Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 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 December 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
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	351,755	$	185,624	$	1,504	$	-		$	538,883	$	14,490	$	32,751	$	-		$	586,124
Reinsurance recoverables and trade receivables, net		-		24,882		-		-			24,882		172,370		29,088		-			226,340
Inventories, net		-		55,989		-		-			55,989		-		-		-			55,989
Prepaid expenses		12,578		42,030		540		-			55,148		-		-		-			55,148
Investments, fixed maturities and marketable equities		20,472		-		-		-			20,472		123,777		875,719		-			1,019,968
Investments, other		-		-		43,125		-			43,125		101,495		125,571		-			270,191
Deferred policy acquisition costs, net		-		-		-		-			-		-		93,533		-			93,533
Other assets		480		71,517		29,191		-			101,188		487		214		-			101,889
Related party assets		1,008,820		121,303		7		(951,978	)		178,152		8,738		516		(12,231	)		175,175
		1,394,105		501,345		74,367		(951,978	)		1,017,839		421,357		1,157,392		(12,231	)		2,584,357
Investment in subsidiaries		217,615		-		-		152,561	(b)		370,176		-		-		(370,176	)		-
Property, plant and equipment, at cost:
Land		-		106,859		231,739		-			338,598		-		-		-			338,598
Buildings and improvements		-		182,051		973,703		-			1,155,754		-		-		-			1,155,754
Furniture and equipment		140		298,282		18,350		-			316,772		-		-		-			316,772
Rental trailers and other rental equipment		-		303,379		-		-			303,379		-		-		-			303,379
Rental trucks		-		2,044,639		-		-			2,044,639		-		-		-			2,044,639
		140		2,935,210		1,223,792		-			4,159,142		-		-		-			4,159,142
Less:  Accumulated depreciation		(119	)	(1,154,751	)	(369,324	)	-			(1,524,194	)	-		-		-			(1,524,194	)
Total property, plant and equipment		21		1,780,459		854,468		-			2,634,948		-		-		-			2,634,948
Total assets	$	1,611,741	$	2,281,804	$	928,835	$	(799,417	)	$	4,022,963	$	421,357	$	1,157,392	$	(382,407	)	$	5,219,305
(a) Balances as of September 30, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 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
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	511	$	315,935	$	4,157	$	-		$	320,603	$	-	$	5,579	$	-		$	326,182
Notes, loans and leases payable		-		880,542		786,466		-			1,667,008		-		-		-			1,667,008
Policy benefits and losses, claims and loss expenses payable		-		388,726		-		-			388,726		322,548		404,549		-			1,115,823
Liabilities from investment contracts		-		-		-		-			-		-		486,502		-			486,502
Other policyholders' funds and liabilities		-		-		-		-			-		2,853		3,495		-			6,348
Deferred income		-		27,840		-		-			27,840		-		-		-			27,840
Deferred income taxes		418,892		-		-		-			418,892		(39,054	)	19,265		-			399,103
Related party liabilities		-		679,544		281,829		(951,978	)		9,395		2,181		655		(12,231	)		-
Total liabilities		419,403		2,292,587		1,072,452		(951,978	)		2,832,464		288,528		920,045		(12,231	)		4,028,806
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		540		1		(541	)		10,497		3,301		2,500		(5,801	)		10,497
Additional paid-in capital		437,136		121,230		147,941		(269,171	)		437,136		91,120		26,271		(117,601	)		436,926
Accumulated other comprehensive income (loss)		(22,192	)	(63,049	)	-		63,049	(b)		(22,192	)	5,198		38,801		(43,999	)		(22,192	)
Retained earnings (deficit)		1,444,547		(67,665	)	(291,559	)	359,224	(b)		1,444,547		33,210		169,775		(202,775	)		1,444,757
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		-		(1,839	)	-		-			(1,839	)	-		-		-			(1,839	)
Total stockholders' equity (deficit)		1,192,338		(10,783	)	(143,617	)	152,561			1,190,499		132,829		237,347		(370,176	)		1,190,499
Total liabilities and stockholders' equity	$	1,611,741	$	2,281,804	$	928,835	$	(799,417	)	$	4,022,963	$	421,357	$	1,157,392	$	(382,407	)	$	5,219,305
(a) Balances as of September 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	)		318,190		7,542		482		(10,057	)		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	)		-
