10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

R QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2012

or

£ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.
1-11255	AMERCO	88-0106815
	(A Nevada Corporation)
	1325 Airmotive Way, Ste. 100
	Reno, Nevada 89502-3239
	Telephone (775) 688-6300

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes R  No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  R No  £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

    Large accelerated filer £   Accelerated filer R

    Non-accelerated filer £ (Do not check if a smaller reporting company)    Smaller reporting company £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No R

    19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at August 1, 2012.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a)Condensed Consolidated Balance Sheets as of June 30, 2012 (unaudited) and March 31, 2012	1
	b)Condensed Consolidated Statements of Operations for the Quarters ended June 30, 2012 and 2011 (unaudited)	2
	c)Condensed Consolidated Statements of Comprehensive Income for the Quarters ended June 30, 2012 and 2011 (unaudited)	3
	d)Condensed Consolidated Statements of Cash Flows for the Quarters ended June 31, 2012 and 2011 (unaudited)	4
	e)Notes to Condensed Consolidated Financial Statements (unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine and Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,
	2012			2012
	(Unaudited)
	(In thousands)
ASSETS
Cash and cash equivalents	$	566,239		$	350,100
Reinsurance recoverables and trade receivables, net		274,593			297,974
Inventories, net		63,438			58,735
Prepaid expenses		41,586			41,858
Investments, fixed maturities and marketable equities		793,382			766,792
Investments, other		262,456			265,631
Deferred policy acquisition costs, net		64,075			63,914
Other assets		100,910			120,525
Related party assets		169,797			316,157
		2,336,476			2,281,686
Property, plant and equipment, at cost:
Land		297,527			281,140
Buildings and improvements		1,105,315			1,087,119
Furniture and equipment		306,441			308,120
Rental trailers and other rental equipment		270,621			255,010
Rental trucks		1,971,558			1,856,433
		3,951,462			3,787,822
Less: Accumulated depreciation		(1,449,102	)		(1,415,457	)
Total property, plant and equipment		2,502,360			2,372,365
Total assets	$	4,838,836		$	4,654,051
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	382,012		$	335,326
Notes, loans and leases payable		1,540,538			1,486,211
Policy benefits and losses, claims and loss expenses payable		1,121,200			1,145,943
Liabilities from investment contracts		261,987			240,961
Other policyholders' funds and liabilities		5,389			7,273
Deferred income		37,960			31,525
Deferred income taxes		375,090			370,992
Total liabilities		3,724,176			3,618,231
Commitments and contingencies (notes 4, 8, 9, and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and none outstanding as of June 30 and March 31, 2012		-			-
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of June 30 and March 31, 2012		-			-
Series common stock, with or without par value, 150,000,000 shares authorized:
Series A common stock of $0.25 par value, 10,000,000 shares authorized;
none issued and outstanding as of June 30 and March 31, 2012		-			-
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
issued and 19,607,788 outstanding as of June 30 and March 31, 2012		10,497			10,497
Additional paid-in capital		434,527			433,743
Accumulated other comprehensive loss		(46,391	)		(45,436	)
Retained earnings		1,395,913			1,317,064
Cost of common shares in treasury, net (22,377,912 shares as of June 30 and March 31, 2012)		(525,653	)		(525,653	)
Cost of preferred shares in treasury, net (6,100,000 shares as of June 30 and March 31, 2012)		(151,997	)		(151,997	)
Unearned employee stock ownership plan shares		(2,236	)		(2,398	)
Total stockholders' equity		1,114,660			1,035,820
Total liabilities and stockholders' equity	$	4,838,836		$	4,654,051

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

1

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	466,994		$	446,548
Self-storage revenues		34,736			31,828
Self-moving and self-storage products and service sales		67,178			64,378
Property management fees		4,860			4,735
Life insurance premiums		46,426			50,999
Property and casualty insurance premiums		7,243			6,898
Net investment and interest income		12,257			17,263
Other revenue		25,722			20,316
Total revenues		665,416			642,965
Costs and expenses:
Operating expenses		283,393			271,975
Commission expenses		61,107			56,952
Cost of sales		32,227			32,778
Benefits and losses		46,078			49,930
Amortization of deferred policy acquisition costs		2,811			4,375
Lease expense		32,796			34,234
Depreciation, net of (gains) on disposals of ($7,516) and ($9,710), respectively		56,125			44,358
Total costs and expenses		514,537			494,602
Earnings from operations		150,879			148,363
Interest expense		(23,491	)		(22,633	)
Pretax earnings		127,388			125,730
Income tax expense		(46,819	)		(47,507	)
Net earnings		80,569			78,223
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			(5,908	)
Less: Preferred stock dividends		-			(3,077	)
Earnings available to common shareholders	$	80,569		$	69,238
Basic and diluted earnings per common share	$	4.13		$	3.56
Weighted average common shares outstanding: Basic and diluted		19,502,369			19,460,126

Related party revenues for the first quarter of fiscal 2013 and 2012, net of eliminations, were $8,681 thousand and $10,904 thousand, respectively.

Related party costs and expenses for the first quarter of fiscal 2013 and 2012, net of eliminations, were $12,290 thousand and $11,269 thousand, respectively.

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

2

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Quarter Ended June 30, 2012	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	127,388		$	(46,819	)	$	80,569
Other comprehensive income (loss):
Foreign currency translation		(1,929	)		-			(1,929	)
Unrealized gain on investments		1,873			(580	)		1,293
Change in fair value of cash flow hedges		(515	)		196			(319	)
Total comprehensive income	$	126,817		$	(47,203	)	$	79,614

Quarter Ended June 30, 2011	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	125,730		$	(47,507	)	$	78,223
Other comprehensive income (loss):
Foreign currency translation		992			-			992
Unrealized loss on investments		(5,378	)		2,001			(3,377	)
Change in fair value of cash flow hedges		(3,860	)		1,467			(2,393	)
Total comprehensive income	$	117,484		$	(44,039	)	$	73,445

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

3

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands)
Cash flow from operating activities:
Net earnings	$	80,569		$	78,223
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		63,641			54,068
Amortization of deferred policy acquisition costs		2,811			4,375
Change in allowance for losses on trade receivables		(102	)		135
Change in allowance for inventory reserves		695			1,377
Net gain on sale of real and personal property		(7,516	)		(9,710	)
Net (gain) loss on sale of investments		39			(3,516	)
Deferred income taxes		4,641			32,446
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		23,486			(37,146	)
Inventories		(5,398	)		(393	)
Prepaid expenses		267			1,150
Capitalization of deferred policy acquisition costs		(5,420	)		(4,518	)
Other assets		20,518			10,586
Related party assets		139,519			(3,198	)
Accounts payable and accrued expenses		47,981			17,534
Policy benefits and losses, claims and loss expenses payable		(24,242	)		4,517
Other policyholders' funds and liabilities		(1,884	)		(1,084	)
Deferred income		6,457			8,328
Related party liabilities		1,531			245
Net cash provided by operating activities		347,593			153,419
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(157,786	)		(215,779	)
Short term investments		(55,075	)		(66,363	)
Fixed maturities investments		(50,553	)		(75,059	)
Equity securities		-			(8,759	)
Preferred stock		-			(541	)
Real estate		-			(12	)
Mortgage loans		(14,452	)		(36,202	)
Proceeds from sale of:
Property, plant and equipment		62,426			55,010
Short term investments		66,393			79,877
Fixed maturities investments		23,978			66,035
Equity securities		-			8,800
Preferred stock		1,003			1,000
Real estate		4			34
Mortgage loans		11,547			17,992
Net cash used by investing activities		(112,515	)		(173,967	)
Cash flows from financing activities:
Borrowings from credit facilities		26,187			58,558
Principal repayments on credit facilities		(61,142	)		(42,252	)
Debt issuance costs		-			(560	)
Capital lease payments		(3,888	)		(1,727	)
Leveraged Employee Stock Ownership Plan - repayments from loan		162			280
Securitization deposits		(908	)		27,953
Preferred stock redemption paid		-			(144,289	)
Preferred stock dividends paid		-			(3,077	)
Contribution to related party		-			(518	)
Investment contract deposits		28,993			2,588
Investment contract withdrawals		(7,967	)		(8,195	)
Net cash used by financing activities		(18,563	)		(111,239	)
Effects of exchange rate on cash		(376	)		44
Increase (decrease) in cash and cash equivalents		216,139			(131,743	)
Cash and cash equivalents at the beginning of period		350,100			375,496
Cash and cash equivalents at the end of period	$	566,239		$	243,753

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

4

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.      Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2012 and 2011 correspond to fiscal 2013 and 2012 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of June 30, 2012 and the related condensed consolidated statements of operations, comprehensive income and cash flows for the first quarter of fiscal 2013 and 2012 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”),

Amerco Real Estate Company (“Real Estate”),

Repwest Insurance Company (“Repwest”), and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the term “Company,” “we,” “us” or “our” refers to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and mobile self-storage spaces to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

The Property and Casualty Insurance operating segment includes Repwest and its wholly-owned subsidiaries and ARCOA risk retention group (“ARCOA”). The Property and Casualty Insurance operating segment provides loss adjusting and claims handling for U-Haul through regional offices across North America. The Property and Casualty Insurance operating segment also underwrites components of the Safemove, Safetow, Super Safemove and Safestor protection packages to U-Haul customers. The business plan for the Property and Casualty Insurance operating segment includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly-owned subsidiaries whose purpose is to provide insurance products related to the moving and storage business.

5

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

The Life Insurance operating segment includes Oxford and its wholly-owned subsidiaries. Oxford provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

Net earnings for purposes of computing earnings per common share for the first quarter of fiscal 2012 are net earnings less preferred stock dividends paid, adjusted for the price paid by us for the redemption of our preferred stock less its carrying value on our balance sheet at that time. Preferred stock dividends include accrued dividends of AMERCO. Preferred stock dividends paid to or accrued for entities that are part of the consolidated group are eliminated in consolidation.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 100,302 and 142,199 as of June 30, 2012 and June 30, 2011, respectively.

On June 1, 2011, the Company redeemed all 6,100,000 shares of its issued and outstanding Series A 8½% Preferred Stock (“Series A Preferred”) at a redemption price of $25 per share plus accrued dividends through that date.  Pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260 – Earnings Per Share, (“ASC 260”) for earnings per share purposes, we recognized the deficit of the carrying amount of the Series A Preferred over the consideration paid to redeem the shares.

The Series A Preferred was recorded in our Additional Paid-In Capital account, net of original issue costs at $146.3 million prior to the redemption. The Company paid $152.5 million to redeem the shares on June 1, 2011 of which $7.7 million was paid to our insurance subsidiaries in exchange for their holdings. The difference between what was paid to redeem the shares less their carrying amount on our balance sheet, reduced by our insurance subsidiaries holdings is $5.9 million. This amount was recognized as a reduction to our earnings available to our common shareholders for the purposes of computing earnings per share for the first quarter of fiscal 2012.

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $16.5 million at June 30, 2012.

6

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Available-for-Sale Investments

Available-for-sale investments at June 30, 2012 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months			Gross Unrealized Losses Less than 12 Months			Estimated Market Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	28,722	$	2,510	$	(4	)	$	(8	)	$	31,220
U.S. government agency mortgage-backed securities		46,507		4,615		-			(7	)		51,115
Obligations of states and political subdivisions		146,121		11,481		-			(151	)		157,451
Corporate securities		473,600		33,067		(311	)		(1,666	)		504,690
Mortgage-backed securities		8,885		269		(15	)		(1	)		9,138
Redeemable preferred stocks		23,370		1,155		(547	)		(43	)		23,935
Common stocks		27,736		47		(11,945	)		(5	)		15,833
	$	754,941	$	53,144	$	(12,822	)	$	(1,881	)	$	793,382

The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $25.0 million during the first quarter of fiscal 2013. The gross realized gains on these sales totaled $0.1 million. There were no gross realized losses on these sales.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the first quarter of fiscal 2013 and 2012.

The investment portfolio primarily consists of corporate securities and U.S. government securities. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs.

The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral.

7

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income were as follows:

	Credit Loss
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	552
Additions:
Other-than-temporary impairment not previously recognized		-
Balance at June 30, 2012	$	552

The adjusted cost and estimated market value of available-for-sale investments at June 30, 2012, by contractual maturity, were as follows:

	Amortized Cost		Estimated Market Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	43,244	$	43,995
Due after one year through five years		151,997		161,472
Due after five years through ten years		187,143		200,440
Due after ten years		312,566		338,569
		694,950		744,476
Mortgage backed securities		8,885		9,138
Redeemable preferred stocks		23,370		23,935
Equity securities		27,736		15,833
	$	754,941	$	793,382

8

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

4. Borrowings

Long-Term Debt

Long-term debt was as follows:

						June 30,		March 31,
	2013 Rate (a)			Maturities		2012		2012
						(Unaudited)
						(In thousands)
Real estate loan (amortizing term)		6.93	%		2018	$	242,500	$	245,000
Real estate loan (revolving credit)		-			2018		-		-
Real estate loan (amortizing term)		2.14	%		2016		25,227		25,451
Real estate loan (revolving credit)		1.74	%		2013		23,920		23,920
Senior mortgages		5.47% - 5.75	%		2015		456,163		459,822
Working capital loan (revolving credit)		-			2013		-		-
Fleet loans (amortizing term)		3.00% - 7.95	%		2012 - 2019		365,212		384,888
Fleet loans (securitization)		4.90% - 5.56	%		2014 - 2017		218,579		228,655
Capital leases (rental equipment)		2.17% - 9.57	%		2012 - 2019		199,585		109,689
Other obligations		3.00% - 8.00	%		2013 - 2042		9,352		8,786
Total notes, loans and leases payable						$	1,540,538	$	1,486,211
(a) Interest rate as of June 30, 2012, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. The loan has a final maturity date of August 2018. The loan is comprised of a term loan facility with initial availability of $300.0 million and a revolving credit facility with current availability of $198.8 million. As of June 30, 2012, the outstanding balance on the Real Estate Loan was $242.5 million and we had the full $198.8 million available to be drawn. U-Haul International, Inc. is a guarantor of this loan.

The amortizing term portion of the Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The revolving credit portion of the Real Estate Loan requires monthly interest payments when drawn, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.

The interest rate for the amortizing term portion, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At June 30, 2012, the applicable LIBOR was 0.25% and the applicable margin was 1.50%, the sum of which was 1.75%. The rate on the term facility portion of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin.

The interest rate for the revolving credit facility, per the provision of the amended loan agreement, is the applicable LIBOR plus the applicable margin. The margin ranges from 1.50% to 2.00%.

The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

9

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Amerco Real Estate Company and a subsidiary of U-Haul International, Inc. entered into a revolving credit construction loan effective June 29, 2006. This loan was modified and extended on June 27, 2011. The loan is now comprised of a term loan facility with an initial availability of $26.1 million and a final maturity of June 2016. As of June 30, 2012, the outstanding balance was $25.2 million.

This Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.90%. At June 30, 2012, the applicable LIBOR was 0.24% and the margin was 1.90%, the sum of which was 2.14%. U-Haul International, Inc. and AMERCO are guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

On April 29, 2011, Amerco Real Estate Company and U-Haul Company of Florida entered into a revolving credit agreement for $100.0 million. This agreement was amended in March 2012 and the maturity extended to April 2013 with an option for a one year extension. As of June 30, 2012, we had $76.1 million available to be drawn. The interest rate is the applicable LIBOR plus a margin of 1.50%. At June 30, 2012, the applicable LIBOR was 0.24% and the margin was 1.50%, the sum of which was 1.74%. The amended agreement decreased the margin to 1.25% for any subsequent borrowings on the revolving credit facility. AMERCO and U-Haul International, Inc. are guarantors of this facility. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of June 30, 2012 were in the aggregate amount of $456.2 million and mature in 2015. The senior mortgages require average monthly principal and interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The senior mortgages are secured by certain properties owned by the borrowers. The interest rates, per the provisions of the senior mortgages, range between 5.47% and 5.75%. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Working Capital Loans

Amerco Real Estate Company is a borrower under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $25.0 million. At June 30, 2012, we had the full $25.0 million available to be drawn. This loan is secured by certain properties owned by the borrower. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This agreement was amended in March 2012 and the maturity extended to November 2013 with an option for a one year extension. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. U-Haul International, Inc. and AMERCO are the guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.25%.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The balance of the loans as of June 30, 2012 was $250.2 million with the final maturities between October 2012 and April 2019.

The Amortizing Loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the Loan Agreements, are the applicable LIBOR plus a margin between 0.90% and

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AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

2.63%. At June 30, 2012, the applicable LIBOR was between 0.24% and 0.25% and applicable margins were between 0.90% and 2.63%. The interest rates are hedged with interest rate swaps fixing the rates between 3.00% and 6.92% based on current margins. Additionally, $22.0 million of these loans are carried at fixed rates ranging between 3.94% and 7.95%.

AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

On December 31, 2009, a subsidiary of U-Haul International, Inc. entered into an $85.0 million term note that was used to fund cargo van and pickup acquisitions for the past two years. This term note was amended on August 26, 2011. The amount of the term note was increased to $95.0 million. On December 22, 2011, we entered into another term loan for $20.0 million. The final maturity date of these notes is August 2016.  The agreements contain options to extend the maturity through May 2017. These notes are secured by the purchased equipment and the corresponding operating cash flows associated with their operation.  These notes have fixed interest rates between 3.52% and 3.53%. At June 30, 2012, the outstanding balance was $115.0 million.

AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Rental Truck Securitizations

U-Haul S Fleet and its subsidiaries (collectively, “USF”) issued a $217.0 million asset-backed note (“2007 Box Truck Note”) on June 1, 2007. USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases throughout fiscal 2008. U.S. Bank, NA acts as the trustee for this securitization.

The 2007 Box Truck Note has a fixed interest rate of 5.56% with an expected final maturity of February 2014. At June 30, 2012, the outstanding balance was $95.1 million. The note is secured by the box trucks that were purchased and the corresponding operating cash flows associated with their operation.

The 2007 Box Truck Note has the benefit of a financial guaranty insurance policy which guarantees the timely payment of interest on and the ultimate payment of the principal of this note.

2010 U-Haul S Fleet and its subsidiaries (collectively, “2010 USF”) issued a $155.0 million asset-backed note (“2010 Box Truck Note”) on October 28, 2010. 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acts as the trustee for this securitization.

The 2010 Box Truck Note has a fixed interest rate of 4.90% with an expected final maturity of October 2017. At June 30, 2012, the outstanding balance was $123.5 million. The note is secured by the box trucks being purchased and the corresponding operating cash flows associated with their operation.

 The 2007 Box Truck Note and 2010 Box Truck Note are subject to certain covenants with respect to liens, additional indebtedness of the special purpose entities, the disposition of assets and other customary covenants of bankruptcy-remote special purpose entities. The default provisions of these notes include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Capital Leases

We entered into capital leases for new equipment between April 2008 and June 2012, with terms of the leases between 3 and 7 years. At June 30, 2012, the balance of these leases was $199.6 million.

Other Obligations

In February 2011, the Company and US Bank, National Association (the “Trustee”) entered into the U-Haul Investors Club Indenture.  The Company and the Trustee entered into this indenture to provide for the issuance of notes (“U-Notes”) by us directly to investors over our proprietary website, uhaulinvestorsclub.com.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

The U-Notes are secured by various types of collateral including rental equipment and real estate.  U-Notes are issued in smaller series that vary as to principal amount, interest rate and maturity.  U-Notes are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries.

At June 30, 2012 the aggregate outstanding principal balance of the U-Notes issued was $15.3 million of which $6.1 million is with our insurance subsidiaries with interest rates between 3.00% and 8.00% and maturity dates between 2013 and 2042.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of June 30, 2012 for the next five years and thereafter are as follows:

	Year Ended June 30,
	2013		2014		2015		2016		2017		Thereafter
	(Unaudited)
	(In thousands)
Notes, loans and leases payable, secured	$	186,568	$	199,841	$	95,891	$	512,949	$	235,205	$	310,084

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands)
Interest expense	$	15,646		$	15,839
Capitalized interest		(77	)		(32	)
Amortization of transaction costs		1,085			1,036
Interest expense resulting from derivatives		6,837			5,790
Total interest expense	$	23,491		$	22,633

Interest paid in cash, including payments related to derivative contracts, amounted to $21.2 million and $21.7 million for the first quarter of fiscal 2013 and 2012, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

	Revolving Credit Activity
	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.74	%		1.72	%
Interest rate at the end of the quarter		1.74	%		0.00	%
Maximum amount outstanding during the quarter	$	23,920		$	15,000
Average amount outstanding during the quarter	$	23,920		$	14,341
Facility fees	$	178		$	57

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AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

5. Derivatives

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

Original variable rate debt and lease amount			Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
(In millions)
$	50.0		6/21/2006	7/10/2006	7/10/2013	6/9/2006
	144.9	(a)	6/9/2006	10/10/2006	10/10/2012	6/9/2006
	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	6/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
(a) forward swap
(b) operating lease

As of June 30, 2012, the total notional amount of our variable interest rate swaps on debt and an operating lease was $480.5 million and $14.8 million, respectively.

The derivative fair values located in accounts payable and accrued expenses in the balance sheets were as follows:

	Liability Derivatives Fair Value as of
	June 30, 2012		March 31, 2012
	(Unaudited)
	(In thousands)
Interest rate contracts designated as hedging instruments	$	61,397	$	59,313

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

	The Effect of Interest Rate Contracts
	on the Statements of Operations
	June 30, 2012		June 30, 2011
	(Unaudited)
	(In thousands)
Loss recognized in income on interest rate contracts	$	6,837	$	5,790
Loss recognized in AOCI on interest rate contracts (effective portion)	$	516	$	3,860
Loss reclassified from AOCI into income (effective portion)	$	5,269	$	5,903
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	1,568	$	(113	)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At June 30, 2012, we expect to reclassify $18.4 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

6. Stockholders’ Equity

On June 1, 2011, the Company redeemed all 6,100,000 shares of its issued and outstanding Series A Preferred at a redemption price of $25 per share plus accrued dividends through that date.  Pursuant to ASC 260 for earnings per share purposes, we recognized the deficit of the carrying amount of the Series A Preferred over the consideration paid to redeem the shares.

The Series A Preferred was recorded in our Additional Paid-In Capital account, net of original issue costs at $146.3 million prior to the redemption. The Company paid $152.5 million to redeem the shares on June 1, 2011 of which $7.7 million was paid to our insurance subsidiaries in exchange for their holdings. The difference between what was paid to redeem the shares less their carrying amount on our balance sheet, reduced by our insurance subsidiaries holdings is $5.9 million. This amount was recognized as a reduction to our earnings available to our common shareholders for the purposes of computing earnings per share for the first quarter of fiscal 2012.

7. Comprehensive Income (Loss)

A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:

	Foreign Currency Translation			Unrealized Gain on Investments		Fair Market Value of Cash Flow Hedges			Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	(28,882	)	$	20,866	$	(38,129	)	$	709	$	(45,436	)
Foreign currency translation		(1,929	)		-		-			-		(1,929	)
Unrealized gain on investments		-			1,293		-			-		1,293
Change in fair value of cash flow hedges		-			-		(319	)		-		(319	)
Balance at June 30, 2012	$	(30,811	)	$	22,159	$	(38,448	)	$	709	$	(46,391	)

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AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

8. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of June 30, 2012, AMERCO has guaranteed $132.4 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. AMERCO has been leasing equipment since 1987 and has experienced no material losses relating to these types of residual value guarantees.

Lease commitments for leases having terms of more than one year were as follows:

	Property, Plant and Equipment		Rental Equipment		Total
	(Unaudited)
			(In thousands)
Year-ended June 30:
2013	$	14,235	$	94,511	$	108,746
2014		12,109		77,638		89,747
2015		969		54,068		55,037
2016		808		21,317		22,125
2017		714		11,552		12,266
Thereafter		5,461		14,759		20,220
Total	$	34,296	$	273,845	$	308,141

9. Contingencies

Shoen

In September 2002, Paul F. Shoen filed a shareholder derivative lawsuit in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Paul F. Shoen vs. SAC Holding Corporation et al., CV 02-05602, seeking damages and equitable relief on behalf of AMERCO from SAC Holdings and certain current and former members of the AMERCO Board of Directors, including Edward J. Shoen, Mark V. Shoen and James P. Shoen as Defendants. AMERCO is named as a nominal Defendant in the case. The complaint alleges breach of fiduciary duty, self-dealing, usurpation of corporate opportunities, wrongful interference with prospective economic advantage and unjust enrichment and seeks the unwinding of sales of self-storage properties by subsidiaries of AMERCO to SAC prior to the filing of the complaint. The complaint seeks a declaration that such transfers are void as well as unspecified damages. In October 2002, the Defendants filed motions to dismiss the complaint. Also in October 2002, Ron Belec filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Ron Belec vs. William E. Carty, et al., CV 02-06331 and in January 2003, M.S. Management Company, Inc. filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned M.S. Management Company, Inc. vs. William E. Carty, et al., CV 03-00386. Two additional derivative suits were also filed against these parties. Each of these suits is substantially similar to the Paul F. Shoen case. The Court consolidated the five cases and thereafter dismissed these actions in May 2003, concluding that the AMERCO Board of Directors had the requisite level of independence required in order to have these claims resolved by the Board. Plaintiffs appealed this decision and, in July 2006, the Nevada Supreme Court reversed the ruling of the trial court and remanded the case to the trial court for proceedings consistent with its ruling, allowing the Plaintiffs to file an amended complaint and plead in addition to substantive claims, demand futility.

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AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

     In November 2006, the Plaintiffs filed an amended complaint. In December 2006, the Defendants filed motions to dismiss, based on various legal theories. In March 2007, the Court denied AMERCO’s motion to dismiss regarding the issue of demand futility, stating that “Plaintiffs have satisfied the heightened pleading requirements of demand futility by showing a majority of the members of the AMERCO Board of Directors were interested parties in the SAC transactions.” The Court heard oral argument on the remainder of the Defendants’ motions to dismiss, including the motion (“Goldwasser Motion”) based on the fact that the subject matter of the lawsuit had been settled and dismissed in earlier litigation known as Goldwasser v. Shoen, C.V.N.-94-00810-ECR (D.Nev), Washoe County, Nevada. In addition, in September and October 2007, the Defendants filed Motions for Judgment on the Pleadings or in the Alternative Summary Judgment, based on the fact that the stockholders of the Company had ratified the underlying transactions at the 2007 annual meeting of stockholders of AMERCO. In December 2007, the Court denied this motion. This ruling does not preclude a renewed motion for summary judgment after discovery and further proceedings on these issues. On April 7, 2008, the litigation was dismissed, on the basis of the Goldwasser Motion. On May 8, 2008, the Plaintiffs filed a notice of appeal of such dismissal to the Nevada Supreme Court. On May 20, 2008, AMERCO filed a cross appeal relating to the denial of its Motion to Dismiss in regard to demandfutility.

On May 12, 2011, the Nevada Supreme Court affirmed in part, reversed in part, and remanded the case for further proceedings.  First, the Court ruled that the Goldwasser settlement did not release claims that arose after the agreement and, therefore, reversed the trial court’s dismissal of the Complaint on that ground. Second, the Court affirmed the district court’s determination that the in pari delicto defense is available in a derivative suit and reversed and remanded to the district court to determine if the defense applies to this matter.  Third, the Court remanded to the district court to conduct an evidentiary hearing to determine whether demand upon the AMERCO Board was, in fact, futile.  Fourth, the Court invited AMERCO to seek a ruling from the district court as to the legal effect of the AMERCO Shareholders’ 2008 ratification of the underlying AMERCO/SAC transactions.

