3,205		3		(14,572	)	(c)		297,513
		1,418,961			595,007			78,978			(1,049,339	)			1,043,607			485,284		840,654		(16,577	)			2,352,968
Investment in subsidiaries		(6,836	)		-			-			340,225		(b)		333,389			-		-		(333,389	)	(b)		-
Property, plant and equipment, at cost:
Land		-			70,466			210,678			-				281,144			-		-		-				281,144
Buildings and improvements		-			155,270			903,662			-				1,058,932			-		-		-				1,058,932
Furniture and equipment		167			290,492			18,391			-				309,050			-		-		-				309,050
Rental trailers and other rental equipment		-			253,791			-			-				253,791			-		-		-				253,791
Rental trucks		-			1,766,847			-			-				1,766,847			-		-		-				1,766,847
		167			2,536,866			1,132,731			-				3,669,764			-		-		-				3,669,764
Less:  Accumulated depreciation		(144	)		(1,033,694	)		(354,892	)		-				(1,388,730	)		-		-		-				(1,388,730	)
Total property, plant and equipment		23			1,503,172			777,839			-				2,281,034			-		-		-				2,281,034
Total assets	$	1,412,148		$	2,098,179		$	856,817		$	(709,114	)		$	3,658,030		$	485,284	$	840,654	$	(349,966	)		$	4,634,002
(a) Balances as of September 30, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 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
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	20,127		$	315,478		$	4,159		$	-			$	339,764		$	-		$	4,488	$	(47	)	(c)	$	344,205
Notes, loans and leases payable		-			790,592			722,621			-				1,513,213			-			-		(5,237	)	(c)		1,507,976
Policy benefits and losses, claims and loss expenses payable		-			384,576			-			-				384,576			395,647			367,851		-				1,148,074
Liabilities from investment contracts		-			-			-			-				-			-			236,805		-				236,805
Other policyholders' funds and liabilities		-			-			-			-				-			3,104			2,278		-				5,382
Deferred income		-			28,218			-			-				28,218			-			-		-				28,218
Deferred income taxes		388,288			-			-			-				388,288			(43,886	)		17,762		-				362,164
Related party liabilities		-			771,623			280,509			(1,049,339	)	(c)		2,793			1,598			113		(4,504	)	(c)		-
Total liabilities		408,415			2,290,487			1,007,289			(1,049,339	)			2,656,852			356,463			629,297		(9,788	)			3,632,824
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		433,056			121,230			147,941			(269,171	)	(b)		433,056			89,620			26,271		(116,101	)	(b,d)		432,846
Accumulated other comprehensive income (loss)		(53,619	)		(69,649	)		-			69,649		(b)		(53,619	)		2,458			23,229		(25,687	)	(b)		(53,619	)
Retained earnings (deficit)		1,291,449			(241,874	)		(298,414	)		540,288		(b)		1,291,449			33,442			159,357		(192,589	)	(b,d)		1,291,659
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		-			(2,555	)		-			-				(2,555	)		-			-		-				(2,555	)
Total stockholders' equity (deficit)		1,003,733			(192,308	)		(150,472	)		340,225				1,001,178			128,821			211,357		(340,178	)			1,001,178
Total liabilities and stockholders' equity	$	1,412,148		$	2,098,179		$	856,817		$	(709,114	)		$	3,658,030		$	485,284		$	840,654	$	(349,966	)		$	4,634,002
(a) Balances as of September 30, 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 ended December 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
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	376,271		$	-		$	-			$	376,271		$	-		$	-		$	(527	)	(c)	$	375,744
Self-storage revenues		-			33,523			323			-				33,846			-			-			-				33,846
Self-moving and self-storage products and service sales		-			43,206			-			-				43,206			-			-			-				43,206
Property management fees		-			5,368			-			-				5,368			-			-			-				5,368
Life insurance premiums		-			-			-			-				-			-			132,643			-				132,643
Property and casualty insurance premiums		-			-			-			-				-			9,429			-			-				9,429
Net investment and interest income		1,317			5,166			296			-				6,779			2,237			6,593			(375	)	(b)		15,234
Other revenue		-			19,063			20,144			(21,611	)	(b)		17,596			-			407			(384	)	(b)		17,619
Total revenues		1,317			482,597			20,763			(21,611	)			483,066			11,666			139,643			(1,286	)			633,089
Costs and expenses:
