Condensed Financial Information of Amerco

12 Months Ended

Mar. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Amerco

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF AMERCO

BALANCE SHEETS

	March 31,
	2012			2011
	(In thousands)
ASSETS
Cash and cash equivalents	$	201,502		$	250,104
Investment in subsidiaries		8,168			(138,714	)
Related party assets		1,201,385			1,146,296
Other assets		27,030			41,802
Total assets	$	1,438,085		$	1,299,488
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$	399,867		$	295,372
		399,867			295,372
Stockholders' equity:
Preferred stock		-			-
Common stock		10,497			10,497
Additional paid-in capital		433,953			432,611
Accumulated other comprehensive loss		(45,436	)		(45,942	)
Retained earnings:
Beginning of period		1,139,792			968,629
Net earnings		205,695			184,126
Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-
Dividends		(22,725	)		(12,963	)
End of period		1,316,854			1,139,792
Cost of common shares in treasury		(525,653	)		(525,653	)
Cost of preferred shares in treasury		(151,997	)		(7,189	)
Total stockholders' equity		1,038,218			1,004,116
Total liabilities and stockholders' equity	$	1,438,085		$	1,299,488

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF OPERATIONS

	Years Ended March 31,
	2012			2011			2010
	(In thousands, except share and per share data)
Revenues:
Net interest income from subsidiaries	$	6,085		$	5,160		$	4,390
Expenses:
Operating expenses		9,081			7,489			8,120
Other expenses		98			99			102
Total expenses		9,179			7,588			8,222
Equity in earnings of subsidiaries		149,160			132,570			7,208
Interest income		94,278			85,584			96,274
Pretax earnings		240,344			215,726			99,650
Income tax expense		(34,649	)		(31,600	)		(33,920	)
Net earnings		205,695			184,126			65,730
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-			-
Less: Preferred stock dividends		(3,241	)		(12,963	)		(12,963	)
Earnings available to common shareholders	$	196,546		$	171,163		$	52,767
Basic and diluted earnings per common share	$	10.09		$	8.81		$	2.72
Weighted average common shares outstanding: Basic and diluted		19,476,187			19,432,781			19,386,791

The accompanying notes are an integral part of these condensed consolidated financial statements.

CONDENSED FINANCIAL INFORMATION OF AMERCO

STATEMENTS OF CASH FLOW

	Years Ended March 31,
	2012			2011			2010
	(In thousands)
Cash flows from operating activities:
Net earnings	$	205,695		$	184,126		$	65,730
Change in investments in subsidiaries		(149,160	)		(132,570	)		(7,208	)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		5			9			17
Net gain on sale of investments		(488	)		(65	)		-
Deferred income taxes		109,680			73,790			7,828
Net change in other operating assets and liabilities:
Prepaid expenses		6,470			(15,966	)		1,129
Other assets		2,380			34,937			5,187
Related party assets		-			273			665
Accounts payable and accrued expenses		4,163			(8,603	)		11,604
Net cash provided by operating activities		178,745			135,931			84,952
Cash flows from investing activities:
Purchases of property, plant and equipment		(1	)		(5	)		(3	)
Purchases of equity securities		(8,855	)		(8,253	)		(17,745	)
Proceeds of equity securities		8,800			1,065			-
Net cash used by investing activities		(56	)		(7,193	)		(17,748	)
Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans		(52,051	)		30,566			38,417
Preferred stock redemption paid		(151,997	)		-			-
Preferred stock dividends paid		(3,241	)		(12,963	)		(12,963	)
Common stock dividends paid		(19,484	)		-			-
Dividend from related party		-			3,303			7,764
Contribution to related party		(518	)		-			-
Net cash provided (used) by financing activities		(227,291	)		20,906			33,218
Increase (decrease) in cash and cash equivalents		(48,602	)		149,644			100,422
Cash and cash equivalents at beginning of period		250,104			100,460			38
Cash and cash equivalents at end of period	$	201,502		$	250,104		$	100,460

Income taxes paid, net of income taxes refunds received, amounted to $10.7 million, $14.3 million and $1.6 million for fiscal 2012, 2011 and 2010, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.