Last, as to individual claims for relief, the Court affirmed the district court’s dismissal of the breach of fiduciary duty of loyalty claims as to all defendants except Mark Shoen.  The Court affirmed the district court’s dismissal of the breach of fiduciary duty: ultra vires Acts claim as to all defendants. The Court reversed the district court’s dismissal of aiding and abetting a breach of fiduciary duty and unjust enrichment claims against the SAC entities.  The Court reversed the trial court’s dismissal of the claim for wrongful interference with prospective economic advantage as to all defendants.

On remand, on July 22, 2011, AMERCO filed a Motion for Summary Judgment based upon the Shareholder’s Ratification of the SAC transactions. In addition, on August 29, 2011, certain defendants filed a Motion to Dismiss Plaintiffs’ Claim for Wrongful Interference with Prospective Economic Advantage. On August 31, 2011, the trial court held a status conference and entered an order setting forth the briefing schedule for the two motions. On December 23, 2011, the trial court denied AMERCO’s motion for summary judgment and certain defendants’ motion to dismiss. The court has set a discovery schedule on the limited issue of demand futility.  A four day evidentiary hearing on demand futility is scheduled to begin on August 20, 2012.

Environmental

Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations.

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AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.

10. Related Party Transactions

As set forth in the Audit Committee Charter and consistent with Nasdaq Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes ensure that our legal and finance departments identify and monitor potential related party transactions which may require disclosure and Audit Committee oversight.

AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm’s-length transactions.

SAC Holding Corporation and SAC Holding II Corporation, (collectively “SAC Holdings”) were established in order to acquire self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we have sold various self-storage properties to SAC Holdings, and such sales provided significant cash flows to the Company.

Management believes that the sales of self-storage properties to SAC Holdings has provided a unique structure for the Company to earn moving equipment rental revenues and property management fee revenues from the SAC Holdings self-storage properties that the Company manages.

Related Party Revenue

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul interest income revenue from SAC Holdings	$	2,476	$	4,816
U-Haul interest income revenue from Private Mini		1,345		1,353
U-Haul management fee revenue from SAC Holdings		3,829		3,729
U-Haul management fee revenue from Private Mini		567		552
U-Haul management fee revenue from Mercury		464		454
	$	8,681	$	10,904

During the first quarter of fiscal 2013, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Mark V. Shoen, a significant shareholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $7.2 million and $4.3 million from SAC Holdings during the first quarter of fiscal 2013 and 2012, respectively. The largest aggregate amount of notes receivable outstanding during the first quarter of fiscal 2013 was $195.4 million and the aggregate notes receivable balance at June 30, 2012 was $73.1 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2019 and 2024. We received repayments of $127.3 million during the first quarter of fiscal 2013 on these notes and interest receivables.

During the first quarter of fiscal 2013, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. (“Private Mini”). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $1.4 million from Private Mini during the first quarters of both fiscal 2013 and 2012. The largest aggregate amount outstanding during the first quarter of fiscal 2013 was $66.3 million and the aggregate notes receivable balance at June 30, 2012 was $66.2 million.

17

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. (“Mercury”), Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $8.6 million from the above mentioned entities during the first quarter of fiscal 2013 and 2012, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant shareholder and director of AMERCO, has an interest in Mercury.

Related Party Costs and Expenses

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul lease expenses to SAC Holdings	$	661	$	623
U-Haul commission expenses to SAC Holdings		10,934		10,003
U-Haul commission expenses to Private Mini		695		643
	$	12,290	$	11,269

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At June 30, 2012, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $8.2 million, expenses of $0.7 million and cash flows of $138.4 million during the first quarter of fiscal 2013. Revenues and commission expenses related to the Dealer Agreements were $53.1 million and $11.6 million, respectively during the first quarter of fiscal 2013.

We adopted Accounting Standards Update 2009-17 (“ASU 2009-17”), which amends the FASB ASC for the issuance of FASB Statement 167, Amendments to FASB Interpretation 46(R), as of April 1, 2010.  Management determined that the junior notes of SAC Holdings and Private Mini and the management agreements with SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini represent potential variable interests for us.  Management evaluated whether it should be identified as the primary beneficiary of one or more of these variable interest entity’s (“VIE’s”) using a two step approach in which management (i) identified all other parties that hold interests in the VIE’s, and (ii) determined if any variable interest holder has the power to direct the activities of the VIE’s that most significantly impact their economic performance.

Upon adoption Management determined that they do not have a variable interest in the holding entities Mercury, 4 SAC, 5 SAC, or Galaxy through management agreements which are with the individual operating entities or through the issuance of junior debt; therefore, we are precluded from consolidating these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.  Additionally, after a redetermination caused by the SAC Holding II repayment of the outstanding principal on its junior notes with AMERCO during the first quarter of fiscal 2013, Management has determined that the Company does not have a variable interest in the SAC Holding II holding entity.

18

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

We have junior debt with the holding entities SAC Holding Corporation and Private Mini which represents a variable interest in each individual entity. Though we have certain protective rights within these debt agreements, we have no present influence or control over these holding entities unless their protective rights become exercisable, which management considers unlikely based on their payment history.  As a result, we have no basis under ASC 810 - Consolidation (“ASC 810”) to consolidate these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.

We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul.  Through control of the holding entities assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance.  As a result, we have no basis under ASC 810 to consolidate these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.

We have not provided financial or other support explicitly or implicitly during the quarter ended June 30, 2012 to any of these entities that it was not previously contractually required to provide. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of the Company’s involvement with these related party entities:

Related Party Assets

	June 30,		March 31,
	2012		2012
	(Unaudited)
	(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,288	$	68,798
U-Haul notes receivable from SAC Holdings		73,053		195,426
U-Haul interest receivable from SAC Holdings		13,939		18,667
U-Haul receivable from SAC Holdings		11,901		30,297
U-Haul receivable from Mercury		2,495		3,195
Other		121		(226	)
	$	169,797	$	316,157

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.

19

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of June 30, 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
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	200,250		$	318,687		$	755		$	-			$	519,692		$	13,089	$	33,458	$	-			$	566,239
Reinsurance recoverables and trade receivables, net		-			49,621			-			-				49,621			193,059		31,913		-				274,593
Inventories, net		-			63,438			-			-				63,438			-		-		-				63,438
Prepaid expenses		-			41,109			477			-				41,586			-		-		-				41,586
Investments, fixed maturities and marketable equities		14,511			-			-			-				14,511			130,227		648,644		-				793,382
Investments, other		-			6,899			48,963			-				55,862			85,800		120,794		-				262,456
Deferred policy acquisition costs, net		-			-			-			-				-			-		64,075		-				64,075
Other assets		480			73,015			26,830			-				100,325			343		242		-				100,910
Related party assets		1,256,503			114,775			7			(1,199,675	)	(c)		171,610			7,761		514		(10,088	)	(c)		169,797
		1,471,744			667,544			77,032			(1,199,675	)			1,016,645			430,279		899,640		(10,088	)			2,336,476
Investment in subsidiaries		75,169			-			-			269,676		(b)		344,845			-		-		(344,845	)	(b)		-
Property, plant and equipment, at cost:
Land		-			71,266			226,261			-				297,527			-		-		-				297,527
Buildings and improvements		-			167,323			937,992			-				1,105,315			-		-		-				1,105,315
Furniture and equipment		138			287,919			18,384			-				306,441			-		-		-				306,441
Rental trailers and other rental equipment		-			270,621			-			-				270,621			-		-		-				270,621
Rental trucks		-			1,971,558			-			-				1,971,558			-		-		-				1,971,558
		138			2,768,687			1,182,637			-				3,951,462			-		-		-				3,951,462
Less:  Accumulated depreciation		(116	)		(1,086,698	)		(362,288	)		-				(1,449,102	)		-		-		-				(1,449,102	)
Total property, plant and equipment		22			1,681,989			820,349			-				2,502,360			-		-		-				2,502,360
Total assets	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279	$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

20

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Consolidating balance sheets by industry segment as of June 30, 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
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	28,801		$	340,668		$	3,790		$	-			$	373,259		$	-		$	8,753	$	-			$	382,012
Notes, loans and leases payable		-			829,712			710,826			-				1,540,538			-			-		-				1,540,538
Policy benefits and losses, claims and loss expenses payable		-			386,415			-			-				386,415			340,167			394,618		-				1,121,200
Liabilities from investment contracts		-			-			-			-				-			-			261,987		-				261,987
Other policyholders' funds and liabilities		-			-			-			-				-			2,735			2,654		-				5,389
Deferred income		-			37,960			-			-				37,960			-			-		-				37,960
Deferred income taxes		401,238			-			-			-				401,238			(41,349	)		15,201		-				375,090
Related party liabilities		-			877,570			331,885			(1,199,675	)	(c)		9,780			1,657			151		(11,588	)	(c)		-
Total liabilities		430,039			2,472,325			1,046,501			(1,199,675	)			2,749,190			303,210			683,364		(11,588	)			3,724,176
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		434,737			121,230			147,941			(269,171	)	(b)		434,737			89,620			26,271		(116,101	)	(b)		434,527
Accumulated other comprehensive income (loss)		(46,391	)		(68,550	)		-			68,550		(b)		(46,391	)		3,801			25,196		(28,997	)	(b)		(46,391	)
Retained earnings (deficit)		1,395,703			(173,776	)		(297,062	)		470,838		(b)		1,395,703			30,347			162,309		(192,446	)	(b)		1,395,913
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		-			(2,236	)		-			-				(2,236	)		-			-		-				(2,236	)
Total stockholders' equity (deficit)		1,116,896			(122,792	)		(149,120	)		269,676				1,114,660			127,069			216,276		(343,345	)			1,114,660
Total liabilities and stockholders' equity	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279		$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

21

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

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

22

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

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

23

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Consolidating statement of operations by industry segment for the quarter ended June 30, 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
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	467,315		$	-		$	-			$	467,315		$	-		$	-		$	(321	)	(c)			$	466,994
Self-storage revenues		-			34,452			284			-				34,736			-			-			-						34,736
Self-moving and self-storage products and service sales		-			67,178			-			-				67,178			-			-			-						67,178
Property management fees		-			4,860			-			-				4,860			-			-			-						4,860
Life insurance premiums		-			-			-			-				-			-			46,426			-						46,426
Property and casualty insurance premiums		-			-			-			-				-			7,243			-			-						7,243
Net investment and interest income		1,253			1,688			194			-				3,135			2,200			7,010			(88	)	(b)				12,257
Other revenue		81			27,167			21,085			(22,708	)	(b)		25,625			-			446			(349	)	(b)				25,722
Total revenues		1,334			602,660			21,563			(22,708	)			602,849			9,443			53,882			(758	)					665,416
Costs and expenses:
Operating expenses		3,462			290,311			2,540			(22,708	)	(b)		273,605			3,290			7,155			(657	)		(b,c	)		283,393
Commission expenses		-			61,107			-			-				61,107			-			-			-						61,107
Cost of sales		-			32,227			-			-				32,227			-			-			-						32,227
Benefits and losses		-			-			-			-				-			3,566			42,512			-						46,078
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,811			-						2,811
Lease expense		24			32,797			5			-				32,826			-			-			(30	)	(b)				32,796
Depreciation, net of (gains) losses on disposals		1			52,320			3,804			-				56,125			-			-			-						56,125
Total costs and expenses		3,487			468,762			6,349			(22,708	)			455,890			6,856			52,478			(687	)					514,537
Earnings (loss) from operations before equity in earnings of  subsidiaries		(2,153	)		133,898			15,214			-				146,959			2,587			1,404			(71	)					150,879
Equity in earnings of subsidiaries		66,615			-			-			(64,033	)	(d)		2,582			-			-			(2,582	)	(d)				-
Earnings from operations		64,462			133,898			15,214			(64,033	)			149,541			2,587			1,404			(2,653	)					150,879
Interest income (expense)		24,660			(34,154	)		(14,068	)		-				(23,562	)		-			-			71		(b)				(23,491	)
Pretax earnings		89,122			99,744			1,146			(64,033	)			125,979			2,587			1,404			(2,582	)					127,388
Income tax expense		(8,553	)		(36,413	)		(444	)		-				(45,410	)		(906	)		(503	)		-						(46,819	)
Earnings available to common shareholders		80,569			63,331			702			(64,033	)			80,569			1,681			901			(2,582	)					80,569
(a) Balances for the quarter ended March 31, 2012
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

24

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Consolidating statements of operations by industry for the quarter ended 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)
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 and self-storage products and 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
Earnings (loss) from operations before equity in earnings of  subsidiaries		(1,032	)		130,831			14,871			-				144,670			1,899			2,035			(241	)					148,363
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) Eliminate preferred stock dividends paid to affiliates

25

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	80,569		$	63,331		$	702		$	(64,033	)	$	80,569		$	1,681		$	901		$	(2,582	)		$	80,569
Earnings from consolidated entities		(66,615	)		-			-			64,033			(2,582	)		-			-			2,582				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1			59,836			3,804			-			63,641			-			-			-				63,641
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			2,811			-				2,811
Change in allowance for losses on trade receivables		-			(102	)		-			-			(102	)		-			-			-				(102	)
Change in allowance for inventory reserve		-			695			-			-			695			-			-			-				695
Net gain on sale of real and personal property		-			(7,516	)		-			-			(7,516	)		-			-			-				(7,516	)
Net loss on sale of investments		-			-			-			-			-			12			27			-				39
Deferred income taxes		4,399			-			-			-			4,399			(236	)		478			-				4,641
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(12,416	)		-			-			(12,416	)		38,152			(2,250	)		-				23,486
Inventories		-			(5,398	)		-			-			(5,398	)		-			-			-				(5,398	)
Prepaid expenses		9,496			(9,063	)		(166	)		-			267			-			-			-				267
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(5,420	)		-				(5,420	)
Other assets		3			19,649			(259	)		-			19,393			1,164			(39	)		-				20,518
Related party assets		(1,488	)		146,547			2			-			145,061			(222	)		-			(5,320	)	(b)		139,519
Accounts payable and accrued expenses		27,709			20,736			181			-			48,626			-			(645	)		-				47,981
Policy benefits and losses, claims and loss expenses payable		-			6,777			-			-			6,777			(42,772	)		11,753			-				(24,242	)
Other policyholders' funds and liabilities		-			-			-			-			-			(703	)		(1,181	)		-				(1,884	)
Deferred income		-			6,457			-			-			6,457			-			-			-				6,457
Related party liabilities		-			1,447			-			-			1,447			105			(21	)		-				1,531
Net cash provided (used) by operating activities		54,074			290,980			4,264			-			349,318			(2,819	)		6,414			(5,320	)			347,593
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(131,874	)		(25,912	)		-			(157,786	)		-			-			-				(157,786	)
Short term investments		-			-			-			-			-			(22,430	)		(37,965	)		5,320		(b)		(55,075	)
Fixed maturities investments		-			-			-			-			-			(9,576	)		(40,977	)		-				(50,553	)
Mortgage loans		-			(5,048	)		(7,583	)		-			(12,631	)		(1,821	)		-			-				(14,452	)
Proceeds from sales of:
Property, plant and equipment		-			62,426			-			-			62,426			-			-			-				62,426
Short term investments		-			-			-			-			-			19,710			46,683			-				66,393
Fixed maturities investments		-			-			-			-			-			12,983			10,995			-				23,978
Preferred stock		-			-			-						-			1,003			-			-				1,003
Real estate		-			-			-			-			-			-			4			-				4
Mortgage loans		-			8,029			1,073			-			9,102			577			1,868			-				11,547
Net cash provided (used) by investing activities		-			(66,467	)		(32,422	)		-			(98,889	)		446			(19,392	)		5,320				(112,515	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2012
(b) Eliminate intercompany investments

26

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			26,187			-			-		26,187			-			-			-		26,187
Principal repayments on credit facilities		-			(55,254	)		(5,888	)		-		(61,142	)		-			-			-		(61,142	)
Capital lease payments		-			(3,888	)		-			-		(3,888	)		-			-			-		(3,888	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			162			-			-		162			-			-			-		162
Securitization deposits		-			(908	)		-					(908	)		-			-			-		(908	)
Proceeds from (repayment of) intercompany loans		(55,326	)		21,300			34,026			-		-			-			-			-		-
Investment contract deposits		-			-			-			-		-			-			28,993			-		28,993
Investment contract withdrawals		-			-			-			-		-			-			(7,967	)		-		(7,967	)
Net cash provided (used) by financing activities		(55,326	)		(12,401	)		28,138			-		(39,589	)		-			21,026			-		(18,563	)
Effects of exchange rate on cash		-			(376	)		-			-		(376	)		-			-			-		(376	)
Increase (decrease) in cash and cash equivalents		(1,252	)		211,736			(20	)		-		210,464			(2,373	)		8,048			-		216,139
Cash and cash equivalents at beginning of period		201,502			106,951			775			-		309,228			15,462			25,410			-		350,100
Cash and cash equivalents at end of period	$	200,250		$	318,687		$	755		$	-	$	519,692		$	13,089		$	33,458		$	-	$	566,239
	(page 2 of 2)
(a) Balance for the period ended March 31, 2012

27

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

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 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	)		(26,335	)		-				(37,146	)
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			9,108			1,128			-			10,396			215			(25	)		-				10,586
Related party assets		12			4,527			(15	)		-			4,524			(7	)		-			(7,715	)	(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			12,724			-				4,517
Other policyholders' funds and liabilities		-			-			-			-			-			141			(1,225	)		-				(1,084	)
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			96,877			4,841			-			155,943			1,948			3,400			(7,872	)			153,419
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) Eliminate intercompany investments

28

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

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		-			28,558			30,000			-		58,558			-		-			-			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		-			27,953			-			-		27,953			-		-			-			27,953
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			164	(c)		(3,077	)
Contribution from related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		2,588			-			2,588
Investment contract withdrawals		-			-			-			-		-			-		(8,195	)		-			(8,195	)
Net cash provided (used) by financing activities		(234,752	)		110,651			10,597			-		(113,504	)		-		(5,607	)		7,872			(111,239	)
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) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

29

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

12. Industry Segment and Geographic Area Data

	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended June 30, 2012
Total revenues	$	623,923	$	41,493	$	665,416
Depreciation and amortization, net of (gains) losses on disposals		56,963		1,973		58,936
Interest expense		23,339		152		23,491
Pretax earnings		119,384		8,004		127,388
Income tax expense		44,698		2,121		46,819
Identifiable assets		4,690,153		148,683		4,838,836
Quarter ended June 30, 2011
Total revenues	$	601,091	$	41,874	$	642,965
Depreciation and amortization, net of (gains) losses on disposals		46,864		1,869		48,733
Interest expense		22,470		163		22,633
Pretax earnings		118,357		7,373		125,730
Income tax expense		45,329		2,178		47,507
Identifiable assets		4,026,330		148,126		4,174,456

13. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
Service cost for benefits earned during the period	$	155	$	129
Interest cost on accumulated postretirement benefit		139		142
Other components		1		(4	)
Net periodic postretirement benefit cost	$	295	$	267

14. Fair Value Measurements

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

30

AMERCO AND CONSOLIDATED ENTITIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

Assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure (“ASC 820”) requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at June 30, 2012, that are subject to ASC 820 and the valuation approach applied to each of these items.

	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
Assets
Short-term investments	$	542,083	$	542,083	$	-	$	-
Fixed maturities - available for sale		753,614		665,000		87,413		1,201
Preferred stock		23,935		23,935		-		-
Common stock		15,833		15,833		-		-
Total	$	1,335,465	$	1,246,851	$	87,413	$	1,201
Liabilities
Guaranteed residual values of TRAC leases	$	-	$	-	$	-	$	-
Derivatives		61,397		-		61,397		-
Total	$	61,397	$	-	$	61,397	$	-

 Our fair value measurement takes place at the end of each quarter. At the end of the first quarter of fiscal 2013, we transferred $2.3 million of fixed maturities – available for sale from Level 1 to Level 2 due to a reduction in the pricing source available.

31

The following table represents the fair value measurements for our assets at June 30, 2012 using significant unobservable inputs (Level 3).

	Fixed Maturities - Asset Backed Securities
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	1,205
Fixed Maturities - Asset Backed Securities - redemption		(7	)
Fixed Maturities - Asset Backed Securities - gain (realized)		3
Balance at June 30, 2012	$	1,201

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of and current strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012, which is followed by an analysis of changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2013.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2012. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2012 and 2011 correspond to fiscal 2013 and 2012 for AMERCO.

Overall Strategy

Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haulwith our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment, storage rooms and portable storage boxes available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our growing eMove® capabilities.

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Our Property and Casualty Insurance operating segment is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.

Our Life Insurance operating segment is focused on long-term capital growth through direct writing and reinsuring of life, Medicare supplement and annuity products in the senior marketplace.

Description of Operating Segments

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.

Moving and Storage Operating Segment

Our Moving and Storage operating segment consists of the rental of trucks, trailers, portable storage boxes, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers and expanding the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul brand self-moving related products and services, such as boxes, pads and tape allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

eMove® is an online marketplace that connects consumers to independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services, all over North America. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

Since 1945 U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the need for total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance Operating Segment

Our Property and Casualty Insurance operating segment provides loss adjusting and claims handling for U-Haul through regional offices across North America. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Super SafemoveandSafestorprotection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for our Property and Casualty Insurance operating segment includes offering property and casualty products in other U-Haulrelated programs.

Life Insurance Operating Segment

Our Life Insurance operating segment provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

Critical Accounting Policies and Estimates

Our financial statements have been prepared in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our financial statements. Certain accounting policies require us to make difficult and subjective judgments and assumptions, often as a result of the need to estimate matters that are inherently uncertain.

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In the following pages we have set forth, with a detailed description, the accounting policies that we deem most critical to us and that require management’s most difficult and subjective judgments. These estimates are based on historical experience, observance of trends in particular areas, information and valuations available from outside sources and on various other assumptions that are believed to be reasonable under the circumstances and which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions and conditions; such differences may be material.

We also have other policies that we consider key accounting policies, such as revenue recognition; however, these policies do not meet the definition of critical accounting estimates, because they do not generally require us to make estimates or judgments that are difficult or subjective. The accounting policies that we deem most critical to us, and involve the most difficult, subjective or complex judgments include the following:

Principles of Consolidation

We apply ASC 810 in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a VIE. A company is required to consolidate a VIE if it has determined it is the primary beneficiary. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control.

As promulgated by ASC 810, a VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration under the provisions of ASC 810. After a triggering event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(s) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary.

In fiscal 2003 and fiscal 2002, SAC Holdings were considered special purpose entities and were consolidated based on the provisions of Emerging Issues Task Force Issue 90-15, Impact of Nonsubstantive Lessors, Residual Value Guarantees and Other Provisions in Leasing Transactions. In fiscal 2004, we evaluated our interests in SAC Holdings and we concluded that SAC Holdings were VIE’s and that we were the primary beneficiary. Accordingly, we continued to include SAC Holdings in our consolidated financial statements.

Triggering events in February and March of 2004 for SAC Holding Corporation required AMERCO to reassess its involvement in specific SAC Holding Corporation entities. During these reassessments it was concluded that AMERCO was no longer the primary beneficiary, resulting in the deconsolidation of SAC Holding Corporation in fiscal 2004.

In November 2007, Blackwater contributed additional capital to its wholly-owned subsidiary, SAC Holding II. This contribution was determined by us to be material with respect to the capitalization of SAC Holding II; therefore, triggering a requirement under FASB Interpretation 46(R) for us to reassess our involvement with those entities. This required reassessment led to the conclusion that SAC Holding II had the ability to fund its own operations and execute its business plan without any future subordinated financial support; therefore, we were no longer the primary beneficiary of SAC Holding II as of the date of Blackwater’s contribution.

Accordingly, at the date AMERCO ceased to be considered the primary beneficiary of SAC Holding II and its current subsidiaries, it deconsolidated these entities. The deconsolidation was accounted for as a distribution of SAC Holding II’s interests to the sole shareholder of the SAC entities. Because of AMERCO’s continuing involvement with SAC Holding II and its subsidiaries, the distribution does not qualify as discontinued operations.

It is possible that SAC Holdings could take actions that would require us to re-determine whether SAC Holdings remains a VIE and we continually monitor whether we have become the primary beneficiary of SAC Holdings.

During the first quarter of fiscal 2013 SAC Holding II fully repaid the $75.0 million outstanding principal balance on its junior note with AMERCO.  Pursuant to ASC 810-10-35-4, the Company considered this a redetermination event which resulted in AMERCO no longer having a variable interest in SAC Holding II.  Further, the Company determined that the repayment of the junior note had no impact on the existing individual operating entity management agreements thereby affirming our finding that these agreements do no constitute variable interests due to the presence of contractual ‘kick-out’ rights.

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Should we determine in the future that we are the primary beneficiary of SAC Holding Corporation, we could be required to consolidate some or all of SAC Holdings within our financial statements.

The condensed consolidated balance sheets as of June 30, 2012 and March 31, 2012 include the accounts of AMERCO and its wholly-owned subsidiaries. The June 30, 2012 and 2011 condensed consolidated statements of operations, comprehensive income and cash flows include the accounts of AMERCO and its wholly-owned subsidiaries.

Recoverability of Property, Plant and Equipment

Property, plant and equipment are stated at cost. Interest expense incurred during the initial construction of buildings and rental equipment is considered part of cost. Depreciation is computed for financial reporting purposes using the straight-line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. The Company follows the deferral method of accounting based on ASC 908 - Airlines for major overhauls in which engine and transmission overhauls are currently capitalized and amortized over three years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment are netted against depreciation expense when realized. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed.

We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives.

In fiscal 2006, management performed an analysis of the expected economic value of new rental trucks and determined that additions to the fleet resulting from purchase should be depreciated on an accelerated method based upon a declining formula. The salvage value and useful life assumptions of the rental truck fleet remain unchanged. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16%, 13%, 11%, 9%, 8%, 7%, and 6% during years one through seven, respectively and then reduced on a straight line basis an additional 10% by the end of year fifteen. Whereas, a standard straight line approach would reduce the book value by approximately 5.3% per year over the life of the truck. For the affected equipment, the accelerated depreciation was $14.8 million and $13.0 million greater than what it would have been if calculated under a straight line approach for the first quarter of fiscal 2013 and 2012, respectively.

Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle. We typically sell our used vehicles at our sales centers throughout North America, on our web site at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions.

Insurance Reserves

Liabilities for life insurance and certain annuity and health policies are established to meet the estimated future obligations of policies in force, and are based on mortality, morbidity and withdrawal assumptions from recognized actuarial tables which contain margins for adverse deviation. In addition, liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of losses incurred, but not yet reported. Liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders.

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Insurance reserves for our Property and Casualty Insurance operating segment and U-Haul take into account losses incurred based upon actuarial estimates and are management’s best approximation of future payments.  These estimates are based upon past claims experience and current claim trends as well as social and economic conditions such as changes in legal theories and inflation.  These reserves consist of case reserves for reported losses and a provision for losses incurred but not reported (“IBNR”), both reduced by applicable reinsurance recoverables, resulting in a net liability.

Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation.  As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest during 1983 through 2002, and similar policies assumed by Repwest during 2001 through 2003, it may take a number of years for claims to be fully reported and finally settled.