Operating expenses		2,176			277,229			2,231			(21,611	)	(b)		260,025			3,477			7,263			(931	)	(b,c)		269,834
Commission expenses		-			47,864			-			-				47,864			-			-			-				47,864
Cost of sales		-			24,505			-			-				24,505			-			-			-				24,505
Benefits and losses		-			-			-			-				-			51,633			122,115			-				173,748
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			3,666			-				3,666
Lease expense		26			32,601			5			-				32,632			-			-			(307	)	(b)		32,325
Depreciation, net of (gains) losses on disposals		1			52,846			3,427			-				56,274			-			-			-				56,274
Total costs and expenses		2,203			435,045			5,663			(21,611	)			421,300			55,110			133,044			(1,238	)			608,216
Earnings (loss) from operations before equity in earnings of  subsidiaries		(886	)		47,552			15,100			-				61,766			(43,444	)		6,599			(48	)			24,873
Equity in earnings of subsidiaries		(12,577	)		-			-			(11,376	)	(d)		(23,953	)		-			-			23,953		(d)		-
Earnings (loss) from operations		(13,463	)		47,552			15,100			(11,376	)			37,813			(43,444	)		6,599			23,905				24,873
Interest income (expense)		22,345			(32,214	)		(12,923	)		-				(22,792	)		-			-			48		(b)		(22,744	)
Pretax earnings (loss)		8,882			15,338			2,177			(11,376	)			15,021			(43,444	)		6,599			23,953				2,129
Income tax benefit (expense)		(8,154	)		(5,156	)		(983	)		-				(14,293	)		15,206			(2,314	)		-				(1,401	)
Net earnings (loss)		728			10,182			1,194			(11,376	)			728			(28,238	)		4,285			23,953				728
Less:  Preferred stock dividends		-			-			-			-				-			-			-			-				-
Earnings (loss) available to common shareholders	$	728		$	10,182		$	1,194		$	(11,376	)		$	728		$	(28,238	)	$	4,285		$	23,953			$	728
(a) Balances for the quarter ended September 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the quarter ended December 31, 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	$	-		$	343,506		$	-		$	-			$	343,506		$	-		$	-		$	(553	)	(c)	$	342,953
Self-storage revenues		-			30,270			368			-				30,638			-			-			-				30,638
Self-moving and self-storage products and service sales		-			41,533			-			-				41,533			-			-			-				41,533
Property management fees		-			5,129			-			-				5,129			-			-			-				5,129
Life insurance premiums		-			-			-			-				-			-			74,306			-				74,306
Property and casualty insurance premiums		-			-			-			-				-			8,998			-			-				8,998
Net investment and interest income		1,360			5,222			-			-				6,582			2,119			4,971			(459	)	(b,e)		13,213
Other revenue		-			14,389			19,586			(21,017	)	(b)		12,958			-			581			(327	)	(b)		13,212
Total revenues		1,360			440,049			19,954			(21,017	)			440,346			11,117			79,858			(1,339	)			529,982
Costs and expenses:
Operating expenses		1,711			259,383			2,259			(21,017	)	(b)		242,336			3,986			7,536			(872	)	(b,c)		252,986
Commission expenses		-			42,367			-			-				42,367			-			-			-				42,367
Cost of sales		-			22,586			-			-				22,586			-			-			-				22,586
Benefits and losses		-			-			-			-				-			5,255			65,057			-				70,312
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,480			-				2,480
Lease expense		22			37,436			6			-				37,464			-			-			(305	)	(b)		37,159
Depreciation, net of (gains) losses on disposals		3			47,166			3,646			-				50,815			-			-			-				50,815
Total costs and expenses		1,736			408,938			5,911			(21,017	)			395,568			9,241			75,073			(1,177	)			478,705
Earnings (loss) from operations before equity in earnings of  subsidiaries		(376	)		31,111			14,043			-				44,778			1,876			4,785			(162	)			51,277
Equity in earnings of subsidiaries		5,645			-			-			(1,268	)	(d)		4,377			-			-			(4,377	)	(d)		-
Earnings from operations		5,269			31,111			14,043			(1,268	)			49,155			1,876			4,785			(4,539	)			51,277
Interest income (expense)		21,544			(32,056	)		(11,724	)		-				(22,236	)		-			-			-				(22,236	)
Pretax earnings (loss)		26,813			(945	)		2,319			(1,268	)			26,919			1,876			4,785			(4,539	)			29,041
Income tax benefit (expense)		(8,043	)		981			(1,087	)		-				(8,149	)		(658	)		(1,626	)		-				(10,433	)
