Consolidating Financial Information by Industry Segment

12 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Note 23A: Consolidating Financial Information by Industry Segment

Note 23A.  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,

•   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.

Note 23A. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of March 31, 2012 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	$	201,502		$	106,951		$	775		$	-			$	309,228		$	15,462	$	25,410	$	-			$	350,100
Reinsurance recoverables and trade receivables, net		-			37,103			-			-				37,103			231,211		29,660		-				297,974
Inventories, net		-			58,735			-			-				58,735			-		-		-				58,735
Prepaid expenses		9,496			32,051			311			-				41,858			-		-		-				41,858
Investments, fixed maturities and marketable equities		17,028			-			-			-				17,028			132,270		617,494		-				766,792
Investments, other		-			9,880			42,453			-				52,333			81,837		131,461		-				265,631
Deferred policy acquisition costs, net		-			-			-			-				-			-		63,914		-				63,914
Other assets		483			91,761			26,571			-				118,815			1,507		203		-				120,525
Related party assets		1,201,385			261,341			9			(1,144,545	)	(c)		318,190			7,542		482		(10,057	)	(c)		316,157
		1,429,894			597,822			70,119			(1,144,545	)			953,290			469,829		868,624		(10,057	)			2,281,686
Investment in subsidiaries		8,168			-			-			331,461		(b)		339,629			-		-		(339,629	)	(b)		-
Property, plant and equipment, at cost:
Land		-			67,558			213,582			-				281,140			-		-		-				281,140
Buildings and improvements		-			162,351			924,768			-				1,087,119			-		-		-				1,087,119
Furniture and equipment		138			289,601			18,381			-				308,120			-		-		-				308,120
Rental trailers and other rental equipment		-			255,010			-			-				255,010			-		-		-				255,010
Rental trucks		-			1,856,433			-			-				1,856,433			-		-		-				1,856,433
		138			2,630,953			1,156,731			-				3,787,822			-		-		-				3,787,822
Less:  Accumulated depreciation		(115	)		(1,056,854	)		(358,488	)		-				(1,415,457	)		-		-		-				(1,415,457	)
Total property, plant and equipment		23			1,574,099			798,243			-				2,372,365			-		-		-				2,372,365
Total assets	$	1,438,085		$	2,171,921		$	868,362		$	(813,084	)		$	3,665,284		$	469,829	$	868,624	$	(349,686	)		$	4,654,051
(a)  Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2012 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	$	1,875		$	319,780		$	3,611		$	-			$	325,266		$	-		$	10,060	$	-			$	335,326
Notes, loans and leases payable		-			769,497			716,714			-				1,486,211			-			-		-				1,486,211
Policy benefits and losses, claims and loss expenses payable		-			380,140			-			-				380,140			382,939			382,864		-				1,145,943
Liabilities from investment contracts		-			-			-			-				-			-			240,961		-				240,961
Other policyholders' funds and liabilities		-			-			-			-				-			3,438			3,835		-				7,273
Deferred income		-			31,525			-			-				31,525			-			-		-				31,525
Deferred income taxes		397,992			-			-			-				397,992			(41,945	)		14,945		-				370,992
Related party liabilities		-			855,016			297,859			(1,144,545	)	(c)		8,330			1,555			172		(10,057	)	(c)		-
Total liabilities		399,867			2,355,958			1,018,184			(1,144,545	)			2,629,464			345,987			652,837		(10,057	)			3,618,231
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		433,953			121,230			147,941			(269,171	)	(b)		433,953			89,620			26,271		(116,101	)	(b)		433,743
Accumulated other comprehensive income (loss)		(45,436	)		(66,302	)		-			66,302		(b)		(45,436	)		2,255			23,888		(26,143	)	(b)		(45,436	)
Retained earnings (deficit)		1,316,854			(237,107	)		(297,764	)		534,871		(b)		1,316,854			28,666			163,128		(191,584	)	(b)		1,317,064
