Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

10. 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.

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of June 30, 2013 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	$	371,619	$	133,684	$	1,499	$	-		$	506,802	$	10,578	$	35,207	$	-		$	552,587
Reinsurance recoverables and trade receivables, net		-		64,354		-		-			64,354		185,490		34,674		-			284,518
Inventories, net		-		58,304		-		-			58,304		-		-		-			58,304
Prepaid expenses		-		42,679		699		-			43,378		-		-		-			43,378
Investments, fixed maturities and marketable equities		21,931		-		-		-			21,931		169,730		925,347		-			1,117,008
Investments, other		-		-		35,587		-			35,587		66,720		129,111		-			231,418
Deferred policy acquisition costs, net		-		-		-		-			-		-		97,823		-			97,823
Other assets		118		71,018		32,350		-			103,486		1,017		241		-			104,744
Related party assets		1,064,653		102,558		9		(1,007,825	)(c)		159,395		8,950		489		(17,707	)(c)		151,127
		1,458,321		472,597		70,144		(1,007,825	)		993,237		442,485		1,222,892		(17,707	)		2,640,907
Investment in subsidiaries		341,164		-		-		43,253	(b)		384,417		-		-		(384,417	)(b)		-
Property, plant and equipment, at cost:
Land		-		54,144		294,090		-			348,234		-		-		-			348,234
Buildings and improvements		-		188,694		1,089,928		-			1,278,622		-		-		-			1,278,622
Furniture and equipment		135		295,830		17,831		-			313,796		-		-		-			313,796
Rental trailers and other rental equipment		-		331,433		-		-			331,433		-		-		-			331,433
Rental trucks		-		2,263,692		-		-			2,263,692		-		-		-			2,263,692
		135		3,133,793		1,401,849		-			4,535,777		-		-		-			4,535,777
Less:  Accumulated depreciation		(116	)	(1,220,985	)	(376,821	)	-			(1,597,922	)	-		-		-			(1,597,922	)
Total property, plant and equipment		19		1,912,808		1,025,028		-			2,937,855		-		-		-			2,937,855
Total assets	$	1,799,504	$	2,385,405	$	1,095,172	$	(964,572	)	$	4,315,509	$	442,485	$	1,222,892	$	(402,124	)	$	5,578,762
(a) Balances as of March 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 2013 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	$	7,386	$	348,957	$	4,253	$	-		$	360,596	$	-	$	5,706	$	-		$	366,302
Notes, loans and leases payable		-		940,975		796,302		-			1,737,277		-		-		-			1,737,277
Policy benefits and losses, claims and loss expenses payable		-		374,398		-		-			374,398		331,510		409,913		-			1,115,821
Liabilities from investment contracts		-		-		-		-			-		-		538,777		-			538,777
Other policyholders' funds and liabilities		-		-		-		-			-		2,656		4,458		-			7,114
Deferred income		-		37,752		-		-			37,752		-		-		-			37,752
Deferred income taxes		444,248		-		-		-			444,248		(34,805	)	19,985		-			429,428
Related party liabilities		-		590,184		432,588		(1,007,825	)(c)		14,947		2,319		441		(17,707	)(c)		-
Total liabilities		451,634		2,292,266		1,233,143		(1,007,825	)		2,969,218		301,680		979,280		(17,707	)		4,232,471
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		439,734		121,230		147,941		(269,171	)(b)		439,734		91,120		26,271		(117,601	)(b)		439,524
Accumulated other comprehensive income (loss)		(20,099	)	(59,765	)	-		59,765	(b)		(20,099	)	5,609		35,794		(41,403	)(b)		(20,099	)
Retained earnings (deficit)		1,595,388		33,252		(285,913	)	252,661	(b)		1,595,388		40,775		179,047		(219,612	)(b)		1,595,598
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		-		(1,579	)	-		-			(1,579	)	-		-		-			(1,579	)
Total stockholders' equity (deficit)		1,347,870		93,139		(137,971	)	43,253			1,346,291		140,805		243,612		(384,417	)		1,346,291
Total liabilities and stockholders' equity	$	1,799,504	$	2,385,405	$	1,095,172	$	(964,572	)	$	4,315,509	$	442,485	$	1,222,892	$	(402,124	)	$	5,578,762
(a) Balances as of March 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2013 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	$	327,119	$	98,926	$	1,515	$	-		$	427,560	$	14,120	$	22,064	$	-		$	463,744
Reinsurance recoverables and trade receivables, net		-		43,259		-		-			43,259		186,010		32,520		-			261,789
Inventories, net		-		56,396		-		-			56,396		-		-		-			56,396
Prepaid expenses		22,475		34,956		20		-			57,451		-		-		-			57,451
Investments, fixed maturities and marketable equities		21,228		-		-		-			21,228		160,455		913,655		-			1,095,338
Investments, other		-		100		50,553		-			50,653		65,212		125,900		-			241,765
Deferred policy acquisition costs, net		-		-		-		-			-		-		93,043		-			93,043
Other assets		118		69,671		28,828		-			98,617		1,212		157		-			99,986
Related party assets		1,032,663		127,751		9		(975,683	)(c)		184,740		8,846		514		(12,065	)(c)		182,035
		1,403,603		431,059		80,925		(975,683	)		939,904		435,855		1,187,853		(12,065	)		2,551,547
Investment in subsidiaries		239,541		-		-		140,100	(b)		379,641		-		-		(379,641	)(b)		-
Property, plant and equipment, at cost:
Land		-		81,421		251,807		-			333,228		-		-		-			333,228
Buildings and improvements		-		184,053		1,013,822		-			1,197,875		-		-		-			1,197,875
Furniture and equipment		136		292,621		18,385		-			311,142		-		-		-			311,142
Rental trailers and other rental equipment		-		317,476		-		-			317,476		-		-		-			317,476
Rental trucks		-		2,154,688		-		-			2,154,688		-		-		-			2,154,688
		136		3,030,259		1,284,014		-			4,314,409		-		-		-			4,314,409
Less:  Accumulated depreciation		(116	)	(1,185,796	)	(373,443	)	-			(1,559,355	)	-		-		-			(1,559,355	)
Total property, plant and equipment		20		1,844,463		910,571		-			2,755,054		-		-		-			2,755,054
Total assets	$	1,643,164	$	2,275,522	$	991,496	$	(835,583	)	$	4,074,599	$	435,855	$	1,187,853	$	(391,706	)	$	5,306,601
(a) Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2013 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	$	110	$	345,864	$	4,378	$	-		$	350,352	$	-	$	8,139	$	-		$	358,491
Notes, loans and leases payable		-		881,766		780,079		-			1,661,845		-		-		-			1,661,845
Policy benefits and losses, claims and loss expenses payable		-		380,824		-		-			380,824		330,184		404,040		-			1,115,048
Liabilities from investment contracts		-		-		-		-			-		-		510,789		-			510,789
Other policyholders' funds and liabilities		-		-		-		-			-		3,157		4,137		-			7,294
Deferred income		-		30,217		-		-			30,217		-		-		-			30,217
Deferred income taxes		412,089		-		-		-			412,089		(36,241	)	17,810		-			393,658
Related party liabilities		-		638,448		347,248		(975,683	)(c)		10,013		1,844		208		(12,065	)(c)		-
Total liabilities		412,199		2,277,119		1,131,705		(975,683	)		2,845,340		298,944		945,123		(12,065	)		4,077,342
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		438,378		121,230		147,941		(269,171	)(b)		438,378		91,120		26,271		(117,601	)(b)		438,168
Accumulated other comprehensive income (loss)		(22,680	)	(62,325	)	-		62,325	(b)		(22,680	)	4,568		37,567		(42,135	)(b)		(22,680	)
Retained earnings (deficit)		1,482,420		(58,797	)	(288,151	)	346,948	(b)		1,482,420		37,922		176,392		(214,104	)(b)		1,482,630
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		-		(1,706	)	-		-			(1,706	)	-		-		-			(1,706	)
Total stockholders' equity (deficit)		1,230,965		(1,597	)	(140,209	)	140,100			1,229,259		136,911		242,730		(379,641	)		1,229,259
Total liabilities and stockholders' equity	$	1,643,164	$	2,275,522	$	991,496	$	(835,583	)	$	4,074,599	$	435,855	$	1,187,853	$	(391,706	)	$	5,306,601
(a) Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended June 30, 2013 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	$	-	$	522,083	$	-	$	-		$	522,083	$	-	$	-	$	(434	)(c)	$	521,649
Self-storage revenues		-		41,822		277		-			42,099		-		-		-			42,099
Self-moving and self-storage products and service sales		-		70,691		-		-			70,691		-		-		-			70,691
Property management fees		-		5,161		-		-			5,161		-		-		-			5,161
Life insurance premiums		-		-		-		-			-		-		41,062		-			41,062
Property and casualty insurance premiums		-		-		-		-			-		7,966		-		-			7,966
Net investment and interest income		1,238		2,170		1		-			3,409		2,477		13,222		(119	)(b)		18,989
Other revenue		-		42,530		24,569		(26,139	)(b)		40,960		-		495		(2,241	)(b)		39,214
Total revenues		1,238		684,457		24,847		(26,139	)		684,403		10,443		54,779		(2,794	)		746,831
Costs and expenses:
Operating expenses		2,221		323,007		2,622		(26,139	)(b)		301,711		4,096		6,360		(2,666	)(b,c)		309,501
Commission expenses		-		68,627		-		-			68,627		-		-		-			68,627
Cost of sales		-		35,570		-		-			35,570		-		-		-			35,570
Benefits and losses		-		-		-		-			-		1,957		40,676		-			42,633
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,683		-			3,683
Lease expense		23		26,998		32		-			27,053		-		-		(46	)(b)		27,007
Depreciation, net of (gains) losses on disposals		1		54,166		3,267		-			57,434		-		-		-			57,434
Total costs and expenses		2,245		508,368		5,921		(26,139	)		490,395		6,053		50,719		(2,712	)		544,455
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,007	)	176,089		18,926		-			194,008		4,390		4,060		(82	)		202,376
Equity in earnings of subsidiaries		99,795		-		-		(94,287	)(d)		5,508		-		-		(5,508	)(d)		-
Earnings from operations		98,788		176,089		18,926		(94,287	)		199,516		4,390		4,060		(5,590	)		202,376
Interest income (expense)		21,932		(30,044	)	(15,298	)	-			(23,410	)	-		-		82	(b)		(23,328	)
Pretax earnings		120,720		146,045		3,628		(94,287	)		176,106		4,390		4,060		(5,508	)		179,048
Income tax expense		(7,752	)	(53,996	)	(1,390	)	-			(63,138	)	(1,537	)	(1,405	)	-			(66,080	)
Earnings available to common shareholders	$	112,968	$	92,049	$	2,238	$	(94,287	)	$	112,968	$	2,853	$	2,655	$	(5,508	)	$	112,968
(a) Balances for the quarter ended March 31, 2013
(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, 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		9,270		(88	)(b)		14,517
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		56,142		(758	)		667,676
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		44,772		-			48,338
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		54,738		(687	)		516,797
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 cash flow statements by industry segment for the quarter ended June 30, 2013 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	$	112,968	$	92,049	$	2,238	$	(94,287	)	$	112,968	$	2,853	$	2,655	$	(5,508	)	$	112,968
Earnings from consolidated entities		(99,795	)	-		-		94,287			(5,508	)	-		-		5,508			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1		65,055		3,943		-			68,999		-		-		-			68,999
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,683		-			3,683
Change in allowance for losses on trade receivables		-		(14	)	-		-			(14	)	-		-		-			(14	)
Change in allowance for inventory reserve		-		(935	)	-		-			(935	)	-		-		-			(935	)
Net gain on sale of real and personal property		-		(10,889	)	(676	)	-			(11,565	)	-		-		-			(11,565	)
Net gain on sale of investments		(6	)	-		-		-			(6	)	(258	)	(1,512	)	-			(1,776	)
Deferred income taxes		27,824		-		-		-			27,824		875		3,129		-			31,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(21,081	)	-		-			(21,081	)	520		(2,154	)	-			(22,715	)
Inventories		-		(973	)	-		-			(973	)	-		-		-			(973	)
Prepaid expenses		22,475		(7,723	)	(679	)	-			14,073		-		25		-			14,098
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(7,808	)	-			(7,808	)
Other assets		-		(1,172	)	(3,467	)	-			(4,639	)	190		(83	)	-			(4,532	)
Related party assets		552		24,213		-		-			24,765		(96	)	-		209	(b)		24,878
Accounts payable and accrued expenses		8,633		10,400		(126	)	-			18,907		-		(745	)	-			18,162
Policy benefits and losses, claims and loss expenses payable		-		(5,590	)	-		-			(5,590	)	1,326		5,873		-			1,609
Other policyholders' funds and liabilities		-		-		-		-			-		(501	)	321		-			(180	)
Deferred income		-		7,584		-		-			7,584		-		-		-			7,584
Related party liabilities		-		1,158		4,313		-			5,471		467		233		(209	)(b)		5,962
Net cash provided (used) by operating activities		72,652		152,082		5,546		-			230,280		5,376		3,617		-			239,273
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(156,306	)	(118,850	)	-			(275,156	)	-		-		-			(275,156	)
Short term investments		-		-		-		-			-		(16,298	)	(48,354	)	-			(64,652	)
Fixed maturities investments		-		-		-		-			-		(14,285	)	(52,570	)	-			(66,855	)
Equity securities		-		-		-		-			-		(388	)	-		-			(388	)
Preferred stock		-		-		-		-			-		(634	)	-		-			(634	)
Real estate		-		-		-		-			-		-		(131	)	-			(131	)
Mortgage loans		-		(1,580	)	(6,500	)	2,514	(b)		(5,566	)	-		(5,785	)	(1,553	)(b)		(12,904	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		92,112		1,127		-			93,239		-		-		-			93,239
Short term investments		-		-		-		-			-		14,570		50,248		-			64,818
Fixed maturities investments		-		-		-		-			-		5,213		36,278		-			41,491
Equity securities		516		-		-		-			516		388		-		-			904
Preferred stock		-		-		-		-			-		2,295		1,000		-			3,295
Real estate		-		-		-		-			-		-		-		-			-
Mortgage loans		-		1,680		21,466		(2,514	)(b)		20,632		221		852		1,553	(b)		23,258
Net cash provided (used) by investing activities		516		(64,094	)	(102,757	)	-			(166,335	)	(8,918	)	(18,462	)	-			(193,715	)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2013
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2013 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		-		39,258		48,924		-		88,182		-		-		-		88,182
Principal repayments on credit facilities		-		(29,295	)	(32,701	)	-		(61,996	)	-		-		-		(61,996	)
Debt issuance costs		-		(177	)	(55	)	-		(232	)	-		-		-		(232	)
Capital lease payments		-		(10,449	)	-		-		(10,449	)	-		-		-		(10,449	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		127		-		-		127		-		-		-		127
Proceeds from (repayment of) intercompany loans		(28,668	)	(52,359	)	81,027		-		-		-		-		-		-
Securitization deposits		-		-		-		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		34,742		-		34,742
Investment contract withdrawals		-		-		-		-		-		-		(6,754	)	-		(6,754	)
Net cash provided (used) by financing activities		(28,668	)	(52,895	)	97,195		-		15,632		-		27,988		-		43,620
Effects of exchange rate on cash		-		(335	)	-		-		(335	)	-		-		-		(335	)
Increase (decrease) in cash and cash equivalents		44,500		34,758		(16	)	-		79,242		(3,542	)	13,143		-		88,843
Cash and cash equivalents at beginning of period		327,119		98,926		1,515		-		427,560		14,120		22,064		-		463,744
Cash and cash equivalents at end of period	$	371,619	$	133,684	$	1,499	$	-	$	506,802	$	10,578	$	35,207	$	-	$	552,587
		(page 2 of 2)
(a) Balance for the period ended March 31, 2013

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 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	)	(32	)	83	(b)		144,890
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	)	(83	)(b)		1,448
Net cash provided (used) by operating activities		54,074		290,980		4,264		-			349,318		(2,819	)	6,382		-			352,881
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	)	-			(60,395	)
Fixed maturities investments		-		-		-		-			-		(9,576	)	(40,977	)	-			(50,553	)
Mortgage loans		-		(5,048	)	(7,583	)	-			(12,631	)	(1,821	)	-		-			(14,452	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		62,426		-		-			62,426		-		-		-			62,426
Short term investments		-		-		-		-			-		12,706		46,715		-			59,421
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	)	(6,558	)	(19,360	)	-			(124,807	)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2012
(b) Elimination of 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
Proceeds from (repayment of) intercompany loans		(55,326	)	21,300		34,026		-		-		-		-		-		-
Securitization deposits		-		(908	)	-		-		(908	)	-		-		-		(908	)
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		(9,377	)	8,048		-		209,135
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	$	200,250	$	318,687	$	755	$	-	$	519,692	$	13,165	$	33,458	$	-	$	566,315
		(page 2 of 2)
(a) Balance for the period ended March 31, 2012