Net earnings		18,770			36			1,232			(1,268	)			18,770			1,218			3,159			(4,539	)			18,608
Less:  Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			162		(e)		(3,079	)
Earnings available to common shareholders	$	15,529		$	36		$	1,232		$	(1,268	)		$	15,529		$	1,218		$	3,159		$	(4,377	)		$	15,529
(a) Balances for the quarter ended September 30, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating statements of operations by industry for the nine months ended December 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
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	1,335,229		$	-		$	-			$	1,335,229		$	-		$	-		$	(1,311	)	(c)	$	1,333,918
Self-storage revenues		-			98,745			937			-				99,682			-			-			-				99,682
Self-moving and self-storage products and service sales		-			167,352			-			-				167,352			-			-			-				167,352
Property management fees		-			14,929			-			-				14,929			-			-			-				14,929
Life insurance premiums		-			-			-			-				-			-			229,839			-				229,839
Property and casualty insurance premiums		-			-			-			-				-			25,076			-			-				25,076
Net investment and interest income		4,585			15,476			556			-				20,617			7,395			21,793			(1,407	)	(b,e)		48,398
Other revenue		-			64,111			59,785			(64,022	)	(b)		59,874			-			1,202			(1,035	)	(b)		60,041
Total revenues		4,585			1,695,842			61,278			(64,022	)			1,697,683			32,471			252,834			(3,753	)			1,979,235
Costs and expenses:
Operating expenses		6,766			857,438			6,949			(64,022	)	(b)		807,131			9,871			21,496			(2,349	)	(b,c)		836,149
Commission expenses		-			168,865			-			-				168,865			-			-			-				168,865
Cost of sales		-			89,729			-			-				89,729			-			-			-				89,729
Benefits and losses		-			-			-			-				-			61,948			206,192			-				268,140
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			10,716			-				10,716
Lease expense		69			100,102			19			-				100,190			-			-			(919	)	(b)		99,271
Depreciation, net of (gains) losses on disposals		4			138,867			9,825			-				148,696			-			-			-				148,696
Total costs and expenses		6,839			1,355,001			16,793			(64,022	)			1,314,611			71,819			238,404			(3,268	)			1,621,566
Earnings (loss) from operations before equity in earnings of  subsidiaries		(2,254	)		340,841			44,485			-				383,072			(39,348	)		14,430			(485	)			357,669
Equity in earnings of subsidiaries		137,959			-			-			(154,121	)	(d)		(16,162	)		-			-			16,162		(d)		-
Earnings (loss) from operations		135,705			340,841			44,485			(154,121	)			366,910			(39,348	)		14,430			15,677				357,669
Interest income (expense)		70,528			(100,627	)		(38,398	)		-				(68,497	)		-			-			157		(b)		(68,340	)
Pretax earnings (loss)		206,233			240,214			6,087			(154,121	)			298,413			(39,348	)		14,430			15,834				289,329
Income tax benefit (expense)		(25,943	)		(89,402	)		(2,778	)		-				(118,123	)		13,772			(5,016	)		-				(109,367	)
Net earnings (loss)		180,290			150,812			3,309			(154,121	)			180,290			(25,576	)		9,414			15,834				179,962
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	)		-			-			328		(e)		(2,913	)
Earnings (loss) available to common shareholders	$	171,141		$	150,812		$	3,309		$	(154,121	)		$	171,141		$	(25,576	)	$	9,414		$	16,162			$	171,141
(a) Balances for the nine months ended September 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating statements of operations by industry for the nine months ended December 31, 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	$	-		$	1,231,183		$	-		$	-			$	1,231,183		$	-		$	-		$	(1,639	)	(c)	$	1,229,544
Self-storage revenues		-			88,467			1,045			-				89,512			-			-			-				89,512
Self-moving and self-storage products and service sales		-			161,644			-			-				161,644			-			-			-				161,644
Property management fees		-			14,245			-			-				14,245			-			-			-				14,245
Life insurance premiums		-			-			-			-				-			-			152,131			-				152,131
Property and casualty insurance premiums		-			-			-			-				-			23,477			-			-				23,477
Net investment and interest income		3,854			15,443			-			-				19,297			6,130			15,292			(1,277	)	(b,e)		39,442