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		-			(2,398	)		-			-				(2,398	)		-			-		-				(2,398	)
Total stockholders' equity (deficit)		1,038,218			(184,037	)		(149,822	)		331,461				1,035,820			123,842			215,787		(339,629	)			1,035,820
Total liabilities and stockholders' equity	$	1,438,085		$	2,171,921		$	868,362		$	(813,084	)		$	3,665,284		$	469,829		$	868,624	$	(349,686	)		$	4,654,051
(a)  Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

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		28,184		-				220,650
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		719,550		(12,765	)			2,096,860
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	$	719,550	$	(356,076	)		$	4,191,433
(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			260,127		-					934,234
Liabilities from investment contracts		-			-			-			-				-			-			255,134		-					255,134
Other policyholders' funds and liabilities		-			-			-			-				-			4,820			3,911		-					8,731
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			530,885		(5,051	)				3,198,413
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 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		$	719,550	$	(356,076	)			$	4,191,433
(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 statements of operations by industry segment for period ending March 31, 2012 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)
Revenues:
Self-moving equipment rentals	$	-		$	1,679,963		$	-		$	-			$	1,679,963		$	-		$	-		$	(1,707	)	(c)		$	1,678,256
Self-storage revenues		-			133,070			1,306			-				134,376			-			-			-					134,376
Self-moving & self-storage products & service sales		-			213,854			-			-				213,854			-			-			-					213,854
Property management fees		-			23,266			-			-				23,266			-			-			-					23,266
Life insurance premiums		-			-			-			-				-			-			277,562			-					277,562
Property and casualty insurance premiums		-			-			-			-				-			32,631			-			-					32,631
Net investment and interest income		5,857			20,577			698			-				27,132			9,955			28,775			(1,662	)	(b,e	)		64,200
Other revenue		228			83,894			80,318			(86,108	)	(b)		78,332			-			1,585			(1,387	)	(b)			78,530
Total revenues		6,085			2,154,624			82,322			(86,108	)			2,156,923			42,586			307,922			(4,756	)				2,502,675
Costs and expenses:
Operating expenses		9,081			1,121,681			9,468			(86,108	)	(b)		1,054,122			13,270			28,885			(3,087	)	(b,c	)		1,093,190
Commission expenses		-			212,190			-			-				212,190			-			-			-					212,190
Cost of sales		-			116,542			-			-				116,542			-			-			-					116,542
Benefits and losses		-			-			-			-				-			65,742			245,097			-					310,839
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			13,791			-					13,791
Lease expense		93			132,286			23			-				132,402			-			-			(1,187	)	(b)			131,215
Depreciation, net of (gains) losses on disposals		5			195,469			13,427			-				208,901			-			-			-					208,901
Total costs and expenses		9,179			1,778,168			22,918			(86,108	)			1,724,157			79,012			287,773			(4,274	)				2,086,668
Earnings (loss) from operations before equity in earnings of subsidiaries		(3,094	)		376,456			59,404			-				432,766			(36,426	)		20,149			(482	)				416,007
Equity in earnings of subsidiaries		149,160			-			-			(159,538	)	(d)		(10,378	)		-			-			10,378		(d)			-
Earnings (loss) from operations		146,066			376,456			59,404			(159,538	)			422,388			(36,426	)		20,149			9,896					416,007
Interest income (expense)		94,278			(132,781	)		(52,022	)		-				(90,525	)		-			-			154		(b)			(90,371	)
Pretax earnings (loss)		240,344			243,675			7,382			(159,538	)			331,863			(36,426	)		20,149			10,050					325,636