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	)		8,330		1,555		172		(10,057	)		-
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	)		10,497		3,301		2,500		(5,801	)		10,497
Additional paid-in capital		433,953		121,230		147,941		(269,171	)		433,953		89,620		26,271		(116,101	)		433,743
Accumulated other comprehensive income (loss)		(45,436	)	(66,302	)	-		66,302	(b)		(45,436	)	2,255		23,888		(26,143	)		(45,436	)
Retained earnings (deficit)		1,316,854		(237,107	)	(297,764	)	534,871	(b)		1,316,854		28,666		163,128		(191,584	)		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 December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	395,401	$	-	$	-		$	395,401	$	-	$	-	$	(456	)	$	394,945
Self-storage revenues		-		38,813		298		-			39,111		-		-		-			39,111
Self-moving and self-storage products and service sales		-		44,491		-		-			44,491		-		-		-			44,491
Property management fees		-		6,085		-		-			6,085		-		-		-			6,085
Life insurance premiums		-		-		-		-			-		-		43,248		-			43,248
Property and casualty insurance premiums		-		-		-		-			-		9,816		-		-			9,816
Net investment and interest income		1,338		2,260		4,405		-			8,003		2,049		8,990		(115	)		18,927
Other revenue		-		23,255		22,605		(24,145	)		21,715		-		852		(379	)		22,188
Total revenues		1,338		510,305		27,308		(24,145	)		514,806		11,865		53,090		(950	)		578,811
Costs and expenses:
Operating expenses		2,684		295,759		3,424		(24,145	)		277,722		6,937		6,452		(826	)		290,285
Commission expenses		-		51,130		-		-			51,130		-		-		-			51,130
Cost of sales		-		23,153		-		-			23,153		-		-		-			23,153
Benefits and losses		-		-		-		-			-		2,866		36,066		-			38,932
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,391		-			3,391
Lease expense		24		27,594		3		-			27,621		-		-		(46	)		27,575
Depreciation, net of (gains) losses on disposals		1		60,129		2,269		-			62,399		-		-		-			62,399
Total costs and expenses		2,709		457,765		5,696		(24,145	)		442,025		9,803		45,909		(872	)		496,865
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,371	)	52,540		21,612		-			72,781		2,062		7,181		(78	)		81,946
Equity in earnings of subsidiaries		24,435		-		-		(18,790	)		5,645		-		-		(5,645	)		-
Earnings from operations		23,064		52,540		21,612		(18,790	)		78,426		2,062		7,181		(5,723	)		81,946
Interest income (expense)		21,387		(28,837	)	(14,704	)	-			(22,154	)	-		-		78	(b)		(22,076	)
Pretax earnings		44,451		23,703		6,908		(18,790	)		56,272		2,062		7,181		(5,645	)		59,870
Income tax expense		(7,605	)	(9,174	)	(2,647	)	-			(19,426	)	(722	)	(2,876	)	-			(23,024	)
Earnings available to common shareholders	$	36,846	$	14,529	$	4,261	$	(18,790	)	$	36,846	$	1,340	$	4,305	$	(5,645	)	$	36,846
(a) Balances for the quarter ended September 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 December 31, 2011 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	376,271	$	-	$	-		$	376,271	$	-	$	-	$	(527	)	$	375,744
Self-storage revenues		-		33,523		323		-			33,846		-		-		-			33,846
Self-moving and self-storage products and service sales		-		43,206		-		-			43,206		-		-		-			43,206
Property management fees		-		5,368		-		-			5,368		-		-		-			5,368
Life insurance premiums		-		-		-		-			-		-		132,643		-			132,643
Property and casualty insurance premiums		-		-		-		-			-		9,429		-		-			9,429
Net investment and interest income		1,317		5,166		296		-			6,779		2,237		6,593		(375	)		15,234
Other revenue		-		19,063		20,144		(21,611	)		17,596		-		407		(384	)		17,619
Total revenues		1,317		482,597		20,763		(21,611	)		483,066		11,666		139,643		(1,286	)		633,089
Costs and expenses:
Operating expenses		2,176		277,229		2,231		(21,611	)		260,025		3,477		7,263		(931	)		269,834
Commission expenses		-		47,864		-		-			47,864		-		-		-			47,864
Cost of sales		-		24,505		-		-			24,505		-		-		-			24,505
Benefits and losses		-		-		-		-			-		51,633		122,115		-			173,748