On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. While management is continually monitoring the status of expected losses through a rolling review of the claim inventory and regularly reviews the adequacy of the established liability for unpaid claims and claims adjustment expense, there can be no assurance that our loss reserves will not develop adversely and have a material adverse effect on our results of operations

In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following:

·   Claimant longevity

·   Cost trends associated with claimant treatments

·   Changes in ceding entity and third party administrator reporting practices

·   Changes in environmental factors including legal and regulatory

·   Current conditions affecting claim settlements

·   Future economic conditions including inflation

We have reserved each claim based upon the accumulation of current claim costs projected through the claimants’ life expectancy, then adjusted for applicable reinsurance arrangements.  Management reviews each claim bi-annually to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time.  We have factored in an estimate of what the potential cost increases could be in our IBNR liability.  We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion.

Increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.  Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development.

Impairment of Investments

Investments are evaluated pursuant to guidance contained in ASC 320 - Investments - Debt and Equity Securities to determine if and when a decline in market value below amortized cost is other-than-temporary. Management makes certain assumptions or judgments in its assessment including but not limited to: ability and intent to hold the security, quoted market prices, dealer quotes or discounted cash flows, industry factors, financial factors, and issuer specific information such as credit strength. Other-than-temporary impairment in value is recognized in the current period operating results. There were no write downs in the first quarter of fiscal 2013 and 2012.

Income Taxes

Our tax returns are periodically reviewed by various taxing authorities. The final outcome of these audits may cause changes that could materially impact our financial results.

AMERCO files a consolidated tax return with all of its legal subsidiaries.

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Fair Values

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

Subsequent Events

The Company’s management has evaluated subsequent events occurring after June 30, 2012, the date of our most recent balance sheet, through the date our financial statements were issued. We do not believe any subsequent events have occurred that would require further disclosure or adjustment to our financial statements.

Adoption of New Accounting Pronouncements

In October 2010, the FASB issued ASU 2010-26, Financial Services – Insurance (Topic 944) (“ASU 2010-26”) which amended FASB ASC 944-30 to provide further guidance regarding the capitalization of costs relating to the acquisition or renewal of insurance contracts. Specifically, only qualifying costs associated with successful contract acquisitions are permitted to be deferred. The Company adopted ASU 2010-26 in the first quarter of fiscal 2013 and it resulted in a $1.7 million reduction in beginning retained earnings on our financial statements.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) (“ASU 2011-04”). This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and IFRS. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. The Company adopted ASU 2011-04 in the first quarter of fiscal 2013 and it did not have a material impact on our financial statements.

From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by the Company as of the specified effective date. Unless otherwise discussed, these ASU’s entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.

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Results of Operations

AMERCO and Consolidated Entities

Quarter Ended June 30, 2012 compared with the Quarter Ended June 30, 2011

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2013 and the first quarter of fiscal 2012:

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
Self-moving equipment rentals	$	466,994	$	446,548
Self-storage revenues		34,736		31,828
Self-moving and self-storage products and service sales		67,178		64,378
Property management fees		4,860		4,735
Life insurance premiums		46,426		50,999
Property and casualty insurance premiums		7,243		6,898
Net investment and interest income		12,257		17,263
Other revenue		25,722		20,316
Consolidated revenue	$	665,416	$	642,965

Self-moving equipment rental revenues increased $20.4 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Growth in both In-Town and one-way moving transactions continued during the first quarter of fiscal 2013.  The year-over-year improvement in transactions was supported by a 4% increase in the average number of rental trucks in the fleet during the first quarter of fiscal 2013 compared with the same period last year.

Self-storage revenues increased $2.9 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 due primarily to an increase in the number of rooms rented.  The average amount of occupied square feet increased by nearly 11% during the first quarter of fiscal 2013 compared to the same period last year.  The growth in revenues and square feet rented comes from a combination of improved occupancy at existing locations as well as the addition of new facilities to the portfolio.    Over the last twelve months we have added approximately 1.4 million net rentable square feet to the self-storage portfolio.

Sales of self-moving and self-storage products and services increased $2.8 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Increases were recognized in the sales of moving supplies and towing accessories and related installations.

Life insurance premiums decreased $4.6 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 due primarily to reduced life and Medicare supplement premiums.

Property and casualty insurance premiums increased $0.3 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 due to an increase in Safestor and Safetow sales which were a result of increased equipment and storage rental transactions.

Net investment and interest income decreased $5.0 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 primarily due to declines at the Moving and Storage operating segment.  During the first quarter of fiscal 2013 SAC Holdings repaid AMERCO $127.3 million for notes and interest outstanding.  These notes carried interest rates of 9%.  This loss of yield caused the majority of the decline in interest income for the first quarter of fiscal 2013. The Life Insurance operating segment recognized fewer realized gains from the sale of fixed maturities compared to the same period last year.

Other revenue increased $5.4 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 primarily from the expansion of new business initiatives including our U-BoxTM program.

As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $665.4 million for the first quarter of fiscal 2013, compared with $643.0 million for the first quarter of fiscal 2012.

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Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2013 and the first quarter of fiscal 2012. The insurance companies first quarters ended March 31, 2012 and 2011.

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	602,849		$	574,999
Earnings from operations before equity in earnings of subsidiaries		146,959			144,670
Property and casualty insurance
Revenues		9,443			9,132
Earnings from operations		2,587			1,899
Life insurance
Revenues		53,882			59,999
Earnings from operations		1,404			2,035
Eliminations
Revenues		(758	)		(1,165	)
Earnings from operations before equity in earnings of subsidiaries		(71	)		(241	)
Consolidated results
Revenues		665,416			642,965
Earnings from operations		150,879			148,363

Total costs and expenses increased $19.9 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Operating expenses for the Moving and Storage operating segment increased $11.9 million with a significant portion of this coming from spending on personnel and operating costs associated with the U-Box program, offset slightly by decreases in rental equipment maintenance. Commission expenses increased in relation to the associated revenues. Depreciation expense, net, increased $11.8 million while lease expense decreased $1.4 million as a result of the Company’s shift in financing new equipment on the balance sheet versus through operating leases.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $150.9 million for the first quarter of fiscal 2013, compared with $148.4 million for the first quarter of fiscal 2012.

Interest expense for the first quarter of fiscal 2013 was $23.5 million, compared with $22.6 million for the first quarter of fiscal 2012 due to an increase in average borrowings partially offset by a decrease in average borrowing costs.

Income tax expense was $46.8 million for the first quarter of fiscal 2013, compared with $47.5 million for the first quarter of fiscal 2012.

Dividends paid or accrued on our Series A Preferred were $3.1 million for the first quarter of fiscal 2012.  There were no payments made or accrued in fiscal 2013.  All of our Series A Preferred stock was redeemed on June 1, 2011. The first quarter of fiscal 2012 included a $5.9 million non-recurring charge related to the redemption of the Series A Preferred Stock.

As a result of the above mentioned items, earnings available to common shareholders were $80.6 million for the first quarter of fiscal 2013, compared with $69.2 million for the first quarter of fiscal 2012.

Basic and diluted earnings per share for the first quarter of fiscal 2013 were $4.13, compared with $3.56 for the first quarter of fiscal 2012.

The weighted average common shares outstanding basic and diluted were 19,502,369 for the first quarter of fiscal 2013, compared with 19,460,126 for the first quarter of fiscal 2012.

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Moving and Storage

Quarter Ended June 30, 2012 compared with the Quarter Ended June 30, 2011

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first quarter of fiscal 2013 and the first quarter of fiscal 2012:

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
Self-moving equipment rentals	$	467,315	$	446,885
Self-storage revenues		34,736		31,828
Self-moving and self-storage products and service sales		67,178		64,378
Property management fees		4,860		4,735
Net investment and interest income		3,135		7,029
Other revenue		25,625		20,144
Moving and Storage revenue	$	602,849	$	574,999

Self-moving equipment rental revenues increased $20.4 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Growth in both In-Town and one-way moving transactions continued during the first quarter of fiscal 2013.  The year-over-year improvement in transactions was supported by a 4% increase in the average number of rental trucks in the fleet during the first quarter of fiscal 2013 compared with the same period last year.

Self-storage revenues increased $2.9 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 due primarily to an increase in the number of rooms rented.  The average amount of occupied square feet increased by nearly 11% during the first quarter of fiscal 2013 compared to the same period last year.  The growth in revenues and occupancy comes from a combination of improved occupancy at existing locations as well as the addition of new facilities to the portfolio.  Over the last twelve months we have added approximately 1.4 million net rentable square feet to the self-storage portfolio.

Sales of self-moving and self-storage products and services increased $2.8 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Increases were recognized in the sales of moving supplies and towing accessories and related installations.

Net investment and interest income decreased $3.9 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 primarily due to declines at the Moving and Storage operating segment.  During the quarter SAC Holdings repaid AMERCO $127.3 million for notes and interest outstanding.  These notes carried interest rates of 9%.  This loss of yield caused the majority of the decline in interest income for the quarter.

Other revenue increased $5.5 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012 primarily from the expansion of new business initiatives including our U-BoxTM program.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of June 30		170			157
Square footage as of June 30		14,308			12,932
Average number of rooms occupied		131			120
Average occupancy rate based on room count		78.0	%		76.9	%
Average square footage occupied		11,119			10,046

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Total costs and expenses increased $25.6 million during the first quarter of fiscal 2013, compared with the first quarter of fiscal 2012.  Operating expenses increased $11.9 million with a significant portion of this coming from spending on personnel and operating costs associated with the U-Box program.  Commission expenses increased in relation to the associated revenues. Depreciation expense, before gains on the disposal of equipment, increased $9.6 million while the gains on the disposals decreased by $2.2 million. Lease expense decreased $1.7 million.

As a result of the above mentioned changes in revenues and expenses, earnings from operations for the Moving and Storage operating segment before consolidation of the equity in the earnings of the insurance subsidiaries, increased to $147.0 million for the first quarter of fiscal 2013, compared with $144.7 million for the first quarter of fiscal 2012.

Equity in the earnings of AMERCO’s insurance subsidiaries was $2.6 million for both the first quarter of fiscal 2013 and 2012.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $149.5 million for the first quarter of fiscal 2013, compared with $147.3 million for the first quarter of fiscal 2012.

Property and Casualty Insurance

Quarter Ended March 31, 2012 compared with the Quarter Ended March 31, 2011

Net premiums were $7.2 million and $6.9 million for the quarters ended March 31, 2012 and 2011, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same time period.

Net investment income was $2.2 million for the quarters ended March 31, 2012 and 2011, respectively.

Net operating expenses were $3.3 million and $2.8 million for the quarters ended March 31, 2012 and 2011, respectively. The increase was due to $0.3 million increase in administrative overhead along with a $0.2 million increase in commissions.

Benefits and losses incurred were $3.6 million and $4.5 million for the quarters ended March 31, 2012 and 2011, respectively primarily due to decreases in reserves.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $2.6 million and $1.9 million for the quarters ended March 31, 2012 and 2011, respectively.

Life Insurance

Quarter Ended March 31, 2012 compared with the Quarter Ended March 31, 2011

Net premiums were $46.4 million and $51.0 million for the quarters ended March 31, 2012 and 2011, respectively.  Medicare supplement premiums decreased by $2.3 million due to policy terminations which exceeded rate increases on existing business.  Premiums from life insurance sales also declined as new business shifted more towards annuity products; sales of these products are accounted for as deposits on the balance sheet instead of premium income.  Annuity deposits increased $26.6 million for the quarter, compared with the same period last year.

Net investment income was $7.0 million and $8.5 million for the quarters ended March 31, 2012 and 2011, respectively. A larger invested asset based led to an increase of $1.6 million of investment income, and this was offset by a decrease in realized gains of $3.1 million compared to the same period last year.

Net operating expenses were $7.2 million and $8.1 million for the quarters ended March 31, 2012 and 2011, respectively. The decrease was primarily a result of reduced administrative expenses of $0.3 million and a reduction of $0.7 in commission expense due to decreased life insurance sales.

Benefits and losses incurred were $42.5 million and $45.5 million for the quarter ended March 31, 2012 and 2011, respectively as a result of reduced life insurance sales and from the Medicare supplement business.

Amortization of deferred acquisition costs (“DAC”) and the value of business acquired was $2.8 million and $4.4 million for the quarters ended March 31, 2012 and 2011, respectively.  The majority of the decrease was due to the decrease in realized capital gains in the first quarter of fiscal 2013, compared with the same period in fiscal 2012.  In most cases, realized investment gains result in additional amortization of DAC.

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As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $1.4 million and $2.0 million for the quarters ended March 31, 2012 and 2011, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals, and provide us with sufficient liquidity for the foreseeable future. The majority of our obligations currently in place mature at the end of fiscal years 2016 or 2019. However, since there are many factors which could affect our liquidity, including some which are beyond our control, there is no assurance that future cash flows will be sufficient to meet our outstanding debt obligations and our other future capital needs.

At June 30, 2012, cash and cash equivalents totaled $566.2 million, compared with $350.1 million on March 31, 2012. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (AMERCO, U-Haul and Real Estate). As of June 30, 2012 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

	Moving & Storage		Property and Casualty Insurance (a)		Life Insurance (a)
	(Unaudited)
	(In thousands)
Cash and cash equivalents	$	519,692	$	13,089	$	33,458
Other financial assets		291,604		416,847		801,865
Debt obligations		1,540,538		-		-
(a) As of March 31, 2012

    At June 30, 2012, our Moving and Storage operating segment had additional cash available under existing credit facilities of $299.9 million.

Net cash provided by operating activities increased $194.2 million in the first quarter of fiscal 2013 compared with fiscal 2012 primarily due to repayments of $127.3 million of the notes and interest receivables with SAC Holdings and from increased revenues.

Net cash used in investing activities decreased $61.5 million in the first quarter of fiscal 2013, compared with fiscal 2012. Purchases of property, plant and equipment, which are reported net of cash from leases, decreased $58.0 million. Cash from the sales of property, plant and equipment increased $7.4 million largely due to an increase in pickup and cargo van sales. Cash used for investing activities at the insurance companies increased $19.8 million primarily due to investments in their fixed maturity portfolio stemming from increased annuity sales.

Net cash used by financing activities decreased $92.7 million in the first quarter of fiscal 2013, as compared with fiscal 2012. Fiscal 2012 included $152.0 million of cash used to redeem our preferred stock. Additionally net annuity deposits at the Life insurance segment increased $26.6 million in the first quarter of fiscal 2013 compared to the same period last year.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily reflected new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2013, we will reinvest in our truck and trailer rental fleet approximately $325 million, net of equipment sales excluding any lease buyouts. Through the first quarter of fiscal 2013 we have reinvested $134.3 million of this projected amount. Fleet investments in fiscal 2013 and beyond will be dependent upon several factors including availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the fiscal 2013 investments will be funded largely through debt financing, external lease financing

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and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations and sales. Our plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. We are funding these development projects through construction loans and internally generated funds. For the first quarter of fiscal 2013, we invested $36.4 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2013, the timing of new projects will be dependent upon several factors including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties. U-Haul's growth plan in self-storage also includes the expansion of the eMove program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $95.4 million and $160.8 million for the first quarter of fiscal 2013 and 2012, respectively. We entered into new equipment leases of $108.4 million and $8.8 million, during the first quarter of fiscal 2013 and 2012, respectively. Spending on gross capital expenditures before any netting was $266.2 million during the first quarter of fiscal 2013 compared with $224.6 million during the first quarter of fiscal 2012.

The Moving and Storage operating segment continues to hold significant cash and has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage market place or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

Stockholder’s equity was $127.1 million and $123.8 million at March 31, 2012 and December 31, 2011, respectively. The increase resulted from net earnings of $1.7 million and an increase in other comprehensive income of $1.6 million. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

The Life Insurance operating segment manages its financial assets to meet policyholder and other obligations including investment contract withdrawals and deposits. Life Insurance’s net deposits for the quarter ended March 31, 2012 were $21.0 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s funds are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $216.3 million and $215.8 million at March 31, 2012 and December 31, 2011, respectively. The increase resulted from net earnings of $0.9 million and an increase in other comprehensive income of $1.3 million and a decrease to beginning retained earnings of $1.7 million in relation to the adoption of ASU 2010-26. Life Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Cash Provided (Used) from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $349.3 million and $155.9 million for the first quarter of fiscal 2013 and 2012, respectively primarily due to repayments of $127.3 million of the notes and interest receivables with SAC Holdings and from increased revenue.

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Property and Casualty Insurance

Net cash provided (used) by operating activities were ($2.8) million and $1.9 million for the first quarter ended March 31, 2012 and 2011, respectively. The decrease was primarily due to cash payments made in relation to the commutation of some reinsurance business.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolio amounted to $44.4 million and $44.1 million at March 31, 2012 and December 31, 2011, respectively. This balance reflects funds in transition from maturity proceeds to long term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $6.4 million and $3.4 million for the first quarter ended March 31, 2012 and 2011, respectively. A decrease of $3.0 million in the gains resulting for the sales of investments was the primary reason for the increase in operating activities cash flow.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio. At March 31, 2012 and December 31, 2011, cash and cash equivalents and short-term investments amounted to $53.2 million and $54.1 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans including our working capital needs. The Company continues to hold significant cash and has access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

Our borrowing strategy is primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and hedge floating rate loans through the use of interest rate swaps. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management feels it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. At June 30, 2012, we had cash availability under existing credit facilities of $299.9 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 4, Borrowings of the Notes to Condensed Consolidated Financial Statements.

Fair Value of Financial Instruments

Assets and liabilities recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 requires that financial assets and liabilities recorded at fair value be classified and disclosed in a Level 1, Level 2 or Level 3 category. For more information, please see Note 14, Fair Value Measurements of the Notes to Condensed Consolidated Financial Statements.

The available-for-sale securities held by the Company are recorded at fair value. These values are determined primarily from actively traded markets where prices are based either on direct market quotes or observed transactions. Liquidity is a factor considered during the determination of the fair value of these securities. Market price quotes may not be readily available for certain securities or the market for them has slowed or ceased. In situations where the market is determined to be illiquid, fair value is determined based upon limited available information and other factors including expected cash flows. At June 30, 2012, we had $1.2 million of available-for-sale assets classified in Level 3.

The interest rate swaps held by the Company as hedges against interest rate risk for our variable rate debt are recorded at fair value. These values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2.

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Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Contractual Obligations in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

Off-Balance Sheet Arrangements

The Company uses off-balance sheet arrangements in situations where management believes that the economics and sound business principles warrant their use.

We utilize operating leases for certain rental equipment and facilities with terms expiring substantially through 2019. In the event of a shortfall in proceeds from the sales of the underlying rental equipment assets, we have guaranteed $132.4 million of residual values at June 30, 2012 for these assets at the end of their respective lease terms. We have been leasing rental equipment since 1987. To date, we have not experienced residual value shortfalls related to these leasing arrangements. Using the average cost of fleet related debt as the discount rate, the present value of our minimum lease payments and residual value guarantees were $367.1 million at June 30, 2012.

Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 10, Related Party Transactions of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when the Company’s overall borrowing structure was more limited. The Company does not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $8.6 million from the above mentioned entities during the first quarter of fiscal 2013 and 2012, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Blackwater is wholly-owned by Mark V. Shoen, a significant shareholder of AMERCO. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant shareholder and director of AMERCO, has an interest in Mercury.

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. Total lease payments pursuant to such leases were $0.7 million and $0.6 million in the first quarters of fiscal 2013 and 2012, respectively. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At June 30, 2012, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based on equipment rental revenues. We paid the above mentioned entities $11.6 million and $10.6 million in commissions pursuant to such dealership contracts during the first quarter of fiscal 2013 and 2012, respectively.

During the first quarter of fiscal 2013, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater. The Company does not have an equity ownership interest in SAC Holdings. The Company recorded interest income of $2.5 million and $4.8 million, and received cash interest payments of $7.2 million and $4.3 million, from SAC Holdings during the first quarter of fiscal 2013 and 2012, respectively. The largest aggregate amount of notes receivable outstanding during the first quarter of fiscal 2013 was $195.4 million and the aggregate notes receivable balance at June 30, 2012 was $73.1 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2019 and 2024. During the first quarter we received $127.3 million in repayments on the notes and interest receivables.

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These agreements along with notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $8.2 million, expenses of $0.7 million and cash flows of $138.4 million during the first quarter of fiscal 2013. Revenues and commission expenses related to the Dealer Agreements were $53.1 million and $11.6 million, respectively during the first quarter of fiscal 2013.

Fiscal 2013 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals. Revenue in the U-Move program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to the continuing adverse economic conditions that are beyond our control.

We have added new storage locations and expanded at existing locations. In fiscal 2013, we are looking to continue to acquire new locations, complete current projects and increase occupancy in our existing portfolio of locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. In the current environment we have focused fewer resources on new construction than in recent history. We will continue to invest capital and resources in the U-BoxTM storage container program throughout fiscal 2013.

Our Property and Casualty Insurance operating segment will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove, Safetow, Super Safemove and Safestor protection packages to U-Haul customers.

Our Life Insurance operating segment is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, projections of revenues, earnings or loss, estimates of capital expenditures, plans for future operations, products or services, financing needs and plans, our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the risk factors set forth in the section entitled Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012, as well as the following: our ability to operate pursuant to the terms of its credit facilities; our ability to maintain contracts that are critical to our operations; the costs and availability of financing; our ability to execute our business plan; our ability to attract, motivate and retain key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our credit ratings; the availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation against us; changes in accounting standards and other factors described in this Quarterly Report or the other documents we file with the SEC. The above factors, the following disclosures, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease.  We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations.

Notional Amount			Fair Value			Effective Date	Expiration Date	Fixed Rate			Floating Rate
(Unaudited)
(In thousands)
$	42,318	(a)	$	(437	)	10/10/2006	10/10/2012		5.57	%	1 Month LIBOR
	17,196			(885	)	7/10/2006	7/10/2013		5.67	%	1 Month LIBOR
	241,667			(50,838	)	8/18/2006	8/10/2018		5.43	%	1 Month LIBOR
	11,300			(817	)	2/12/2007	2/10/2014		5.24	%	1 Month LIBOR
	7,545			(552	)	3/12/2007	3/10/2014		4.99	%	1 Month LIBOR
	7,550			(495	)	3/12/2007	3/10/2014		4.99	%	1 Month LIBOR
	8,800	(a)		(702	)	8/15/2008	6/15/2015		3.62	%	1 Month LIBOR
	8,867			(763	)	8/29/2008	7/10/2015		4.04	%	1 Month LIBOR
	13,641			(1,352	)	9/30/2008	9/10/2015		4.16	%	1 Month LIBOR
	7,350	(a)		(374	)	3/30/2009	3/30/2016		2.24	%	1 Month LIBOR
	9,938	(a)		(464	)	8/15/2010	7/15/2017		2.15	%	1 Month LIBOR
	21,250	(a)		(1,132	)	6/1/2011	6/1/2018		2.38	%	1 Month LIBOR
	41,667	(a)		(1,446	)	8/15/2011	8/15/2018		1.86	%	1 Month LIBOR
	17,000	(a)		(534	)	9/12/2011	9/10/2018		1.75	%	1 Month LIBOR
	14,759	(b)		(297	)	3/28/2012	3/28/2019		1.42	%	1 Month LIBOR
	24,375			(309	)	4/16/2012	4/1/2019		1.28	%	1 Month LIBOR
(a) forward swap
(b) operating lease

As of June 30, 2012, we had $519.9 million of variable rate debt obligations and $14.8 million of a variable rate operating lease. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $0.4 million annually (after consideration of the effect of the above derivative contracts.)

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 6.2% and 6.5% of our revenue was generated in Canada during the first quarter of fiscal 2013 and 2012, respectively. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

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Item 4. Controls and Procedures

Attached as exhibits to this Quarterly Report are certifications of our Chief Executive Officer (“CEO”) and Chief Accounting Officer (“CAO”), which are required in accordance with Rule 13a-14 of the Exchange Act. This "Controls and Procedures" section includes information concerning the controls and procedures evaluation referred to in the certifications and it should be read in conjunction with the certifications for a more complete understanding of the topics presented in the section, Evaluation of Disclosure Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the CEO and CAO, conducted an evaluation of the effectiveness of the design and operation of the Company’s "disclosure controls and procedures" (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end of the period covered by this Quarterly Report. Our Disclosure Controls are designed to reasonably assure that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our Disclosure Controls are also designed to reasonably assure that such information is accumulated and communicated to our management, including our CEO and CAO, as appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation, our CEO and CAO have concluded that as of the end of the period covered by this Quarterly Report, our Disclosure Controls were effective related to the above stated design purposes.

Inherent Limitations on the Effectiveness of Controls

The Company's management, including our CEO and CAO, does not expect that our Disclosure Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II OTHER INFORMATION

Item 1.  Legal Proceedings

For information regarding our legal proceedings please see Note 9, Contingencies of the Notes to Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

We are not aware of any material updates to the risk factors described in the Company’s previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On December 3, 2008, the Board authorized us, using management’s discretion, to buy back shares from former employees who were participants in our Employee Stock Ownership Plan (“ESOP”). To be eligible for consideration, the employees’ respective ESOP account balances must be valued at more than $1,000 at the then-prevailing market prices but have less than 100 shares. No such shares have been purchased.