Income tax benefit (expense)		(34,649	)		(88,096	)		(3,423	)		-				(126,168	)		12,863			(6,964	)		-					(120,269	)
Net earnings (loss)		205,695			155,579			3,959			(159,538	)			205,695			(23,563	)		13,185			10,050					205,367
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	$	196,546		$	155,579		$	3,959		$	(159,538	)		$	196,546		$	(23,563	)	$	13,185		$	10,378				$	196,546
(a)  Balances for the year ended December 31, 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 segment for period ending 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)
Revenues:
Self-moving equipment rentals	$	-		$	1,549,058		$	-		$	-			$	1,549,058		$	-		$	-		$	(2,043	)	(c)		$	1,547,015
Self-storage revenues		-			119,359			1,339			-				120,698			-			-			-					120,698
Self-moving & self-storage products & service sales		-			205,570			-			-				205,570			-			-			-					205,570
Property management fees		-			22,132			-			-				22,132			-			-			-					22,132
Life insurance premiums		-			-			-			-				-			-			206,992			-					206,992
Property and casualty insurance premiums		-			-			-			-				-			30,704			-			-					30,704
Net investment and interest income		5,140			20,562			-			-				25,702			7,959			20,738			(1,738	)	(b,e	)		52,661
Other revenue		20			60,230			77,947			(83,531	)	(b)		54,666			-			2,181			(1,344	)	(b)			55,503
Total revenues		5,160			1,976,911			79,286			(83,531	)			1,977,826			38,663			229,911			(5,125	)				2,241,275
Costs and expenses:
Operating expenses		7,489			1,050,921			9,473			(83,531	)	(b)		984,352			15,824			29,754			(3,353	)	(b,c	)		1,026,577
Commission expenses		-			190,981			-			-				190,981			-			-			-					190,981
Cost of sales		-			106,024			-			-				106,024			-			-			-					106,024
Benefits and losses		-			-			-			-				-			17,201			173,228			-					190,429
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			9,494			-					9,494
Lease expense		90			151,918			22			-				152,030			-			-			(1,221	)	(b)			150,809
Depreciation, net of (gains) losses on disposals		9			177,116			12,141			-				189,266			-			-			-					189,266
Total costs and expenses		7,588			1,676,960			21,636			(83,531	)			1,622,653			33,025			212,476			(4,574	)				1,863,580
Earnings (loss) from operations before equity in earnings of subsidiaries		(2,428	)		299,951			57,650			-				355,173			5,638			17,435			(551	)				377,695
Equity in earnings of subsidiaries		132,570			-			-			(117,643	)	(d)		14,927			-			-			(14,927	)	(d)			-
Earnings from operations		130,142			299,951			57,650			(117,643	)			370,100			5,638			17,435			(15,478	)				377,695
Interest income (expense)		85,584			(129,516	)		(44,449	)		-				(88,381	)		-			-			-					(88,381	)
Pretax earnings (loss)		215,726			170,435			13,201			(117,643	)			281,719			5,638			17,435			(15,478	)				289,314
Income tax benefit (expense)		(31,600	)		(60,342	)		(5,651	)		-				(97,593	)		(1,831	)		(6,315	)		-					(105,739	)
Net earnings (loss)		184,126			110,093			7,550			(117,643	)			184,126			3,807			11,120			(15,478	)				183,575
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			(178	)				(178	)
Less:  Preferred stock dividends		(12,963	)		-			-			-				(12,963	)		-			-			551		(e)			(12,412	)
Earnings (loss) available to common shareholders	$	171,163		$	110,093		$	7,550		$	(117,643	)		$	171,163		$	3,807		$	11,120		$	(15,105	)			$	170,985
(a)  Balances for the year ended December 31, 2010
(b) Eliminate intercompany lease 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 segment for period ending March 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
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	1,421,331		$	-		$	-			$	1,421,331		$	-		$	-		$	(1,605	)	(c)		$	1,419,726
Self-storage revenues		-			109,047			1,322			-				110,369			-			-			-					110,369
Self-moving & self-storage products & service sales		-			198,785			-			-				198,785			-			-			-					198,785
Property management fees		-			21,632			-			-				21,632			-			-			-					21,632
Life insurance premiums		-			-			-			-				-			-			134,345			-					134,345
Property and casualty insurance premiums		-			-			-			-				-			27,625			-			-					27,625
Net investment and interest income		4,390			21,665			-			-				26,055			6,765			18,463			(1,294	)	(b,e	)		49,989
Other revenue		-			43,836			74,481			(80,167	)	(b)		38,150			-			2,917			(1,533	)	(b)			39,534
Total revenues		4,390			1,816,296			75,803			(80,167	)			1,816,322			34,390			155,725			(4,432	)				2,002,005
Costs and expenses:
Operating expenses		8,120			1,050,844			8,064			(80,167	)	(b)		986,861			13,552			24,752			(3,104	)	(b,c	)		1,022,061
Commission expenses		-			169,104			-			-				169,104			-			-			-					169,104
Cost of sales		-			104,049			-			-				104,049			-			-			-					104,049
Benefits and losses		-			-			-			-				-			14,559			106,546			-					121,105
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			7,569			-					7,569
Lease expense		85			158,079			8			-				158,172			-			-			(1,221	)	(b)			156,951
Depreciation, net of (gains) losses on disposals		17			214,625			12,987			-				227,629			-			-			-					227,629
Total costs and expenses		8,222			1,696,701			21,059			(80,167	)			1,645,815			28,111			138,867			(4,325	)				1,808,468
Earnings (loss) from operations before equity in earnings of subsidiaries		(3,832	)		119,595			54,744			-				170,507			6,279			16,858			(107	)				193,537
Equity in earnings of subsidiaries		7,208			-			-			7,614		(d)		14,822			-			-			(14,822	)	(d)			-
Earnings from operations		3,376			119,595			54,744			7,614				185,329			6,279			16,858			(14,929	)				193,537
Interest income (expense)		96,274			(155,519	)		(34,102	)		-				(93,347	)		-			-			-					(93,347	)
Pretax earnings (loss)		99,650			(35,924	)		20,642			7,614				91,982			6,279			16,858			(14,929	)				100,190
Income tax benefit (expense)		(33,920	)		16,368			(8,700	)		-				(26,252	)		(1,796	)		(6,519	)		-					(34,567	)
Net earnings (loss)		65,730			(19,556	)		11,942			7,614				65,730			4,483			10,339			(14,929	)				65,623
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			388					388
Less: Preferred stock dividends		(12,963	)		-			-			-				(12,963	)		-			-			107		(e)			(12,856	)
Earnings (loss) available to common shareholders	$	52,767		$	(19,556	)	$	11,942		$	7,614			$	52,767		$	4,483		$	10,339		$	(14,434	)			$	53,155
(a)  Balances for the year ended December 31, 2009
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Elimination of preferred stock dividend paid to affiliate

Consolidating cash flow statements by industry segment for the year ended March 31, 2012, 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
Cash flows from operating activities:	(In thousands)
Net earnings (loss)	$	205,695		$	155,579		$	3,959		$	(159,538	)	$	205,695		$	(23,563	)	$	13,185		$	10,050			$	205,367
Earnings from consolidated entities		(149,160	)		-			-			159,538			10,378			-			-			(10,378	)			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		5			216,116			13,668			-			229,789			-			-			-				229,789
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			13,791			-				13,791
Change in allowance for losses on trade receivables		-			(206	)		-			-			(206	)		-			(2	)		-				(208	)
Change in allowance for inventory reserve		-			1,382			-			-			1,382			-			-			-				1,382
Net gain on sale of real and personal property		-			(20,647	)		(241	)		-			(20,888	)		-			-			-				(20,888	)
Net gain on sale of investments		(488	)		-			-			-			(488	)		(810	)		(4,281	)		-				(5,579	)
Deferred income taxes		109,680			-			-			-			109,680			(12,181	)		6,861			-				104,360
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(17,683	)		-			-			(17,683	)		(57,955	)		(1,477	)		-				(77,115	)
Inventories		-			(173	)		-			-			(173	)		-			-			-				(173	)
Prepaid expenses		6,470			9,464			(186	)		-			15,748			-			-			-				15,748
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(23,166	)		-				(23,166	)
Other assets		2,380			1,852			2,282			-			6,514			(630	)		108			-				5,992
Related party assets		-			(14,301	)		63			-			(14,238	)		(4,730	)		(479	)		(5,237	)	(b)		(24,684	)
Accounts payable and accrued expenses		4,163			14,215			(228	)		-			18,150			-			1,319			-				19,469
Policy benefits and losses, claims and loss expenses payable		-			(16,621	)		-			-			(16,621	)		106,213			122,738			-				212,330
Other policyholders' funds and liabilities		-			-			-			-			-			(1,382	)		(76	)		-				(1,458	)
Deferred income		-			4,367			-			-			4,367			-			-			-				4,367
Related party liabilities		-			5,514			-			-			5,514			(272	)		39			-				5,281
Net cash provided (used) by operating activities		178,745			338,858			19,317			-			536,920			4,690			128,560			(5,565	)			664,605
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1	)		(524,298	)		(65,500	)		-			(589,799	)		-			-			-				(589,799	)
Short term investments		-			-			-			-			-			(63,126	)		(228,496	)		5,237		(b)		(286,385	)
Fixed maturities investments		-			-			-			-			-			(34,965	)		(185,139	)		-				(220,104	)
Equity securities		(8,855	)		-			-			-			(8,855	)		(193	)		-			-				(9,048	)
Preferred stock		-			-			-			-			-			(2,717	)		-			-				(2,717	)
Real estate		-			-			(5,064	)		-			(5,064	)		(165	)		(2,600	)		-				(7,829	)
Mortgage loans		-			(8,758	)		(64,469	)		-			(73,227	)		(45,189	)		(33,184	)		24,437		(b)		(127,163	)
Proceeds from sales of:
Property, plant and equipment		-			168,386			526			-			168,912			-			-			-				168,912
Short term investments		-			-			-			-			-			95,971			204,860			-				300,831
Fixed maturities investments		-			-			-			-			-			22,982			105,504			-				128,486
Equity securities		8,800			-			-			-			8,800			1,422			-			-				10,222
Preferred stock		-			-			-			-			-			7,352			2,708			(7,708	)	(b)		2,352
Real estate		-			-			-			-			-			310			130			-				440
Mortgage loans		-			9,263			45,685			-			54,948			14,390			9,939			(24,437	)	(b)		54,840
Net cash provided (used) by investing activities		(56	)		(355,407	)		(88,822	)		-			(444,285	)		(3,928	)		(126,278	)		(2,471	)			(576,962	)
	(page1of2)
(a) Balance for the period ended December 31, 2011
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2012, 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
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			153,860			83,920			-		237,780			-		-			-			237,780
Principal repayments on credit facilities		-			(130,641	)		(71,247	)		-		(201,888	)		-		-			-			(201,888	)
Debt issuance costs		-			(1,402	)		(602	)		-		(2,004	)		-		-			-			(2,004	)
Capital lease payments		-			(8,328	)		-			-		(8,328	)		-		-			-			(8,328	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			984			-			-		984			-		-			-			984
Securitization deposits		-			42,088			-					42,088			-		-			-			42,088
Proceeds from (repayment of) intercompany loans		(52,051	)		(5,401	)		57,452			-		-			-		-			-			-
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	)
Common stock dividends paid		(19,484	)		-			-			-		(19,484	)		-		-			-			(19,484	)
Contribution to related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		13,854			-			13,854
Investment contract withdrawals		-			-			-			-		-			-		(28,027	)		-			(28,027	)
Net cash provided (used) by financing activities		(227,291	)		51,160			69,523			-		(106,608	)		-		(14,173	)		8,036			(112,745	)
Effects of exchange rate on cash		-			(294	)		-			-		(294	)		-		-			-			(294	)
Increase (decrease) in cash and cash equivalents		(48,602	)		34,317			18			-		(14,267	)		762		(11,891	)		-			(25,396	)
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	$	201,502		$	106,951		$	775		$	-	$	309,228		$	15,462	$	25,410		$	-		$	350,100
	(page 2 of 2)
(a) Balance for the period ended December 31, 2011
(b) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the year ended March 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
	(In thousands)
Cash flows from operating activities:
Net earnings	$	184,126		$	110,093		$	7,550		$	(117,643	)	$	184,126		$	3,807		$	11,120		$	(15,478	)		$	183,575
Earnings from consolidated subsidiaries		(132,570	)		-			-			117,643			(14,927	)		-			-			14,927				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		9			198,991			13,324			-			212,324			-			-			-				212,324
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			9,494			-				9,494
Change in allowance for losses on trade receivables		-			30			-			-			30			-			(2	)		-				28
Change in allowance for inventory reserve		-			(674	)		-			-			(674	)		-			-			-				(674	)
Net gain on sale of real and personal property		-			(21,875	)		(1,183	)		-			(23,058	)		-			-			-				(23,058	)
Net (gain) loss on sale of investments		(65	)		(11	)		-			-			(76	)		285			(1,344	)		-				(1,135	)
Deferred income taxes		73,790			-			-			-			73,790			1,960			5,148			-				80,898
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(1,443	)		-			-			(1,443	)		(5,137	)		614			-				(5,966	)
Inventories		-			(6,431	)		-			-			(6,431	)		-			-			-				(6,431	)
Prepaid expenses		(15,966	)		11,773			(51	)		-			(4,244	)		-			-			-				(4,244	)
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(25,239	)		-				(25,239	)
Other assets		34,937			(6,695	)		238			-			28,480			30			205			-				28,715
Related party assets		273			55			(64	)		-			264			(351	)		-			-				(87	)
Accounts payable and accrued expenses		(8,603	)		18,923			(486	)		-			9,834			-			2,713			-				12,547
Policy benefits and losses, claims and loss expenses payable		-			10,994			-			-			10,994			4,288			94,052			-				109,334
Other policyholders' funds and liabilities		-			-			-			-			-			(789	)		1,355			-				566
Deferred income		-			1,967			-			-			1,967			-			-			-				1,967
Related party liabilities		-			83			-			-			83			157			9			-				249
Net cash provided (used) by operating activities		135,931			315,780			19,328			-			471,039			4,250			98,125			(551	)			572,863
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(5	)		(407,526	)		(72,887	)		-			(480,418	)		-			-			-				(480,418	)
Short term investments		-			-			-			-			-			(76,381	)		(184,385	)		-				(260,766	)
Fixed maturities investments		-			-			-			-			-			(34,580	)		(181,351	)		-				(215,931	)
Equity securities		(8,253	)		-			-			-			(8,253	)		(3,297	)		-			-				(11,550	)
Preferred stock		-			-			-			-			-			(11,644	)		(2,708	)		-				(14,352	)
Real estate		-			-			-			-			-			(76	)		(117	)		-				(193	)
Mortgage loans		-			(13,117	)		(8,692	)		-			(21,809	)		(13,244	)		(7,395	)		3,890		(b)		(38,558	)
Other investments		-			-			-			-			-			-			(2,000	)		-				(2,000	)
Proceeds from sales of:
Property, plant and equipment		-			179,043			1,368			-			180,411			-			-			-				180,411
Short term investments		-			-			-			-			-			99,112			211,083			-				310,195
Fixed maturities investments		-			-			-			-			-			23,275			108,706			-				131,981