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,666		-			3,666
Lease expense		26		32,601		5		-			32,632		-		-		(307	)		32,325
Depreciation, net of (gains) losses on disposals		1		52,846		3,427		-			56,274		-		-		-			56,274
Total costs and expenses		2,203		435,045		5,663		(21,611	)		421,300		55,110		133,044		(1,238	)		608,216
Earnings (loss) from operations before equity in earnings of subsidiaries		(886	)	47,552		15,100		-			61,766		(43,444	)	6,599		(48	)		24,873
Equity in earnings of subsidiaries		(12,577	)	-		-		(11,376	)		(23,953	)	-		-		23,953	(d)		-
Earnings (loss) from operations		(13,463	)	47,552		15,100		(11,376	)		37,813		(43,444	)	6,599		23,905			24,873
Interest income (expense)		22,345		(32,214	)	(12,923	)	-			(22,792	)	-		-		48	(b)		(22,744	)
Pretax earnings (loss)		8,882		15,338		2,177		(11,376	)		15,021		(43,444	)	6,599		23,953			2,129
Income tax benefit (expense)		(8,154	)	(5,156	)	(983	)	-			(14,293	)	15,206		(2,314	)	-			(1,401	)
Earnings (loss) available to common shareholders	$	728	$	10,182	$	1,194	$	(11,376	)	$	728	$	(28,238	)	4,285	$	23,953		$	728
(a) Balances for the quarter ended September 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the nine months ended December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,401,483	$	-	$	-		$	1,401,483	$	-	$	-	$	(1,183	)	$	1,400,300
Self-storage revenues		-		110,963		862		-			111,825		-		-		-			111,825
Self-moving and self-storage products and service sales		-		173,399		-		-			173,399		-		-		-			173,399
Property management fees		-		15,847		-		-			15,847		-		-		-			15,847
Life insurance premiums		-		-		-		-			-		-		137,341		-			137,341
Property and casualty insurance premiums		-		-		-		-			-		26,006		-		-			26,006
Net investment and interest income		3,930		6,265		4,843		-			15,038		6,515		22,999		(315	)		44,237
Other revenue		81		80,311		65,306		(70,066	)		75,632		-		2,056		(1,099	)		76,589
Total revenues		4,011		1,788,268		71,011		(70,066	)		1,793,224		32,521		162,396		(2,597	)		1,985,544
Costs and expenses:
Operating expenses		11,431		901,337		8,300		(70,066	)		851,002		14,709		20,438		(2,257	)		883,892
Commission expenses		-		180,801		-		-			180,801		-		-		-			180,801
Cost of sales		-		86,292		-		-			86,292		-		-		-			86,292
Benefits and losses		-		-		-		-			-		10,821		119,861		-			130,682
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,290		-			9,290
Lease expense		70		90,000		14		-			90,084		-		-		(122	)		89,962
Depreciation, net of (gains) losses on disposals		4		168,009		9,465		-			177,478		-		-		-			177,478
Total costs and expenses		11,505		1,426,439		17,779		(70,066	)		1,385,657		25,530		149,589		(2,379	)		1,558,397
Earnings (loss) from operations before equity in earnings of subsidiaries		(7,494	)	361,829		53,232		-			407,567		6,991		12,807		(218	)		427,147
Equity in earnings of subsidiaries		188,559		-		-		(175,647	)		12,912		-		-		(12,912	)		-
Earnings from operations		181,065		361,829		53,232		(175,647	)		420,479		6,991		12,807		(13,130	)		427,147
Interest income (expense)		69,228		(93,956	)	(43,170	)	-			(67,898	)	-		-		218	(b)		(67,680	)
Pretax earnings		250,293		267,873		10,062		(175,647	)		352,581		6,991		12,807		(12,912	)		359,467
Income tax expense		(23,458	)	(98,431	)	(3,857	)	-			(125,746	)	(2,447	)	(4,439	)	-			(132,632	)
Earnings available to common shareholders	$	226,835	$	169,442	$	6,205	$	(175,647	)	$	226,835	$	4,544	$	8,368	$	(12,912	)	$	226,835
(a) Balances for the nine months ended September 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 nine months ended December 31, 2011 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,335,229	$	-	$	-		$	1,335,229	$	-	$	-	$	(1,311	)	$	1,333,918
Self-storage revenues		-		98,745		937		-			99,682		-		-		-			99,682
Self-moving and self-storage products and service sales		-		167,352		-		-			167,352		-		-		-			167,352
Property management fees		-		14,929		-		-			14,929		-		-		-			14,929
Life insurance premiums		-		-		-		-			-		-		229,839		-			229,839
Property and casualty insurance premiums		-		-		-		-			-		25,076		-		-			25,076
Net investment and interest income		4,585		15,476		556		-			20,617		7,395		21,793		(1,407	)		48,398
Other revenue		-		64,111		59,785		(64,022	)		59,874		-		1,202		(1,035	)		60,041
Total revenues		4,585		1,695,842		61,278		(64,022	)		1,697,683		32,471		252,834		(3,753	)		1,979,235
Costs and expenses:
Operating expenses		6,766		857,438		6,949		(64,022	)		807,131		9,871		21,496		(2,349	)		836,149
Commission expenses		-		168,865		-		-			168,865		-		-		-			168,865
Cost of sales		-		89,729		-		-			89,729		-		-		-			89,729
Benefits and losses		-		-		-		-			-		61,948		206,192		-			268,140
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		10,716		-			10,716
Lease expense		69		100,102		19		-			100,190		-		-		(919	)		99,271
Depreciation, net of (gains) losses on disposals		4		138,867		9,825		-			148,696		-		-		-			148,696
Total costs and expenses		6,839		1,355,001		16,793		(64,022	)		1,314,611		71,819		238,404		(3,268	)		1,621,566
Earnings (loss) from operations before equity in earnings of subsidiaries		(2,254	)	340,841		44,485		-			383,072		(39,348	)	14,430		(485	)		357,669
Equity in earnings of subsidiaries		137,959		-		-		(154,121	)		(16,162	)	-		-		16,162	(d)		-
Earnings (loss) from operations		135,705		340,841		44,485		(154,121	)		366,910		(39,348	)	14,430		15,677			357,669
Interest income (expense)		70,528		(100,627	)	(38,398	)	-			(68,497	)	-		-		157	(b)		(68,340	)
Pretax earnings (loss)		206,233		240,214		6,087		(154,121	)		298,413		(39,348	)	14,430		15,834			289,329
Income tax benefit (expense)		(25,943	)	(89,402	)	(2,778	)	-			(118,123	)	13,772		(5,016	)	-			(109,367	)
Net earnings (loss)		180,290		150,812		3,309		(154,121	)		180,290		(25,576	)	9,414		15,834			179,962
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)	-		-		-			(5,908	)	-		-		-			(5,908	)
Less: Preferred stock dividends		(3,241	)	-		-		-			(3,241	)	-		-		328	(e)		(2,913	)
Earnings (loss) available to common shareholders	$	171,141	$	150,812	$	3,309	$	(154,121	)	$	171,141	$	(25,576	)	9,414	$	16,162		$	171,141
(a) Balances for the nine months ended September 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2012 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	226,835	$	169,442	$	6,205	$	(175,647	)	$	226,835	$	4,544	$	8,368	$	(12,912	)	$	226,835
Earnings from consolidated entities		(188,559	)	-		-		175,647			(12,912	)	-		-		12,912			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		4		181,084		11,269		-			192,357		-		-		-			192,357
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,290		-			9,290
Change in allowance for losses on trade receivables		-		(73	)	-		-			(73	)	-		-		-			(73	)
Change in allowance for inventory reserve		-		2,050		-		-			2,050		-		-		-			2,050
Net gain on sale of real and personal property		-		(13,075	)	(1,804	)	-			(14,879	)	-		-		-			(14,879	)
Net (gain) loss on sale of investments		-		-		-		-			-		28		(1,078	)	-			(1,050	)
Deferred income taxes		17,882		-		-		-			17,882		1,306		(1,431	)	-			17,757
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		12,293		-		-			12,293		58,841		575		-			71,709
Inventories		-		696		-		-			696		-		-		-			696
Prepaid expenses		(3,082	)	(9,972	)	(229	)	-			(13,283	)	-		-		-			(13,283	)
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(43,085	)	-			(43,085	)
Other assets		3		22,271		(569	)	-			21,705		1,018		(11	)	-			22,712
Related party assets		(2	)	140,035		2		-			140,035		(1,202	)	-		(791	)		138,042
Accounts payable and accrued expenses		1,818		(32	)	538		-			2,324		-		(3,196	)	-			(872	)
Policy benefits and losses, claims and loss expenses payable		-		8,481		-		-			8,481		(60,391	)	21,684		-			(30,226	)
Other policyholders' funds and liabilities		-		-		-		-			-		(585	)	(340	)	-			(925	)
Deferred income		-		(3,704	)	-		-			(3,704	)	-		-		-			(3,704	)
Related party liabilities		-		1,064		-		-			1,064		632		483		791	(b)		2,970
Net cash provided (used) by operating activities		54,899		510,560		15,412		-			580,871		4,191		(8,741	)	-			576,321
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(2	)	(351,914	)	(70,924	)	-			(422,840	)	-		-		-			(422,840	)
Short term investments		-		-		-		-			-		(58,775	)	(230,998	)	-			(289,773	)
Fixed maturities investments		-		-		-		-			-		(17,141	)	(291,149	)	-			(308,290	)
Equity securities		-		-		-		-			-		(3,130	)	-		-			(3,130	)
Preferred stock		-		-		-		-			-		(2,761	)	-		-			(2,761	)
Real estate		-		-		(243	)	-			(243	)	-		(810	)	-			(1,053	)
Mortgage loans		-		(4,968	)	(30,590	)	-			(35,558	)	(1,821	)	(13,204	)	-			(50,583	)
Proceeds from sales of:
Property, plant and equipment		-		161,668		5,236		-			166,904		-		-		-			166,904
Short term investments		-		-		-		-			-		32,548		248,308		-			280,856
Fixed maturities investments		-		-		-		-			-		30,298		54,834		-			85,132
Equity securities		-		-		-		-			-		-		-		-			-
Preferred stock		-		-		-		-			-		5,728		-		-			5,728
Real estate		-		-		667		-			667		-		4		-			671
Mortgage loans		-		14,848		29,500		-			44,348		1,311		3,556		-			49,215
Net cash provided (used) by investing activities		(2	)	(180,366	)	(66,354	)	-			(246,722	)	(13,743	)	(229,459	)	-			(489,924	)
		(page 1 of 2)
(a) Balance for the nine months ended September 30, 2012
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2012 are as follows:

		Moving & Storage										AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		-		89,619		161,700		-		251,319		-		-		-		251,319
Principal repayments on credit facilities		-		(142,750	)	(91,948	)	-		(234,698	)	-		-		-		(234,698	)
Debt issuance costs		-		(301	)	(2,051	)	-		(2,352	)	-		-		-		(2,352	)
Capital lease payments		-		(18,310	)	-		-		(18,310	)	-		-		-		(18,310	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		559		-		-		559		-		-		-		559
Proceeds from (repayment of) intercompany loans		194,277		(178,247	)	(16,030	)	-		-		-		-		-		-
Securitization deposits		-		(1,729	)	-		-		(1,729	)	-		-		-		(1,729	)
Common stock dividends paid		(97,421	)	-		-		-		(97,421	)	-		-		-		(97,421	)
Net contribution from (to) related party		(1,500	)	-		-		-		(1,500	)	1,500		-		-		-
Investment contract deposits		-		-		-		-		-		-		268,478		-		268,478
Investment contract withdrawals		-		-		-		-		-		-		(22,937	)	-		(22,937	)
Net cash provided (used) by financing activities		95,356		(251,159	)	51,671		-		(104,132	)	1,500		245,541		-		142,909
Effects of exchange rate on cash		-		(362	)	-		-		(362	)	-		-		-		(362	)
Increase (decrease) in cash and cash equivalents		150,253		78,673		729		-		229,655		(8,052	)	7,341		-		228,944
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	$	351,755	$	185,624	$	1,504	$	-	$	538,883	$	14,490	$	32,751	$	-	$	586,124
		(page 2 of 2)
(a) Balance for the nine months ended September 30, 2012

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2011 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings (loss)	$	180,290	$	150,812	$	3,309	$	(154,121	)	$	180,290	$	(25,576	)	9,414	$	15,834		$	179,962
Earnings from consolidated entities		(137,959	)	-		-		154,121			16,162		-		-		(16,162	)		-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		4		156,952		10,066		-			167,022		-		-		-			167,022
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		10,716		-			10,716
Change in allowance for losses on trade receivables		-		(91	)	-		-			(91	)	-		2		-			(89	)
Change in allowance for inventory reserve		-		3,005		-		-			3,005		-		-		-			3,005
Net gain on sale of real and personal property		-		(18,085	)	(241	)	-			(18,326	)	-		-		-			(18,326	)
Net gain on sale of investments		(488	)	-		-		-			(488	)	(674	)	(4,292	)	-			(5,454	)
Deferred income taxes		103,901		-		-		-			103,901		(14,232	)	4,912		-			94,581
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(12,391	)	-		-			(12,391	)	(64,802	)	(68,534	)	-			(145,727	)
Inventories		-		173		-		-			173		-		-		-			173
Prepaid expenses		3,067		(134	)	(267	)	-			2,666		-		-		-			2,666
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(19,072	)	-			(19,072	)
Other assets		2,543		7,740		(7,291	)	-			2,992		521		110		-			3,623
Related party assets		(101	)	(4,837	)	(24	)	-			(4,962	)	(1,898	)	(502	)	2,005	(b)		(5,357	)
Accounts payable and accrued expenses		2,032		4,755		382		-			7,169		-		259		-			7,428
Policy benefits and losses, claims and loss expenses payable		-		(11,752	)	-		-			(11,752	)	118,921		114,628		-			221,797
Other policyholders' funds and liabilities		-		-		-		-			-		(1,716	)	(1,617	)	-			(3,333	)
Deferred income		-		1,070		-		-			1,070		-		-		-			1,070
Related party liabilities		-		5,215		-		-			5,215		(227	)	(18	)	(2,005	)		2,965
Net cash provided (used) by operating activities		153,289		282,432		5,934		-			441,655		10,317		46,006		(328	)		497,650
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(380,205	)	(41,538	)	-			(421,743	)	-		-		-			(421,743	)
Short term investments		-		-		-		-			-		(46,100	)	(123,213	)	-			(169,313	)
Fixed maturities investments		-		-		-		-			-		(27,047	)	(145,523	)	-			(172,570	)
Equity securities		(8,855	)	-		-		-			(8,855	)	(193	)	-		-			(9,048	)
Preferred stock		-		-		-		-			-		(1,617	)	-		-			(1,617	)
Real estate		-		-		(5,064	)	-			(5,064	)	(137	)	-		-			(5,201	)
Mortgage loans		-		(8,476	)	(58,284	)	-			(66,760	)	(34,275	)	(17,734	)	24,658	(b)		(94,111	)
Proceeds from sales of:
Property, plant and equipment		-		139,344		508		-			139,852		-		-		-			139,852
Short term investments		-		-		-		-			-		64,029		122,912		-			186,941
Fixed maturities investments		-		-		-		-			-		19,271		97,338		-			116,609
Equity securities		8,800		-		-		-			8,800		1,410		-		-			10,210
Preferred stock		-		-		-		-			-		6,252		2,708		(7,708	)		1,252
Real estate		-		-		-		-			-		106		40		-			146
Mortgage loans		-		9,241		40,180		-			49,421		12,617		3,503		(24,658	)		40,883
Net cash provided (used) by investing activities		(55	)	(240,096	)	(64,198	)	-			(304,349	)	(5,684	)	(59,969	)	(7,708	)		(377,710	)
		(page 1 of 2)
(a) Balance for the nine months ended September 30, 2011
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2011 are as follows:

		Moving & Storage										AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		-		150,642		83,920		-		234,562		-		-		-			234,562
Principal repayments on credit facilities		-		(101,275	)	(65,340	)	-		(166,615	)	-		-		-			(166,615	)
Debt issuance costs		-		(1,380	)	(408	)	-		(1,788	)	-		-		-			(1,788	)
Capital lease payments		-		(5,962	)	-		-		(5,962	)	-		-		-			(5,962	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		827		-		-		827		-		-		-			827
Proceeds from (repayment of) intercompany loans		41,915		(82,017	)	40,102		-		-		-		-		-			-
Securitization deposits		-		40,500		-		-		40,500		-		-		-			40,500
Preferred stock redemption paid		(151,997	)	-		-		-		(151,997	)	-		-		7,708	(b)		(144,289	)
Preferred stock dividends paid		(3,241	)	-		-		-		(3,241	)	-		-		328	(c)		(2,913	)
Contribution to related party		(518	)	-		-		-		(518	)	-		-		-			(518	)
Investment contract deposits		-		-		-		-		-		-		10,810		-			10,810
Investment contract withdrawals		-		-		-		-		-		-		(21,419	)	-			(21,419	)
Net cash provided (used) by financing activities		(113,841	)	1,335		58,274		-		(54,232	)	-		(10,609	)	8,036			(56,805	)
Effects of exchange rate on cash		-		(306	)	-		-		(306	)	-		-		-			(306	)
Increase (decrease) in cash and cash equivalents		39,393		43,365		10		-		82,768		4,633		(24,572	)	-			62,829
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	$	289,497	$	115,999	$	767	$	-	$	406,263	$	26,351	$	12,729	$	-		$	445,343
		(page 2 of 2)
(a) Balance for the nine months ended September 30, 2011
(b) Elimination of intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate