Consolidating Financial Information by Industry Segment

6 Months Ended

Sep. 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 September 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	$	426,748		$	132,867		$	1,498		$	-			$	561,113		$	21,091	$	63,617	$	-			$	645,821
Reinsurance recoverables and trade receivables, net		-			48,386			-			-				48,386			186,512		29,665		-				264,563
Inventories, net		-			58,659			-			-				58,659			-		-		-				58,659
Prepaid expenses		1,938			38,969			537			-				41,444			-		-		-				41,444
Investments, fixed maturities and marketable equities		15,644			-			-			-				15,644			121,696		767,106		-				904,446
Investments, other		-			6,867			71,581			-				78,448			91,017		124,120		-				293,585
Deferred policy acquisition costs, net		-			-			-			-				-			-		79,868		-				79,868
Other assets		480			73,348			28,845			-				102,673			598		227		-				103,498
Related party assets		1,038,106			118,181			9			(981,278	)	(c)		175,018			9,210		510		(11,233	)	(c)		173,505
		1,482,916			477,277			102,470			(981,278	)			1,081,385			430,124		1,065,113		(11,233	)			2,565,389
Investment in subsidiaries		182,814			-			-			172,917		(b)		355,731			-		-		(355,731	)	(b)		-
Property, plant and equipment, at cost:
Land		-			82,821			226,833			-				309,654			-		-		-				309,654
Buildings and improvements		-			178,646			952,206			-				1,130,852			-		-		-				1,130,852
Furniture and equipment		140			291,992			18,384			-				310,516			-		-		-				310,516
Rental trailers and other rental equipment		-			293,735			-			-				293,735			-		-		-				293,735
Rental trucks		-			2,008,602			-			-				2,008,602			-		-		-				2,008,602
		140			2,855,796			1,197,423			-				4,053,359			-		-		-				4,053,359
Less:  Accumulated depreciation		(117	)		(1,115,835	)		(365,832	)		-				(1,481,784	)		-		-		-				(1,481,784	)
Total property, plant and equipment		23			1,739,961			831,591			-				2,571,575			-		-		-				2,571,575
Total assets	$	1,665,753		$	2,217,238		$	934,061		$	(808,361	)		$	4,008,691		$	430,124	$	1,065,113	$	(366,964	)		$	5,136,964
(a) Balances as of June 30, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 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	$	2,289		$	351,360		$	4,075		$	-			$	357,724		$	-		$	15,032	$	-			$	372,756
Notes, loans and leases payable		-			839,174			717,717			-				1,556,891			-			-		-				1,556,891
Policy benefits and losses, claims and loss expenses payable		-			392,510			-			-				392,510			335,104			401,315		-				1,128,929
Liabilities from investment contracts		-			-			-			-				-			-			395,620		-				395,620
Other policyholders' funds and liabilities		-			-			-			-				-			3,128			8,275		-				11,403
Deferred income		-			30,886			-			-				30,886			-			-		-				30,886
Deferred income taxes		425,461			-			-			-				425,461			(40,316	)		19,413		-				404,558
Related party liabilities		-			630,429			360,147			(981,278	)	(c)		9,298			1,720			215		(11,233	)	(c)		-
Total liabilities		427,750			2,244,359			1,081,939			(981,278	)			2,772,770			299,636			839,870		(11,233	)			3,901,043
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		435,586			121,230			147,941			(269,171	)	(b)		435,586			91,120			26,271		(117,601	)	(b)		435,376
Accumulated other comprehensive income (loss)		(35,552	)		(64,615	)		-			64,615		(b)		(35,552	)		4,197			31,002		(35,199	)	(b)		(35,552	)
Retained earnings (deficit)		1,505,122			(82,194	)		(295,820	)		378,014		(b)		1,505,122			31,870			165,470		(197,130	)	(b)		1,505,332
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		-			(2,082	)		-			-				(2,082	)		-			-		-				(2,082	)
Total stockholders' equity (deficit)		1,238,003			(27,121	)		(147,878	)		172,917				1,235,921			130,488			225,243		(355,731	)			1,235,921
Total liabilities and stockholders' equity	$	1,665,753		$	2,217,238		$	934,061		$	(808,361	)		$	4,008,691		$	430,124		$	1,065,113	$	(366,964	)		$	5,136,964
(a) Balances as of June 30, 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		$	22,542	$	25,410	$	-			$	357,180
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			74,757		131,461		-				258,551