Other revenue		20			46,402			58,244			(62,411	)	(b)		42,255			-			1,676			(1,021	)	(b)		42,910
Total revenues		3,874			1,557,384			59,289			(62,411	)			1,558,136			29,607			169,099			(3,937	)			1,752,905
Costs and expenses:
Operating expenses		5,606			796,765			6,850			(62,411	)	(b)		746,810			10,958			21,246			(2,635	)	(b,c)		776,379
Commission expenses		-			152,149			-			-				152,149			-			-			-				152,149
Cost of sales		-			83,854			-			-				83,854			-			-			-				83,854
Benefits and losses		-			-			-			-				-			13,369			129,748			-				143,117
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			6,549			-				6,549
Lease expense		69			114,623			12			-				114,704			-			-			(915	)	(b)		113,789
Depreciation, net of (gains) losses on disposals		7			130,744			8,810			-				139,561			-			-			-				139,561
Total costs and expenses		5,682			1,278,135			15,672			(62,411	)			1,237,078			24,327			157,543			(3,550	)			1,415,398
Earnings (loss) from operations before equity in earnings of  subsidiaries		(1,808	)		279,249			43,617			-				321,058			5,280			11,556			(387	)			337,507
Equity in earnings of subsidiaries		132,707			-			-			(121,731	)	(d)		10,976			-			-			(10,976	)	(d)		-
Earnings from operations		130,899			279,249			43,617			(121,731	)			332,034			5,280			11,556			(11,363	)			337,507
Interest income (expense)		63,112			(96,008	)		(32,592	)		-				(65,488	)		-			-			-				(65,488	)
Pretax earnings		194,011			183,241			11,025			(121,731	)			266,546			5,280			11,556			(11,363	)			272,019
Income tax expense		(23,295	)		(67,717	)		(4,818	)		-				(95,830	)		(1,849	)		(4,011	)		-				(101,690	)
Net earnings		170,716			115,524			6,207			(121,731	)			170,716			3,431			7,545			(11,363	)			170,329
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			(171	)			(171	)
Less:  Preferred stock dividends		(9,723	)		-			-			-				(9,723	)		-			-			387		(e)		(9,336	)
Earnings available to common shareholders	$	160,993		$	115,524		$	6,207		$	(121,731	)		$	160,993		$	3,431		$	7,545		$	(11,147	)		$	160,822
(a) Balances for the nine months ended September 30, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating cash flow statements by industry segment for the nine months ended December 31, 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 (loss)	$	180,290		$	150,812		$	3,309		$	(154,121	)	$	180,290		$	(25,576	)	$	9,414		$	15,834			$	179,962
Earnings from consolidated entities		(137,959	)		-			-			154,121			16,162			-			-			(16,162	)			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		4			156,952			10,066			-			167,022			-			-			-				167,022
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			10,716			-				10,716
Change in allowance for losses on trade receivables		-			(91	)		-			-			(91	)		-			2			-				(89	)
Change in allowance for inventory reserve		-			3,005			-			-			3,005			-			-			-				3,005
Net gain on sale of real and personal property		-			(18,085	)		(241	)		-			(18,326	)		-			-			-				(18,326	)
Net (gain) loss on sale of investments		(488	)		-			-			-			(488	)		(674	)		(4,292	)		-				(5,454	)
Deferred income taxes		103,901			-			-			-			103,901			(14,232	)		4,912			-				94,581
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(12,391	)		-			-			(12,391	)		(64,802	)		(69,172	)		-				(146,365	)
Inventories		-			173			-			-			173			-			-			-				173
Prepaid expenses		3,067			(134	)		(267	)		-			2,666			-			-			-				2,666
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(19,072	)		-				(19,072	)
Other assets		2,543			7,740			(7,291	)		-			2,992			521			110			-				3,623
Related party assets		(101	)		(4,837	)		(24	)		-			(4,962	)		(395	)		-			(2,005	)	(b)		(7,362	)
Accounts payable and accrued expenses		2,032			4,755			382			-			7,169			-			259			-				7,428
Policy benefits and losses, claims and loss expenses payable		-			(11,752	)		-			-			(11,752	)		118,921			114,581			-				221,750
Other policyholders' funds and liabilities		-			-			-			-			-			(1,716	)		(1,629	)		-				(3,345	)
Deferred income		-			1,070			-			-			1,070			-			-			-				1,070
Related party liabilities		-			(22	)		-			-			(22	)		(227	)		(18	)		-				(267	)
Net cash provided (used) by operating activities		153,289			277,195			5,934			-			436,418			11,820			45,811			(2,333	)			491,716
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(380,205	)		(41,538	)		-			(421,743	)		-			-			-				(421,743	)
Short term investments		-			-			-			-			-			(46,100	)		(123,213	)		2,005		(b)		(167,308	)
Fixed maturities investments		-			-			-			-			-			(28,550	)		(146,025	)		-				(174,575	)
Equity securities		(8,855	)		-			-			-			(8,855	)		(193	)		-			-				(9,048	)
Preferred stock		-			-			-			-			-			(1,617	)		-			-				(1,617	)
Real estate		-			-			(5,064	)		-			(5,064	)		(137	)		-			-				(5,201	)
Mortgage loans		-			(8,476	)		(58,284	)		-			(66,760	)		(34,275	)		(17,734	)		24,658		(b)		(94,111	)
Proceeds from sales of:
Property, plant and equipment		-			139,344			508			-			139,852			-			-			-				139,852
Short term investments		-			-			-			-			-			63,981			122,912			-				186,893
Fixed maturities investments		-			-			-			-			-			19,271			97,338			-				116,609
Equity securities		8,800			-			-			-			8,800			1,410			-			-				10,210
Preferred stock		-			-			-						-			6,252			2,708			(7,708	)	(b)		1,252
Real estate		-			-			-			-			-			106			40			-				146
Mortgage loans		-			9,241			40,180			-			49,421			12,617			3,503			(24,658	)	(b)		40,883
Net cash provided (used) by investing activities		(55	)		(240,096	)		(64,198	)		-			(304,349	)		(7,235	)		(60,471	)		(5,703	)			(377,758	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2011
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 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		-			155,879			83,920			-		239,799			-		-			-			239,799
Principal repayments on credit facilities		-			(101,275	)		(65,340	)		-		(166,615	)		-		-			-			(166,615	)
Debt issuance costs		-			(1,380	)		(408	)		-		(1,788	)		-		-			-			(1,788	)
Capital lease payments		-			(5,962	)		-			-		(5,962	)		-		-			-			(5,962	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			827			-			-		827			-		-			-			827
Securitization deposits		-			40,500			-					40,500			-		-			-			40,500
Proceeds from (repayment of) intercompany loans		41,915			(82,017	)		40,102			-		-			-		-			-			-
Preferred stock redemption paid		(151,997	)		-			-					(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			328	(c)		(2,913	)
Contribution to related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		10,567			-			10,567
Investment contract withdrawals		-			-			-			-		-			-		(20,479	)		-			(20,479	)
Net cash provided (used) by financing activities		(113,841	)		6,572			58,274			-		(48,995	)		-		(9,912	)		8,036			(50,871	)
Effects of exchange rate on cash		-			(306	)		-			-		(306	)		-		-			-			(306	)
Increase (decrease) in cash and cash equivalents		39,393			43,365			10			-		82,768			4,585		(24,572	)		-			62,781
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	$	289,497		$	115,999		$	767		$	-	$	406,263		$	19,285	$	12,729		$	-		$	438,277
	(page 2 of 2)
(a) Balance for the period ended September 30, 2011
(b) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the nine months ended December 31, 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	$	170,716		$	115,524		$	6,207		$	(121,731	)	$	170,716		$	3,431		$	7,545		$	(11,363	)		$	170,329
Earnings from consolidated entities		(132,707	)		-			-			121,731			(10,976	)		-			-			10,976				-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		7			148,525			9,993			-			158,525			-			-			-				158,525
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			6,549			-				6,549
Change in allowance for losses on trade receivables		-			25			-			-			25			-			1			-				26
Change in allowance for inventory reserve		-			1,271			-			-			1,271			-			-			-				1,271
Net gain on sale of real and personal property		-			(17,781	)		(1,183	)		-			(18,964	)		-			-			-				(18,964	)
Net (gain) loss on sale of investments		(65	)		-			-			-			(65	)		3			(1,484	)		-				(1,546	)
Deferred income taxes		56,093			-			-			-			56,093			1,532			2,003			-				59,628
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(3,592	)		-			-			(3,592	)		8,491			(39,446	)		-				(34,547	)
Inventories		-			(8,809	)		-			-			(8,809	)		-			-			-				(8,809	)
Prepaid expenses		-			10,343			(559	)		-			9,784			-			-			-				9,784
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(20,584	)		-				(20,584	)
Other assets		37,392			3,377			(1,273	)		-			39,496			490			253			-				40,239
Related party assets		271			1,263			(57	)		-			1,477			(341	)		-			-				1,136
Accounts payable and accrued expenses		(4,960	)		7,110			119			-			2,269			-			12,418			-				14,687
Policy benefits and losses, claims and loss expenses payable		-			10,713			-			-			10,713			(9,188	)		83,254			-				84,779
Other policyholders' funds and liabilities		-			-			-			-			-			943			(139	)		-				804
Deferred income		-			903			-			-			903			-			-			-				903
Related party liabilities		-			68			-			-			68			130			21			-				219
Net cash provided (used) by operating activities		126,747			268,940			13,247			-			408,934			5,491			50,391			(387	)			464,429
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(6	)		(287,877	)		(49,627	)		-			(337,510	)		-			-			-				(337,510	)
Short term investments		-			-			-			-			-			(60,650	)		(111,801	)		-				(172,451	)
Fixed maturities investments		-			-			-			-			-			(26,515	)		(128,727	)		-				(155,242	)
Equity securities		(7,950	)		-			-						(7,950	)		(3,297	)		-			-				(11,247	)
Preferred stock		-			-			-			-			-			(8,794	)		(2,597	)		-				(11,391	)
Real estate		-			-			-			-			-			(63	)		(82	)		-				(145	)
Mortgage loans		-			(3,911	)		(2,995	)		-			(6,906	)		(13,188	)		(4,788	)		3,890		(b)		(20,992	)
Proceeds from sales of:
Property, plant and equipment		-			147,985			1,366			-			149,351			-			-			-				149,351
Short term investments		-			-			-			-			-			83,326			129,846			-				213,172
Fixed maturities investments		-			-			-			-			-			16,720			80,295			-				97,015
Equity securities		1,065			-			-			-			1,065			133			-			-				1,198
Real estate		-			-			82			-			82			108			-			-				190
Mortgage loans		-			1,551			2,995			-			4,546			6,057			2,084			(3,890	)	(b)		8,797
Net cash provided (used) by investing activities		(6,891	)		(142,252	)		(48,179	)		-			(197,322	)		(6,163	)		(35,770	)		-				(239,255	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2010
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 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		-			257,553			49,134			-		306,687			-			-			-			306,687
Principal repayments on credit facilities		-			(70,724	)		(178,160	)		-		(248,884	)		-			-			-			(248,884	)
Debt issuance costs		-			(1,987	)		-			-		(1,987	)		-			-			-			(1,987	)
Capital lease payments		-			(9,852	)		-			-		(9,852	)		-			-			-			(9,852	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			881			-			-		881			-			-			-			881
Securitization deposits		-			(87,719	)		-					(87,719	)		-			-			-			(87,719	)
Proceeds from (repayment of) intercompany loans		26,495			(191,205	)		164,710			-		-			-			-			-			-
Preferred stock dividends paid		(9,723	)		-			-			-		(9,723	)		-			-			387	(c)		(9,336	)
Dividend from related party		3,303			-			-					3,303			-			-			-			3,303
Investment contract deposits		-			-			-			-		-			-			8,503			-			8,503
Investment contract withdrawals		-			-			-			-		-			-			(25,749	)		-			(25,749	)
Net cash provided (used) by financing activities		20,075			(103,053	)		35,684			-		(47,294	)		-			(17,246	)		387			(64,153	)
Effects of exchange rate on cash		-			179			-			-		179			-			-			-			179
Increase in cash and cash equivalents		139,931			23,814			752			-		164,497			(672	)		(2,625	)		-			161,200
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	$	240,391		$	131,055		$	756		$	-	$	372,202		$	21,454		$	11,662		$	-		$	405,318
	(page 2 of 2)
(a) Balance for the period ended September 30, 2010
(c) Eliminate preferred stock dividends paid to affiliate