Equity securities		1,065			-			-			-			1,065			133			-			-				1,198
Preferred stock		-			-			-			-			-			1,914			-			-				1,914
Real estate		-			-			125			-			125			309			1,491			-				1,925
Mortgage loans		-			5,412			2,995			-			8,407			6,106			4,533			(3,890	)	(b)		15,156
Net cash provided (used) by investing activities		(7,193	)		(236,188	)		(77,091	)		-			(320,472	)		(8,373	)		(52,143	)		-				(380,988	)
	(page 1 of 2)
(a) Balance for the period ended December 31, 2010
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 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
	(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		-			257,728			64,134			-		321,862			-			-			-			321,862
Principal repayments on credit facilities		-			(90,084	)		(198,798	)		-		(288,882	)		-			-			-			(288,882	)
Debt issuance costs		-			(1,987	)		-			-		(1,987	)		-			-			-			(1,987	)
Capital lease payments		-			(11,522	)		-			-		(11,522	)		-			-			-			(11,522	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			1,172			-			-		1,172			-			-			-			1,172
Securitization deposits		-			(46,031	)		-			-		(46,031	)		-			-			-			(46,031	)
Proceeds from (repayment of) intercompany loans		30,566			(223,746	)		193,180			-		-			-			-			-			-
Preferred stock dividends paid		(12,963	)		-			-			-		(12,963	)		-			-			551	(b)		(12,412	)
Dividend from (to) related party		3,303			-			-			-		3,303			(3,303	)		-			-			-
Investment contract deposits		-			-			-			-		-			-			11,580			-			11,580
Investment contract withdrawals		-			-			-			-		-			-			(34,548	)		-			(34,548	)
Net cash provided (used) by financing activities		20,906			(114,470	)		58,516			-		(35,048	)		(3,303	)		(22,968	)		551			(60,768	)
Effects of exchange rate on cash		-			271			-			-		271			-			-			-			271
Increase (decrease) in cash and cash equivalents		149,644			(34,607	)		753			-		115,790			(7,426	)		23,014			-			131,378
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	$	250,104		$	72,634		$	757		$	-	$	323,495		$	14,700		$	37,301		$	-		$	375,496
	(page 2 of 2)
(a) Balance for the period ended December 31, 2010
(b) Eliminate preferred stock dividends paid to affiliates

Consolidating cash flow statements by industry segment for the year ended March 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
	(In thousands)
Cash flows from operating activities:
Net earnings (loss)	$	65,730		$	(19,556	)	$	11,942		$	7,614		$	65,730		$	4,483		$	10,339		$	(14,929	)	$	65,623
Earnings from consolidated subsidiaries		(7,208	)		-			-			(7,614	)		(14,822	)		-			-			14,822			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		17			216,685			12,887			-			229,589			-			-			-			229,589
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			7,569			-			7,569
Change in allowance for losses on trade receivables		-			(158	)		-			-			(158	)		-			(5	)		-			(163	)
Change in allowance for losses on mortgage notes		-			(6	)		-			-			(6	)		-			-			-			(6	)
Change in allowance for inventory reserve		-			1,153			-			-			1,153			-			-			-			1,153
Net (gain) loss on sale of real and personal property		-			(2,060	)		100			-			(1,960	)		-			-			-			(1,960	)
Net (gain) loss on sale of investments		-			-			-			-			-			710			(378	)		-			332
Deferred income taxes		7,828			-			-			-			7,828			1,876			5,793			-			15,497
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			625			31			-			656			16,793			663			-			18,112
Inventories		-			16,759			-			-			16,759			-			-			-			16,759
Prepaid expenses		1,129			(304	)		(3	)		-			822			-			-			-			822
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(13,934	)		-			(13,934	)
Other assets		5,187			28,076			1,573			-			34,836			(65	)		(145	)		-			34,626
Related party assets		665			899			34			-			1,598			771			-			-			2,369
Accounts payable and accrued expenses		11,604			(7,188	)		(3,305	)		-			1,111			-			(4,207	)		-			(3,096	)
Policy benefits and losses, claims and loss expenses payable		-			24,228			-			-			24,228			(16,011	)		25,154			-			33,371
Other policyholders' funds and liabilities		-			-			-			-			-			(4,167	)		356			-			(3,811	)
Deferred income		-			396			-			-			396			-			-			-			396
Related party liabilities		-			(62	)		-			-			(62	)		(742	)		77			-			(727	)
Net cash provided (used) by operating activities		84,952			259,487			23,259			-			367,698			3,648			31,282			(107	)		402,521
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(3	)		(233,136	)		(26,352	)		-			(259,491	)		-			-			-			(259,491	)
Short term investments		-			-			-			-			-			(130,977	)		(191,689	)		-			(322,666	)
Fixed maturities investments		-			-			-			-			-			(37,071	)		(112,675	)		-			(149,746	)
Equity securities		(17,745	)		-			-			-			(17,745	)		(70	)		-			-			(17,815	)
Preferred stock		-			-			-			-			-			(2,185	)		-			-			(2,185	)
Real estate		-			(1,752	)		-			-			(1,752	)		-			(558	)		-			(2,310	)
Mortgage loans		-			-			-			-			-			(1,364	)		(137	)		-			(1,501	)
Proceeds from sales of:
Property, plant and equipment		-			141,788			1,081			-			142,869			-			-			-			142,869
Short term investments		-			-			-			-			-			139,593			179,665			-			319,258
Fixed maturities investments		-			-			-			-			-			31,719			131,935			-			163,654
Preferred stock		-			-			-			-			-			4,061			1,016			-			5,077
Real estate		-			-			707			-			707			64			-			-			771
Mortgage loans		-			-			-			-			-			75			6,032			-			6,107
Net cash provided (used) by investing activities		(17,748	)		(93,100	)		(24,564	)		-			(135,412	)		3,845			13,589			-			(117,978	)
	(page 1 of 2)
(a) Balance for the period ended December 31, 2009

Continuation of consolidating cash flow statements by industry segment for the year ended March 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
	(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		-			42,794			29,359			-		72,153			-			-			-			72,153
Principal repayments on credit facilities		-			(187,410	)		(114,556	)		-		(301,966	)		-			-			-			(301,966	)
Debt issuance costs		-			(2,129	)		(216	)		-		(2,345	)		-			-			-			(2,345	)
Capital lease payments		-			(4,057	)		-			-		(4,057	)		-			-			-			(4,057	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			1,111			-			-		1,111			-			-			-			1,111
Proceeds from (repayment of) intercompany loans		38,417			(125,139	)		86,722			-		-			-			-			-			-
Preferred stock dividends paid		(12,963	)		-			-			-		(12,963	)		-			-			107	(b)		(12,856	)
Dividend from (to) related party		7,764			-			-			-		7,764			(4,564	)		(3,200	)		-			-
Investment contract deposits		-			-			-			-		-			-			12,856			-			12,856
Investment contract withdrawals		-			-			-			-		-			-			(48,552	)		-			(48,552	)
Net cash provided (used) by financing activities		33,218			(274,830	)		1,309			-		(240,303	)		(4,564	)		(38,896	)		107			(283,656	)
Effects of exchange rate on cash		-			2,644			-			-		2,644			-			-			-			2,644
Increase (decrease) in cash and cash equivalents		100,422			(105,799	)		4			-		(5,373	)		2,929			5,975			-			3,531
Cash and cash equivalents at beginning of period		38			213,040			-			-		213,078			19,197			8,312			-			240,587
Cash and cash equivalents at end of period	$	100,460		$	107,241		$	4		$	-	$	207,705		$	22,126		$	14,287		$	-		$	244,118
	(page 2 of 2)
(a) Balance for the period ended December 31, 2009
(b) Eliminate preferred stock dividends paid to affiliate