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Item 3. Defaults upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The following documents are filed as part of this report:

Exhibit Number	Description	Page or Method of Filing
3.1	Restated Articles of Incorporation of AMERCO	Incorporated by reference to AMERCO’s Registration Statement on form S-4, filed March 30, 2004, file no. 1-11255
3.2	Restated Bylaws of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K ,filed on September 10, 2010, file no. 1-11255
4.1	Nineteenth Supplemental Indenture, dated May 14, 2012 by and between AMERCO and U.S. Bank National Association	Incorporated by reference to AMERCO’s Current Report on Form 8-K ,filed on May 14, 2012, file no. 1-11255
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	XBRL Instance Document	Furnished herewith
101.SCH	XBRL Taxonomy Extension Schema	Furnished herewith
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	Furnished herewith
101.LAB	XBRL Taxonomy Extension Label Linkbase	Furnished herewith
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	Furnished herewith
101.DEF	XBRL Taxonomy Extension Definition Linkbase	Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERCO

Date:  August 8, 2012                                                                                                                   /s/ Edward J. Shoen                                                                

Edward J. Shoen

President and Chairman of the Board

(Duly Authorized Officer)

Date:  August 8, 2012                                                                                                                   /s/ Jason A. Berg                                                                

Jason A. Berg

Chief Accounting Officer

(Principal Financial Officer)

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EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Edward J. Shoen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant’s, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 /s/ Edward J. Shoen                                                

Edward J. Shoen

President and Chairman of the

Board of AMERCO

Date: August 8, 2012

EX-31.2

 EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Jason A. Berg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant’s, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 /s/ Jason A. Berg

Jason A. Berg

Principal Financial Officer and

Chief Accounting Officer of AMERCO

Date:  August 8, 2012

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended June 30, 2012 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 8, 2012 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

AMERCO,

a Nevada corporation

/s/ Edward J. Shoen                                           

Edward J. Shoen

President and Chairman of the Board

Date:  August 8, 2012

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended June 30, 2012 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 8, 2012 (the “Report”), I, Jason A. Berg, Chief Accounting Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

AMERCO,

a Nevada corporation

/s/ Jason A. Berg                                           

Jason A. Berg

Principal Financial Officer and

Chief Accounting Officer

Date:  August 8, 2012

XML

Consolidated Cash Flow Statement by Industry Segment (Table Text Block)

3 Months Ended

Jun. 30, 2012

Table Text Block Supplement [Abstract]

Consolidated cash flow statement by industry segment

Consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	80,569		$	63,331		$	702		$	(64,033	)	$	80,569		$	1,681		$	901		$	(2,582	)		$	80,569
Earnings from consolidated entities		(66,615	)		-			-			64,033			(2,582	)		-			-			2,582				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1			59,836			3,804			-			63,641			-			-			-				63,641
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			2,811			-				2,811
Change in allowance for losses on trade receivables		-			(102	)		-			-			(102	)		-			-			-				(102	)
Change in allowance for inventory reserve		-			695			-			-			695			-			-			-				695
Net gain on sale of real and personal property		-			(7,516	)		-			-			(7,516	)		-			-			-				(7,516	)
Net loss on sale of investments		-			-			-			-			-			12			27			-				39
Deferred income taxes		4,399			-			-			-			4,399			(236	)		478			-				4,641
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(12,416	)		-			-			(12,416	)		38,152			(2,250	)		-				23,486
Inventories		-			(5,398	)		-			-			(5,398	)		-			-			-				(5,398	)
Prepaid expenses		9,496			(9,063	)		(166	)		-			267			-			-			-				267
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(5,420	)		-				(5,420	)
Other assets		3			19,649			(259	)		-			19,393			1,164			(39	)		-				20,518
Related party assets		(1,488	)		146,547			2			-			145,061			(222	)		-			(5,320	)	(b)		139,519
Accounts payable and accrued expenses		27,709			20,736			181			-			48,626			-			(645	)		-				47,981
Policy benefits and losses, claims and loss expenses payable		-			6,777			-			-			6,777			(42,772	)		11,753			-				(24,242	)
Other policyholders' funds and liabilities		-			-			-			-			-			(703	)		(1,181	)		-				(1,884	)
Deferred income		-			6,457			-			-			6,457			-			-			-				6,457
Related party liabilities		-			1,447			-			-			1,447			105			(21	)		-				1,531
Net cash provided (used) by operating activities		54,074			290,980			4,264			-			349,318			(2,819	)		6,414			(5,320	)			347,593
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(131,874	)		(25,912	)		-			(157,786	)		-			-			-				(157,786	)
Short term investments		-			-			-			-			-			(22,430	)		(37,965	)		5,320		(b)		(55,075	)
Fixed maturities investments		-			-			-			-			-			(9,576	)		(40,977	)		-				(50,553	)
Mortgage loans		-			(5,048	)		(7,583	)		-			(12,631	)		(1,821	)		-			-				(14,452	)
Proceeds from sales of:
Property, plant and equipment		-			62,426			-			-			62,426			-			-			-				62,426
Short term investments		-			-			-			-			-			19,710			46,683			-				66,393
Fixed maturities investments		-			-			-			-			-			12,983			10,995			-				23,978
Preferred stock		-			-			-						-			1,003			-			-				1,003
Real estate		-			-			-			-			-			-			4			-				4
Mortgage loans		-			8,029			1,073			-			9,102			577			1,868			-				11,547
Net cash provided (used) by investing activities		-			(66,467	)		(32,422	)		-			(98,889	)		446			(19,392	)		5,320				(112,515	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			26,187			-			-		26,187			-			-			-		26,187
Principal repayments on credit facilities		-			(55,254	)		(5,888	)		-		(61,142	)		-			-			-		(61,142	)
Capital lease payments		-			(3,888	)		-			-		(3,888	)		-			-			-		(3,888	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			162			-			-		162			-			-			-		162
Securitization deposits		-			(908	)		-					(908	)		-			-			-		(908	)
Proceeds from (repayment of) intercompany loans		(55,326	)		21,300			34,026			-		-			-			-			-		-
Investment contract deposits		-			-			-			-		-			-			28,993			-		28,993
Investment contract withdrawals		-			-			-			-		-			-			(7,967	)		-		(7,967	)
Net cash provided (used) by financing activities		(55,326	)		(12,401	)		28,138			-		(39,589	)		-			21,026			-		(18,563	)
Effects of exchange rate on cash		-			(376	)		-			-		(376	)		-			-			-		(376	)
Increase (decrease) in cash and cash equivalents		(1,252	)		211,736			(20	)		-		210,464			(2,373	)		8,048			-		216,139
Cash and cash equivalents at beginning of period		201,502			106,951			775			-		309,228			15,462			25,410			-		350,100
Cash and cash equivalents at end of period	$	200,250		$	318,687		$	755		$	-	$	519,692		$	13,089		$	33,458		$	-	$	566,239
	(page 2 of 2)
(a) Balance for the period ended March 31, 2012

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 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	)		(26,335	)		-				(37,146	)
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			9,108			1,128			-			10,396			215			(25	)		-				10,586
Related party assets		12			4,527			(15	)		-			4,524			(7	)		-			(7,715	)	(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			12,724			-				4,517
Other policyholders' funds and liabilities		-			-			-			-			-			141			(1,225	)		-				(1,084	)
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			96,877			4,841			-			155,943			1,948			3,400			(7,872	)			153,419
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) Eliminate 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		-			28,558			30,000			-		58,558			-		-			-			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		-			27,953			-			-		27,953			-		-			-			27,953
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			164	(c)		(3,077	)
Contribution from related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		2,588			-			2,588
Investment contract withdrawals		-			-			-			-		-			-		(8,195	)		-			(8,195	)
Net cash provided (used) by financing activities		(234,752	)		110,651			10,597			-		(113,504	)		-		(5,607	)		7,872			(111,239	)
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) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

XML

Accumulated Other Comprehensive Income (Loss) Components of Net of Tax (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Foreign Currency Translation	Jun. 30, 2012 Unrealized Gain (Loss) on Investments	Jun. 30, 2012 Fair Market Value of Cash Flow Hedges	Jun. 30, 2012 Postretirement Benefit Obligation Gain (Loss)	Mar. 31, 2012 Postretirement Benefit Obligation Gain (Loss)
Balance as of March 31, 2012	$ (45,436)		$ (28,882)	$ 20,866	$ (38,129)	$ 709	$ 709
Foreign currency translation	(1,929)	992	(1,929)
Unrealized loss on investments	1,293	(3,377)		1,293
Change in fair value of cash flow hedges	(319)				(319)
Other comprehensive income (loss), net of tax, increase (decrease)	(955)		(1,929)	1,293	(319)
Balance as of June 30, 2012	$ (46,391)		$ (30,811)	$ 22,159	$ (38,448)	$ 709	$ 709

XML

Long-term Debt Borrowings (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012		Mar. 31, 2012
Debt instrument, maturities:
Notes, loans and leases payable	$ 1,540,538		$ 1,486,211
Real estate loan (amortizing term) - First
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage (a)	6.93%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2018
Notes, loans and leases payable	242,500		245,000
Real estate loan (revolving credit) - First
Debt instrument, maturities:
Debt instrument, maturity year	2018
Real estate loan (amortizing term) - Second
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage (a)	2.14%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2016
Notes, loans and leases payable	25,227		25,451
Real estate loan (revolving credit) - Second
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage (a)	1.74%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2013
Notes, loans and leases payable	23,920		23,920
Senior mortgages
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	5.47%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	5.75%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2015
Notes, loans and leases payable	456,163		459,822
Working capital Loan (revolving credit)
Debt instrument, maturities:
Debt instrument, maturity year	2013
Fleet loans (amortizing term)
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	3.00%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	7.95%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2012
Debt instrument, maturity year range, end	2019
Notes, loans and leases payable	365,212		384,888
Fleet loans (securitization)
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	4.90%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	5.56%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2014
Debt instrument, maturity year range, end	2017
Notes, loans and leases payable	218,579		228,655
Capital lease obligations
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	2.17%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	9.57%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2012
Debt instrument, maturity year range, end	2019
Notes, loans and leases payable	199,585		109,689
Other obligations [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	3.00%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	8.00%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2013
Debt instrument, maturity year range, end	2042
Notes, loans and leases payable	$ 9,352		$ 8,786

[1] Interest rate as of June 30, 2012, including the effect of applicable hedging instruments

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Available-for-sale Securities Fair Value and Gross Realized Gains (Losses) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Available-for-sale securities, gross realized gain (loss) disclosures:
Fair value of sold available-for-sale securities	$ 25
Other-then-temporary impairment investments:
Other-than-temporary impairments	$ 0.1
Bank of America common stock owned	1,800,000

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Lease Commitments for Leases having Terms of More than One Year (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Year-ended June 30:
2013	$ 108,746
2014	89,747
2015	55,037
2016	22,125
2017	12,266
Thereafter	20,220
Total	308,141
Property, Plant and Equipment
Year-ended June 30:
2013	14,235
2014	12,109
2015	969
2016	808
2017	714
Thereafter	5,461
Total	34,296
Rental Equipment
Year-ended June 30:
2013	94,511
2014	77,638
2015	54,068
2016	21,317
2017	11,552
Thereafter	14,759
Total	$ 273,845

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Related Party Notes Receivable and Management Fees [Text] (Details) (USD $)	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Mar. 31, 2012
SAC Holdings
Related party notes receivable:
Notes receivable outstanding	$ 73,053,000		$ 195,426,000
Various Subsidiaries of Amerco | SAC Holdings
Related party notes receivable:
Cash interest payments	7,200,000	4,300,000
Earliest maturity year	2019	2019
Latest maturity year	2024	2024
Repayments of SAC Holdings notes and interest receivables	127,300,000
Amerco and U-Haul Int'l | Private Mini
Related party notes receivable:
Cash interest payments	1,400,000	1,400,000
Notes receivable outstanding	66,200,000		66,300,000
Amerco | SAC Holdings, Mercury, Four SAC, Five SAC, Galaxy and Private Mini
Management fees revenue:
Management fees received exclusive of reimbursed expenses	$ 9,400,000	$ 8,600,000
Management fee rate, lowest	4.00%	4.00%
Management fee rate, highest	10.00%	10.00%

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Adjusted Cost and Estimated Market Value Available-for-sale Investments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Available-for-sale securities, amortized cost:
Amortized cost	$ 754,941
Available-for-sale securities, fair value:
Estimated market value	793,382	766,792
U.S. treasury, government, and corporate securities
Available-for-sale securities, amortized cost:
Due in one year or less	43,244
Due after one year through five years	151,997
Due after five years through ten years	187,143
Due after ten years	312,566
Amortized cost	694,950
Available-for-sale securities, fair value:
Due in one year or less	43,995
Due after one year through five years	161,472
Due after five years through ten years	200,440
Due after ten years	338,569
Estimated market value	744,476
Mortgage-backed securities
Available-for-sale securities, amortized cost:
Amortized cost	8,885
Available-for-sale securities, fair value:
Estimated market value	9,138
Redeemable preferred stock
Available-for-sale securities, amortized cost:
Amortized cost	23,370
Available-for-sale securities, fair value:
Estimated market value	23,935
Equity security investments
Available-for-sale securities, amortized cost:
Amortized cost	27,736
Available-for-sale securities, fair value:
Estimated market value	$ 15,833

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Lease Commitments for Leases having Terms of More than One Year (Table Text Block)

3 Months Ended

Jun. 30, 2012

Leases, Operating [Abstract]

Operating leases of lessee disclosure

Lease commitments for leases having terms of more than one year were as follows:

	Property, Plant and Equipment		Rental Equipment		Total
	(Unaudited)
			(In thousands)
Year-ended June 30:
2013	$	14,235	$	94,511	$	108,746
2014		12,109		77,638		89,747
2015		969		54,068		55,037
2016		808		21,317		22,125
2017		714		11,552		12,266
Thereafter		5,461		14,759		20,220
Total	$	34,296	$	273,845	$	308,141

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Related Party Costs and Expenses [Text] (Details) (SAC Holdings, Four SAC, Five SAC, Galaxy, and Private Mini, USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
SAC Holdings, Four SAC, Five SAC, Galaxy, and Private Mini
Related party costs and expenses:
Revenue, excluding dealer agreement commissions and expenses	$ 8.2
Revenue, generated by the dealer agreement from related parties	53.1
Commission expenses, generated from dealer agreement with related parties	11.6
Expenses, related parties	0.7
Cash flow, related party	$ 138.4

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Total Notional Amount Variable Interest Rate Swap (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Notional amounts:
Total notional amount of Company's variable interest rate swaps on debt	$ 480.5
Notional amount on operating lease	$ 14.8

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Related Party Costs and Expenses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Related party costs and expenses:
Related party expenses, total	$ 12,290	$ 11,269
SAC Holdings
Related party costs and expenses:
U-Haul lease expenses	661	623
U-Haul commission expenses	10,934	10,003
Private Mini
Related party costs and expenses:
U-Haul commission expenses	$ 695	$ 643

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Additional Paid in Capital and Insurance Subsidiaries Activity in Stockholders' Equity (Details) (USD $)	3 Months Ended
	Jun. 30, 2011
Additional paid in capital:
Payments for repurchase preferred stock	$ 144,289,000
Series A preferred stock redemption date	Jun. 01, 2011
Insurance subsidiaries
Additional paid in capital:
Payments for repurchase preferred stock	7,700,000
Reduction of insurance company holdings	5,900,000
AMERCO /NV/
Additional paid in capital:
Payments for repurchase preferred stock	151,997,000
Amerco Payment for Stock
Additional paid in capital:
Prior to redemption additional paid-in capital cost	146,300,000
Payments for repurchase preferred stock	$ 152,500,000

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Rental Equipment Operating Leases (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Contingent liabilities and commitments:
Guaranteed residual value	132.4
Rental equipment
Contingent liabilities and commitments:
Lease expiration date	2019
Started leasing equipment date	1987

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Long-term Debt Borrowings, Text Portion (Details) (USD $)							3 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2012 U-Haul Guarantor	Mar. 31, 2012 U-Haul Guarantor	Jun. 30, 2012 Capital Lease Obligations	Mar. 31, 2012 Capital Lease Obligations	Jun. 30, 2012 Amerco Real Estate, Subsidiaries, and U-Haul Co. of Florida Mortgages U-Haul Guarantor	Jun. 30, 2012 Amerco Real Estate, Subsidiaries, and U-Haul Co. of Florida Line of Credit U-Haul Guarantor	Jun. 30, 2012 Amerco Real Estate and Subsidiaries of U-Haul Int'l Construction Loans U-Haul Int'l and Amerco Guarantor	Jun. 30, 2012 Amerco Real Estate and U-Haul Company of Florida Line of Credit U-Haul Int'l and Amerco Guarantor	Jun. 30, 2012 Various Subsidiaries of Amerco Real Estate and U-Haul Int'l Senior Mortgage Amerco Real Estate and U-Haul Int'l Guarantor	Jun. 30, 2012 Amerco Real Estate Company Construction Loans	Jun. 30, 2012 U-Haul Int'l and Subsidiaries Rental Truck (Amortizing Credit) First Loan U-Haul Int'l and Amerco Guarantor	Jun. 30, 2012 U-Haul Int'l and Subsidiaries Rental Truck (Amortizing Credit) Second Loan U-Haul Int'l and Amerco Guarantor	Jun. 30, 2012 Subsidiaries of U-Haul Int'l Cargo Van and Pickup Acquisitions U-Haul Int'l and Amerco Guarantor	Jun. 30, 2012 U-Haul S Fleet 2007 Box Truck Note Securitization First Loan	Jun. 30, 2012 U-Haul S Fleet 2010 Box Truck Note Securitization Second Loan	Jun. 30, 2012 Amerco Capital Leases for New Equipment	Jun. 30, 2012 Amerco and US Bank, National Association, the Trustee Premium Financing Arrangement [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage							6.93%								3.52%	5.56%	4.90%
Debt instrument, interest rate, stated percentage rate range, minimum								1.50%			5.47%		3.00%	3.94%					3.00%
Debt instrument, interest rate, stated percentage rate range, maximum								2.00%			5.75%		6.92%	7.95%	3.53%				8.00%
Debt instruments, interest rate, effective percentage:
LIBOR							0.25%		0.24%	0.24%			0.24%
LIBOR - highest rate													0.25%
Applicable margin interest rate							1.50%		1.90%	1.50%		1.25%
Applicable margin interest rate, adjusted										1.25%
Debt instrument, interest rate at period end							1.75%		2.14%	1.74%
Applicable margin, per loan agreement, minimum rate													0.90%
Applicable margin, per loan agreement, maximum rate													2.63%
Applicable margins, low rate													0.90%
Applicable margins, high rate													2.63%
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount							$ 300,000,000								$ 115,000,000
Debt instrument, original face amount															85,000,000
Debt instrument, increase in face amount															95,000,000
Debt instrument, associate another note amount															20,000,000
Line of credit facility, maximum borrowing capacity								198,800,000	26,100,000	100,000,000		25,000,000				217,000,000	155,000,000
Line of credit facility, remaining borrowing capacity								198,800,000		76,100,000		25,000,000
Notes, loans and leases payable	1,540,538,000	1,486,211,000	829,712,000	769,497,000	199,585,000	109,689,000	242,500,000		25,200,000		456,200,000		250,200,000	22,000,000		95,100,000	123,500,000	199,600,000	15,300,000
Subsidiary holdings of parent company debt																			$ 6,100,000
Debt instruments, issuance and maturity dates:
Mortgage loans on real estate, final maturity date							Aug. 10, 2018	Aug. 10, 2018	Jun. 30, 2016	Apr. 30, 2013
Debt instrument, maturity date												Nov. 30, 2013			Aug. 26, 2016	Feb. 25, 2014	Oct. 25, 2017
Debt instrument, maturity date range, start											2015-07-01		2012-10-12	2013-07-01					2013-06-30
Debt instrument, maturity date range, end											2015-10-11		2019-04-16	2018-12-01					2042-05-31
Debt instrument, issuance date									2006-06-29	2011-04-29					2009-12-31	2007-06-01	2010-10-28		2011-02-28
Loan modification and extension date									2011-06-27	2012-03-31		2012-03-31			2017-05-31
Term note amended date															2011-08-26
Debt instrument, earliest issuance date																		2008-04-29
Debt instrument, latest issuance date															2011-12-22			2012-06-26
Purchase equipment through fiscal year																2008
Debt instruments, miscellaneous information:
Terms of lease																		Between 3 and 7 years

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Annual Maturities of Notes, Loans and Leases Payable (Table Text Block)

3 Months Ended

Jun. 30, 2012

Debt Instruments [Abstract]

Schedule of long-term debt instrument

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of June 30, 2012 for the next five years and thereafter are as follows:

	Year Ended June 30,
	2013		2014		2015		2016		2017		Thereafter
	(Unaudited)
	(In thousands)
Notes, loans and leases payable, secured	$	186,568	$	199,841	$	95,891	$	512,949	$	235,205	$	310,084

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Interest Rates and Company Borrowings (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Interest and debt expense:
Weighted average interest rate during the quarter	1.74%	1.72%
Interest rate at the end of the quarter	1.74%	0.00%
Maximum amount outstanding during the quarter	$ 23,920	$ 15,000
Average amount outstanding during the period	23,920	14,341
Facility fees	$ 178	$ 57

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Financial Instruments within the Fair Value Hierarchy (Table Text Block)

3 Months Ended

Jun. 30, 2012

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair value, assets and liabilities measured on recurring and nonrecurring basis

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

Assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure ("ASC 820") requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at June 30, 2012, that are subject to ASC 820 and the valuation approach applied to each of these items.

	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
Assets
Short-term investments	$	542,083	$	542,083	$	-	$	-
Fixed maturities - available for sale		753,614		665,000		87,413		1,201
Preferred stock		23,935		23,935		-		-
Common stock		15,833		15,833		-		-
Total	$	1,335,465	$	1,246,851	$	87,413	$	1,201
Liabilities
Guaranteed residual values of TRAC leases	$	-	$	-	$	-	$	-
Derivatives		61,397		-		61,397		-
Total	$	61,397	$	-	$	61,397	$	-

 Our fair value measurement takes place at the end of each quarter. At the end of the first quarter of fiscal 2013, we transferred $2.3 million of fixed maturities - available for sale from Level 1 to Level 2 due to a reduction in the pricing source available.

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Company Redemption of Series A Preferred Stock in Stockholders' Equity (Details) (USD $)	3 Months Ended
	Jun. 30, 2011
Series A preferred stock redemption date	Jun. 01, 2011
Company redeemed Series A 8 1/2% preferred stock	6,100,000
Preferred stock, dividend percentage rate	8.50%
Redemption price per share	$ 25.00

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Consolidated Balance Sheet by Industry Segment (Table Text Block)

3 Months Ended

Jun. 30, 2012

Table Text Block Supplement [Abstract]

Consolidated balance sheet by industry segment

Consolidating balance sheets by industry segment as of June 30, 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
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	200,250		$	318,687		$	755		$	-			$	519,692		$	13,089	$	33,458	$	-			$	566,239
Reinsurance recoverables and trade receivables, net		-			49,621			-			-				49,621			193,059		31,913		-				274,593
Inventories, net		-			63,438			-			-				63,438			-		-		-				63,438
Prepaid expenses		-			41,109			477			-				41,586			-		-		-				41,586
Investments, fixed maturities and marketable equities		14,511			-			-			-				14,511			130,227		648,644		-				793,382
Investments, other		-			6,899			48,963			-				55,862			85,800		120,794		-				262,456
Deferred policy acquisition costs, net		-			-			-			-				-			-		64,075		-				64,075
Other assets		480			73,015			26,830			-				100,325			343		242		-				100,910
Related party assets		1,256,503			114,775			7			(1,199,675	)	(c)		171,610			7,761		514		(10,088	)	(c)		169,797
		1,471,744			667,544			77,032			(1,199,675	)			1,016,645			430,279		899,640		(10,088	)			2,336,476
Investment in subsidiaries		75,169			-			-			269,676		(b)		344,845			-		-		(344,845	)	(b)		-
Property, plant and equipment, at cost:
Land		-			71,266			226,261			-				297,527			-		-		-				297,527
Buildings and improvements		-			167,323			937,992			-				1,105,315			-		-		-				1,105,315
Furniture and equipment		138			287,919			18,384			-				306,441			-		-		-				306,441
Rental trailers and other rental equipment		-			270,621			-			-				270,621			-		-		-				270,621
Rental trucks		-			1,971,558			-			-				1,971,558			-		-		-				1,971,558
		138			2,768,687			1,182,637			-				3,951,462			-		-		-				3,951,462
Less:  Accumulated depreciation		(116	)		(1,086,698	)		(362,288	)		-				(1,449,102	)		-		-		-				(1,449,102	)
Total property, plant and equipment		22			1,681,989			820,349			-				2,502,360			-		-		-				2,502,360
Total assets	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279	$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 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
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	28,801		$	340,668		$	3,790		$	-			$	373,259		$	-		$	8,753	$	-			$	382,012
Notes, loans and leases payable		-			829,712			710,826			-				1,540,538			-			-		-				1,540,538
Policy benefits and losses, claims and loss expenses payable		-			386,415			-			-				386,415			340,167			394,618		-				1,121,200
Liabilities from investment contracts		-			-			-			-				-			-			261,987		-				261,987
Other policyholders' funds and liabilities		-			-			-			-				-			2,735			2,654		-				5,389
Deferred income		-			37,960			-			-				37,960			-			-		-				37,960
Deferred income taxes		401,238			-			-			-				401,238			(41,349	)		15,201		-				375,090
Related party liabilities		-			877,570			331,885			(1,199,675	)	(c)		9,780			1,657			151		(11,588	)	(c)		-
Total liabilities		430,039			2,472,325			1,046,501			(1,199,675	)			2,749,190			303,210			683,364		(11,588	)			3,724,176
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		434,737			121,230			147,941			(269,171	)	(b)		434,737			89,620			26,271		(116,101	)	(b)		434,527
Accumulated other comprehensive income (loss)		(46,391	)		(68,550	)		-			68,550		(b)		(46,391	)		3,801			25,196		(28,997	)	(b)		(46,391	)
Retained earnings (deficit)		1,395,703			(173,776	)		(297,062	)		470,838		(b)		1,395,703			30,347			162,309		(192,446	)	(b)		1,395,913
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		-			(2,236	)		-			-				(2,236	)		-			-		-				(2,236	)
Total stockholders' equity (deficit)		1,116,896			(122,792	)		(149,120	)		269,676				1,114,660			127,069			216,276		(343,345	)			1,114,660
Total liabilities and stockholders' equity	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279		$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(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)
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

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Interest Rate Contracts Designated as Hedging Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Derivatives, Fair Value [Line Items]
Interest rate contracts designated as hedging instruments	$ 61,397	$ 59,313

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Company Redemption of Series A Preferred Stock (Details) (USD $)	3 Months Ended
	Jun. 30, 2011
Series A preferred stock redemption date	Jun. 01, 2011
Company redeemed Series A 8 1/2% preferred stock	6,100,000
Preferred stock, dividend percentage rate	8.50%
Redemption price per share	$ 25.00

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Consolidated Cash Flow Statement by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012		Jun. 30, 2011
Cash flow from operating activities:
Net earnings	$ 80,569		$ 78,223
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	63,641		54,068
Amortization of deferred policy acquisition costs	2,811		4,375
Change in allowance for losses on trade receivables	(102)		135
Change in allowance for inventory reserves	695		1,377
Net gain on sale of real and personal property	(7,516)		(9,710)
Net gain on sale of investments	39		(3,516)
Deferred income taxes	4,641		32,446
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	23,486		(37,146)
Inventories	(5,398)		(393)
Prepaid expenses	267		1,150
Capitalization of deferred policy acquisition costs	(5,420)		(4,518)
Other assets	20,518		10,586
Related party assets	139,519		(3,198)
Accounts payable and accrued expenses	47,981		17,534
Policy benefits and losses, claims and loss expenses payable	(24,242)		4,517
Other policyholders' funds and liabilities	(1,884)		(1,084)
Deferred income	6,457		8,328
Related party liabilities	1,531		245
Net cash provided by operating activities	347,593		153,419
Purchase of:
Property, plant and equipment	(157,786)		(215,779)
Short term investments	(55,075)		(66,363)
Equity securities			(8,759)
Real estate			(12)
Mortgage loans	(14,452)		(36,202)
Proceeds from sale of:
Property, plant and equipment	62,426		55,010
Short term investments	66,393		79,877
Equity securities			8,800
Real estate	4		34
Mortgage loans	11,547		17,992
Net cash used by investing activities	(112,515)		(173,967)
Cash flow from financing activities:
Borrowings from credit facilities	26,187		58,558
Principal repayments on credit facilities	(61,142)		(42,252)
Debt issuance costs			(560)
Capital lease payments	(3,888)		(1,727)
Leveraged Employee Stock Ownership Plan - repayments from loan	162		280
Securitization deposits	(908)		27,953
Preferred stock redemption paid			(144,289)
Preferred stock dividends paid			(3,077)
Contribution to related party			(518)
Investment contract deposits	28,993		2,588
Investment contract withdrawals	(7,967)		(8,195)
Net cash used by financing activities	(18,563)		(111,239)
Effects of exchange rate on cash	(376)		44
Increase (decrease) in cash and cash equivalents	216,139		(131,743)
Cash and cash equivalents at the beginning of period	350,100		375,496
Cash and cash equivalents at the end of the period	566,239		243,753
Property and Casualty Insurance
Cash flow from operating activities:
Net earnings	1,681	[1]	1,234	[2]
Adjustments to reconcile net earnings to cash provided by operations:
Net gain on sale of investments	12	[1]	21	[2]
Deferred income taxes	(236)	[1]	210	[2]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	38,152	[1]	(1,229)	[2]
Other assets	1,164	[1]	215	[2]
Related party assets	(222)	[1]	(7)	[2]
Policy benefits and losses, claims and loss expenses payable	(42,772)	[1]	1,726	[2]
Other policyholders' funds and liabilities	(703)	[1]	141	[2]
Related party liabilities	105	[1]	(363)	[2]
Net cash provided by operating activities	(2,819)	[1]	1,948	[2]
Purchase of:
Short term investments	(22,430)	[1]	(15,853)	[2]
Real estate			(12)	[2]
Mortgage loans	(1,821)	[1]	(11,639)	[2]
Proceeds from sale of:
Short term investments	19,710	[1]	19,134	[2]
Real estate			34	[2]
Mortgage loans	577	[1]	9,915	[2]
Net cash used by investing activities	446	[1]	2,856	[2]
Cash flow from financing activities:
Increase (decrease) in cash and cash equivalents	(2,373)	[1]	4,804	[2]
Cash and cash equivalents at the beginning of period	15,462	[3]	14,700	[2]
Cash and cash equivalents at the end of the period	13,089	[4]	19,504	[2]
Life Insurance
Cash flow from operating activities:
Net earnings	901	[1]	1,367	[2]
Adjustments to reconcile net earnings to cash provided by operations:
Amortization of deferred policy acquisition costs	2,811	[1]	4,375	[2]
Change in allowance for losses on trade receivables			2	[2]
Net gain on sale of investments	27	[1]	(3,049)	[2]
Deferred income taxes	478	[1]	2,094	[2]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(2,250)	[1]	(26,335)	[2]
Capitalization of deferred policy acquisition costs	(5,420)	[1]	(4,518)	[2]
Other assets	(39)	[1]	(25)	[2]
Accounts payable and accrued expenses	(645)	[1]	18,018	[2]
Policy benefits and losses, claims and loss expenses payable	11,753	[1]	12,724	[2]
Other policyholders' funds and liabilities	(1,181)	[1]	(1,225)	[2]
Related party liabilities	(21)	[1]	(28)	[2]
Net cash provided by operating activities	6,414	[1]	3,400	[2]
Purchase of:
Short term investments	(37,965)	[1]	(50,510)	[2]
Mortgage loans			(2,984)	[2]
Proceeds from sale of:
Short term investments	46,683	[1]	60,743	[2]
Real estate	4	[1]
Mortgage loans	1,868	[1]	628	[2]
Net cash used by investing activities	(19,392)	[1]	(1,965)	[2]
Cash flow from financing activities:
Investment contract deposits	28,993	[1]	2,588	[2]
Investment contract withdrawals	(7,967)	[1]	(8,195)	[2]
Net cash used by financing activities	21,026	[1]	(5,607)	[2]
Increase (decrease) in cash and cash equivalents	8,048	[1]	(4,172)	[2]
Cash and cash equivalents at the beginning of period	25,410	[3]	37,301	[2]
Cash and cash equivalents at the end of the period	33,458	[4]	33,129	[2]
Eliminations
Cash flow from operating activities:
Net earnings	(2,582)		(2,758)
Earnings from consolidated entities	2,582		2,601
Net change in other operating assets and liabilities:
Related party assets	(5,320)	[5]	(7,715)	[5]
Net cash provided by operating activities	(5,320)		(7,872)
Purchase of:
Short term investments	5,320	[5]
Mortgage loans			26,177	[5]
Proceeds from sale of:
Mortgage loans			(26,177)	[5]
Net cash used by investing activities	5,320
Cash flow from financing activities:
Preferred stock redemption paid			7,708	[5]
Preferred stock dividends paid			164	[6]
Net cash used by financing activities			7,872
Moving and Storage Consolidations
Cash flow from operating activities:
Net earnings	80,569		78,380
Earnings from consolidated entities	(2,582)		(2,601)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	63,641		54,068
Change in allowance for losses on trade receivables	(102)		133
Change in allowance for inventory reserves	695		1,377
Net gain on sale of real and personal property	(7,516)		(9,710)
Net gain on sale of investments			(488)
Deferred income taxes	4,399		30,142
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(12,416)		(9,582)
Inventories	(5,398)		(393)
Prepaid expenses	267		1,150
Other assets	19,393		10,396
Related party assets	145,061		4,524
Accounts payable and accrued expenses	48,626		(484)
Policy benefits and losses, claims and loss expenses payable	6,777		(9,933)
Deferred income	6,457		8,328
Related party liabilities	1,447		636
Net cash provided by operating activities	349,318		155,943
Purchase of:
Property, plant and equipment	(157,786)		(215,779)
Equity securities			(8,759)
Mortgage loans	(12,631)		(47,756)
Proceeds from sale of:
Property, plant and equipment	62,426		55,010
Equity securities			8,800
Mortgage loans	9,102		33,626
Net cash used by investing activities	(98,889)		(174,858)
Cash flow from financing activities:
Borrowings from credit facilities	26,187		58,558
Principal repayments on credit facilities	(61,142)		(42,252)
Debt issuance costs			(560)
Capital lease payments	(3,888)		(1,727)
Leveraged Employee Stock Ownership Plan - repayments from loan	162		280
Securitization deposits	(908)		27,953
Preferred stock redemption paid			(151,997)
Preferred stock dividends paid			(3,241)
Contribution to related party			(518)
Net cash used by financing activities	(39,589)		(113,504)
Effects of exchange rate on cash	(376)		44
Increase (decrease) in cash and cash equivalents	210,464		(132,375)
Cash and cash equivalents at the beginning of period	309,228		323,495
Cash and cash equivalents at the end of the period	519,692		191,120
AMERCO /NV/
Cash flow from operating activities:
Net earnings	80,569		78,380
Earnings from consolidated entities	(66,615)		(63,851)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	1		1
Net gain on sale of investments			(488)
Deferred income taxes	4,399		30,142
Net change in other operating assets and liabilities:
Prepaid expenses	9,496		8,958
Other assets	3		160
Related party assets	(1,488)		12
Accounts payable and accrued expenses	27,709		911
Net cash provided by operating activities	54,074		54,225
Purchase of:
Equity securities			(8,759)
Proceeds from sale of:
Equity securities			8,800
Net cash used by investing activities			41
Cash flow from financing activities:
Proceeds from (repayment of) intercompany loans	(55,326)		(78,996)
Preferred stock redemption paid			(151,997)
Preferred stock dividends paid			(3,241)
Contribution to related party			(518)
Net cash used by financing activities	(55,326)		(234,752)
Increase (decrease) in cash and cash equivalents	(1,252)		(180,486)
Cash and cash equivalents at the beginning of period	201,502		250,104
Cash and cash equivalents at the end of the period	200,250		69,618
U-Haul
Cash flow from operating activities:
Net earnings	63,331		60,184
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	59,836		50,815
Change in allowance for losses on trade receivables	(102)		133
Change in allowance for inventory reserves	695		1,377
Net gain on sale of real and personal property	(7,516)		(9,414)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(12,416)		(9,582)
Inventories	(5,398)		(393)
Prepaid expenses	(9,063)		(7,623)
Other assets	19,649		9,108
Related party assets	146,547		4,527
Accounts payable and accrued expenses	20,736		(1,286)
Policy benefits and losses, claims and loss expenses payable	6,777		(9,933)
Deferred income	6,457		8,328
Related party liabilities	1,447		636
Net cash provided by operating activities	290,980		96,877
Purchase of:
Property, plant and equipment	(131,874)		(214,039)
Mortgage loans	(5,048)		(5)
Proceeds from sale of:
Property, plant and equipment	62,426		54,501
Mortgage loans	8,029
Net cash used by investing activities	(66,467)		(159,543)
Cash flow from financing activities:
Borrowings from credit facilities	26,187		28,558
Principal repayments on credit facilities	(55,254)		(21,673)
Debt issuance costs			(474)
Capital lease payments	(3,888)		(1,727)
Leveraged Employee Stock Ownership Plan - repayments from loan	162		280
Securitization deposits	(908)		27,953
Proceeds from (repayment of) intercompany loans	21,300		77,734
Net cash used by financing activities	(12,401)		110,651
Effects of exchange rate on cash	(376)		44
Increase (decrease) in cash and cash equivalents	211,736		48,029
Cash and cash equivalents at the beginning of period	106,951		72,634
Cash and cash equivalents at the end of the period	318,687		120,663
Real Estate
Cash flow from operating activities:
Net earnings	702		1,066
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	3,804		3,252
Net gain on sale of real and personal property			(296)
Net change in other operating assets and liabilities:
Prepaid expenses	(166)		(185)
Other assets	(259)		1,128
Related party assets	2		(15)
Accounts payable and accrued expenses	181		(109)
Net cash provided by operating activities	4,264		4,841
Purchase of:
Property, plant and equipment	(25,912)		(1,740)
Mortgage loans	(7,583)		(47,751)
Proceeds from sale of:
Property, plant and equipment			509
Mortgage loans	1,073		33,626
Net cash used by investing activities	(32,422)		(15,356)
Cash flow from financing activities:
Borrowings from credit facilities			30,000
Principal repayments on credit facilities	(5,888)		(20,579)
Debt issuance costs			(86)
Proceeds from (repayment of) intercompany loans	34,026		1,262
Net cash used by financing activities	28,138		10,597
Increase (decrease) in cash and cash equivalents	(20)		82
Cash and cash equivalents at the beginning of period	775		757
Cash and cash equivalents at the end of the period	755		839
Eliminations
Cash flow from operating activities:
Net earnings	(64,033)		(61,250)
Earnings from consolidated entities	64,033		61,250
Fixed maturities investments
Purchase of:
Payments to acquire investments	(50,553)		(75,059)
Proceeds from sale of:
Proceeds from sale of acquired investments	23,978		66,035
Fixed maturities investments | Property and Casualty Insurance
Purchase of:
Payments to acquire investments	(9,576)	[1]	(7,831)	[2]
Proceeds from sale of:
Proceeds from sale of acquired investments	12,983	[1]	8,649	[2]
Fixed maturities investments | Life Insurance
Purchase of:
Payments to acquire investments	(40,977)	[1]	(67,228)	[2]
Proceeds from sale of:
Proceeds from sale of acquired investments	10,995	[1]	57,386	[2]
Preferred stock investments
Purchase of:
Payments to acquire investments			(541)
Proceeds from sale of:
Proceeds from sale of acquired investments	1,003		1,000
Preferred stock investments | Property and Casualty Insurance
Purchase of:
Payments to acquire investments			(541)	[2]
Proceeds from sale of:
Proceeds from sale of acquired investments	$ 1,003	[1]	$ 1,000	[2]

[1] Balance for the period ended March 31, 2012

[2] Balance for the period ended March 31, 2011

[3] Balances as of December 31, 2011

[4] Balances as of March 31, 2012

[5] Eliminate intercompany investments

[6] Eliminate preferred stock dividends paid to affiliate

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Annual Maturities of Notes, Loans and Leases Payable (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Long-term debt, by Maturity:
2013	$ 186,568
2014	199,841
2015	95,891
2016	512,949
2017	235,205
Thereafter	$ 310,084

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Earnings Per Share

3 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

2. Earnings Per Share

2. Earnings per Share

Net earnings for purposes of computing earnings per common share for the first quarter of fiscal 2012 are net earnings less preferred stock dividends paid, adjusted for the price paid by us for the redemption of our preferred stock less its carrying value on our balance sheet at that time. Preferred stock dividends include accrued dividends of AMERCO. Preferred stock dividends paid to or accrued for entities that are part of the consolidated group are eliminated in consolidation.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 100,302 and 142,199 as of June 30, 2012 and June 30, 2011, respectively.

On June 1, 2011, the Company redeemed all 6,100,000 shares of its issued and outstanding Series A 8½% Preferred Stock ("Series A Preferred") at a redemption price of $25 per share plus accrued dividends through that date.  Pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 260 - Earnings Per Share, ("ASC 260") for earnings per share purposes, we recognized the deficit of the carrying amount of the Series A Preferred over the consideration paid to redeem the shares.

The Series A Preferred was recorded in our Additional Paid-In Capital account, net of original issue costs at $146.3 million prior to the redemption. The Company paid $152.5 million to redeem the shares on June 1, 2011 of which $7.7 million was paid to our insurance subsidiaries in exchange for their holdings. The difference between what was paid to redeem the shares less their carrying amount on our balance sheet, reduced by our insurance subsidiaries holdings is $5.9 million. This amount was recognized as a reduction to our earnings available to our common shareholders for the purposes of computing earnings per share for the first quarter of fiscal 2012.

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Industry Segment and Geographic Area Data (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Mar. 31, 2012
Quarter ended:
Total revenues	$ 665,416	$ 642,965
Depreciation and amortization, net of (gains) losses on disposals	58,936	48,733
Interest expense	23,491	22,633
Pretax earnings	127,388	125,730
Income tax expense	46,819	47,507
Identifiable assets	4,838,836	4,174,456	4,654,051
United States
Quarter ended:
Total revenues	623,923	601,091
Depreciation and amortization, net of (gains) losses on disposals	56,963	46,864
Interest expense	23,339	22,470
Pretax earnings	119,384	118,357
Income tax expense	44,698	45,329
Identifiable assets	4,690,153	4,026,330
Canada
Quarter ended:
Total revenues	41,493	41,874
Depreciation and amortization, net of (gains) losses on disposals	1,973	1,869
Interest expense	152	163
Pretax earnings	8,004	7,373
Income tax expense	2,121	2,178
Identifiable assets	$ 148,683	$ 148,126

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Significant Unobservable Input (Level 3) Fair Value Measurements (Table Text Block)

3 Months Ended

Jun. 30, 2012

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]

Fair value, assets measured on recurring basis, unobservable input reconciliation

The following table represents the fair value measurements for our assets at June 30, 2012 using significant unobservable inputs (Level 3).

	Fixed Maturities - Asset Backed Securities
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	1,205
Fixed Maturities - Asset Backed Securities - redemption		(7	)
Fixed Maturities - Asset Backed Securities - gain (realized)		3
Balance at June 30, 2012	$	1,201

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Derivative Instruments (Table Text Block)

3 Months Ended

Jun. 30, 2012

Derivative Instrument Detail [Abstract]

Schedule of derivative instruments

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

Original variable rate debt and lease amount			Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
(In millions)
$	50.0		6/21/2006	7/10/2006	7/10/2013	6/9/2006
	144.9	(a)	6/9/2006	10/10/2006	10/10/2012	6/9/2006
	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	6/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
(a) forward swap
(b) operating lease

As of June 30, 2012, the total notional amount of our variable interest rate swaps on debt and an operating lease was $480.5 million and $14.8 million, respectively.

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Interest Rates and Company Borrowings (Table Text Block)

3 Months Ended

Jun. 30, 2012

Line of Credit Facility [Abstract]

Schedule of line of credit facilities

Interest Rates

Interest rates and Company borrowings were as follows:

	Revolving Credit Activity
	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.74	%		1.72	%
Interest rate at the end of the quarter		1.74	%		0.00	%
Maximum amount outstanding during the quarter	$	23,920		$	15,000
Average amount outstanding during the quarter	$	23,920		$	14,341
Facility fees	$	178		$	57

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Related Party Revenue (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Related party transactions:
Interest income revenue	$ 3,821	$ 6,169
Management fees revenue	4,860	4,735
Revenue from related parties	8,681	10,904
SAC Holdings
Related party transactions:
Interest income revenue	2,476	4,816
Management fees revenue	3,829	3,729
Private Mini
Related party transactions:
Interest income revenue	1,345	1,353
Management fees revenue	567	552
Mercury
Related party transactions:
Management fees revenue	$ 464	$ 454

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Available-for-Sale Investments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Available-for-sale securities, investments:
Amortized cost	$ 754,941
Gross unrealized gains	53,144
Gross unrealized losses more than 12 months	(12,822)
Gross unrealized losses less than 12 months	(1,881)
Estimated market value	793,382	766,792
U.S. treasury, government, and corporate securities
Available-for-sale securities, investments:
Amortized cost	694,950
Gross unrealized gains	51,673
Gross unrealized losses more than 12 months	(315)
Gross unrealized losses less than 12 months	(1,832)
Estimated market value	744,476
U.S. treasury securities and government obligation
Available-for-sale securities, investments:
Amortized cost	28,722
Gross unrealized gains	2,510
Gross unrealized losses more than 12 months	(4)
Gross unrealized losses less than 12 months	(8)
Estimated market value	31,220
U.S. government agency mortgage-backed securities
Available-for-sale securities, investments:
Amortized cost	46,507
Gross unrealized gains	4,615
Gross unrealized losses more than 12 months	0
Gross unrealized losses less than 12 months	(7)
Estimated market value	51,115
Obligations of states and political subdivisions
Available-for-sale securities, investments:
Amortized cost	146,121
Gross unrealized gains	11,481
Gross unrealized losses more than 12 months	0
Gross unrealized losses less than 12 months	(151)
Estimated market value	157,451
Corporate securities
Available-for-sale securities, investments:
Amortized cost	473,600
Gross unrealized gains	33,067
Gross unrealized losses more than 12 months	(311)
Gross unrealized losses less than 12 months	(1,666)
Estimated market value	504,690
Mortgage-backed securities
Available-for-sale securities, investments:
Amortized cost	8,885
Gross unrealized gains	269
Gross unrealized losses more than 12 months	(15)
Gross unrealized losses less than 12 months	(1)
Estimated market value	9,138
Redeemable preferred stock
Available-for-sale securities, investments:
Amortized cost	23,370
Gross unrealized gains	1,155
Gross unrealized losses more than 12 months	(547)
Gross unrealized losses less than 12 months	(43)
Estimated market value	23,935
Common stock
Available-for-sale securities, investments:
Amortized cost	27,736
Gross unrealized gains	47
Gross unrealized losses more than 12 months	(11,945)
Gross unrealized losses less than 12 months	(5)
Estimated market value	$ 15,833

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Liability Derivatives Interest Rate Contracts Designated as Hedging Instrument (Table Text Block)

3 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The derivative fair values located in accounts payable and accrued expenses in the balance sheets were as follows:

	Liability Derivatives Fair Value as of
	June 30, 2012		March 31, 2012
	(Unaudited)
	(In thousands)
Interest rate contracts designated as hedging instruments	$	61,397	$	59,313

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Effect of Interest Rate Contracts on Statement of Operations (Table Text Block)

3 Months Ended

Jun. 30, 2012

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule of derivative instruments, gain (loss) in statement of financial performance

	The Effect of Interest Rate Contracts
	on the Statements of Operations
	June 30, 2012		June 30, 2011
	(Unaudited)
	(In thousands)
Loss recognized in income on interest rate contracts	$	6,837	$	5,790
Loss recognized in AOCI on interest rate contracts (effective portion)	$	516	$	3,860
Loss reclassified from AOCI into income (effective portion)	$	5,269	$	5,903
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	1,568	$	(113	)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At June 30, 2012, we expect to reclassify $18.4 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

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Basis of Presentation

3 Months Ended

Jun. 30, 2012

Disclosure Text Block [Abstract]

1. Basis of Presentation

1.      Basis of Presentation

AMERCO, a Nevada corporation ("AMERCO"), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2012 and 2011 correspond to fiscal 2013 and 2012 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of June 30, 2012 and the related condensed consolidated statements of operations, comprehensive income and cash flows for the first quarter of fiscal 2013 and 2012 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q ("Quarterly Report") should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. ("U-Haul"),

Amerco Real Estate Company ("Real Estate"),

Repwest Insurance Company ("Repwest"), and

Oxford Life Insurance Company ("Oxford").

Unless the context otherwise requires, the term "Company," "we," "us" or "our" refers to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and mobile self-storage spaces to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

The Property and Casualty Insurance operating segment includes Repwest and its wholly-owned subsidiaries and ARCOA risk retention group ("ARCOA"). The Property and Casualty Insurance operating segment provides loss adjusting and claims handling for U-Haul through regional offices across North America. The Property and Casualty Insurance operating segment also underwrites components of the Safemove, Safetow, Super Safemove and Safestor protection packages to U-Haul customers. The business plan for the Property and Casualty Insurance operating segment includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly-owned subsidiaries whose purpose is to provide insurance products related to the moving and storage business.

The Life Insurance operating segment includes Oxford and its wholly-owned subsidiaries. Oxford provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

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Accumulated Other Income (Loss) Components Net of Tax (Table Text Block)

3 Months Ended

Jun. 30, 2012

Table Text Block Supplement [Abstract]

Schedule of accumulated other comprehensive income (loss)

A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:

	Foreign Currency Translation			Unrealized Gain on Investments		Fair Market Value of Cash Flow Hedges			Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	(28,882	)	$	20,866	$	(38,129	)	$	709	$	(45,436	)
Foreign currency translation		(1,929	)		-		-			-		(1,929	)
Unrealized gain on investments		-			1,293		-			-		1,293
Change in fair value of cash flow hedges		-			-		(319	)		-		(319	)
Balance at June 30, 2012	$	(30,811	)	$	22,159	$	(38,448	)	$	709	$	(46,391	)

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Industry Segment and Geographic Area Data (Table Text Block)

3 Months Ended

Jun. 30, 2012

Geographic Areas, Long-Lived Assets [Abstract]

Industry segment and geographic area data

	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended June 30, 2012
Total revenues	$	623,923	$	41,493	$	665,416
Depreciation and amortization, net of (gains) losses on disposals		56,963		1,973		58,936
Interest expense		23,339		152		23,491
Pretax earnings		119,384		8,004		127,388
Income tax expense		44,698		2,121		46,819
Identifiable assets		4,690,153		148,683		4,838,836
Quarter ended June 30, 2011
Total revenues	$	601,091	$	41,874	$	642,965
Depreciation and amortization, net of (gains) losses on disposals		46,864		1,869		48,733
Interest expense		22,470		163		22,633
Pretax earnings		118,357		7,373		125,730
Income tax expense		45,329		2,178		47,507
Identifiable assets		4,026,330		148,126		4,174,456

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Effect of Interest Rate Contracts on the Statement of Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
The Effect of Interest Rate Contracts on the Statements of Operations
Interest expense resulting from derivatives	$ 6,837	$ 5,790
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)	516	3,860
(Gain) loss reclassified from AOCI into income (effective portion)	5,269	5,903
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$ 1,568	$ (113)

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Interest Paid in Cash Including Payments Related to Derivative Contracts (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Interest and debt expense:
Interest paid in cash including payments related to derivative contracts	$ 21.2	$ 21.7

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
ASSETS:
Cash and cash equivalents	$ 566,239	$ 350,100
Reinsurance recoverables and trade receivables, net	274,593	297,974
Inventories, net	63,438	58,735
Prepaid expenses	41,586	41,858
Investments, fixed maturities and marketable equities	793,382	766,792
Investments, other	262,456	265,631
Deferred policy acquisition costs, net	64,075	63,914
Other assets	100,910	120,525
Related party assets	169,797	316,157
Subtotal assets	2,336,476	2,281,686
Property, plant and equipment, at cost:
Land	297,527	281,140
Buildings and improvements	1,105,315	1,087,119
Furniture and equipment	306,441	308,120
Property, plant and equipment (gross)	3,951,462	3,787,822
Less: Accumulated depreciation	(1,449,102)	(1,415,457)
Total property, plant and equipment	2,502,360	2,372,365
Total assets	4,838,836	4,654,051
Liabilities:
Accounts payable and accrued expenses	382,012	335,326
Notes, loans and leases payable	1,540,538	1,486,211
Policy benefits and losses, claims and loss expenses payable	1,121,200	1,145,943
Liabilities from investment contracts	261,987	240,961
Other policyholders' funds and liabilities	5,389	7,273
Deferred income	37,960	31,525
Deferred income taxes	375,090	370,992
Total liabilities	3,724,176	3,618,231
Commitments and contingencies (notes 4, 8, 9 and 10)
Stockholders' equity:
Additional paid-in capital	434,527	433,743
Accumulated other comprehensive loss	(46,391)	(45,436)
Retained earnings	1,395,913	1,317,064
Unearned employee stock ownership plan shares	(2,236)	(2,398)
Total stockholders' equity	1,114,660	1,035,820
Total liabilities and stockholders' equity	4,838,836	4,654,051
Series A preferred stock, with no par value, 6,100,000 authorized; 6,100,000 shares issued and none outstanding as ofJune 30 and March 31, 2012
Stockholders' equity:
Preferred stock, value, issued
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding as ofJune 30 and March 31, 2012
Stockholders' equity:
Preferred stock, value, issued
Series A common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30 and March 31, 2012
Stockholders' equity:
Common stock, value, issued
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding as of June 30 and March 31, 2012
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Cost of common shares in treasury, net (22,377,912 shares as of June 30 and March 31, 2012)
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Cost of preferred shares in treasury, net (6,100,000 shares as of June 30 and March 31, 2012)
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	270,621	255,010
Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 1,971,558	$ 1,856,433

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Other-than-temporary Impairment Not Previously Recognized (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Other than temporary impairment credit losses recognized in earnings [Roll Forward]
Balance at March 31, 2012	$ 552
Other-than-temporary impairment not previously recognized	0
Balance at June 30, 2012	$ 552

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Comprehensive income (loss) (pretax):
Net earnings	$ 127,388	$ 125,730
Comprehensive income (loss) (tax effect):
Net earnings	(46,819)	(47,507)
Comprehensive income (loss) (net of tax):
Net earnings	80,569	78,223
Other comprehensive income (loss):
Foreign currency translation (pretax)	(1,929)	992
Foreign currency translation (tax effect)	0	0
Foreign currency translation (net of tax)	(1,929)	992
Unrealized gain (loss) on investments (pretax)	1,873	(5,378)
Unrealized gain (loss) on investments (tax effect)	(580)	2,001
Unrealized gain (loss) on investments (net of tax)	1,293	(3,377)
Change in fair value of cash flow hedges (pretax)	(515)	(3,860)
Change in fair value of cash flow hedges (tax effect)	196	1,467
Change in fair value of cash flow hedges (net of tax)	(319)	(2,393)
Total comprehensive income (loss) (pretax)	126,817	117,484
Total comprehensive income (loss) (tax effect)	(47,203)	(44,039)
Total comprehensive income (loss) (net of tax)	$ 79,614	$ 73,445

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Consolidated Balance Sheet by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012		Mar. 31, 2012		Jun. 30, 2011		Mar. 31, 2011
ASSETS:
Cash and cash equivalents	$ 566,239		$ 350,100		$ 243,753		$ 375,496
Reinsurance recoverables and trade receivables, net	274,593		297,974
Inventories, net	63,438		58,735
Prepaid expenses	41,586		41,858
Investments, fixed maturities and marketable equities	793,382		766,792
Investments, other	262,456		265,631
Deferred policy acquisition costs, net	64,075		63,914
Other assets	100,910		120,525
Related party assets	169,797		316,157
Subtotal assets	2,336,476		2,281,686
Property, plant and equipment, at cost:
Land	297,527		281,140
Buildings and improvements	1,105,315		1,087,119
Furniture and equipment	306,441		308,120
Property, plant and equipment (gross)	3,951,462		3,787,822
Less: Accumulated depreciation	(1,449,102)		(1,415,457)
Total property, plant and equipment	2,502,360		2,372,365
Total assets	4,838,836		4,654,051		4,174,456
Liabilities:
Accounts payable and accrued expenses	382,012		335,326
Notes, loans and leases payable	1,540,538		1,486,211
Policy benefits and losses, claims and loss expenses payable	1,121,200		1,145,943
Liabilities from investment contracts	261,987		240,961
Other policyholders' funds and liabilities	5,389		7,273
Deferred income	37,960		31,525
Deferred income taxes	375,090		370,992
Total liabilities	3,724,176		3,618,231
Stockholders' equity:
Additional paid-in capital	434,527		433,743
Accumulated other comprehensive loss	(46,391)		(45,436)
Retained earnings	1,395,913		1,317,064
Unearned employee stock ownership plan shares	(2,236)		(2,398)
Total stockholders' equity	1,114,660		1,035,820
Total liabilities and stockholders' equity	4,838,836		4,654,051
Property and Casualty Insurance
ASSETS:
Cash and cash equivalents	13,089	[1]	15,462	[2]	19,504	[3]	14,700	[3]
Reinsurance recoverables and trade receivables, net	193,059	[1]	231,211	[2]
Investments, fixed maturities and marketable equities	130,227	[1]	132,270	[2]
Investments, other	85,800	[1]	81,837	[2]
Other assets	343	[1]	1,507	[2]
Related party assets	7,761	[1]	7,542	[2]
Subtotal assets	430,279	[1]	469,829	[2]
Property, plant and equipment, at cost:
Total assets	430,279	[1]	469,829	[2]
Liabilities:
Policy benefits and losses, claims and loss expenses payable	340,167	[1]	382,939	[2]
Other policyholders' funds and liabilities	2,735	[1]	3,438	[2]
Deferred income taxes	(41,349)	[1]	(41,945)	[2]
Related party liabilities	1,657	[1]	1,555	[2]
Total liabilities	303,210	[1]	345,987	[2]
Stockholders' equity:
Common stock, value, issued	3,301	[1]	3,301	[2]
Additional paid-in capital	89,620	[1]	89,620	[2]
Accumulated other comprehensive loss	3,801	[1]	2,255	[2]
Retained earnings	30,347	[1]	28,666	[2]
Total stockholders' equity	127,069	[1]	123,842	[2]
Total liabilities and stockholders' equity	430,279	[1]	469,829	[2]
Life Insurance
ASSETS:
Cash and cash equivalents	33,458	[1]	25,410	[2]	33,129	[3]	37,301	[3]
Reinsurance recoverables and trade receivables, net	31,913	[1]	29,660	[2]
Investments, fixed maturities and marketable equities	648,644	[1]	617,494	[2]
Investments, other	120,794	[1]	131,461	[2]
Deferred policy acquisition costs, net	64,075	[1]	63,914	[2]
Other assets	242	[1]	203	[2]
Related party assets	514	[1]	482	[2]
Subtotal assets	899,640	[1]	868,624	[2]
Property, plant and equipment, at cost:
Total assets	899,640	[1]	868,624	[2]
Liabilities:
Accounts payable and accrued expenses	8,753	[1]	10,060	[2]
Policy benefits and losses, claims and loss expenses payable	394,618	[1]	382,864	[2]
Liabilities from investment contracts	261,987	[1]	240,961	[2]
Other policyholders' funds and liabilities	2,654	[1]	3,835	[2]
Deferred income taxes	15,201	[1]	14,945	[2]
Related party liabilities	151	[1]	172	[2]
Total liabilities	683,364	[1]	652,837	[2]
Stockholders' equity:
Common stock, value, issued	2,500	[1]	2,500	[2]
Additional paid-in capital	26,271	[1]	26,271	[2]
Accumulated other comprehensive loss	25,196	[1]	23,888	[2]
Retained earnings	162,309	[1]	163,128	[2]
Total stockholders' equity	216,276	[1]	215,787	[2]
Total liabilities and stockholders' equity	899,640	[1]	868,624	[2]
Eliminations
ASSETS:
Related party assets	(10,088)	[4]	(10,057)	[4]
Subtotal assets	(10,088)		(10,057)
Investments in subsidiaries	(344,845)	[5]	(339,629)	[5]
Property, plant and equipment, at cost:
Total assets	(354,933)		(349,686)
Liabilities:
Related party liabilities	(11,588)	[4]	(10,057)	[4]
Total liabilities	(11,588)		(10,057)
Stockholders' equity:
Common stock, value, issued	(5,801)	[5]	(5,801)	[5]
Additional paid-in capital	(116,101)	[5]	(116,101)	[5]
Accumulated other comprehensive loss	(28,997)	[5]	(26,143)	[5]
Retained earnings	(192,446)	[5]	(191,584)	[5]
Total stockholders' equity	(343,345)		(339,629)
Total liabilities and stockholders' equity	(354,933)		(349,686)
Moving and Storage Consolidations
ASSETS:
Cash and cash equivalents	519,692		309,228		191,120		323,495
Reinsurance recoverables and trade receivables, net	49,621		37,103
Inventories, net	63,438		58,735
Prepaid expenses	41,586		41,858
Investments, fixed maturities and marketable equities	14,511		17,028
Investments, other	55,862		52,333
Other assets	100,325		118,815
Related party assets	171,610		318,190
Subtotal assets	1,016,645		953,290
Investments in subsidiaries	344,845		339,629
Property, plant and equipment, at cost:
Land	297,527		281,140
Buildings and improvements	1,105,315		1,087,119
Furniture and equipment	306,441		308,120
Property, plant and equipment (gross)	3,951,462		3,787,822
Less: Accumulated depreciation	(1,449,102)		(1,415,457)
Total property, plant and equipment	2,502,360		2,372,365
Total assets	3,863,850		3,665,284
Liabilities:
Accounts payable and accrued expenses	373,259		325,266
Notes, loans and leases payable	1,540,538		1,486,211
Policy benefits and losses, claims and loss expenses payable	386,415		380,140
Deferred income	37,960		31,525
Deferred income taxes	401,238		397,992
Related party liabilities	9,780		8,330
Total liabilities	2,749,190		2,629,464
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Additional paid-in capital	434,737		433,953
Accumulated other comprehensive loss	(46,391)		(45,436)
Retained earnings	1,395,703		1,316,854
Unearned employee stock ownership plan shares	(2,236)		(2,398)
Total stockholders' equity	1,114,660		1,035,820
Total liabilities and stockholders' equity	3,863,850		3,665,284
AMERCO /NV/
ASSETS:
Cash and cash equivalents	200,250		201,502		69,618		250,104
Prepaid expenses			9,496
Investments, fixed maturities and marketable equities	14,511		17,028
Other assets	480		483
Related party assets	1,256,503		1,201,385
Subtotal assets	1,471,744		1,429,894
Investments in subsidiaries	75,169		8,168
Property, plant and equipment, at cost:
Furniture and equipment	138		138
Property, plant and equipment (gross)	138		138
Less: Accumulated depreciation	(116)		(115)
Total property, plant and equipment	22		23
Total assets	1,546,935		1,438,085
Liabilities:
Accounts payable and accrued expenses	28,801		1,875
Deferred income taxes	401,238		397,992
Total liabilities	430,039		399,867
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Additional paid-in capital	434,737		433,953
Accumulated other comprehensive loss	(46,391)		(45,436)
Retained earnings	1,395,703		1,316,854
Total stockholders' equity	1,116,896		1,038,218
Total liabilities and stockholders' equity	1,546,935		1,438,085
U-Haul
ASSETS:
Cash and cash equivalents	318,687		106,951		120,663		72,634
Reinsurance recoverables and trade receivables, net	49,621		37,103
Inventories, net	63,438		58,735
Prepaid expenses	41,109		32,051
Investments, other	6,899		9,880
Other assets	73,015		91,761
Related party assets	114,775		261,341
Subtotal assets	667,544		597,822
Property, plant and equipment, at cost:
Land	71,266		67,558
Buildings and improvements	167,323		162,351
Furniture and equipment	287,919		289,601
Property, plant and equipment (gross)	2,768,687		2,630,953
Less: Accumulated depreciation	(1,086,698)		(1,056,854)
Total property, plant and equipment	1,681,989		1,574,099
Total assets	2,349,533		2,171,921
Liabilities:
Accounts payable and accrued expenses	340,668		319,780
Notes, loans and leases payable	829,712		769,497
Policy benefits and losses, claims and loss expenses payable	386,415		380,140
Deferred income	37,960		31,525
Related party liabilities	877,570		855,016
Total liabilities	2,472,325		2,355,958
Stockholders' equity:
Common stock, value, issued	540		540
Additional paid-in capital	121,230		121,230
Accumulated other comprehensive loss	(68,550)		(66,302)
Retained earnings	(173,776)		(237,107)
Unearned employee stock ownership plan shares	(2,236)		(2,398)
Total stockholders' equity	(122,792)		(184,037)
Total liabilities and stockholders' equity	2,349,533		2,171,921
Real Estate
ASSETS:
Cash and cash equivalents	755		775		839		757
Prepaid expenses	477		311
Investments, other	48,963		42,453
Other assets	26,830		26,571
Related party assets	7		9
Subtotal assets	77,032		70,119
Property, plant and equipment, at cost:
Land	226,261		213,582
Buildings and improvements	937,992		924,768
Furniture and equipment	18,384		18,381
Property, plant and equipment (gross)	1,182,637		1,156,731
Less: Accumulated depreciation	(362,288)		(358,488)
Total property, plant and equipment	820,349		798,243
Total assets	897,381		868,362
Liabilities:
Accounts payable and accrued expenses	3,790		3,611
Notes, loans and leases payable	710,826		716,714
Related party liabilities	331,885		297,859
Total liabilities	1,046,501		1,018,184
Stockholders' equity:
Common stock, value, issued	1		1
Additional paid-in capital	147,941		147,941
Retained earnings	(297,062)		(297,764)
Total stockholders' equity	(149,120)		(149,822)
Total liabilities and stockholders' equity	897,381		868,362
Eliminations
ASSETS:
Related party assets	(1,199,675)	[4]	(1,144,545)	[4]
Subtotal assets	(1,199,675)		(1,144,545)
Investments in subsidiaries	269,676	[5]	331,461	[5]
Property, plant and equipment, at cost:
Total assets	(929,999)		(813,084)
Liabilities:
Related party liabilities	(1,199,675)	[4]	(1,144,545)	[4]
Total liabilities	(1,199,675)		(1,144,545)
Stockholders' equity:
Common stock, value, issued	(541)	[5]	(541)	[5]
Additional paid-in capital	(269,171)	[5]	(269,171)	[5]
Accumulated other comprehensive loss	68,550	[5]	66,302	[5]
Retained earnings	470,838	[5]	534,871	[5]
Total stockholders' equity	269,676		331,461
Total liabilities and stockholders' equity	(929,999)		(813,084)
Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	270,621		255,010
Rental trailers and other rental equipment | Moving and Storage Consolidations
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	270,621		255,010
Rental trailers and other rental equipment | U-Haul
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	270,621		255,010
Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	1,971,558		1,856,433
Rental trucks | Moving and Storage Consolidations
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	1,971,558		1,856,433
Rental trucks | U-Haul
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	1,971,558		1,856,433
Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Series A common stock
Stockholders' equity:
Common stock, value, issued
Common stock
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Cost of common shares in treasury, net | Moving and Storage Consolidations
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Cost of common shares in treasury, net | AMERCO /NV/
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	(151,997)		(151,997)
Cost of preferred shares in treasury, net | Moving and Storage Consolidations
Stockholders' equity:
Treasury stock, value	(151,997)		(151,997)
Cost of preferred shares in treasury, net | AMERCO /NV/
Stockholders' equity:
Treasury stock, value	$ (151,997)		$ (151,997)

[1] Balances as of March 31, 2012

[2] Balances as of December 31, 2011

[3] Balance for the period ended March 31, 2011

[4] Eliminate intercompany receivables and payables

[5] Eliminate investment in subsidiaries

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Related Party Costs and Expenses (Table Text Block)

3 Months Ended

Jun. 30, 2012

Related Party Cost and Expense [Abstract]

Related party cost and expense

Related Party Costs and Expenses

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul lease expenses to SAC Holdings	$	661	$	623
U-Haul commission expenses to SAC Holdings		10,934		10,003
U-Haul commission expenses to Private Mini		695		643
	$	12,290	$	11,269

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At June 30, 2012, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $8.2 million, expenses of $0.7 million and cash flows of $138.4 million during the first quarter of fiscal 2013. Revenues and commission expenses related to the Dealer Agreements were $53.1 million and $11.6 million, respectively during the first quarter of fiscal 2013.

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Significant Unobservable Input (Level 3) Fair Value Measurements (Details) (Fixed Maturities - Asset Backed Securities, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Fixed Maturities - Asset Backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	$ 1,205
Fixed Maturities - Asset Backed Securities - redemption	(7)
Fixed Maturities - Asset Backed Securities - gain (realized)	3
Fixed Maturities - Period Increase (Decrease)	(4)
Balance	$ 1,201

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Available-for-Sale Investments (Table Text Block)

3 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

Available-for-Sale Investments

Available-for-sale investments at June 30, 2012 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months			Gross Unrealized Losses Less than 12 Months			Estimated Market Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	28,722	$	2,510	$	(4	)	$	(8	)	$	31,220
U.S. government agency mortgage-backed securities		46,507		4,615		-			(7	)		51,115
Obligations of states and political subdivisions		146,121		11,481		-			(151	)		157,451
Corporate securities		473,600		33,067		(311	)		(1,666	)		504,690
Mortgage-backed securities		8,885		269		(15	)		(1	)		9,138
Redeemable preferred stocks		23,370		1,155		(547	)		(43	)		23,935
Common stocks		27,736		47		(11,945	)		(5	)		15,833
	$	754,941	$	53,144	$	(12,822	)	$	(1,881	)	$	793,382

The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $25.0 million during the first quarter of fiscal 2013. The gross realized gains on these sales totaled $0.1 million. There were no gross realized losses on these sales.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the first quarter of fiscal 2013 and 2012.

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Due from Related Party Recap of Assets (Table Text Block)

3 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Due from related party, recap of assets

We have not provided financial or other support explicitly or implicitly during the quarter ended June 30, 2012 to any of these entities that it was not previously contractually required to provide. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of the Company's involvement with these related party entities:

Related Party Assets

	June 30,		March 31,
	2012		2012
	(Unaudited)
	(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,288	$	68,798
U-Haul notes receivable from SAC Holdings		73,053		195,426
U-Haul interest receivable from SAC Holdings		13,939		18,667
U-Haul receivable from SAC Holdings		11,901		30,297
U-Haul receivable from Mercury		2,495		3,195
Other		121		(226	)
	$	169,797	$	316,157

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Adjusted Cost and Estimated Market Value Available-for-Sale Investment (Table Text Block)

3 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Investments classified by contractual maturity date

The adjusted cost and estimated market value of available-for-sale investments at June 30, 2012, by contractual maturity, were as follows:

	Amortized Cost		Estimated Market Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	43,244	$	43,995
Due after one year through five years		151,997		161,472
Due after five years through ten years		187,143		200,440
Due after ten years		312,566		338,569
		694,950		744,476
Mortgage backed securities		8,885		9,138
Redeemable preferred stocks		23,370		23,935
Equity securities		27,736		15,833
	$	754,941	$	793,382

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Additional Paid In Capital and Insurance Subsidiaries Activity (Details) (USD $)	3 Months Ended
	Jun. 30, 2011
Additional paid in capital:
Payments for repurchase preferred stock	$ 144,289,000
Series A preferred stock redemption date	Jun. 01, 2011
Insurance subsidiaries
Additional paid in capital:
Payments for repurchase preferred stock	7,700,000
Reduction of insurance company holdings	5,900,000
AMERCO /NV/
Additional paid in capital:
Payments for repurchase preferred stock	151,997,000
Amerco Payment for Stock
Additional paid in capital:
Prior to redemption additional paid-in capital cost	146,300,000
Payments for repurchase preferred stock	$ 152,500,000

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flow from operating activities:
Net earnings	$ 80,569	$ 78,223
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	63,641	54,068
Amortization of deferred policy acquisition costs	2,811	4,375
Change in allowance for losses on trade receivables	(102)	135
Change in allowance for inventory reserves	695	1,377
Net gain on sale of real and personal property	(7,516)	(9,710)
Net gain on sale of investments	39	(3,516)
Deferred income taxes	4,641	32,446
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	23,486	(37,146)
Inventories	(5,398)	(393)
Prepaid expenses	267	1,150
Capitalization of deferred policy acquisition costs	(5,420)	(4,518)
Other assets	20,518	10,586
Related party assets	139,519	(3,198)
Accounts payable and accrued expenses	47,981	17,534
Policy benefits and losses, claims and loss expenses payable	(24,242)	4,517
Other policyholders' funds and liabilities	(1,884)	(1,084)
Deferred income	6,457	8,328
Related party liabilities	1,531	245
Net cash provided by operating activities	347,593	153,419
Purchase of:
Property, plant and equipment	(157,786)	(215,779)
Short term investments	(55,075)	(66,363)
Equity securities		(8,759)
Real estate		(12)
Mortgage loans	(14,452)	(36,202)
Proceeds from sale of:
Property, plant and equipment	62,426	55,010
Short term investments	66,393	79,877
Equity securities		8,800
Real estate	4	34
Mortgage loans	11,547	17,992
Net cash used by investing activities	(112,515)	(173,967)
Cash flow from financing activities:
Borrowings from credit facilities	26,187	58,558
Principal repayments on credit facilities	(61,142)	(42,252)
Debt issuance costs		(560)
Capital lease payments	(3,888)	(1,727)
Leveraged Employee Stock Ownership Plan - repayments from loan	162	280
Securitization deposits	(908)	27,953
Preferred stock redemption paid		(144,289)
Preferred stock dividends paid		(3,077)
Contribution to related party		(518)
Investment contract deposits	28,993	2,588
Investment contract withdrawals	(7,967)	(8,195)
Net cash used by financing activities	(18,563)	(111,239)
Effects of exchange rate on cash	(376)	44
Increase (decrease) in cash and cash equivalents	216,139	(131,743)
Cash and cash equivalents at the beginning of period	350,100	375,496
Cash and cash equivalents at the end of the period	566,239	243,753
Fixed maturities investments
Purchase of:
Payments to acquire investments	(50,553)	(75,059)
Proceeds from sale of:
Proceeds from sale of acquired investments	23,978	66,035
Preferred stock investments
Purchase of:
Payments to acquire investments		(541)
Proceeds from sale of:
Proceeds from sale of acquired investments	$ 1,003	$ 1,000

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Condensed Consolidated Balance Sheets Parenthetical (USD $)	Jun. 30, 2012	Mar. 31, 2012
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Preferred stock:
Preferred stock, shares authorized	50,000,000	50,000,000
Series A preferred stock, with no par value, 6,100,000 authorized; 6,100,000 shares issued and none outstanding as ofJune 30 and March 31, 2012
Preferred stock:
Preferred stock, shares authorized	6,100,000	6,100,000
Preferred stock, shares issued	6,100,000	6,100,000
Preferred stock, shares outstanding	0	0
Preferred stock, no par value	0.00	0.00
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding as ofJune 30 and March 31, 2012
Preferred stock:
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock, no par value	0.00	0.00
Series common stock, with or without par value, 150,000,000 shares authorized:
Common stock:
Common stock, shares authorized	150,000,000	150,000,000
Series A common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding as of June 30 and March 31, 2012
Common stock:
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Common stock, par or stated value per share	0.25	0.25
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding as of June 30 and March 31, 2012
Common stock:
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares, issued	41,985,700	41,985,700
Common stock, shares, outstanding	19,607,788	19,607,788
Common stock, par or stated value per share	0.25	0.25
Cost of common shares in treasury, net (22,377,912 shares as of June 30 and March 31, 2012)
Treasury stock:
Treasury stock, shares	22,377,912	22,377,912
Cost of preferred shares in treasury, net (6,100,000 shares as of June 30 and March 31, 2012)
Treasury stock:
Treasury stock, shares	6,100,000	6,100,000

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Related Party Transactions

3 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

10. Related Party Transactions

10. Related Party Transactions

As set forth in the Audit Committee Charter and consistent with Nasdaq Listing Rules, our Audit Committee (the "Audit Committee") reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission ("SEC") rules and regulations. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes ensure that our legal and finance departments identify and monitor potential related party transactions which may require disclosure and Audit Committee oversight.

AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm's-length transactions.

SAC Holding Corporation and SAC Holding II Corporation, (collectively "SAC Holdings") were established in order to acquire self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we have sold various self-storage properties to SAC Holdings, and such sales provided significant cash flows to the Company.

Management believes that the sales of self-storage properties to SAC Holdings has provided a unique structure for the Company to earn moving equipment rental revenues and property management fee revenues from the SAC Holdings self-storage properties that the Company manages.

Related Party Revenue

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul interest income revenue from SAC Holdings	$	2,476	$	4,816
U-Haul interest income revenue from Private Mini		1,345		1,353
U-Haul management fee revenue from SAC Holdings		3,829		3,729
U-Haul management fee revenue from Private Mini		567		552
U-Haul management fee revenue from Mercury		464		454
	$	8,681	$	10,904

During the first quarter of fiscal 2013, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. ("Blackwater"). Blackwater is wholly-owned by Mark V. Shoen, a significant shareholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $7.2 million and $4.3 million from SAC Holdings during the first quarter of fiscal 2013 and 2012, respectively. The largest aggregate amount of notes receivable outstanding during the first quarter of fiscal 2013 was $195.4 million and the aggregate notes receivable balance at June 30, 2012 was $73.1 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2019 and 2024. We received repayments of $127.3 million during the first quarter of fiscal 2013 on these notes and interest receivables.

During the first quarter of fiscal 2013, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. ("Private Mini"). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $1.4 million from Private Mini during the first quarters of both fiscal 2013 and 2012. The largest aggregate amount outstanding during the first quarter of fiscal 2013 was $66.3 million and the aggregate notes receivable balance at June 30, 2012 was $66.2 million.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. ("Mercury"), Four SAC Self-Storage Corporation ("4 SAC"), Five SAC Self-Storage Corporation ("5 SAC"), Galaxy Investments, L.P. ("Galaxy") and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $8.6 million from the above mentioned entities during the first quarter of fiscal 2013 and 2012, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant shareholder and director of AMERCO, has an interest in Mercury.

Related Party Costs and Expenses

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul lease expenses to SAC Holdings	$	661	$	623
U-Haul commission expenses to SAC Holdings		10,934		10,003
U-Haul commission expenses to Private Mini		695		643
	$	12,290	$	11,269

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At June 30, 2012, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $8.2 million, expenses of $0.7 million and cash flows of $138.4 million during the first quarter of fiscal 2013. Revenues and commission expenses related to the Dealer Agreements were $53.1 million and $11.6 million, respectively during the first quarter of fiscal 2013.

We adopted Accounting Standards Update 2009-17 ("ASU 2009-17"), which amends the FASB ASC for the issuance of FASB Statement 167, Amendments to FASB Interpretation 46(R), as of April 1, 2010.  Management determined that the junior notes of SAC Holdings and Private Mini and the management agreements with SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini represent potential variable interests for us.  Management evaluated whether it should be identified as the primary beneficiary of one or more of these variable interest entity's ("VIE's") using a two step approach in which management (i) identified all other parties that hold interests in the VIE's, and (ii) determined if any variable interest holder has the power to direct the activities of the VIE's that most significantly impact their economic performance.

Upon adoption Management determined that they do not have a variable interest in the holding entities Mercury, 4 SAC, 5 SAC, or Galaxy through management agreements which are with the individual operating entities or through the issuance of junior debt; therefore, we are precluded from consolidating these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.  Additionally, after a redetermination caused by the SAC Holding II repayment of the outstanding principal on its junior notes with AMERCO during the first quarter of fiscal 2013, Management has determined that the Company does not have a variable interest in the SAC Holding II holding entity.

We have junior debt with the holding entities SAC Holding Corporation and Private Mini which represents a variable interest in each individual entity. Though we have certain protective rights within these debt agreements, we have no present influence or control over these holding entities unless their protective rights become exercisable, which management considers unlikely based on their payment history.  As a result, we have no basis under ASC 810 - Consolidation ("ASC 810") to consolidate these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.

We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul.  Through control of the holding entities assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities' performance.  As a result, we have no basis under ASC 810 to consolidate these entities, which is consistent with the accounting treatment immediately prior to adopting ASU 2009-17.

We have not provided financial or other support explicitly or implicitly during the quarter ended June 30, 2012 to any of these entities that it was not previously contractually required to provide. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of the Company's involvement with these related party entities:

Related Party Assets

	June 30,		March 31,
	2012		2012
	(Unaudited)
	(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,288	$	68,798
U-Haul notes receivable from SAC Holdings		73,053		195,426
U-Haul interest receivable from SAC Holdings		13,939		18,667
U-Haul receivable from SAC Holdings		11,901		30,297
U-Haul receivable from Mercury		2,495		3,195
Other		121		(226	)
	$	169,797	$	316,157

XML

Document and Entity Information (USD $)	3 Months Ended
	Jun. 30, 2012
Document Information [Line Items]
Entity Registrant Name	AMERCO /NV/
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float	$ 397,855,149
Document Fiscal Year Focus	2013
Document Type	10-Q
Document Fiscal Period Focus	Q1
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Entity Common Stock, Shares Outstanding	19,607,788

XML

Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2012

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, 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
	(Unaudited)
	(In thousands)
Assets:
Cash and cash equivalents	$	200,250		$	318,687		$	755		$	-			$	519,692		$	13,089	$	33,458	$	-			$	566,239
Reinsurance recoverables and trade receivables, net		-			49,621			-			-				49,621			193,059		31,913		-				274,593
Inventories, net		-			63,438			-			-				63,438			-		-		-				63,438
Prepaid expenses		-			41,109			477			-				41,586			-		-		-				41,586
Investments, fixed maturities and marketable equities		14,511			-			-			-				14,511			130,227		648,644		-				793,382
Investments, other		-			6,899			48,963			-				55,862			85,800		120,794		-				262,456
Deferred policy acquisition costs, net		-			-			-			-				-			-		64,075		-				64,075
Other assets		480			73,015			26,830			-				100,325			343		242		-				100,910
Related party assets		1,256,503			114,775			7			(1,199,675	)	(c)		171,610			7,761		514		(10,088	)	(c)		169,797
		1,471,744			667,544			77,032			(1,199,675	)			1,016,645			430,279		899,640		(10,088	)			2,336,476
Investment in subsidiaries		75,169			-			-			269,676		(b)		344,845			-		-		(344,845	)	(b)		-
Property, plant and equipment, at cost:
Land		-			71,266			226,261			-				297,527			-		-		-				297,527
Buildings and improvements		-			167,323			937,992			-				1,105,315			-		-		-				1,105,315
Furniture and equipment		138			287,919			18,384			-				306,441			-		-		-				306,441
Rental trailers and other rental equipment		-			270,621			-			-				270,621			-		-		-				270,621
Rental trucks		-			1,971,558			-			-				1,971,558			-		-		-				1,971,558
		138			2,768,687			1,182,637			-				3,951,462			-		-		-				3,951,462
Less:  Accumulated depreciation		(116	)		(1,086,698	)		(362,288	)		-				(1,449,102	)		-		-		-				(1,449,102	)
Total property, plant and equipment		22			1,681,989			820,349			-				2,502,360			-		-		-				2,502,360
Total assets	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279	$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 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
	(Unaudited)
	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	28,801		$	340,668		$	3,790		$	-			$	373,259		$	-		$	8,753	$	-			$	382,012
Notes, loans and leases payable		-			829,712			710,826			-				1,540,538			-			-		-				1,540,538
Policy benefits and losses, claims and loss expenses payable		-			386,415			-			-				386,415			340,167			394,618		-				1,121,200
Liabilities from investment contracts		-			-			-			-				-			-			261,987		-				261,987
Other policyholders' funds and liabilities		-			-			-			-				-			2,735			2,654		-				5,389
Deferred income		-			37,960			-			-				37,960			-			-		-				37,960
Deferred income taxes		401,238			-			-			-				401,238			(41,349	)		15,201		-				375,090
Related party liabilities		-			877,570			331,885			(1,199,675	)	(c)		9,780			1,657			151		(11,588	)	(c)		-
Total liabilities		430,039			2,472,325			1,046,501			(1,199,675	)			2,749,190			303,210			683,364		(11,588	)			3,724,176
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		434,737			121,230			147,941			(269,171	)	(b)		434,737			89,620			26,271		(116,101	)	(b)		434,527
Accumulated other comprehensive income (loss)		(46,391	)		(68,550	)		-			68,550		(b)		(46,391	)		3,801			25,196		(28,997	)	(b)		(46,391	)
Retained earnings (deficit)		1,395,703			(173,776	)		(297,062	)		470,838		(b)		1,395,703			30,347			162,309		(192,446	)	(b)		1,395,913
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		-			(2,236	)		-			-				(2,236	)		-			-		-				(2,236	)
Total stockholders' equity (deficit)		1,116,896			(122,792	)		(149,120	)		269,676				1,114,660			127,069			216,276		(343,345	)			1,114,660
Total liabilities and stockholders' equity	$	1,546,935		$	2,349,533		$	897,381		$	(929,999	)		$	3,863,850		$	430,279		$	899,640	$	(354,933	)		$	4,838,836
(a) Balances as of March 31, 2012
(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)
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 statement of operations by industry segment for the quarter ended June 30, 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
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	467,315		$	-		$	-			$	467,315		$	-		$	-		$	(321	)	(c)			$	466,994
Self-storage revenues		-			34,452			284			-				34,736			-			-			-						34,736
Self-moving and self-storage products and service sales		-			67,178			-			-				67,178			-			-			-						67,178
Property management fees		-			4,860			-			-				4,860			-			-			-						4,860
Life insurance premiums		-			-			-			-				-			-			46,426			-						46,426
Property and casualty insurance premiums		-			-			-			-				-			7,243			-			-						7,243
Net investment and interest income		1,253			1,688			194			-				3,135			2,200			7,010			(88	)	(b)				12,257
Other revenue		81			27,167			21,085			(22,708	)	(b)		25,625			-			446			(349	)	(b)				25,722
Total revenues		1,334			602,660			21,563			(22,708	)			602,849			9,443			53,882			(758	)					665,416
Costs and expenses:
Operating expenses		3,462			290,311			2,540			(22,708	)	(b)		273,605			3,290			7,155			(657	)		(b,c	)		283,393
Commission expenses		-			61,107			-			-				61,107			-			-			-						61,107
Cost of sales		-			32,227			-			-				32,227			-			-			-						32,227
Benefits and losses		-			-			-			-				-			3,566			42,512			-						46,078
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,811			-						2,811
Lease expense		24			32,797			5			-				32,826			-			-			(30	)	(b)				32,796
Depreciation, net of (gains) losses on disposals		1			52,320			3,804			-				56,125			-			-			-						56,125
Total costs and expenses		3,487			468,762			6,349			(22,708	)			455,890			6,856			52,478			(687	)					514,537
Earnings (loss) from operations before equity in earnings of  subsidiaries		(2,153	)		133,898			15,214			-				146,959			2,587			1,404			(71	)					150,879
Equity in earnings of subsidiaries		66,615			-			-			(64,033	)	(d)		2,582			-			-			(2,582	)	(d)				-
Earnings from operations		64,462			133,898			15,214			(64,033	)			149,541			2,587			1,404			(2,653	)					150,879
Interest income (expense)		24,660			(34,154	)		(14,068	)		-				(23,562	)		-			-			71		(b)				(23,491	)
Pretax earnings		89,122			99,744			1,146			(64,033	)			125,979			2,587			1,404			(2,582	)					127,388
Income tax expense		(8,553	)		(36,413	)		(444	)		-				(45,410	)		(906	)		(503	)		-						(46,819	)
Earnings available to common shareholders		80,569			63,331			702			(64,033	)			80,569			1,681			901			(2,582	)					80,569
(a) Balances for the quarter ended March 31, 2012
(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 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)
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 and self-storage products and 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
Earnings (loss) from operations before equity in earnings of  subsidiaries		(1,032	)		130,831			14,871			-				144,670			1,899			2,035			(241	)					148,363
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) Eliminate preferred stock dividends paid to affiliates

Consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$	80,569		$	63,331		$	702		$	(64,033	)	$	80,569		$	1,681		$	901		$	(2,582	)		$	80,569
Earnings from consolidated entities		(66,615	)		-			-			64,033			(2,582	)		-			-			2,582				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1			59,836			3,804			-			63,641			-			-			-				63,641
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			2,811			-				2,811
Change in allowance for losses on trade receivables		-			(102	)		-			-			(102	)		-			-			-				(102	)
Change in allowance for inventory reserve		-			695			-			-			695			-			-			-				695
Net gain on sale of real and personal property		-			(7,516	)		-			-			(7,516	)		-			-			-				(7,516	)
Net loss on sale of investments		-			-			-			-			-			12			27			-				39
Deferred income taxes		4,399			-			-			-			4,399			(236	)		478			-				4,641
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(12,416	)		-			-			(12,416	)		38,152			(2,250	)		-				23,486
Inventories		-			(5,398	)		-			-			(5,398	)		-			-			-				(5,398	)
Prepaid expenses		9,496			(9,063	)		(166	)		-			267			-			-			-				267
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(5,420	)		-				(5,420	)
Other assets		3			19,649			(259	)		-			19,393			1,164			(39	)		-				20,518
Related party assets		(1,488	)		146,547			2			-			145,061			(222	)		-			(5,320	)	(b)		139,519
Accounts payable and accrued expenses		27,709			20,736			181			-			48,626			-			(645	)		-				47,981
Policy benefits and losses, claims and loss expenses payable		-			6,777			-			-			6,777			(42,772	)		11,753			-				(24,242	)
Other policyholders' funds and liabilities		-			-			-			-			-			(703	)		(1,181	)		-				(1,884	)
Deferred income		-			6,457			-			-			6,457			-			-			-				6,457
Related party liabilities		-			1,447			-			-			1,447			105			(21	)		-				1,531
Net cash provided (used) by operating activities		54,074			290,980			4,264			-			349,318			(2,819	)		6,414			(5,320	)			347,593
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(131,874	)		(25,912	)		-			(157,786	)		-			-			-				(157,786	)
Short term investments		-			-			-			-			-			(22,430	)		(37,965	)		5,320		(b)		(55,075	)
Fixed maturities investments		-			-			-			-			-			(9,576	)		(40,977	)		-				(50,553	)
Mortgage loans		-			(5,048	)		(7,583	)		-			(12,631	)		(1,821	)		-			-				(14,452	)
Proceeds from sales of:
Property, plant and equipment		-			62,426			-			-			62,426			-			-			-				62,426
Short term investments		-			-			-			-			-			19,710			46,683			-				66,393
Fixed maturities investments		-			-			-			-			-			12,983			10,995			-				23,978
Preferred stock		-			-			-						-			1,003			-			-				1,003
Real estate		-			-			-			-			-			-			4			-				4
Mortgage loans		-			8,029			1,073			-			9,102			577			1,868			-				11,547
Net cash provided (used) by investing activities		-			(66,467	)		(32,422	)		-			(98,889	)		446			(19,392	)		5,320				(112,515	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 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
	(Unaudited)
Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		-			26,187			-			-		26,187			-			-			-		26,187
Principal repayments on credit facilities		-			(55,254	)		(5,888	)		-		(61,142	)		-			-			-		(61,142	)
Capital lease payments		-			(3,888	)		-			-		(3,888	)		-			-			-		(3,888	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			162			-			-		162			-			-			-		162
Securitization deposits		-			(908	)		-					(908	)		-			-			-		(908	)
Proceeds from (repayment of) intercompany loans		(55,326	)		21,300			34,026			-		-			-			-			-		-
Investment contract deposits		-			-			-			-		-			-			28,993			-		28,993
Investment contract withdrawals		-			-			-			-		-			-			(7,967	)		-		(7,967	)
Net cash provided (used) by financing activities		(55,326	)		(12,401	)		28,138			-		(39,589	)		-			21,026			-		(18,563	)
Effects of exchange rate on cash		-			(376	)		-			-		(376	)		-			-			-		(376	)
Increase (decrease) in cash and cash equivalents		(1,252	)		211,736			(20	)		-		210,464			(2,373	)		8,048			-		216,139
Cash and cash equivalents at beginning of period		201,502			106,951			775			-		309,228			15,462			25,410			-		350,100
Cash and cash equivalents at end of period	$	200,250		$	318,687		$	755		$	-	$	519,692		$	13,089		$	33,458		$	-	$	566,239
	(page 2 of 2)
(a) Balance for the period ended March 31, 2012

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 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	)		(26,335	)		-				(37,146	)
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			9,108			1,128			-			10,396			215			(25	)		-				10,586
Related party assets		12			4,527			(15	)		-			4,524			(7	)		-			(7,715	)	(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			12,724			-				4,517
Other policyholders' funds and liabilities		-			-			-			-			-			141			(1,225	)		-				(1,084	)
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			96,877			4,841			-			155,943			1,948			3,400			(7,872	)			153,419
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) Eliminate 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		-			28,558			30,000			-		58,558			-		-			-			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		-			27,953			-			-		27,953			-		-			-			27,953
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			164	(c)		(3,077	)
Contribution from related party		(518	)		-			-					(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		2,588			-			2,588
Investment contract withdrawals		-			-			-			-		-			-		(8,195	)		-			(8,195	)
Net cash provided (used) by financing activities		(234,752	)		110,651			10,597			-		(113,504	)		-		(5,607	)		7,872			(111,239	)
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) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

XML

Fair Value Measurement, Transfer Level 1 to Level 2 (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract]
Fair Value, Level 1 to level 2 Transfers, Amount	$ 2.3

XML

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Self-moving equipment rentals	$ 466,994	$ 446,548
Self-storage revenues	34,736	31,828
Self-moving and self-storage products and service sales	67,178	64,378
Property management fees	4,860	4,735
Life insurance premiums	46,426	50,999
Property and casualty insurance premiums	7,243	6,898
Net investment and interest income	12,257	17,263
Other revenue	25,722	20,316
Total revenues	665,416	642,965
Costs and expenses:
Operating expenses	283,393	271,975
Commission expenses	61,107	56,952
Cost of sales	32,227	32,778
Benefits and losses	46,078	49,930
Amortization of deferred policy acquisition costs	2,811	4,375
Lease expense	32,796	34,234
Depreciation net of (gains) losses on disposals	56,125	44,358
Total costs and expenses	514,537	494,602
Earnings from operations	150,879	148,363
Interest expense	(23,491)	(22,633)
Total pretax earnings (loss)	127,388	125,730
Income tax expense	(46,819)	(47,507)
Net earnings	80,569	78,223
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908)
Less: Preferred stock dividends		(3,077)
Earnings available to common shareholders	$ 80,569	$ 69,238
Basic and diluted earnings per common share	$ 4.13	$ 3.56
Weighted average common shares outstanding: basic and diluted	19,502,369	19,460,126

XML

Derivatives

3 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

5. Derivatives

5. Derivatives

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.

Original variable rate debt and lease amount			Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
(In millions)
$	50.0		6/21/2006	7/10/2006	7/10/2013	6/9/2006
	144.9	(a)	6/9/2006	10/10/2006	10/10/2012	6/9/2006
	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	6/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
(a) forward swap
(b) operating lease

As of June 30, 2012, the total notional amount of our variable interest rate swaps on debt and an operating lease was $480.5 million and $14.8 million, respectively.

The derivative fair values located in accounts payable and accrued expenses in the balance sheets were as follows:

	Liability Derivatives Fair Value as of
	June 30, 2012		March 31, 2012
	(Unaudited)
	(In thousands)
Interest rate contracts designated as hedging instruments	$	61,397	$	59,313

	The Effect of Interest Rate Contracts
	on the Statements of Operations
	June 30, 2012		June 30, 2011
	(Unaudited)
	(In thousands)
Loss recognized in income on interest rate contracts	$	6,837	$	5,790
Loss recognized in AOCI on interest rate contracts (effective portion)	$	516	$	3,860
Loss reclassified from AOCI into income (effective portion)	$	5,269	$	5,903
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	1,568	$	(113	)

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At June 30, 2012, we expect to reclassify $18.4 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

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Borrowings

3 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

4. Borrowings

4. Borrowings

Long-Term Debt

Long-term debt was as follows:

						June 30,		March 31,
	2013 Rate (a)			Maturities		2012		2012
						(Unaudited)
						(In thousands)
Real estate loan (amortizing term)		6.93	%		2018	$	242,500	$	245,000
Real estate loan (revolving credit)		-			2018		-		-
Real estate loan (amortizing term)		2.14	%		2016		25,227		25,451
Real estate loan (revolving credit)		1.74	%		2013		23,920		23,920
Senior mortgages		5.47% - 5.75	%		2015		456,163		459,822
Working capital loan (revolving credit)		-			2013		-		-
Fleet loans (amortizing term)		3.00% - 7.95	%		2012 - 2019		365,212		384,888
Fleet loans (securitization)		4.90% - 5.56	%		2014 - 2017		218,579		228,655
Capital leases (rental equipment)		2.17% - 9.57	%		2012 - 2019		199,585		109,689
Other obligations		3.00% - 8.00	%		2013 - 2042		9,352		8,786
Total notes, loans and leases payable						$	1,540,538	$	1,486,211
(a) Interest rate as of June 30, 2012, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. The loan has a final maturity date of August 2018. The loan is comprised of a term loan facility with initial availability of $300.0 million and a revolving credit facility with current availability of $198.8 million. As of June 30, 2012, the outstanding balance on the Real Estate Loan was $242.5 million and we had the full $198.8 million available to be drawn. U-Haul International, Inc. is a guarantor of this loan.

The amortizing term portion of the Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The revolving credit portion of the Real Estate Loan requires monthly interest payments when drawn, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.

The interest rate for the amortizing term portion, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate ("LIBOR") plus the applicable margin. At June 30, 2012, the applicable LIBOR was 0.25% and the applicable margin was 1.50%, the sum of which was 1.75%. The rate on the term facility portion of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin.

The interest rate for the revolving credit facility, per the provision of the amended loan agreement, is the applicable LIBOR plus the applicable margin. The margin ranges from 1.50% to 2.00%.

The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Amerco Real Estate Company and a subsidiary of U-Haul International, Inc. entered into a revolving credit construction loan effective June 29, 2006. This loan was modified and extended on June 27, 2011. The loan is now comprised of a term loan facility with an initial availability of $26.1 million and a final maturity of June 2016. As of June 30, 2012, the outstanding balance was $25.2 million.

This Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.90%. At June 30, 2012, the applicable LIBOR was 0.24% and the margin was 1.90%, the sum of which was 2.14%. U-Haul International, Inc. and AMERCO are guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

On April 29, 2011, Amerco Real Estate Company and U-Haul Company of Florida entered into a revolving credit agreement for $100.0 million. This agreement was amended in March 2012 and the maturity extended to April 2013 with an option for a one year extension. As of June 30, 2012, we had $76.1 million available to be drawn. The interest rate is the applicable LIBOR plus a margin of 1.50%. At June 30, 2012, the applicable LIBOR was 0.24% and the margin was 1.50%, the sum of which was 1.74%. The amended agreement decreased the margin to 1.25% for any subsequent borrowings on the revolving credit facility. AMERCO and U-Haul International, Inc. are guarantors of this facility. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of June 30, 2012 were in the aggregate amount of $456.2 million and mature in 2015. The senior mortgages require average monthly principal and interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The senior mortgages are secured by certain properties owned by the borrowers. The interest rates, per the provisions of the senior mortgages, range between 5.47% and 5.75%. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Working Capital Loans

Amerco Real Estate Company is a borrower under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $25.0 million. At June 30, 2012, we had the full $25.0 million available to be drawn. This loan is secured by certain properties owned by the borrower. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This agreement was amended in March 2012 and the maturity extended to November 2013 with an option for a one year extension. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. U-Haul International, Inc. and AMERCO are the guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.25%.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The balance of the loans as of June 30, 2012 was $250.2 million with the final maturities between October 2012 and April 2019.

The Amortizing Loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the Loan Agreements, are the applicable LIBOR plus a margin between 0.90% and 2.63%. At June 30, 2012, the applicable LIBOR was between 0.24% and 0.25% and applicable margins were between 0.90% and 2.63%. The interest rates are hedged with interest rate swaps fixing the rates between 3.00% and 6.92% based on current margins. Additionally, $22.0 million of these loans are carried at fixed rates ranging between 3.94% and 7.95%.

AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

On December 31, 2009, a subsidiary of U-Haul International, Inc. entered into an $85.0 million term note that was used to fund cargo van and pickup acquisitions for the past two years. This term note was amended on August 26, 2011. The amount of the term note was increased to $95.0 million. On December 22, 2011, we entered into another term loan for $20.0 million. The final maturity date of these notes is August 2016.  The agreements contain options to extend the maturity through May 2017. These notes are secured by the purchased equipment and the corresponding operating cash flows associated with their operation.  These notes have fixed interest rates between 3.52% and 3.53%. At June 30, 2012, the outstanding balance was $115.0 million.

AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Rental Truck Securitizations

U-Haul S Fleet and its subsidiaries (collectively, "USF") issued a $217.0 million asset-backed note ("2007 Box Truck Note") on June 1, 2007. USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases throughout fiscal 2008. U.S. Bank, NA acts as the trustee for this securitization.

The 2007 Box Truck Note has a fixed interest rate of 5.56% with an expected final maturity of February 2014. At June 30, 2012, the outstanding balance was $95.1 million. The note is secured by the box trucks that were purchased and the corresponding operating cash flows associated with their operation.

The 2007 Box Truck Note has the benefit of a financial guaranty insurance policy which guarantees the timely payment of interest on and the ultimate payment of the principal of this note.

2010 U-Haul S Fleet and its subsidiaries (collectively, "2010 USF") issued a $155.0 million asset-backed note ("2010 Box Truck Note") on October 28, 2010. 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acts as the trustee for this securitization.

The 2010 Box Truck Note has a fixed interest rate of 4.90% with an expected final maturity of October 2017. At June 30, 2012, the outstanding balance was $123.5 million. The note is secured by the box trucks being purchased and the corresponding operating cash flows associated with their operation.

 The 2007 Box Truck Note and 2010 Box Truck Note are subject to certain covenants with respect to liens, additional indebtedness of the special purpose entities, the disposition of assets and other customary covenants of bankruptcy-remote special purpose entities. The default provisions of these notes include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Capital Leases

We entered into capital leases for new equipment between April 2008 and June 2012, with terms of the leases between 3 and 7 years. At June 30, 2012, the balance of these leases was $199.6 million.

Other Obligations

In February 2011, the Company and US Bank, National Association (the "Trustee") entered into the U-Haul Investors Club Indenture.  The Company and the Trustee entered into this indenture to provide for the issuance of notes ("U-Notes") by us directly to investors over our proprietary website, uhaulinvestorsclub.com. The U-Notes are secured by various types of collateral including rental equipment and real estate.  U-Notes are issued in smaller series that vary as to principal amount, interest rate and maturity.  U-Notes are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company's affiliates or subsidiaries.

At June 30, 2012 the aggregate outstanding principal balance of the U-Notes issued was $15.3 million of which $6.1 million is with our insurance subsidiaries with interest rates between 3.00% and 8.00% and maturity dates between 2013 and 2042.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of June 30, 2012 for the next five years and thereafter are as follows:

	Year Ended June 30,
	2013		2014		2015		2016		2017		Thereafter
	(Unaudited)
	(In thousands)
Notes, loans and leases payable, secured	$	186,568	$	199,841	$	95,891	$	512,949	$	235,205	$	310,084

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands)
Interest expense	$	15,646		$	15,839
Capitalized interest		(77	)		(32	)
Amortization of transaction costs		1,085			1,036
Interest expense resulting from derivatives		6,837			5,790
Total interest expense	$	23,491		$	22,633

Interest paid in cash, including payments related to derivative contracts, amounted to $21.2 million and $21.7 million for the first quarter of fiscal 2013 and 2012, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

	Revolving Credit Activity
	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.74	%		1.72	%
Interest rate at the end of the quarter		1.74	%		0.00	%
Maximum amount outstanding during the quarter	$	23,920		$	15,000
Average amount outstanding during the quarter	$	23,920		$	14,341
Facility fees	$	178		$	57

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Other-than-Temporary Impairment Not Previously Recognized (Table Text Block)

3 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Other than temporary impairment, credit losses recognized in earnings

Credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income were as follows:

	Credit Loss
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	552
Additions:
Other-than-temporary impairment not previously recognized		-
Balance at June 30, 2012	$	552

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Financial Information by Geographic Area Data

3 Months Ended

Jun. 30, 2012

Segments, Geographical Areas [Abstract]

12. Industry Segment and Geographic Area Data

12. Industry Segment and Geographic Area Data

	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended June 30, 2012
Total revenues	$	623,923	$	41,493	$	665,416
Depreciation and amortization, net of (gains) losses on disposals		56,963		1,973		58,936
Interest expense		23,339		152		23,491
Pretax earnings		119,384		8,004		127,388
Income tax expense		44,698		2,121		46,819
Identifiable assets		4,690,153		148,683		4,838,836
Quarter ended June 30, 2011
Total revenues	$	601,091	$	41,874	$	642,965
Depreciation and amortization, net of (gains) losses on disposals		46,864		1,869		48,733
Interest expense		22,470		163		22,633
Pretax earnings		118,357		7,373		125,730
Income tax expense		45,329		2,178		47,507
Identifiable assets		4,026,330		148,126		4,174,456

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Contingent Liabilities and Commitments

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

8. Contingent Liabilities and Commitments

8. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of June 30, 2012, AMERCO has guaranteed $132.4 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. AMERCO has been leasing equipment since 1987 and has experienced no material losses relating to these types of residual value guarantees.

Lease commitments for leases having terms of more than one year were as follows:

	Property, Plant and Equipment		Rental Equipment		Total
	(Unaudited)
			(In thousands)
Year-ended June 30:
2013	$	14,235	$	94,511	$	108,746
2014		12,109		77,638		89,747
2015		969		54,068		55,037
2016		808		21,317		22,125
2017		714		11,552		12,266
Thereafter		5,461		14,759		20,220
Total	$	34,296	$	273,845	$	308,141

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Consolidated Statement of Operations by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012		Jun. 30, 2011
Revenues:
Self-moving equipment rentals	$ 466,994		$ 446,548
Self-storage revenues	34,736		31,828
Self-moving and self-storage products and service sales	67,178		64,378
Property management fees	4,860		4,735
Life insurance premiums	46,426		50,999
Property and casualty insurance premiums	7,243		6,898
Net investment and interest income	12,257		17,263
Other revenue	25,722		20,316
Total revenues	665,416		642,965
Costs and expenses:
Operating expenses	283,393		271,975
Commission expenses	61,107		56,952
Cost of sales	32,227		32,778
Benefits and losses	46,078		49,930
Amortization of deferred policy acquisition costs	2,811		4,375
Lease expense	32,796		34,234
Depreciation net of (gains) losses on disposals	56,125		44,358
Total costs and expenses	514,537		494,602
Earnings from operations	150,879		148,363
Interest income (expense)	(23,491)		(22,633)
Total pretax earnings (loss)	127,388		125,730
Income tax expense	(46,819)		(47,507)
Net earnings	80,569		78,223
Less: Excess of redemption value over carrying value of preferred shares redeemed			(5,908)
Preferred stock dividends paid			(3,077)
Earnings available to common shareholders	80,569		69,238
Property and Casualty Insurance
Revenues:
Property and casualty insurance premiums	7,243	[1]	6,898	[2]
Net investment and interest income	2,200	[1]	2,234	[2]
Total revenues	9,443	[1]	9,132	[2]
Costs and expenses:
Operating expenses	3,290	[1]	2,774	[2]
Benefits and losses	3,566	[1]	4,459	[2]
Total costs and expenses	6,856	[1]	7,233	[2]
Earnings (loss) from operations before subsidiaries	2,587	[1]	1,899	[2]
Earnings from operations	2,587	[1]	1,899	[2]
Total pretax earnings (loss)	2,587	[1]	1,899	[2]
Income tax expense	(906)	[1]	(665)	[2]
Net earnings	1,681	[3]	1,234	[4]
Earnings available to common shareholders	1,681	[1]	1,234	[2]
Life Insurance
Revenues:
Life insurance premiums	46,426	[1]	50,999	[2]
Net investment and interest income	7,010	[1]	8,538	[2]
Other revenue	446	[1]	462	[2]
Total revenues	53,882	[1]	59,999	[2]
Costs and expenses:
Operating expenses	7,155	[1]	8,118	[2]
Benefits and losses	42,512	[1]	45,471	[2]
Amortization of deferred policy acquisition costs	2,811	[3]	4,375	[4]
Total costs and expenses	52,478	[1]	57,964	[2]
Earnings (loss) from operations before subsidiaries	1,404	[1]	2,035	[2]
Earnings from operations	1,404	[1]	2,035	[2]
Total pretax earnings (loss)	1,404	[1]	2,035	[2]
Income tax expense	(503)	[1]	(668)	[2]
Net earnings	901	[3]	1,367	[4]
Earnings available to common shareholders	901	[1]	1,367	[2]
Eliminations
Revenues:
Self-moving equipment rentals	(321)	[5]	(337)	[5]
Net investment and interest income	(88)	[6]	(538)	[6],[7]
Other revenue	(349)	[6]	(290)	[6]
Total revenues	(758)		(1,165)
Costs and expenses:
Operating expenses	(657)	[5],[6]	(618)	[5],[6]
Lease expense	(30)	[6]	(306)	[6]
Total costs and expenses	(687)		(924)
Earnings (loss) from operations before subsidiaries	(71)		(241)
Equity in earnings of subsidiaries	(2,582)	[8]	(2,601)	[8]
Earnings from operations	(2,653)		(2,842)
Interest income (expense)	71	[6]	84	[6]
Total pretax earnings (loss)	(2,582)		(2,758)
Net earnings	(2,582)		(2,758)
Preferred stock dividends paid			164	[7]
Earnings available to common shareholders	(2,582)		(2,594)
Moving and Storage Consolidations
Revenues:
Self-moving equipment rentals	467,315		446,885
Self-storage revenues	34,736		31,828
Self-moving and self-storage products and service sales	67,178		64,378
Property management fees	4,860		4,735
Net investment and interest income	3,135		7,029
Other revenue	25,625		20,144
Total revenues	602,849		574,999
Costs and expenses:
Operating expenses	273,605		261,701
Commission expenses	61,107		56,952
Cost of sales	32,227		32,778
Lease expense	32,826		34,540
Depreciation net of (gains) losses on disposals	56,125		44,358
Total costs and expenses	455,890		430,329
Earnings (loss) from operations before subsidiaries	146,959		144,670
Equity in earnings of subsidiaries	2,582		2,601
Earnings from operations	149,541		147,271
Interest income (expense)	(23,562)		(22,717)
Total pretax earnings (loss)	125,979		124,554
Income tax expense	(45,410)		(46,174)
Net earnings	80,569		78,380
Less: Excess of redemption value over carrying value of preferred shares redeemed			(5,908)
Preferred stock dividends paid			(3,241)
Earnings available to common shareholders	80,569		69,231
AMERCO /NV/
Revenues:
Net investment and interest income	1,253		1,719
Other revenue	81
Total revenues	1,334		1,719
Costs and expenses:
Operating expenses	3,462		2,728
Lease expense	24		22
Depreciation net of (gains) losses on disposals	1		1
Total costs and expenses	3,487		2,751
Earnings (loss) from operations before subsidiaries	(2,153)		(1,032)
Equity in earnings of subsidiaries	66,615		63,851
Earnings from operations	64,462		62,819
Interest income (expense)	24,660		24,467
Total pretax earnings (loss)	89,122		87,286
Income tax expense	(8,553)		(8,906)
Net earnings	80,569		78,380
Less: Excess of redemption value over carrying value of preferred shares redeemed			(5,908)
Preferred stock dividends paid			(3,241)
Earnings available to common shareholders	80,569		69,231
U-Haul
Revenues:
Self-moving equipment rentals	467,315		446,885
Self-storage revenues	34,452		31,512
Self-moving and self-storage products and service sales	67,178		64,378
Property management fees	4,860		4,735
Net investment and interest income	1,688		5,160
Other revenue	27,167		21,531
Total revenues	602,660		574,201
Costs and expenses:
Operating expenses	290,311		277,728
Commission expenses	61,107		56,952
Cost of sales	32,227		32,778
Lease expense	32,797		34,511
Depreciation net of (gains) losses on disposals	52,320		41,401
Total costs and expenses	468,762		443,370
Earnings (loss) from operations before subsidiaries	133,898		130,831
Earnings from operations	133,898		130,831
Interest income (expense)	(34,154)		(34,282)
Total pretax earnings (loss)	99,744		96,549
Income tax expense	(36,413)		(36,365)
Net earnings	63,331		60,184
Earnings available to common shareholders	63,331		60,184
Real Estate
Revenues:
Self-storage revenues	284		316
Net investment and interest income	194		150
Other revenue	21,085		19,747
Total revenues	21,563		20,213
Costs and expenses:
Operating expenses	2,540		2,379
Lease expense	5		7
Depreciation net of (gains) losses on disposals	3,804		2,956
Total costs and expenses	6,349		5,342
Earnings (loss) from operations before subsidiaries	15,214		14,871
Earnings from operations	15,214		14,871
Interest income (expense)	(14,068)		(12,902)
Total pretax earnings (loss)	1,146		1,969
Income tax expense	(444)		(903)
Net earnings	702		1,066
Earnings available to common shareholders	702		1,066
Eliminations
Revenues:
Other revenue	(22,708)	[6]	(21,134)	[6]
Total revenues	(22,708)		(21,134)
Costs and expenses:
Operating expenses	(22,708)	[6]	(21,134)	[6]
Total costs and expenses	(22,708)		(21,134)
Equity in earnings of subsidiaries	(64,033)	[8]	(61,250)	[8]
Earnings from operations	(64,033)		(61,250)
Total pretax earnings (loss)	(64,033)		(61,250)
Net earnings	(64,033)		(61,250)
Earnings available to common shareholders	$ (64,033)		$ (61,250)

[1] Balances for the quarter ended March 31, 2012

[2] Balances for the quarter ended March 31, 2011

[3] Balance for the period ended March 31, 2012

[4] Balance for the period ended March 31, 2011

[5] Eliminate intercompany premiums

[6] Eliminate intercompany lease /interest income

[7] Eliminate preferred stock dividends paid to affiliates

[8] Eliminate equity in earnings of subsidiaries

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Stockholders Equity

3 Months Ended

Jun. 30, 2012

Stockholders' Equity Attributable to Parent [Abstract]

6. Stockholders' Equity

6. Stockholders' Equity

On June 1, 2011, the Company redeemed all 6,100,000 shares of its issued and outstanding Series A Preferred at a redemption price of $25 per share plus accrued dividends through that date.  Pursuant to ASC 260 for earnings per share purposes, we recognized the deficit of the carrying amount of the Series A Preferred over the consideration paid to redeem the shares.

The Series A Preferred was recorded in our Additional Paid-In Capital account, net of original issue costs at $146.3 million prior to the redemption. The Company paid $152.5 million to redeem the shares on June 1, 2011 of which $7.7 million was paid to our insurance subsidiaries in exchange for their holdings. The difference between what was paid to redeem the shares less their carrying amount on our balance sheet, reduced by our insurance subsidiaries holdings is $5.9 million. This amount was recognized as a reduction to our earnings available to our common shareholders for the purposes of computing earnings per share for the first quarter of fiscal 2012.

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Comprehensive Income (Loss)

3 Months Ended

Jun. 30, 2012

Disclosure Text Block [Abstract]

7. Comprehensive Income (Loss)

7. Comprehensive Income (Loss)

A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:

	Foreign Currency Translation			Unrealized Gain on Investments		Fair Market Value of Cash Flow Hedges			Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	(28,882	)	$	20,866	$	(38,129	)	$	709	$	(45,436	)
Foreign currency translation		(1,929	)		-		-			-		(1,929	)
Unrealized gain on investments		-			1,293		-			-		1,293
Change in fair value of cash flow hedges		-			-		(319	)		-		(319	)
Balance at June 30, 2012	$	(30,811	)	$	22,159	$	(38,448	)	$	709	$	(46,391	)

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Contingencies

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

9. Contingencies

9. Contingencies

Shoen

In September 2002, Paul F. Shoen filed a shareholder derivative lawsuit in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Paul F. Shoen vs. SAC Holding Corporation et al., CV 02-05602, seeking damages and equitable relief on behalf of AMERCO from SAC Holdings and certain current and former members of the AMERCO Board of Directors, including Edward J. Shoen, Mark V. Shoen and James P. Shoen as Defendants. AMERCO is named as a nominal Defendant in the case. The complaint alleges breach of fiduciary duty, self-dealing, usurpation of corporate opportunities, wrongful interference with prospective economic advantage and unjust enrichment and seeks the unwinding of sales of self-storage properties by subsidiaries of AMERCO to SAC prior to the filing of the complaint. The complaint seeks a declaration that such transfers are void as well as unspecified damages. In October 2002, the Defendants filed motions to dismiss the complaint. Also in October 2002, Ron Belec filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Ron Belec vs. William E. Carty, et al., CV 02-06331 and in January 2003, M.S. Management Company, Inc. filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned M.S. Management Company, Inc. vs. William E. Carty, et al., CV 03-00386. Two additional derivative suits were also filed against these parties. Each of these suits is substantially similar to the Paul F. Shoen case. The Court consolidated the five cases and thereafter dismissed these actions in May 2003, concluding that the AMERCO Board of Directors had the requisite level of independence required in order to have these claims resolved by the Board. Plaintiffs appealed this decision and, in July 2006, the Nevada Supreme Court reversed the ruling of the trial court and remanded the case to the trial court for proceedings consistent with its ruling, allowing the Plaintiffs to file an amended complaint and plead in addition to substantive claims, demand futility.

     In November 2006, the Plaintiffs filed an amended complaint. In December 2006, the Defendants filed motions to dismiss, based on various legal theories. In March 2007, the Court denied AMERCO's motion to dismiss regarding the issue of demand futility, stating that "Plaintiffs have satisfied the heightened pleading requirements of demand futility by showing a majority of the members of the AMERCO Board of Directors were interested parties in the SAC transactions." The Court heard oral argument on the remainder of the Defendants' motions to dismiss, including the motion ("Goldwasser Motion") based on the fact that the subject matter of the lawsuit had been settled and dismissed in earlier litigation known as Goldwasser v. Shoen, C.V.N.-94-00810-ECR (D.Nev), Washoe County, Nevada. In addition, in September and October 2007, the Defendants filed Motions for Judgment on the Pleadings or in the Alternative Summary Judgment, based on the fact that the stockholders of the Company had ratified the underlying transactions at the 2007 annual meeting of stockholders of AMERCO. In December 2007, the Court denied this motion. This ruling does not preclude a renewed motion for summary judgment after discovery and further proceedings on these issues. On April 7, 2008, the litigation was dismissed, on the basis of the Goldwasser Motion. On May 8, 2008, the Plaintiffs filed a notice of appeal of such dismissal to the Nevada Supreme Court. On May 20, 2008, AMERCO filed a cross appeal relating to the denial of its Motion to Dismiss in regard to demandfutility.

On May 12, 2011, the Nevada Supreme Court affirmed in part, reversed in part, and remanded the case for further proceedings.  First, the Court ruled that the Goldwasser settlement did not release claims that arose after the agreement and, therefore, reversed the trial court's dismissal of the Complaint on that ground. Second, the Court affirmed the district court's determination that the in pari delicto defense is available in a derivative suit and reversed and remanded to the district court to determine if the defense applies to this matter.  Third, the Court remanded to the district court to conduct an evidentiary hearing to determine whether demand upon the AMERCO Board was, in fact, futile.  Fourth, the Court invited AMERCO to seek a ruling from the district court as to the legal effect of the AMERCO Shareholders' 2008 ratification of the underlying AMERCO/SAC transactions.

Last, as to individual claims for relief, the Court affirmed the district court's dismissal of the breach of fiduciary duty of loyalty claims as to all defendants except Mark Shoen.  The Court affirmed the district court's dismissal of the breach of fiduciary duty: ultra vires Acts claim as to all defendants. The Court reversed the district court's dismissal of aiding and abetting a breach of fiduciary duty and unjust enrichment claims against the SAC entities.  The Court reversed the trial court's dismissal of the claim for wrongful interference with prospective economic advantage as to all defendants.

On remand, on July 22, 2011, AMERCO filed a Motion for Summary Judgment based upon the Shareholder's Ratification of the SAC transactions. In addition, on August 29, 2011, certain defendants filed a Motion to Dismiss Plaintiffs' Claim for Wrongful Interference with Prospective Economic Advantage. On August 31, 2011, the trial court held a status conference and entered an order setting forth the briefing schedule for the two motions. On December 23, 2011, the trial court denied AMERCO's motion for summary judgment and certain defendants' motion to dismiss. The court has set a discovery schedule on the limited issue of demand futility.  A four day evidentiary hearing on demand futility is scheduled to begin on August 20, 2012.

Environmental

Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO's financial position or results of operations.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management's opinion, none of these other matters will have a material effect on our financial position and results of operations.

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Financial Instruments Level within the Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Assets:
Short-term investments	$ 542,083
Fixed maturities - available for sale	753,614
Preferred stock	23,935
Common stock	15,833
Total	1,335,465
Liabilities:
Derivatives	61,397	59,313
Total	61,397
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Short-term investments	542,083
Fixed maturities - available for sale	665,000
Preferred stock	23,935
Common stock	15,833
Total	1,246,851
Significant Other Observable Inputs (Level 2)
Assets:
Fixed maturities - available for sale	87,413
Total	87,413
Liabilities:
Derivatives	61,397
Total	61,397
Significant Unobservable Inputs (Level 3)
Assets:
Fixed maturities - available for sale	1,201
Total	$ 1,201

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Unrelease ESOP Shares Excluded from Weighted Average Common Shares Outstanding (Details)	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Post 1992 shares of the employee stock ownership plan that have not been committed to be released	100,302	142,199

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Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost for benefits earned during the period	$ 155	$ 129
Interest cost on accumulated postretirement benefit	139	142
Other components	1	(4)
Net periodic postretirement benefit cost	$ 295	$ 267

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Related Party Revenues (Table Text Block)

3 Months Ended

Jun. 30, 2012

Related Party Revenue [Abstract]

Related party revenue

Management believes that the sales of self-storage properties to SAC Holdings has provided a unique structure for the Company to earn moving equipment rental revenues and property management fee revenues from the SAC Holdings self-storage properties that the Company manages.

Related Party Revenue

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
U-Haul interest income revenue from SAC Holdings	$	2,476	$	4,816
U-Haul interest income revenue from Private Mini		1,345		1,353
U-Haul management fee revenue from SAC Holdings		3,829		3,729
U-Haul management fee revenue from Private Mini		567		552
U-Haul management fee revenue from Mercury		464		454
	$	8,681	$	10,904

During the first quarter of fiscal 2013, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. ("Blackwater"). Blackwater is wholly-owned by Mark V. Shoen, a significant shareholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $7.2 million and $4.3 million from SAC Holdings during the first quarter of fiscal 2013 and 2012, respectively. The largest aggregate amount of notes receivable outstanding during the first quarter of fiscal 2013 was $195.4 million and the aggregate notes receivable balance at June 30, 2012 was $73.1 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2019 and 2024. We received repayments of $127.3 million during the first quarter of fiscal 2013 on these notes and interest receivables.

During the first quarter of fiscal 2013, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. ("Private Mini"). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $1.4 million from Private Mini during the first quarters of both fiscal 2013 and 2012. The largest aggregate amount outstanding during the first quarter of fiscal 2013 was $66.3 million and the aggregate notes receivable balance at June 30, 2012 was $66.2 million.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. ("Mercury"), Four SAC Self-Storage Corporation ("4 SAC"), Five SAC Self-Storage Corporation ("5 SAC"), Galaxy Investments, L.P. ("Galaxy") and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $8.6 million from the above mentioned entities during the first quarter of fiscal 2013 and 2012, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant shareholder and director of AMERCO, has an interest in Mercury.

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Derivatives (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Swap Agreement One [Member]
Swaps:
Original variable, rate debt amount	$ 50.0
Agreement date	Jun. 21, 2006
Effective date	Jul. 10, 2006
Expiration date	Jul. 10, 2013
Designed cash flow hedge date	Jun. 09, 2006
Swap Agreement Two [Member]
Swaps:
Original variable, rate debt amount	144.9	[1]
Agreement date	Jun. 09, 2006
Effective date	Oct. 10, 2006
Expiration date	Oct. 10, 2012
Designed cash flow hedge date	Jun. 09, 2006
Swap Agreement Three [Member]
Swaps:
Original variable, rate debt amount	300.0
Agreement date	Aug. 16, 2006
Effective date	Aug. 18, 2006
Expiration date	Aug. 10, 2018
Designed cash flow hedge date	Aug. 04, 2006
Swap Agreement Four [Member]
Swaps:
Original variable, rate debt amount	30.0
Agreement date	Feb. 09, 2007
Effective date	Feb. 12, 2007
Expiration date	Feb. 10, 2014
Designed cash flow hedge date	Feb. 09, 2007
Swap Agreement Five [Member]
Swaps:
Original variable, rate debt amount	20.0
Agreement date	Mar. 08, 2007
Effective date	Mar. 12, 2007
Expiration date	Mar. 10, 2014
Designed cash flow hedge date	Mar. 08, 2007
Swap Agreement Six [Member]
Swaps:
Original variable, rate debt amount	20.0
Agreement date	Mar. 08, 2007
Effective date	Mar. 12, 2007
Expiration date	Mar. 10, 2014
Designed cash flow hedge date	Mar. 08, 2007
Swap Agreement Seven [Member]
Swaps:
Original variable, rate debt amount	19.3	[1]
Agreement date	Apr. 08, 2008
Effective date	Aug. 15, 2008
Expiration date	Jun. 15, 2015
Designed cash flow hedge date	Mar. 31, 2008
Swap Agreement Eight [Member]
Swaps:
Original variable, rate debt amount	19.0
Agreement date	Aug. 27, 2008
Effective date	Aug. 29, 2008
Expiration date	Jul. 10, 2015
Designed cash flow hedge date	Apr. 10, 2008
Swap Agreement Nine [Member]
Swaps:
Original variable, rate debt amount	30.0
Agreement date	Sep. 24, 2008
Effective date	Sep. 30, 2008
Expiration date	Sep. 10, 2015
Designed cash flow hedge date	Sep. 24, 2008
Swap Agreement Ten [Member]
Swaps:
Original variable, rate debt amount	15.0	[1]
Agreement date	Mar. 24, 2009
Effective date	Mar. 30, 2009
Expiration date	Mar. 30, 2016
Designed cash flow hedge date	Mar. 25, 2009
Swap Agreement Eleven [Member]
Swaps:
Original variable, rate debt amount	14.7	[1]
Agreement date	Jul. 06, 2010
Effective date	Aug. 15, 2010
Expiration date	Jul. 15, 2017
Designed cash flow hedge date	Jul. 06, 2010
Swap Agreement Twelve [Member]
Swaps:
Original variable, rate debt amount	25.0	[1]
Agreement date	Apr. 26, 2011
Effective date	Jun. 01, 2011
Expiration date	Jun. 01, 2018
Designed cash flow hedge date	Jun. 01, 2011
Swap Agreement Thirteen [Member]
Swaps:
Original variable, rate debt amount	50.0	[1]
Agreement date	Jul. 29, 2011
Effective date	Aug. 15, 2011
Expiration date	Aug. 15, 2018
Designed cash flow hedge date	Jul. 29, 2011
Swap Agreement Fourteen [Member]
Swaps:
Original variable, rate debt amount	20.0	[1]
Agreement date	Aug. 03, 2011
Effective date	Sep. 12, 2011
Expiration date	Sep. 10, 2018
Designed cash flow hedge date	Aug. 03, 2011
Swap Agreement Fifteen [Member]
Swaps:
Original variable, rate debt amount	15.1	[2]
Agreement date	Mar. 27, 2012
Effective date	Mar. 28, 2012
Expiration date	Mar. 28, 2019
Designed cash flow hedge date	Mar. 26, 2012
Swap Agreement Sixteen [Member]
Swaps:
Original variable, rate debt amount	$ 25.0
Agreement date	Apr. 13, 2012
Effective date	Apr. 16, 2012
Expiration date	Apr. 01, 2019
Designed cash flow hedge date	Apr. 12, 2012

[1] forward swap

[2] operating lease

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Fair Value Measurements

3 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

14. Fair Value Measurements

14. Fair Value Measurements

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments including short term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

Assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure ("ASC 820") requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at June 30, 2012, that are subject to ASC 820 and the valuation approach applied to each of these items.

	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
Assets
Short-term investments	$	542,083	$	542,083	$	-	$	-
Fixed maturities - available for sale		753,614		665,000		87,413		1,201
Preferred stock		23,935		23,935		-		-
Common stock		15,833		15,833		-		-
Total	$	1,335,465	$	1,246,851	$	87,413	$	1,201
Liabilities
Guaranteed residual values of TRAC leases	$	-	$	-	$	-	$	-
Derivatives		61,397		-		61,397		-
Total	$	61,397	$	-	$	61,397	$	-

 Our fair value measurement takes place at the end of each quarter. At the end of the first quarter of fiscal 2013, we transferred $2.3 million of fixed maturities - available for sale from Level 1 to Level 2 due to a reduction in the pricing source available.

The following table represents the fair value measurements for our assets at June 30, 2012 using significant unobservable inputs (Level 3).

	Fixed Maturities - Asset Backed Securities
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	1,205
Fixed Maturities - Asset Backed Securities - redemption		(7	)
Fixed Maturities - Asset Backed Securities - gain (realized)		3
Balance at June 30, 2012	$	1,201

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Long-term Debt Borrowings (Table Text Block)

3 Months Ended

Jun. 30, 2012

Debt Instruments [Abstract]

Long-term debt

Long-Term Debt

Long-term debt was as follows:

						June 30,		March 31,
	2013 Rate (a)			Maturities		2012		2012
						(Unaudited)
						(In thousands)
Real estate loan (amortizing term)		6.93	%		2018	$	242,500	$	245,000
Real estate loan (revolving credit)		-			2018		-		-
Real estate loan (amortizing term)		2.14	%		2016		25,227		25,451
Real estate loan (revolving credit)		1.74	%		2013		23,920		23,920
Senior mortgages		5.47% - 5.75	%		2015		456,163		459,822
Working capital loan (revolving credit)		-			2013		-		-
Fleet loans (amortizing term)		3.00% - 7.95	%		2012 - 2019		365,212		384,888
Fleet loans (securitization)		4.90% - 5.56	%		2014 - 2017		218,579		228,655
Capital leases (rental equipment)		2.17% - 9.57	%		2012 - 2019		199,585		109,689
Other obligations		3.00% - 8.00	%		2013 - 2042		9,352		8,786
Total notes, loans and leases payable						$	1,540,538	$	1,486,211
(a) Interest rate as of June 30, 2012, including the effect of applicable hedging instruments.

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Components of Interest Expense (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Interest expense, borrowings:
Interest expense	$ 15,646	$ 15,839
Capitalized interest	(77)	(32)
Amortization of transaction costs	1,085	1,036
Interest expense resulting from derivatives	6,837	5,790
Total interest expense	$ 23,491	$ 22,633

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Employee Benefit Plans (Table Text Block)

3 Months Ended

Jun. 30, 2012

Disclosure Text Block Supplement [Abstract]

Compensation and employee benefit plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
Service cost for benefits earned during the period	$	155	$	129
Interest cost on accumulated postretirement benefit		139		142
Other components		1		(4	)
Net periodic postretirement benefit cost	$	295	$	267

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Condensed Consolidated Statements of Operations Parenthetical (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Depreciation:
Net of (gains) on sale of real and personal property	$ (7,516)	$ (9,710)
Related party:
Related party revenues, net of eliminations	8,681	10,904
Related party, costs and expenses, net of eliminations	$ 12,290	$ 11,269

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Investments

3 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

3. Investments

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $16.5 million at June 30, 2012.

Available-for-Sale Investments

Available-for-sale investments at June 30, 2012 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months			Gross Unrealized Losses Less than 12 Months			Estimated Market Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	28,722	$	2,510	$	(4	)	$	(8	)	$	31,220
U.S. government agency mortgage-backed securities		46,507		4,615		-			(7	)		51,115
Obligations of states and political subdivisions		146,121		11,481		-			(151	)		157,451
Corporate securities		473,600		33,067		(311	)		(1,666	)		504,690
Mortgage-backed securities		8,885		269		(15	)		(1	)		9,138
Redeemable preferred stocks		23,370		1,155		(547	)		(43	)		23,935
Common stocks		27,736		47		(11,945	)		(5	)		15,833
	$	754,941	$	53,144	$	(12,822	)	$	(1,881	)	$	793,382

The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $25.0 million during the first quarter of fiscal 2013. The gross realized gains on these sales totaled $0.1 million. There were no gross realized losses on these sales.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the first quarter of fiscal 2013 and 2012.

The investment portfolio primarily consists of corporate securities and U.S. government securities. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management's attention that would lead to the belief that each issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs.

The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral.

Credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income were as follows:

	Credit Loss
	(Unaudited)
	(In thousands)
Balance at March 31, 2012	$	552
Additions:
Other-than-temporary impairment not previously recognized		-
Balance at June 30, 2012	$	552

The adjusted cost and estimated market value of available-for-sale investments at June 30, 2012, by contractual maturity, were as follows:

	Amortized Cost		Estimated Market Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	43,244	$	43,995
Due after one year through five years		151,997		161,472
Due after five years through ten years		187,143		200,440
Due after ten years		312,566		338,569
		694,950		744,476
Mortgage backed securities		8,885		9,138
Redeemable preferred stocks		23,370		23,935
Equity securities		27,736		15,833
	$	754,941	$	793,382

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Related Party Assets (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Related party assets:
Related party assets	$ 169,797	$ 316,157
SAC Holdings
Related party assets:
Notes receivable	73,053	195,426
U-Haul interest receivable	13,939	18,667
U-Haul receivables	11,901	30,297
Private Mini
Related party assets:
U-Haul notes, receivables and interest	68,288	68,798
Mercury
Related party assets:
U-Haul receivables	2,495	3,195
Insurance subsidiaries
Related party assets:
Other	$ 121	$ (226)

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Statutory Requirements of Bonds Deposited with Insurance Regulatory Authorities (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Insurance capital requirements:
Assets held by insurance regulators	$ 16.5

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Components of Interest Expense (Table Text Block)

3 Months Ended

Jun. 30, 2012

Interest Expense, Borrowings [Abstract]

Interest expense disclosure

Interest Expense

Components of interest expense include the following:

	Quarter Ended June 30,
	2012			2011
	(Unaudited)
	(In thousands)
Interest expense	$	15,646		$	15,839
Capitalized interest		(77	)		(32	)
Amortization of transaction costs		1,085			1,036
Interest expense resulting from derivatives		6,837			5,790
Total interest expense	$	23,491		$	22,633

Interest paid in cash, including payments related to derivative contracts, amounted to $21.2 million and $21.7 million for the first quarter of fiscal 2013 and 2012, respectively.

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Reclassification of AOCI to Earnings (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012
Derivative instruments, gain (loss) recognized in AOCI, effective portion:
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months	$ 18.4

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Consolidated Statement of Operations by Segment (Table Text Block)

3 Months Ended

Jun. 30, 2012

Table Text Block Supplement [Abstract]

Consolidated statement of operations by industry segment

Consolidating statement of operations by industry segment for the quarter ended June 30, 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
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	467,315		$	-		$	-			$	467,315		$	-		$	-		$	(321	)	(c)			$	466,994
Self-storage revenues		-			34,452			284			-				34,736			-			-			-						34,736
Self-moving and self-storage products and service sales		-			67,178			-			-				67,178			-			-			-						67,178
Property management fees		-			4,860			-			-				4,860			-			-			-						4,860
Life insurance premiums		-			-			-			-				-			-			46,426			-						46,426
Property and casualty insurance premiums		-			-			-			-				-			7,243			-			-						7,243
Net investment and interest income		1,253			1,688			194			-				3,135			2,200			7,010			(88	)	(b)				12,257
Other revenue		81			27,167			21,085			(22,708	)	(b)		25,625			-			446			(349	)	(b)				25,722
Total revenues		1,334			602,660			21,563			(22,708	)			602,849			9,443			53,882			(758	)					665,416
Costs and expenses:
Operating expenses		3,462			290,311			2,540			(22,708	)	(b)		273,605			3,290			7,155			(657	)		(b,c	)		283,393
Commission expenses		-			61,107			-			-				61,107			-			-			-						61,107
Cost of sales		-			32,227			-			-				32,227			-			-			-						32,227
Benefits and losses		-			-			-			-				-			3,566			42,512			-						46,078
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,811			-						2,811
Lease expense		24			32,797			5			-				32,826			-			-			(30	)	(b)				32,796
Depreciation, net of (gains) losses on disposals		1			52,320			3,804			-				56,125			-			-			-						56,125
Total costs and expenses		3,487			468,762			6,349			(22,708	)			455,890			6,856			52,478			(687	)					514,537
Earnings (loss) from operations before equity in earnings of  subsidiaries		(2,153	)		133,898			15,214			-				146,959			2,587			1,404			(71	)					150,879
Equity in earnings of subsidiaries		66,615			-			-			(64,033	)	(d)		2,582			-			-			(2,582	)	(d)				-
Earnings from operations		64,462			133,898			15,214			(64,033	)			149,541			2,587			1,404			(2,653	)					150,879
Interest income (expense)		24,660			(34,154	)		(14,068	)		-				(23,562	)		-			-			71		(b)				(23,491	)
Pretax earnings		89,122			99,744			1,146			(64,033	)			125,979			2,587			1,404			(2,582	)					127,388
Income tax expense		(8,553	)		(36,413	)		(444	)		-				(45,410	)		(906	)		(503	)		-						(46,819	)
Earnings available to common shareholders		80,569			63,331			702			(64,033	)			80,569			1,681			901			(2,582	)					80,569
(a) Balances for the quarter ended March 31, 2012
(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 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)
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 and self-storage products and 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
Earnings (loss) from operations before equity in earnings of  subsidiaries		(1,032	)		130,831			14,871			-				144,670			1,899			2,035			(241	)					148,363
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) Eliminate preferred stock dividends paid to affiliates

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Employee Benefit Plans

3 Months Ended

Jun. 30, 2012

Compensation and Retirement Disclosure [Abstract]

13. Employee Benefit Plans

13. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

	Quarter Ended June 30,
	2012		2011
	(Unaudited)
	(In thousands)
Service cost for benefits earned during the period	$	155	$	129
Interest cost on accumulated postretirement benefit		139		142
Other components		1		(4	)
Net periodic postretirement benefit cost	$	295	$	267