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 September 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	$	-		$	538,767		$	-		$	-			$	538,767		$	-		$	-		$	(406	)	(c)	$	538,361
Self-storage revenues		-			37,698			280			-				37,978			-			-			-				37,978
Self-moving and self-storage products and service sales		-			61,730			-			-				61,730			-			-			-				61,730
Property management fees		-			4,902			-			-				4,902			-			-			-				4,902
Life insurance premiums		-			-			-			-				-			-			47,667			-				47,667
Property and casualty insurance premiums		-			-			-			-				-			8,947			-			-				8,947
Net investment and interest income		1,339			2,317			244			-				3,900			2,266			6,999			(112	)	(b)		13,053
Other revenue		-			29,889			21,616			(23,213	)	(b)		28,292			-			758			(371	)	(b)		28,679
Total revenues		1,339			675,303			22,140			(23,213	)			675,569			11,213			55,424			(889	)			741,317
Costs and expenses:
Operating expenses		5,285			315,267			2,336			(23,213	)	(b)		299,675			4,482			6,831			(774	)	(b,c)		310,214
Commission expenses		-			68,564			-			-				68,564			-			-			-				68,564
Cost of sales		-			30,912			-			-				30,912			-			-			-				30,912
Benefits and losses		-			-			-			-				-			4,389			41,283			-				45,672
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			3,088			-				3,088
Lease expense		22			29,609			6			-				29,637			-			-			(46	)	(b)		29,591
Depreciation, net of (gains) losses on disposals		2			55,560			3,392			-				58,954			-			-			-				58,954
Total costs and expenses		5,309			499,912			5,734			(23,213	)			487,742			8,871			51,202			(820	)			546,995
Earnings (loss) from operations before equity in earnings of subsidiaries		(3,970	)		175,391			16,406			-				187,827			2,342			4,222			(69	)			194,322
Equity in earnings of subsidiaries		97,509			-			-			(92,824	)	(d)		4,685			-			-			(4,685	)	(d)		-
Earnings from operations		93,539			175,391			16,406			(92,824	)			192,512			2,342			4,222			(4,754	)			194,322
Interest income (expense)		23,181			(30,965	)		(14,398	)		-				(22,182	)		-			-			69		(b)		(22,113	)
Pretax earnings		116,720			144,426			2,008			(92,824	)			170,330			2,342			4,222			(4,685	)			172,209
Income tax expense		(7,300	)		(52,844	)		(766	)		-				(60,910	)		(819	)		(1,060	)		-				(62,789	)
Earnings available to common shareholders	$	109,420		$	91,582		$	1,242		$	(92,824	)		$	109,420		$	1,523		$	3,162		$	(4,685	)		$	109,420
(a) Balances for the quarter ended June 30, 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 September 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	$	-		$	512,073		$	-		$	-			$	512,073		$	-		$	-		$	(447	)	(c)	$	511,626
Self-storage revenues		-			33,710			298			-				34,008			-			-			-				34,008
Self-moving and self-storage products and service sales		-			59,768			-			-				59,768			-			-			-				59,768
Property management fees		-			4,826			-			-				4,826			-			-			-				4,826
Life insurance premiums		-			-			-			-				-			-			46,197			-				46,197
Property and casualty insurance premiums		-			-			-			-				-			8,749			-			-				8,749
Net investment and interest income		1,549			5,150			110			-				6,809			2,924			6,662			(494	)	(b,e)		15,901
Other revenue		-			23,517			19,894			(21,277	)	(b)		22,134			-			333			(361	)	(b)		22,106
Total revenues		1,549			639,044			20,302			(21,277	)			639,618			11,673			53,192			(1,302	)			703,181
Costs and expenses:
Operating expenses		1,862			302,481			2,339			(21,277	)	(b)		285,405			3,620			6,115			(800	)	(b,c)		294,340
Commission expenses		-			64,049			-			-				64,049			-			-			-				64,049
Cost of sales		-			32,446			-			-				32,446			-			-			-				32,446
Benefits and losses		-			-			-			-				-			5,856			38,606			-				44,462
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,675			-				2,675
Lease expense		21			32,990			7			-				33,018			-			-			(306	)	(b)		32,712
Depreciation, net of (gains) losses on disposals		2			44,620			3,442			-				48,064			-			-			-				48,064
Total costs and expenses		1,885			476,586			5,788			(21,277	)			462,982			9,476			47,396			(1,106	)			518,748
Earnings (loss) from operations before equity in earnings of subsidiaries		(336	)		162,458			14,514			-				176,636			2,197			5,796			(196	)			184,433
Equity in earnings of subsidiaries		86,685			-			-			(81,495	)	(d)		5,190			-			-			(5,190	)	(d)		-
Earnings from operations		86,349			162,458			14,514			(81,495	)			181,826			2,197			5,796			(5,386	)			184,433
Interest income (expense)		23,716			(34,131	)		(12,573	)		-				(22,988	)		-			-			25		(b)		(22,963	)
Pretax earnings		110,065			128,327			1,941			(81,495	)			158,838			2,197			5,796			(5,361	)			161,470
Income tax expense		(8,883	)		(47,881	)		(892	)		-				(57,656	)		(769	)		(2,034	)		-				(60,459	)
Net earnings		101,182			80,446			1,049			(81,495	)			101,182			1,428			3,762			(5,361	)			101,011
Less: Preferred stock dividends		-			-			-			-				-			-			-			164		(e)		164
Earnings available to common shareholders	$	101,182		$	80,446		$	1,049		$	(81,495	)		$	101,182		$	1,428		$	3,762		$	(5,197	)		$	101,175
(a) Balances for the quarter ended June 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliate

Consolidating statements of operations by industry for the six months ended September 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	$	-		$	1,006,082		$	-		$	-			$	1,006,082		$	-		$	-		$	(727	)	(c)	$	1,005,355
Self-storage revenues		-			72,150			564			-				72,714			-			-			-				72,714
Self-moving and self-storage products and service sales		-			128,908			-			-				128,908			-			-			-				128,908
Property management fees		-			9,762			-			-				9,762			-			-			-				9,762
Life insurance premiums		-			-			-			-				-			-			94,093			-				94,093
Property and casualty insurance premiums		-			-			-			-				-			16,190			-			-				16,190
Net investment and interest income		2,592			4,005			438			-				7,035			4,466			14,009			(200	)	(b)		25,310
Other revenue		81			57,056			42,701			(45,921	)	(b)		53,917			-			1,204			(720	)	(b)		54,401
Total revenues		2,673			1,277,963			43,703			(45,921	)			1,278,418			20,656			109,306			(1,647	)			1,406,733
Costs and expenses:
Operating expenses		8,747			605,578			4,876			(45,921	)	(b)		573,280			7,772			13,986			(1,431	)	(b,c)		593,607
Commission expenses		-			129,671			-			-				129,671			-			-			-				129,671
Cost of sales		-			63,139			-			-				63,139			-			-			-				63,139
Benefits and losses		-			-			-			-				-			7,955			83,795			-				91,750
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			5,899			-				5,899
Lease expense		46			62,406			11			-				62,463			-			-			(76	)	(b)		62,387
Depreciation, net of (gains) losses on disposals		3			107,880			7,196			-				115,079			-			-			-				115,079
Total costs and expenses		8,796			968,674			12,083			(45,921	)			943,632			15,727			103,680			(1,507	)			1,061,532
Earnings (loss) from operations before equity in earnings of subsidiaries		(6,123	)		309,289			31,620			-				334,786			4,929			5,626			(140	)			345,201
Equity in earnings of subsidiaries		164,124			-			-			(156,857	)	(d)		7,267			-			-			(7,267	)	(d)		-
Earnings from operations		158,001			309,289			31,620			(156,857	)			342,053			4,929			5,626			(7,407	)			345,201
Interest income (expense)		47,841			(65,119	)		(28,466	)		-				(45,744	)		-			-			140		(b)		(45,604	)
Pretax earnings		205,842			244,170			3,154			(156,857	)			296,309			4,929			5,626			(7,267	)			299,597
Income tax expense		(15,853	)		(89,257	)		(1,210	)		-				(106,320	)		(1,725	)		(1,563	)		-				(109,608	)
Earnings available to common shareholders	$	189,989		$	154,913		$	1,944		$	(156,857	)		$	189,989		$	3,204		$	4,063		$	(7,267	)		$	189,989
(a) Balances for the six months ended June 30, 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 six months ended September 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	$	-		$	958,958		$	-		$	-			$	958,958		$	-		$	-		$	(784	)	(c)	$	958,174
Self-storage revenues		-			65,222			614			-				65,836			-			-			-				65,836
Self-moving and self-storage products and service sales		-			124,146			-			-				124,146			-			-			-				124,146
Property management fees		-			9,561			-			-				9,561			-			-			-				9,561
Life insurance premiums		-			-			-			-				-			-			97,196			-				97,196
Property and casualty insurance premiums		-			-			-			-				-			15,647			-			-				15,647
Net investment and interest income		3,268			10,310			260			-				13,838			5,158			15,200			(1,032	)	(b,e)		33,164
Other revenue		-			45,048			39,641			(42,411	)	(b)		42,278			-			795			(651	)	(b)		42,422
Total revenues		3,268			1,213,245			40,515			(42,411	)			1,214,617			20,805			113,191			(2,467	)			1,346,146
Costs and expenses:
Operating expenses		4,590			580,209			4,718			(42,411	)	(b)		547,106			6,394			14,233			(1,418	)	(b,c)		566,315
Commission expenses		-			121,001			-			-				121,001			-			-			-				121,001
Cost of sales		-			65,224			-			-				65,224			-			-			-				65,224
Benefits and losses		-			-			-			-				-			10,315			84,077			-				94,392
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			7,050			-				7,050
Lease expense		43			67,501			14			-				67,558			-			-			(612	)	(b)		66,946
Depreciation, net of (gains) losses on disposals		3			86,021			6,398			-				92,422			-			-			-				92,422
Total costs and expenses		4,636			919,956			11,130			(42,411	)			893,311			16,709			105,360			(2,030	)			1,013,350
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,368	)		293,289			29,385			-				321,306			4,096			7,831			(437	)			332,796
Equity in earnings of subsidiaries		150,536			-			-			(142,745	)	(d)		7,791			-			-			(7,791	)	(d)		-
Earnings from operations		149,168			293,289			29,385			(142,745	)			329,097			4,096			7,831			(8,228	)			332,796
Interest income (expense)		48,183			(68,413	)		(25,475	)		-				(45,705	)		-			-			109		(b)		(45,596	)
Pretax earnings		197,351			224,876			3,910			(142,745	)			283,392			4,096			7,831			(8,119	)			287,200
Income tax expense		(17,789	)		(84,246	)		(1,795	)		-				(103,830	)		(1,434	)		(2,702	)		-				(107,966	)
Net earnings		179,562			140,630			2,115			(142,745	)			179,562			2,662			5,129			(8,119	)			179,234
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-			-			-				(5,908	)		-			-			-				(5,908	)
Less: Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			328		(e)		(2,913	)
Earnings available to common shareholders	$	170,413		$	140,630		$	2,115		$	(142,745	)		$	170,413		$	2,662		$	5,129		$	(7,791	)		$	170,413
(a) Balances for the six months ended June 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the six months ended September 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	$	189,989		$	154,913		$	1,944		$	(156,857	)	$	189,989		$	3,204		$	4,063		$	(7,267	)		$	189,989
Earnings from consolidated entities		(164,124	)		-			-			156,857			(7,267	)		-			-			7,267				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3			120,651			7,473			-			128,127			-			-			-				128,127
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			5,899			-				5,899
Change in allowance for losses on trade receivables		-			(3	)		-			-			(3	)		-			-			-				(3	)
Change in allowance for inventory reserve		-			1,705			-			-			1,705			-			-			-				1,705
Net gain on sale of real and personal property		-			(12,771	)		(277	)		-			(13,048	)		-			-			-				(13,048	)
Net (gain) loss on sale of investments		-			-			-			-			-			(16	)		254			-				238
Deferred income taxes		27,899			-			-			-			27,899			584			(3,557	)		-				24,926
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(11,281	)		-			-			(11,281	)		44,699			(2	)		-				33,416
Inventories		-			(1,629	)		-			-			(1,629	)		-			-			-				(1,629	)
Prepaid expenses		7,558			(6,910	)		(226	)		-			422			-			-			-				422
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(24,489	)		-				(24,489	)
Other assets		3			20,161			(1,284	)		-			18,880			914			(24	)		-				19,770
Related party assets		12			143,163			-			-			143,175			(1,748	)		-			(840	)	(b)		140,587
Accounts payable and accrued expenses		2,045			31,336			466			-			33,847			-			11,565			-				45,412
Policy benefits and losses, claims and loss expenses payable		-			11,972			-			-			11,972			(47,835	)		18,450			-				(17,413	)
Other policyholders' funds and liabilities		-			-			-			-			-			(310	)		4,440			-				4,130
Deferred income		-			(671	)		-			-			(671	)		-			-			-				(671	)
Related party liabilities		-			967			-			-			967			245			43			840		(b)		2,095
Net cash provided (used) by operating activities		63,385			451,603			8,096			-			523,084			(263	)		16,642			-				539,463
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(2	)		(240,045	)		(40,939	)		-			(280,986	)		-			-			-				(280,986	)
Short term investments		-			-			-			-			-			(37,553	)		(113,434	)		-				(150,987	)
Fixed maturities investments		-			-			-			-			-			(10,316	)		(169,625	)		-				(179,941	)
Equity securities		-			-			-			-			-			(26	)		-			-				(26	)
Preferred stock		-			-			-			-			-			(1,200	)		-			-				(1,200	)
Real estate		-			-			-			-			-			-			(792	)		-				(792	)
Mortgage loans		-			(5,016	)		(30,787	)		-			(35,803	)		(1,821	)		(13,204	)		-				(50,828	)
Proceeds from sales of:
Property, plant and equipment		-			132,204			393			-			132,597			-			-			-				132,597
Short term investments		-			-			-			-			-			22,174			132,375			-				154,549
Fixed maturities investments		-			-			-			-			-			23,662			28,924			-				52,586
Equity securities		-			-			-			-			-			-			-			-				-
Preferred stock		-			-			-			-			-			1,453			-			-				1,453
Real estate		-			-			586			-			586			-			4			-				590
Mortgage loans		-			8,029			1,073			-			9,102			939			2,659			-				12,700
Net cash provided (used) by investing activities		(2	)		(104,828	)		(69,674	)		-			(174,504	)		(2,688	)		(133,093	)		-				(310,285	)
	(page 1 of 2)
(a) Balance for the six months ended June 30, 2012
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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		-			27,147			61,700			-		88,847			-			-			-		88,847
Principal repayments on credit facilities		-			(110,799	)		(60,697	)		-		(171,496	)		-			-			-		(171,496	)
Debt issuance costs		-			(20	)		(990	)		-		(1,010	)		-			-			-		(1,010	)
Capital lease payments		-			(9,883	)		-			-		(9,883	)		-			-			-		(9,883	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			316			-			-		316			-			-			-		316
Proceeds from (repayment of) intercompany loans		163,363			(225,651	)		62,288			-		-			-			-			-		-
Securitization deposits		-			(1,729	)		-			-		(1,729	)		-			-			-		(1,729	)
Net contribution from (to) related party		(1,500	)		-			-			-		(1,500	)		1,500			-			-		-
Investment contract deposits		-			-			-			-		-			-			169,933			-		169,933
Investment contract withdrawals		-			-			-			-		-			-			(15,275	)		-		(15,275	)
Net cash provided (used) by financing activities		161,863			(320,619	)		62,301			-		(96,455	)		1,500			154,658			-		59,703
Effects of exchange rate on cash		-			(240	)		-			-		(240	)		-			-			-		(240	)
Increase (decrease) in cash and cash equivalents		225,246			25,916			723			-		251,885			(1,451	)		38,207			-		288,641
Cash and cash equivalents at beginning of period		201,502			106,951			775			-		309,228			22,542			25,410			-		357,180
Cash and cash equivalents at end of period	$	426,748		$	132,867		$	1,498		$	-	$	561,113		$	21,091		$	63,617		$	-	$	645,821
	(page 2 of 2)
(a) Balance for the six months ended June 30, 2012

Consolidating cash flow statements by industry segment for the six months ended September 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	$	179,562		$	140,630		$	2,115		$	(142,745	)	$	179,562		$	2,662		$	5,129		$	(8,119	)		$	179,234
Earnings from consolidated entities		(150,536	)		-			-			142,745			(7,791	)		-			-			7,791				-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		3			103,407			6,639			-			110,049			-			-			-				110,049
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			7,050			-				7,050
Change in allowance for losses on trade receivables		-			(18	)		-			-			(18	)		-			2			-				(16	)
Change in allowance for inventory reserve		-			2,008			-			-			2,008			-			-			-				2,008
Net gain on sale of real and personal property		-			(17,386	)		(241	)		-			(17,627	)		-			-			-				(17,627	)
Net gain on sale of investments		(488	)		-			-			-			(488	)		(645	)		(3,747	)		-				(4,880	)
Deferred income taxes		84,448			-			-			-			84,448			998			3,683			-				89,129
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(7,169	)		-			-			(7,169	)		(8,357	)		(6,427	)		-				(21,953	)
Inventories		-			177			-			-			177			-			-			-				177
Prepaid expenses		10,540			(1,577	)		(261	)		-			8,702			-			-			-				8,702
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(9,010	)		-				(9,010	)
Other assets		2,168			19,245			212			-			21,625			375			(27	)		-				21,973
Related party assets		14			5,048			(24	)		-			5,038			(1,167	)		(250	)		2,023		(b)		5,644
Accounts payable and accrued expenses		1,598			8,331			105			-			10,034			-			1,311			(18	)	(b)		11,327
Policy benefits and losses, claims and loss expenses payable		-			(4,527	)		-			-			(4,527	)		13,244			27,140			-				35,857
Other policyholders' funds and liabilities		-			-			-			-			-			(1,847	)		(1,295	)		-				(3,142	)
Deferred income		-			4,558			-			-			4,558			-			-			-				4,558
Related party liabilities		-			2,364			-			-			2,364			(150	)		59			(2,005	)	(b)		268
Net cash provided (used) by operating activities		127,309			255,091			8,545			-			390,945			5,113			23,618			(328	)			419,348
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(321,109	)		(27,222	)		-			(348,331	)		-			-			-				(348,331	)
Short term investments		-			-			-			-			-			(33,880	)		(105,327	)		-				(139,207	)
Fixed maturities investments		-			-			-			-			-			(9,434	)		(126,937	)		-				(136,371	)
Equity securities		(8,855	)		-			-			-			(8,855	)		(201	)		-			-				(9,056	)
Preferred stock		-			-			-			-			-			(1,633	)		-			-				(1,633	)
Real estate		-			-			(5,062	)		-			(5,062	)		(84	)		-			-				(5,146	)
Mortgage loans		-			(75	)		(47,649	)		-			(47,724	)		(26,331	)		(17,734	)		26,177		(b)		(65,612	)
Proceeds from sales of:
Property, plant and equipment		-			109,781			508			-			110,289			-			-			-				110,289
Short term investments		-			-			-			-			-			36,923			117,137			-				154,060
Fixed maturities investments		-			-			-			-			-			11,478			85,532			-				97,010
Equity securities		8,800			-			-			-			8,800			1,410			-			-				10,210
Preferred stock		-			-			-			-			-			6,252			2,708			(7,708	)	(b)		1,252
Real estate		-			-			-			-			-			69			40			-				109
Mortgage loans		-			2,051			38,609			-			40,660			12,464			2,775			(26,177	)	(b)		29,722
Net cash provided (used) by investing activities		(55	)		(209,352	)		(40,816	)		-			(250,223	)		(2,967	)		(41,806	)		(7,708	)			(302,704	)
	(page 1 of 2)
(a) Balance for the six months ended June 30, 2011
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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		-			109,694			68,598			-		178,292			-		-			-			178,292
Principal repayments on credit facilities		-			(54,624	)		(44,478	)		-		(99,102	)		-		-			-			(99,102	)
Debt issuance costs		-			(1,230	)		(86	)		-		(1,316	)		-		-			-			(1,316	)
Capital lease payments		-			(3,505	)		-			-		(3,505	)		-		-			-			(3,505	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			556			-			-		556			-		-			-			556
Proceeds from (repayment of) intercompany loans		67,961			(76,259	)		8,298			-		-			-		-			-			-
Securitization deposits		-			38,428			-			-		38,428			-		-			-			38,428
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			328	(c)		(2,913	)
Contribution to related party		(518	)		-			-			-		(518	)		-		-			-			(518	)
Investment contract deposits		-			-			-			-		-			-		6,228			-			6,228
Investment contract withdrawals		-			-			-			-		-			-		(15,419	)		-			(15,419	)
Net cash provided (used) by financing activities		(87,795	)		13,060			32,332			-		(42,403	)		-		(9,191	)		8,036			(43,558	)
Effects of exchange rate on cash		-			(389	)		-			-		(389	)		-		-			-			(389	)
Increase (decrease) in cash and cash equivalents		39,459			58,410			61			-		97,930			2,146		(27,379	)		-			72,697
Cash and cash equivalents at beginning of period		250,104			72,634			757			-		323,495			21,718		37,301			-			382,514
Cash and cash equivalents at end of period	$	289,563		$	131,044		$	818		$	-	$	421,425		$	23,864	$	9,922		$	-		$	455,211
	(page 2 of 2)
(a) Balance for the six months ended June 30, 2011
(b) Elimination of intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate