10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2013

or

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

For the transition period from __________________ to __________________

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

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit and post such files). Yes[x]No[ ]

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

Large accelerated filer [x]   Accelerated filer [ ]  

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

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

19,607,788shares of AMERCO Common Stock, $0.25 par value, were outstanding atNovember 1, 2013

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a)Condensed Consolidated Balance Sheets as of September 30, 2013 (unaudited) and March 31, 2013	1
	b)Condensed Consolidated Statements of Operations for the Quarters ended September 30, 2013 and 2012 (unaudited)	2
	c) Condensed Consolidated Statement of Operations for the Six Months ended September 30, 2013 and 2012 (unaudited)	3
	d)Condensed Consolidated Statements of Comprehensive Income for the Quarters and Six Months ended September 30, 2013 and 2012 (unaudited)	4
	e)Condensed Consolidated Statements of Cash Flows for the Six Months ended September 30, 2013 and 2012 (unaudited)	5
	f)Notes to Condensed Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine and Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	61

Part i Financial information

ITEM 1.Financial Statements

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED balance sheets

		September 30,		March 31,
		2013		2013
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	679,576	$	463,744
Reinsurance recoverables and trade receivables, net		237,235		261,789
Inventories, net		61,430		56,396
Prepaid expenses		55,129		57,451
Investments, fixed maturities and marketable equities		1,114,340		1,095,338
Investments, other		212,707		241,765
Deferred policy acquisition costs, net		109,303		93,043
Other assets		104,591		99,986
Related party assets		168,830		182,035
		2,743,141		2,551,547
Property, plant and equipment, at cost:
Land		363,142		333,228
Buildings and improvements		1,313,963		1,197,875
Furniture and equipment		311,765		311,142
Rental trailers and other rental equipment		350,101		317,476
Rental trucks		2,330,298		2,154,688
		4,669,269		4,314,409
Less: Accumulated depreciation		(1,636,065)		(1,559,355)
Total property, plant and equipment		3,033,204		2,755,054
Total assets	$	5,776,345	$	5,306,601
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	362,493	$	358,491
Notes, loans and leases payable		1,775,119		1,661,845
Policy benefits and losses, claims and loss expenses payable		1,115,025		1,115,048
Liabilities from investment contracts		570,321		510,789
Other policyholders' funds and liabilities		7,788		7,294
Deferred income		32,388		30,217
Deferred income taxes		451,392		393,658
Total liabilities		4,314,526		4,077,342
Commitments and contingencies (notes 4, 7, 8 and 9)		–		–
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and none outstanding as of September 30 and March 31, 2013		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of September 30 and March 31, 2013		–		–
Series common stock, with or without par value, 150,000,000 shares authorized:
Series A common stock of $0.25 par value, 10,000,000 shares authorized;
none issued and outstanding as of September 30 and March 31, 2013		–		–
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
issued and 19,607,788 outstanding as of September 30 and March 31, 2013		10,497		10,497
Additional paid-in capital		440,938		438,168
Accumulated other comprehensive loss		(44,109)		(22,680)
Retained earnings		1,733,589		1,482,630
Cost of common shares in treasury, net (22,377,912 shares as of September 30 and March 31, 2013)		(525,653)		(525,653)
Cost of preferred shares in treasury, net (6,100,000 shares as of September 30 and March 31, 2013)		(151,997)		(151,997)
Unearned employee stock ownership plan shares		(1,446)		(1,706)
Total stockholders' equity		1,461,819		1,229,259
Total liabilities and stockholders' equity	$	5,776,345	$	5,306,601

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

1

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED Statements of operations

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	598,931	$	538,361
Self-storage revenues		45,572		37,978
Self-moving and self-storage products and service sales		65,379		61,730
Property management fees		5,292		4,902
Life insurance premiums		39,448		47,667
Property and casualty insurance premiums		10,867		8,947
Net investment and interest income		19,960		15,853
Other revenue		51,042		28,679
Total revenues		836,491		744,117
Costs and expenses:
Operating expenses		350,540		310,214
Commission expenses		78,378		68,564
Cost of sales		34,532		30,912
Benefits and losses		37,992		48,472
Amortization of deferred policy acquisition costs		6,057		3,088
Lease expense		25,818		29,591
Depreciation, net of (gains) on disposals of (($9,311) and ($5,532), respectively)		63,208		58,954
Total costs and expenses		596,525		549,795
Earnings from operations		239,966		194,322
Interest expense		(23,118)		(22,113)
Pretax earnings		216,848		172,209
Income tax expense		(78,857)		(62,789)
Earnings available to common stockholders	$	137,991	$	109,420
Basic and diluted earnings per common share	$	7.06	$	5.61
Weighted average common shares outstanding: Basic and diluted		19,554,633		19,512,550

Related party revenues for the second quarter of fiscal 2014 and 2013, net of eliminations, were $8.4million and $8.2 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2014 and 2013, net of eliminations, were $15.9 million and $13.9 million, respectively.

Please see note 9, Related Party Transactions of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

2

AMERCO AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED Statements of operations

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,120,580	$	1,005,355
Self-storage revenues		87,671		72,714
Self-moving and self-storage products and service sales		136,070		128,908
Property management fees		10,453		9,762
Life insurance premiums		80,510		94,093
Property and casualty insurance premiums		18,833		16,190
Net investment and interest income		38,949		30,370
Other revenue		90,256		54,401
Total revenues		1,583,322		1,411,793
Costs and expenses:
Operating expenses		660,041		593,607
Commission expenses		147,005		129,671
Cost of sales		70,102		63,139
Benefits and losses		80,625		96,810
Amortization of deferred policy acquisition costs		9,740		5,899
Lease expense		52,825		62,387
Depreciation, net of (gains) on disposals of (($20,876) and ($13,048), respectively)		120,642		115,079
Total costs and expenses		1,140,980		1,066,592
Earnings from operations		442,342		345,201
Interest expense		(46,446)		(45,604)
Pretax earnings		395,896		299,597
Income tax expense		(144,937)		(109,608)
Earnings available to common shareholders	$	250,959	$	189,989
Basic and diluted earnings per common share	$	12.84	$	9.74
Weighted average common shares outstanding: Basic and diluted		19,550,128		19,507,456

Related party revenues for the first six months of fiscal 2014 and 2013, net of eliminations, were $16.8million and $16.9 million, respectively.

Related party costs and expenses for the first six months of fiscal 2014 and 2013, net of eliminations, were $29.9 million and $26.2 million, respectively.

Please see note 9, Related Party Transactions of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

3

AMERCO AND CONSOLIDATED ENTITIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2013		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	216,848	$	(78,857)	$	137,991
Other comprehensive income (loss):
Foreign currency translation		1,557		–		1,557
Unrealized net loss on investments		(41,095)		14,322		(26,773)
Change in fair value of cash flow hedges		1,946		(740)		1,206
Total comprehensive income	$	179,256	$	(65,275)	$	113,981
Quarter Ended September 30, 2012		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	172,209	$	(62,789)	$	109,420
Other comprehensive income (loss):
Foreign currency translation		3,459		–		3,459
Unrealized net gain on investments		10,673		(3,769)		6,904
Change in fair value of cash flow hedges		768		(292)		476
Total comprehensive income	$	187,109	$	(66,850)	$	120,259
Six Months Ended September 30, 2013		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	395,896	$	(144,937)	$	250,959
Other comprehensive income (loss):
Foreign currency translation		(2,205)		–		(2,205)
Unrealized net loss on investments		(41,006)		14,254		(26,752)
Change in fair value of cash flow hedges		12,142		(4,614)		7,528
Total comprehensive income	$	364,827	$	(135,297)	$	229,530
Six Months Ended September 30, 2012		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	299,597	$	(109,608)	$	189,989
Other comprehensive income (loss):
Foreign currency translation		1,530		–		1,530
Unrealized net gain on investments		12,546		(4,349)		8,197
Change in fair value of cash flow hedges		253		(96)		157
Total comprehensive income	$	313,926	$	(114,053)	$	199,873

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

4

AMERCO AND CONSOLIDATED ENTITIES

Condensed consolidatED statements of cash flows

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Cash flow from operating activities:
Net earnings	$	250,959	$	189,989
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		141,518		128,127
Amortization of deferred policy acquisition costs		9,740		5,899
Change in allowance for losses on trade receivables		(6)		(3)
Change in allowance for inventory reserves		716		1,705
Net gain on sale of real and personal property		(20,876)		(13,048)
Net gain on sale of investments		(4,060)		238
Deferred income taxes		63,947		24,926
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		24,561		33,416
Inventories		(5,750)		(1,629)
Prepaid expenses		2,323		422
Capitalization of deferred policy acquisition costs		(16,289)		(24,489)
Other assets		(4,370)		19,770
Related party assets		8,650		142,239
Accounts payable and accrued expenses		24,866		45,412
Policy benefits and losses, claims and loss expenses payable		309		(17,413)
Other policyholders' funds and liabilities		494		4,130
Deferred income		2,191		(671)
Related party liabilities		4,475		415
Net cash provided by operating activities		483,398		539,435
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(457,671)		(280,986)
Short term investments		(154,703)		(150,987)
Fixed maturities investments		(174,593)		(179,941)
Equity securities		(388)		(26)
Preferred stock		(635)		(1,200)
Real estate		(252)		(792)
Mortgage loans		(14,260)		(50,828)
Proceeds from sales and paydowns of:
Property, plant and equipment		176,453		132,597
Short term investments		162,580		154,577
Fixed maturities investments		93,050		52,586
Equity securities		6,803		–
Preferred stock		6,004		1,453
Real estate		–		590
Mortgage loans		36,415		12,700
Net cash used by investing activities		(321,197)		(310,257)
Cash flows from financing activities:
Borrowings from credit facilities		138,041		88,847
Principal repayments on credit facilities		(122,945)		(171,496)
Debt issuance costs		(233)		(1,010)
Capital lease payments		(21,425)		(9,883)
Leveraged Employee Stock Ownership Plan - repayments from loan		260		316
Securitization deposits		–		(1,729)
Investment contract deposits		74,253		169,933
Investment contract withdrawals		(14,721)		(15,275)
Net cash provided (used) by financing activities		53,230		59,703
Effects of exchange rate on cash		401		(240)
Increase in cash and cash equivalents		215,832		288,641
Cash and cash equivalents at the beginning of period		463,744		357,180
Cash and cash equivalents at the end of period	$	679,576	$	645,821
The accompanying notes are an integral part of these consolidated financial statements

5

AMERCO and consolidated entities

notes to condensed consolidatED financial statements

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2013 and 2012 correspond to fiscal 2014 and 2013 for AMERCO.

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

The condensed consolidated balance sheet as of September 30, 2013 and the related condensed consolidated statements of operations, comprehensive income for the second quarter and first six months and cash flows for the first six months of fiscal 2014 and 2013 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

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

Amerco Real Estate Company (“Real Estate”),

Repwest Insurance Company (“Repwest”), and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating Segments

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

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

6

AMERCO and consolidated entities

notes to condensed consolidatED financial statements (Continued)

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

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

2. Earnings per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released,were 48,649 and90,159 as of September 30, 2013 and 2012, respectively.

3. Investments

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

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $16.4 million at September 30, 2013.

Available-for-Sale Investments

Available-for-sale investments at September 30, 2013 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Estimated Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	28,048	$	1,932	$	(3)	$	(293)	$	29,684
U.S. government agency mortgage-backed securities		44,735		2,772		(4)		(1,009)		46,494
Obligations of states and political subdivisions		162,678		9,304		(132)		(1,916)		169,934
Corporate securities		800,834		28,872		(1,336)		(22,474)		805,896
Mortgage-backed securities		5,613		177		(35)		–		5,755
Redeemable preferred stocks		18,440		385		(64)		(312)		18,449
Common stocks		37,356		2,171		(1,291)		(108)		38,128
	$	1,097,704	$	45,613	$	(2,865)	$	(26,112)	$	1,114,340

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

We sold available-for-sale securities with a fair value of $103.3 million during the first six months of fiscal 2014. The gross realized gains on these sales totaled $3.2 million. The gross realized losses on these sales totaled $0.9 million.

7

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the second quarter or for the first six months of fiscal 2014 and 2013.

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

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

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

		Credit Loss
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	552
Additions:
Other-than-temporary impairment not previously recognized		–
Balance at September 30, 2013	$	552

The adjusted cost and estimated market value of available-for-sale investments at September 30, 2013, by contractual maturity, were as follows:

		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	25,259	$	25,520
Due after one year through five years		186,894		195,909
Due after five years through ten years		316,233		320,354
Due after ten years		507,909		510,225
		1,036,295		1,052,008
Mortgage backed securities		5,613		5,755
Redeemable preferred stocks		18,440		18,449
Common stocks		37,356		38,128
	$	1,097,704	$	1,114,340

8

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

4. Borrowings

Long-Term Debt

Long-term debt was as follows:

				September 30,		March 31,
	2014 Rate (a)	Maturities		2013		2013
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	6.93%	2023	$	255,000	$	235,000
Real estate loan (amortizing term)	2.08%	2016		24,182		24,630
Real estate loan (revolving credit)	–	2014		–		–
Senior mortgages	4.90% - 5.75%	2015 - 2038		546,957		556,522
Working capital loan (revolving credit)	–	2015		–		–
Fleet loans (amortizing term)	1.95% - 6.14%	2014 - 2020		373,324		361,079
Fleet loans (securitization)	4.90% - 5.56%	2014 - 2017		170,531		190,801
Capital leases (rental equipment)	2.23% - 7.80%	2015 - 2020		371,754		273,458
Other obligations	3.00% - 8.00%	2013 - 2043		33,371		20,355
Total notes, loans and leases payable			$	1,775,119	$	1,661,845
(a) Interest rate as of September 30, 2013, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan.During the first quarter of fiscal 2014 this loan was amended. As part of the amendment the revolver component of the agreement was terminated and certain collateral was released. The final maturity date of the term loanwas extended toApril 2023. As of September 30, 2013, the outstanding balance on the Real Estate Loan was $255.0 million. U-Haul International, Inc. is a guarantor of this loan.  The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. 

The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At September 30, 2013, the applicable LIBOR was 0.19% and the applicable margin was 1.50%, the sum of which was 1.69%. The rate on the term facility portion of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin.The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Amerco Real Estate Company and a subsidiary of U-Haul International, Inc. entered into a revolving credit construction loan effective June 29, 2006. This loan was modified and extended on June 27, 2011. The loan is now comprised of a term loan facility with an initial availability of $26.1 million and a final maturity of June 2016. As of September 30, 2013, the outstanding balance was $24.2 million.

This Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The interest rate, per the provision of thisloan agreement, is the applicable LIBOR plus a margin of 1.90%. At September 30, 2013, the applicable LIBOR was 0.18% and the margin was 1.90%, the sum of which was 2.08%. U-Haul International, Inc. and AMERCO are guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

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notes to condensed consolidated financial statements – (continued)

On April 29, 2011, Amerco Real Estate Company and U-Haul Company of Florida entered into a revolving credit agreement for $100.0 million. This agreement was amended in February 2013 and the maturity extended to April 2014 with an option for a one year extension and the revolver commitment was reduced to $50.0 million. As of September 30, 2013, we had the full $50.0 million available to be drawn. The interest rate is the applicable LIBOR plus a margin of 1.25%. AMERCO and U-Haul International, Inc. are guarantors of this facility. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of September 30, 2013 were in the aggregate amount of $547.0 million and mature between 2015 and 2038. The seniormortgages require average monthly principal and interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The senior mortgages are secured by certain properties owned by the borrowers. The interest rates, per the provisions of the senior mortgages, range between4.90% and 5.75%. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. 

Working Capital Loans

Amerco Real Estate Company is a borrower under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $25.0 million. At September 30, 2013, we had the full $25.0 million available to be drawn. This loan is secured by certain properties owned by the borrower. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This agreement was amended in February 2013 and the maturity extended to April 2015. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. U-Haul International, Inc. and AMERCO are the guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. The interest rate, per the provision of thisloan agreement, is the applicable LIBOR plus a margin of 1.25%.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The balance of the loans as of September 30, 2013was $258.3 million with the final maturities between February 2014 and July 2020.

The Amortizing Loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the Loan Agreements, are the applicable LIBOR plus a margin between 0.90% and 2.63%. At September 30, 2013, the applicable LIBOR was between 0.18% and 0.19% and applicable margins were between 0.90% and 2.63%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 6.14% based on current margins. Additionally, $77.4 million of these loans are carried at fixed rates ranging between 1.95% and 3.94%.

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

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notes to condensed consolidated financial statements – (continued)

On December 31, 2009, a subsidiary of U-Haul International, Inc. entered into an $85.0 million term note that was used to fund cargo van and pickup acquisitions for the past two years. This term note was amended on August 26, 2011. The amount of the term note was increased to $95.0 million. On December 22, 2011, we entered into another term loan for $20.0 million. The final maturity date of these notes is August 2016. The agreements contain options to extend the maturity through May 2017. These notesare secured by the purchased equipment and the corresponding operating cash flows associated with their operation.These notes have fixed interest rates between 3.52% and 3.53%. At September 30, 2013, the outstanding balance was $115.0 million.

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

Rental Truck Securitizations

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

The 2007 Box Truck Note has a fixed interest rate of 5.56% with an expected final maturity of February 2014. At September 30, 2013, the outstanding balance was $73.1 million. The note is secured by the box trucks that were purchased and the corresponding operating cash flows associated with their operation.

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

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

The 2010 Box Truck Note has a fixed interest rate of 4.90% with an expected final maturity of October 2017. At September 30, 2013, the outstanding balance was $97.5 million. The note is secured by the box trucks being purchased and the corresponding operating cash flows associated with their operation.

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

Capital Leases

We entered into capital leases for new equipment between April 2008and September 2013, with terms of the leases between 3 and 7 years. At September 30, 2013, the balance of these leases was $371.8 million.

Other Obligations

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

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notes to condensed consolidated financial statements – (continued)

At September 30, 2013, the aggregate outstanding principal balance of the U-Notes issued was $39.8 million of which $6.4 million is with our insurance subsidiaries with interest rates between 3.00% and 8.00% and maturity dates between 2013 and 2043.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of September 30, 2013 for the next five years and thereafter are as follows:

		Year Ending September 30,
		2014		2015		2016		2017		2018		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	241,914	$	565,402	$	283,133	$	116,779	$	168,456	$	399,435

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	18,055	$	16,529
Capitalized interest		(128)		(94)
Amortization of transaction costs		843		1,050
Interest expense resulting from derivatives		4,348		4,628
Total interest expense	$	23,118	$	22,113
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	35,869	$	32,175
Capitalized interest		(270)		(171)
Amortization of transaction costs		1,694		2,135
Interest expense resulting from derivatives		9,153		11,465
Total interest expense	$	46,446	$	45,604

Interest paid in cash, including payments related to derivative contracts, amounted to $22.9 million and $21.3 million for the second quarter of fiscal 2014 and 2013, respectively and $44.9 million and $42.5 million for the first six months of fiscal 2014 and 2013, respectively.

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notes to condensed consolidated financial statements – (continued)

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.52%		1.69%
Interest rate at the end of the quarter		1.52%		0.00%
Maximum amount outstanding during the quarter	$	25,000	$	48,920
Average amount outstanding during the quarter	$	25,000	$	26,374
Facility fees	$	64	$	106
		Revolving Credit Activity
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the first six months		1.50%		1.71%
Interest rate at the end of the first six months		1.52%		0.00%
Maximum amount outstanding during the first six months	$	25,000	$	48,920
Average amount outstanding during the first six months	$	24,590	$	25,154
Facility fees	$	156	$	284

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

5. Derivatives

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

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
$	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	7/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
	44.3		1/11/2013	1/15/2013	12/15/2019	1/11/2013
	(a) forward swap
	(b) operating lease

As of September 30, 2013, the total notional amount of our variable interest rate swaps on debt and an operating leasewas $411.4 million and $13.0 million,respectively.

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

		Liability Derivatives Fair Values as of
		September 30, 2013		March 31, 2013
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments	$	39,875	$	51,550

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

		The Effect of Interest Rate Contracts on the Statements of Operations For the Six Months Ended
		September 30, 2013		September 30, 2012
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	9,153	$	11,465
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(12,142)	$	(253)
Loss reclassified from AOCI into income (effective portion)	$	8,685	$	10,225
Loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	468	$	1,240

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At September 30, 2013, we expect to reclassify $15.1 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months. During the first six months of fiscal 2014, we reclassified $8.7 million of net losses on interest rate contracts from accumulated other comprehensive income to interest expense.

6. Comprehensive Income (Loss)

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

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	(30,153)	$	39,645	$	(32,298)	$	126	$	(22,680)
Foreign currency translation		(2,205)		–		–		–		(2,205)
Unrealized net loss on investments		–		(26,752)		–		–		(26,752)
Change in fair value of cash flow hedges		–		–		(1,157)		–		(1,157)
Amounts reclassified from AOCI		–		–		8,685		–		8,685
Other comprehensive income (loss)		(2,205)		(26,752)		7,528		–		(21,429)
Balance at September 30, 2013	$	(32,358)	$	12,893	$	(24,770)	$	126	$	(44,109)

7. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of September 30, 2013, we have guaranteed$110.1 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees.

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notes to condensed consolidated financial statements – (continued)

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

		Property, Plant and Equipment		Rental Equipment		Total
		(Unaudited)
				(In thousands)
Year-ended September 30:
2014	$	10,500	$	72,044	$	82,544
2015		2,055		48,873		50,928
2016		1,945		18,927		20,872
2017		1,825		12,204		14,029
2018		1,091		10,473		11,564
Thereafter		4,767		5,409		10,176
Total	$	22,183	$	167,930	$	190,113

8. Contingencies

Environmental

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

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

Other

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

9. Related Party Transactions

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

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

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

SAC Holding Corporation and SAC Holding II Corporation, (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. Between 1994 and 2002, we sold real estate and various self-storage properties to SAC Holdings, resulting in significant cash flows to the Company.

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

Related Party Revenue

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	1,733	$	1,981
U-Haul interest income revenue from Private Mini		1,349		1,358
U-Haul management fee revenue from SAC Holdings		4,189		3,857
U-Haul management fee revenue from Private Mini		604		573
U-Haul management fee revenue from Mercury		500		472
	$	8,375	$	8,241

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	3,652	$	4,457
U-Haul interest income revenue from Private Mini		2,686		2,703
U-Haul management fee revenue from SAC Holdings		8,263		7,686
U-Haul management fee revenue from Private Mini		1,198		1,140
U-Haul management fee revenue from Mercury		993		936
	$	16,792	$	16,922

During the first six months of fiscal 2014, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by MarkV. Shoen, a significant stockholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $13.9 million and $8.9 million from SAC Holdings during the first six months of fiscal 2014 and 2013, respectively. The largest aggregate amount of notes receivable outstanding during the first six months of fiscal 2014 was $72.4 million and the aggregate notes receivable balance at September 30, 2013 was $72.0 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2017 and 2019.

During the first six months of fiscal 2014, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. (“Private Mini”). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $2.7 million from Private Mini during the first six months of both fiscal 2014 and 2013. The largest aggregate amount outstanding during the first six months of fiscal 2014 was $65.9 million andthe aggregate notes receivable balance at September 30, 2013 was $65.7 million.

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notes to condensed consolidated financial statements – (continued)

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. (“Mercury”), Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $15.7 million and $14.4 million from the above mentioned entities during the first six months of fiscal 2014and 2013, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant stockholder and director of AMERCO and an estate planning trust benefitting Shoen children have an interest in Mercury.

Related Party Costs and Expenses

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	655	$	655
U-Haul commission expenses to SAC Holdings		14,407		12,455
U-Haul commission expenses to Private Mini		893		812
	$	15,955	$	13,922

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	1,310	$	1,316
U-Haul commission expenses to SAC Holdings		26,927		23,389
U-Haul commission expenses to Private Mini		1,688		1,507
	$	29,925	$	26,212

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

At September 30, 2013, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues.

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $15.8 million, expenses of $1.3 million and cash flows of $29.3 million during the first six months of fiscal 2014. Revenues and commission expenses related to the Dealer Agreements were $131.1 million and $28.6 million, respectively during the first six months of fiscal 2014.

Pursuant to the variable interest entity model under ASC 810 – Consolidation (“ASC 810”), Management determined that the junior notes of SAC Holdings and Private Mini as well as the management agreements with SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini represent potential variable interests for us.  Management evaluated whether it should be identified as the primary beneficiary of one or more of these variable interest entity’s (“VIE’s”) using a two-step approach in which management (i) identified all other parties that hold interests in the VIE’s, and (ii) determined if any variable interest holder has the power to direct the activities of the VIE’s that most significantly impact their economic performance.

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notes to condensed consolidated financial statements – (continued)

Management determined that they do not have a variable interest in the holding entities Mercury, SAC Holding II Corporation, 4 SAC, 5 SAC, or Galaxy based upon management agreements which are with the individual operating entities or through the issuance of junior debt therefore, we are precluded from consolidating these entities.

We have junior debt with the holding entities SAC Holding Corporation and Private Mini which represents a variable interest in each individual entity. Though we have certain protective rights within these debt agreements, we have no present influence or control over these holding entities unless their protective rights become exercisable, which management considers unlikely based on their payment history. As a result, we have no basis under ASC 810 to consolidate these entities.

We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities’ assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance.  As a result, we have no basis under ASC 810 to consolidate these entities.

We have not provided financial or other support during the first six months ended September 30, 2013 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with theseentities:

Related Party Assets

		September 30,		March 31,
		2013		2013
		(Unaudited)
		(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,772	$	68,593
U-Haul notes receivable from SAC Holding		71,960		72,397
U-Haul interest receivable from SAC Holdings		4,192		14,483
U-Haul receivable from SAC Holdings		17,320		22,336
U-Haul receivable from Mercury		2,452		3,640
Other (a)		4,134		586
	$	168,830	$	182,035
(a) Timing difference for intercompany balances with insurance subsidiaries.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

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AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of September 30, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moivng & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	477,559	$	158,650	$	1,499	$	–		$	637,708	$	5,450	$	36,418	$	–		$	679,576
Reinsurance recoverables and trade receivables, net		–		26,977		177		–			27,154		181,521		28,560		–			237,235
Inventories, net		–		61,430		–		–			61,430		–		–		–			61,430
Prepaid expenses		11,297		43,034		798		–			55,129		–		–		–			55,129
Investments, fixed maturities and marketable equities		18,104		–		–		–			18,104		180,270		915,966		–			1,114,340
Investments, other		–		–		28,648		–			28,648		52,128		131,931		–			212,707
Deferred policy acquisition costs, net		–		–		–		–			–		–		109,303		–			109,303
Other assets		113		70,229		33,115		–			103,457		902		232		–			104,591
Related party assets		992,780		113,254		9		(935,949)	(c)		170,094		14,417		489		(16,170)	(c)		168,830
		1,499,853		473,574		64,246		(935,949)			1,101,724		434,688		1,222,899		(16,170)			2,743,141
Investment in subsidiaries		441,044		–		–		(75,586)	(b)		365,458		–		–		(365,458)	(b)		–
Property, plant and equipment, at cost:
Land		–		54,059		309,083		–			363,142		–		–		–			363,142
Buildings and improvements		–		195,531		1,118,432		–			1,313,963		–		–		–			1,313,963
Furniture and equipment		70		297,161		14,534		–			311,765		–		–		–			311,765
Rental trailers and other rental equipment		–		350,101		–		–			350,101		–		–		–			350,101
Rental trucks		–		2,330,298		–		–			2,330,298		–		–		–			2,330,298
		70		3,227,150		1,442,049		–			4,669,269		–		–		–			4,669,269
Less:  Accumulated depreciation		(53)		(1,258,087)		(377,925)		–			(1,636,065)		–		–		–			(1,636,065)
Total property, plant and equipment		17		1,969,063		1,064,124		–			3,033,204		–		–		–			3,033,204
Total assets	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535)		$	4,500,386	$	434,688	$	1,222,899	$	(381,628)		$	5,776,345
(a) Balances as of June 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

21

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating balance sheets by industry segment as of September 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	$	1,040	$	352,916	$	4,288	$	–		$	358,244	$	–	$	4,249	$	–		$	362,493
Notes, loans and leases payable		–		985,384		789,735		–			1,775,119		–		–		–			1,775,119
Policy benefits and losses, claims and loss expenses payable		–		381,979		–		–			381,979		323,175		409,871		–			1,115,025
Liabilities from investment contracts		–		–		–		–			–		–		570,321		–			570,321
Other policyholders' funds and liabilities		–		–		–		–			–		3,233		4,555		–			7,788
Deferred income		–		32,388		–		–			32,388		–		–		–			32,388
Deferred income taxes		476,609		–		–		–			476,609		(34,629)		9,412		–			451,392
Related party liabilities		–		478,524		471,653		(935,949)	(c)		14,228		1,774		168		(16,170)	(c)		–
Total liabilities		477,649		2,231,191		1,265,676		(935,949)			3,038,567		293,553		998,576		(16,170)			4,314,526
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		441,148		121,230		147,941		(269,171)	(b)		441,148		91,120		26,271		(117,601)	(b)		440,938
Accumulated other comprehensive income (loss)		(44,109)		(57,002)		–		57,002	(b)		(44,109)		1,771		11,598		(13,369)	(b)		(44,109)
Retained earnings (deficit)		1,733,379		148,663		(285,248)		136,585	(b)		1,733,379		44,943		183,954		(228,687)	(b)		1,733,589
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		–		(1,446)		–		–			(1,446)		–		–		–			(1,446)
Total stockholders' equity (deficit)		1,463,265		211,446		(137,306)		(75,586)			1,461,819		141,135		224,323		(365,458)			1,461,819
Total liabilities and stockholders' equity	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535)		$	4,500,386	$	434,688	$	1,222,899	$	(381,628)		$	5,776,345
(a) Balances as of June 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

22

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

23

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

24

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating statement of operations by industry segment for the quarter ended September 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	$	–	$	599,657	$	–	$	–		$	599,657	$	–	$	–	$	(726)	(c)	$	598,931
Self-storage revenues		–		45,266		306		–			45,572		–		–		–			45,572
Self-moving and self-storage products and service sales		–		65,379		–		–			65,379		–		–		–			65,379
Property management fees		–		5,292		–		–			5,292		–		–		–			5,292
Life insurance premiums		–		–		–		–			–		–		39,448		–			39,448
Property and casualty insurance premiums		–		–		–		–			–		10,867		–		–			10,867
Net investment and interest income		1,277		2,025		72		–			3,374		2,463		14,255		(132)	(b)		19,960
Other revenue		–		54,630		25,425		(27,130)	(b)		52,925		–		970		(2,853)	(b)		51,042
Total revenues		1,277		772,249		25,803		(27,130)			772,199		13,330		54,673		(3,711)			836,491
Costs and expenses:
Operating expenses		2,064		366,287		2,888		(27,130)	(b)		344,109		4,419		5,582		(3,570)	(b,c)		350,540
Commission expenses		–		78,378		–		–			78,378		–		–		–			78,378
Cost of sales		–		34,532		–		–			34,532		–		–		–			34,532
Benefits and losses		–		–		–		–			–		2,500		35,492		–			37,992
Amortization of deferred policy acquisition costs		–		–		–		–			–		–		6,057		–			6,057
Lease expense		23		25,837		3		–			25,863		–		–		(45)	(b)		25,818
Depreciation, net of (gains) losses on disposals		2		58,735		4,471		–			63,208		–		–		–			63,208
Total costs and expenses		2,089		563,769		7,362		(27,130)			546,090		6,919		47,131		(3,615)			596,525
Earnings (loss) from operations before equity in earnings of subsidiaries		(812)		208,480		18,441		–			226,109		6,411		7,542		(96)			239,966
Equity in earnings of subsidiaries		125,151		–		–		(116,076)	(d)		9,075		–		–		(9,075)	(d)		–
Earnings from operations		124,339		208,480		18,441		(116,076)			235,184		6,411		7,542		(9,171)			239,966
Interest income (expense)		21,177		(27,027)		(17,364)		–			(23,214)		–		–		96	(b)		(23,118)
Pretax earnings		145,516		181,453		1,077		(116,076)			211,970		6,411		7,542		(9,075)			216,848
Income tax expense		(7,525)		(66,042)		(412)		–			(73,979)		(2,243)		(2,635)		–			(78,857)
Earnings available to common shareholders	$	137,991	$	115,411	$	665	$	(116,076)		$	137,991	$	4,168	$	4,907	$	(9,075)		$	137,991
(a) Balances for the quarter ended June 30, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

25

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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		9,799		(112)	(b)		15,853
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		58,224		(889)			744,117
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		44,083		–			48,472
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		54,002		(820)			549,795
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

26

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Consolidating statements of operations by industry for the six months ended September 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	$	–	$	1,121,740	$	–	$	–		$	1,121,740	$	–	$	–	$	(1,160)	(c)	$	1,120,580
Self-storage revenues		–		87,088		583		–			87,671		–		–		–			87,671
Self-moving and self-storage products and service sales		–		136,070		–		–			136,070		–		–		–			136,070
Property management fees		–		10,453		–		–			10,453		–		–		–			10,453
Life insurance premiums		–		–		–		–			–		–		80,510		–			80,510
Property and casualty insurance premiums		–		–		–		–			–		18,833		–		–			18,833
Net investment and interest income		2,515		4,195		73		–			6,783		4,940		27,477		(251)	(b)		38,949
Other revenue		–		97,160		49,994		(53,269)	(b)		93,885		–		1,465		(5,094)	(b)		90,256
Total revenues		2,515		1,456,706		50,650		(53,269)			1,456,602		23,773		109,452		(6,505)			1,583,322
Costs and expenses:
Operating expenses		4,285		689,294		5,510		(53,269)	(b)		645,820		8,515		11,942		(6,236)	(b,c)		660,041
Commission expenses		–		147,005		–		–			147,005		–		–		–			147,005
Cost of sales		–		70,102		–		–			70,102		–		–		–			70,102
Benefits and losses		–		–		–		–			–		4,457		76,168		–			80,625
Amortization of deferred policy acquisition costs		–		–		–		–			–		–		9,740		–			9,740
Lease expense		46		52,835		35		–			52,916		–		–		(91)	(b)		52,825
Depreciation, net of (gains) losses on disposals		3		112,901		7,738		–			120,642		–		–		–			120,642
Total costs and expenses		4,334		1,072,137		13,283		(53,269)			1,036,485		12,972		97,850		(6,327)			1,140,980
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,819)		384,569		37,367		–			420,117		10,801		11,602		(178)			442,342
Equity in earnings of subsidiaries		224,946		–		–		(210,363)	(d)		14,583		–		–		(14,583)	(d)		–
Earnings from operations		223,127		384,569		37,367		(210,363)			434,700		10,801		11,602		(14,761)			442,342
Interest income (expense)		43,109		(57,071)		(32,662)		–			(46,624)		–		–		178	(b)		(46,446)
Pretax earnings		266,236		327,498		4,705		(210,363)			388,076		10,801		11,602		(14,583)			395,896
Income tax expense		(15,277)		(120,038)		(1,802)		–			(137,117)		(3,780)		(4,040)		–			(144,937)
Earnings available to common shareholders	$	250,959	$	207,460	$	2,903	$	(210,363)		$	250,959	$	7,021	$	7,562	$	(14,583)		$	250,959
(a) Balances for the six months ended June 30, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

27

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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		19,069		(200)	(b)		30,370
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		114,366		(1,647)			1,411,793
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		88,855		–			96,810
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		108,740		(1,507)			1,066,592
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

28

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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	$	250,959	$	207,460	$	2,903	$	(210,363)		$	250,959	$	7,021	$	7,562	$	(14,583)		$	250,959
Earnings from consolidated entities		(224,946)		–		–		210,363			(14,583)		–		–		14,583			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3		133,101		8,414		–			141,518		–		–		–			141,518
Amortization of deferred policy acquisition costs		–		–		–		–			–		–		9,740		–			9,740
Change in allowance for losses on trade receivables		–		(6)		–		–			(6)		–		–		–			(6)
Change in allowance for inventory reserve		–		716		–		–			716		–		–		–			716
Net gain on sale of real and personal property		–		(20,200)		(676)		–			(20,876)		–		–		–			(20,876)
Net gain on sale of investments		(42)		–		–		–			(42)		(267)		(3,751)		–			(4,060)
Deferred income taxes		58,672		–		–		–			58,672		3,118		2,157		–			63,947
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		–		16,288		(177)		–			16,111		4,489		3,961		–			24,561
Inventories		–		(5,750)		–		–			(5,750)		–		–		–			(5,750)
Prepaid expenses		11,178		(8,077)		(778)		–			2,323		–		–		–			2,323
Capitalization of deferred policy acquisition costs		–		–		–		–			–		–		(16,289)		–			(16,289)
Other assets		5		(378)		(4,232)		–			(4,605)		309		(74)		–			(4,370)
Related party assets		551		13,534		–		–			14,085		(5,584)		–		149	(b)		8,650
Accounts payable and accrued expenses		3,699		18,288		(92)		–			21,895		–		2,971		–			24,866
Policy benefits and losses, claims and loss expenses payable		–		1,487		–		–			1,487		(7,009)		5,831		–			309
Other policyholders' funds and liabilities		–		–		–		–			–		76		418		–			494
Deferred income		–		2,191		–		–			2,191		–		–		–			2,191
Related party liabilities		–		460		4,292		–			4,752		(57)		(71)		(149)	(b)		4,475
Net cash provided (used) by operating activities		100,079		359,114		9,654		–			468,847		2,096		12,455		–			483,398
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		–		(295,231)		(162,440)		–			(457,671)		–		–		–			(457,671)
Short term investments		–		–		–		–			–		(27,972)		(126,731)		–			(154,703)
Fixed maturities investments		–		–		–		–			–		(39,655)		(134,938)		–			(174,593)
Equity securities		–		–		–		–			–		(388)		–		–			(388)
Preferred stock		–		–		–		–			–		(635)		–		–			(635)
Real estate		–		–		–		–			–		–		(252)		–			(252)
Mortgage loans		–		(1,580)		(12,738)		2,514	(b)		(11,804)		–		(14,009)		11,553	(b)		(14,260)
Proceeds from sales and paydown's of:
Property, plant and equipment		–		175,302		1,151		–			176,453		–		–		–			176,453
Short term investments		–		–		–		–			–		39,072		123,508		–			162,580
Fixed maturities investments		–		–		–		–			–		11,936		81,114		–			93,050
Equity securities		6,415		–		–		–			6,415		388		–		–			6,803
Preferred stock		–		–		–		–			–		4,504		1,500		–			6,004
Real estate		–		–		–		–			–		–		–		–			–
Mortgage loans		–		1,680		34,643		(2,514)	(b)		33,809		1,984		12,175		(11,553)	(b)		36,415
Net cash provided (used) by investing activities		6,415		(119,829)		(139,384)		–			(252,798)		(10,766)		(57,633)		–			(321,197)
(a) Balance for the six months ended June 30, 2013		(page 1 of 2)
(b) Elimination of intercompany investments

29

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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

–

64,124

73,917

–

138,041

–

–

–

138,041

Principal repayments on credit facilities

–

(58,684)

(64,261)

–

(122,945)

–

–

–

(122,945)

Debt issuance costs

–

(178)

(55)

–

(233)

–

–

–

(233)

Capital lease payments

–

(21,425)

–

–

(21,425)

–

–

–

(21,425)

Leveraged Employee Stock Ownership Plan - repayments from loan

–

260

–

–

260

–

–

–

260

Proceeds from (repayment of) intercompany loans

43,946

(164,059)

120,113

–

–

–

–

–

–

Securitization deposits

–

–

–

–

–

–

–

–

–

Investment contract deposits

–

–

–

–

–

–

74,253

–

74,253

Investment contract withdrawals

–

–

–

–

–

–

(14,721)

–

(14,721)

Net cash provided (used) by financing activities

43,946

(179,962)

129,714

–

(6,302)

–

59,532

–

53,230

Effects of exchange rate on cash

–

401

–

–

401

–

–

–

401

Increase (decrease) in cash and cash equivalents

150,440

59,724

(16)

–

210,148

(8,670)

14,354

–

215,832

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

$

477,559

$

158,650

$

1,499

$

–

$

637,708

$

5,450

$

36,418

$

–

$

679,576

(page 2 of 2)

(a) Balance for the six months ended June 30, 2013

30

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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 (loss)	$	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 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)		(28)		840	(b)		142,239
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)		415
Net cash provided (used) by operating activities		63,385		451,603		8,096		–		523,084		(263)		16,614		–			539,435
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 and paydown's of:
Property, plant and equipment		–		132,204		393		–		132,597		–		–		–			132,597
Short term investments		–		–		–		–		–		22,174		132,403		–			154,577
Fixed maturities investments		–		–		–		–		–		23,662		28,924		–			52,586
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)		(133,065)		–			(310,257)
		(page 1 of 2)
(a) Balance for the six months ended June 30, 2012
(b) Elimination of intercompany investments

31

AMERCO AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

32

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

11. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter ended September 30, 2013
Total revenues	$	786,721	$	49,770	$	836,491
Depreciation and amortization, net of (gains) losses on disposals		67,355		1,910		69,265
Interest expense		22,977		141		23,118
Pretax earnings		207,480		9,368		216,848
Income tax expense		76,374		2,483		78,857
Identifiable assets		5,626,460		149,885		5,776,345
Quarter ended September 30, 2012
Total revenues	$	695,622	$	48,495	$	744,117
Depreciation and amortization, net of (gains) losses on disposals		59,972		2,070		62,042
Interest expense		21,961		152		22,113
Pretax earnings		162,693		9,516		172,209
Income tax expense		60,267		2,522		62,789
Identifiable assets		4,984,218		152,746		5,136,964

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six months ended September 30, 2013
Total revenues	$	1,490,684	$	92,638	$	1,583,322
Depreciation and amortization, net of (gains) losses on disposals		126,525		3,857		130,382
Interest expense		46,163		283		46,446
Pretax earnings		379,236		16,660		395,896
Income tax expense		140,522		4,415		144,937
Identifiable assets		5,626,460		149,885		5,776,345
Six months ended September 30, 2012
Total revenues	$	1,321,805	$	89,988	$	1,411,793
Depreciation and amortization, net of (gains) losses on disposals		116,935		4,043		120,978
Interest expense		45,300		304		45,604
Pretax earnings		282,077		17,520		299,597
Income tax expense		104,965		4,643		109,608
Identifiable assets		4,984,218		152,746		5,136,964

33

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

12. Employee Benefit Plans

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

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	181	$	156
Interest cost on accumulated postretirement benefit		141		138
Other components		5		1
Net periodic postretirement benefit cost	$	327	$	295
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	362	$	311
Interest cost on accumulated postretirement benefit		282		277
Other components		10		2
Net periodic postretirement benefit cost	$	654	$	590

13. Fair Value Measurements

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

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

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

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

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

34

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at September 30, 2013, that are subject to ASC 820 and the valuation approach applied to each of these items.

		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short-term investments	$	628,725	$	628,725	$	–	$	–
Fixed maturities - available for sale		1,057,763		961,045		95,573		1,145
Preferred stock		18,449		18,449		–		–
Common stock		38,128		38,128		–		–
Derivatives		1,970		–		1,970		–
Total	$	1,745,035	$	1,646,347	$	97,543	$	1,145
Liabilities
Guaranteed residual values of TRAC leases	$	–	$	–	$	–	$	–
Derivatives		39,875		–		39,875		–
Total	$	39,875	$	–	$	39,875	$	–

The following table represents the fair value measurements for our assets at September 30, 2013 using significant unobservable inputs (Level 3).

		Fixed Maturities - Asset Backed Securities
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	1,180
Fixed Maturities - Asset Backed Securities - redemption		(59)
Fixed Maturities - Asset Backed Securities - gain (unrealized)		24
Balance at September 30, 2013	$	1,145

35

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

14. Subsequent Events

On October 8, 2013, various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. entered into a real estate loan for $100 million. This loan matures in October 2016, with an option to extend for four more years. This loan is secured by certain properties owned by the borrowers. The interest rate for this loan is the applicable LIBOR plus an applicable margin of 2.50%.

On October 4, 2013, various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. entered into a real estate loan for $50 million. This loan matures in October 2033 and is secured by certain properties owned by the borrowers. The interest rate for this loan is fixed at 5.12%.

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

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of andstrategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the second quarter and firstsix months of fiscal 2014, compared with the second quarter and firstsix months of fiscal 2013, which is followed by an analysis of changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2014.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2013. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

AMERCO, a Nevada corporation (“AMERCO”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2013 and 2012 correspond to fiscal 2014 and 2013 for AMERCO.

Overall Strategy

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

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

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

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

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Description of Operating Segments

AMERCO’s three reportable segments are:

•Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,

•Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

•Life Insurance, comprised of Oxford and its subsidiaries.

Moving and Storage Operating Segment

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

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

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

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

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

Property and Casualty Insurance Operating Segment

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

Life Insurance Operating Segment

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

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Critical Accounting Policies and Estimates

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

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

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

Principles of Consolidation

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

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

We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events.

Recoverability of Property, Plant and Equipment

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

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

Management determined that additions to the fleet resulting from purchases should be depreciated on an accelerated method based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16%, 13%, 11%, 9%, 8%, 7%, and 6% during years one through seven, respectively, and then reduced on a straight line basis to a salvage value of20% by the end of year fifteen. Beginning in October 2012, rental equipment subject to this depreciation schedule is being depreciated to a salvage vale of 15%. This change had an immaterial effect on our current financial statements. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7% per year over the life of the truck. For the affected equipment, the accelerated depreciation was $13.4 million and $14.8 million greater than what it would have been if calculated under a straight line approach for the second quarter of fiscal 2014 and 2013, respectively and $26.9 million and $29.6 million for the first six months of fiscal 2014 and 2013, respectively.

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

Insurance Reserves

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

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

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

On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following:

•Claimant longevity

40

•Cost trends associated with claimant treatments

•Changes in ceding entity and third party administrator reporting practices

•Changes in environmental factors including legal and regulatory

•Current conditions affecting claim settlements

•Future economic conditions including inflation

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

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

Impairment of Investments

Investments are evaluated pursuant to guidance contained in ASC 320 - Investments - Debt and Equity Securities to determine if and when a decline in market value below amortized cost is other-than-temporary. Management makes certain assumptions or judgments in its assessment including, but not limited to: ability and intent to hold the security, quoted market prices, dealer quotes or discounted cash flows, industry factors, financial factors, and issuer specific information such as credit strength. Other-than-temporary impairment in value is recognized in the current period operating results. There were no write downs in the second quarter or for the first six months of fiscal 2014 and 2013.

Income Taxes

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

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

Fair Values

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

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

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

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

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

41

Subsequent Events

Our management has evaluated subsequent events occurring after September 30, 2013, the date of our most recent balance sheet, through the date our financial statements were issued. We entered into two new real estate loans,please see note 14, Subsequent Events of the Notes to Condensed Consolidated Financial Statements for a discussion of borrowings entered into after September 30, 2013. Other than these new borrowings, we do not believe any subsequent events have occurred that would require further disclosure or adjustment to our financial statements.

Adoption of New Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”) an amendment to FASB ASC Topic 220. The update requires disclosure of amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. This ASU is effective prospectively for the Company’s fiscal years, and interim periods within those years beginning after December15, 2012. We adopted ASU 2013-02 in the first quarter of fiscal 2014 and it did not have a material impact on our financial statements.

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

Results of Operations

AMERCO and Consolidated Entities

Quarter Ended September 30, 2013 compared with the Quarter Ended September 30, 2012

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2014 and the second quarter of fiscal 2013:

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(in thousands)
Self-moving equipment rentals	$	598,931	$	538,361
Self-storage revenues		45,572		37,978
Self-moving and self-storage products and service sales		65,379		61,730
Property management fees		5,292		4,902
Life insurance premiums		39,448		47,667
Property and casualty insurance premiums		10,867		8,947
Net investment and interest income		19,960		15,853
Other revenue		51,042		28,679
Consolidated revenue	$	836,491	$	744,117

42

Self-moving equipment rental revenues increased $60.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013.  The improvement in revenue was recognized across both our truck and trailer fleets and largely was generated from increased transaction volume.  Continued expansion of the rental fleet, incremental improvement in utilization and additional retail locations are enabling us to serve more customers.

Self-storage revenues increased $7.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013 with the average monthly amount of occupied square feet increasing by nearly 19%.  The growth in revenues and square feet rented comes from a combination of improved occupancy at existing locations as well as the addition of new facilities to the portfolio. Over the last twelve months we have added approximately 2.2 million net rentable square feet to the self-storage portfolio.

Sales of self-moving and self-storage products andservices increased $3.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013.  Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Life insurance premiums decreased $8.2 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013 due primarily to reduced life insurance premiums and Medicare supplement premiums.

Property and casualty insurance premiums increased $1.9 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013 due to an increase in Safestor sales which were a result of increased rental transactions.

Net investment and interest income increased $4.1 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013. The Life Insurance operating segment recognized increased investment income due to a larger invested asset base and realized gains compared to the same period last year.

Other revenue increased $22.4 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013primarily from the expansion of new business initiatives including our U-BoxTM program.

As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $836.5 million for the second quarter of fiscal 2014, compared with $744.1 million for the second quarter of fiscal 2013.

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Listed below are revenues and earningsfrom operations at each of our operating segments for the second quarter of fiscal 2014 and the second quarter of fiscal 2013. The insurance companies second quarters ended June 30, 2013 and 2012.

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	772,199	$	675,569
Earnings from operations before equity in earnings of subsidiaries		226,109		187,827
Property and casualty insurance
Revenues		13,330		11,213
Earnings from operations		6,411		2,342
Life insurance
Revenues		54,673		58,224
Earnings from operations		7,542		4,222
Eliminations
Revenues		(3,711)		(889)
Earnings from operations before equity in earnings of subsidiaries		(96)		(69)
Consolidated results
Revenues		836,491		744,117
Earnings from operations		239,966		194,322

Total costs and expenses increased $46.7 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013.Operating expenses for the Moving and Storage operating segment increased $44.4million with a significant portion of this coming from spending on personnel, rental equipment maintenance and operating costs associated with the U-Box program. Commission expenses increased in relation to the associated revenues. Depreciation expense, net, increased $4.3 million whilelease expense decreased $3.8 million as a result of the Company’s shift in financing new equipment on the balance sheet rather than through operating leases.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $240.0 million for the second quarter of fiscal 2014, compared with $194.3 million for the second quarter of fiscal 2013.

Interest expense for the second quarter of fiscal 2014 was $23.1 million, compared with $22.1 million for the second quarter of fiscal 2013 due to an increase in average borrowings partially offset by a decrease in average borrowing costs.

Income tax expense was $78.9 million for the second quarter of fiscal 2014, compared with $62.8 million for the second quarter of fiscal 2013.

As a result of the above mentioned items, earnings available to common shareholders were $138.0 million for the second quarter of fiscal 2014, compared with $109.4 million for the second quarter of fiscal 2013.

Basic and diluted earnings per share for the second quarter of fiscal 2014 were $7.06, compared with $5.61 for the second quarter of fiscal 2013.

The weighted average common shares outstanding basic and diluted were 19,554,633 for the second quarter of fiscal 2014, compared with 19,512,550 for the second quarter of fiscal 2013.

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Moving and Storage

Quarter Ended September 30, 2013 compared with the Quarter Ended September 30, 2012

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the second quarter of fiscal 2014 and the second quarter of fiscal 2013:

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	599,657	$	538,767
Self-storage revenues		45,572		37,978
Self-moving and self-storage products and service sales		65,379		61,730
Property management fees		5,292		4,902
Net investment and interest income		3,374		3,900
Other revenue		52,925		28,292
Moving and Storage revenue	$	772,199	$	675,569

Self-moving equipment rental revenues increased $60.9 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013.  The improvement in revenue was recognized across both our truck and trailer fleets and largely was generated from increased transaction volume.  Continued expansion of the rental fleet, incremental improvement in utilization and additional retail locations are enabling us to serve more customers.

Self-storage revenues increased $7.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013, with the average monthly amount of occupied square feet increasing by nearly 19%.  The growth in revenues and occupancy comes from a combination of improved occupancy at existing locations as well as the addition of new facilities to the portfolio.  Over the last twelve months we have added approximately 2.2 million net rentable square feet to the self-storage portfolio.

Sales of self-moving and self-storage products and services increased $3.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013.  Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Net investment and interest income decreased $0.5 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013. Interest income related to the SAC Holdings notes decreased compared to the same period last year.  In June 2013, SAC Holdings made a $10.4 million payment to AMERCO reducing its total outstanding obligations to the Company.

Other revenue increased $24.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013primarily from the expansion of new business initiatives including our U-BoxTM program.

45

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

	Quarter Ended September 30,
	2013	2012
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of September 30	197	176
Square footage as of September 30	17,044	14,894
Average monthly number of rooms occupied	162	141
Average monthly occupancy rate based on room count	82.5%	81.1%
Average monthly square footage occupied	14,311	12,017

Total costs and expenses increased $58.3 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013. Operating expenses increased $44.4 million with a significant portion of this coming from spending on personnel, rental equipment maintenance as well as from operating costs associated with the U-Box program. Commission expenses increased in relation to the associated revenues. Depreciation expense increased $8.0 million and gains from the disposal property, plant and equipment increased $3.8 million. This resulted in a $4.3 million increase in depreciation expense, net. Conversely, lease expense decreased $3.8 million as a result of the Company’s continued trend in financing new equipment on the balance sheet rather than through operating leases.

As a result of the above mentioned changes in revenues and expenses, earnings from operations for the Moving and Storage operating segment before consolidation of the equity in the earnings of the insurance subsidiaries, increased to $226.1 million for the second quarter of fiscal 2014, compared with $187.8 million for the second quarter of fiscal 2013.

Equity in the earnings of AMERCO’s insurance subsidiaries was$9.1 million and $4.7 million for the second quarter of fiscal 2014 and 2013, respectively.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $235.2 million for the second quarter of fiscal 2014, compared with $192.5 million for the second quarter of fiscal 2013.

Property and Casualty Insurance

Quarter Ended June 30, 2013 compared with the Quarter Ended June 30, 2012

Net premiums were $10.9 million and $8.9 million for the second quarters ended June 30, 2013 and 2012, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same time period and sales of non U-Haul Safestor.

Net investment income was $2.5 million and $2.3 million for the second quarters ended June 30, 2013 and 2012, respectively.

Net operating expenses were $4.4 million and $4.5 million for the second quarters ended June 30, 2013 and 2012, respectively.

Benefits and losses incurred were $2.5 million and $4.4 million for the second quarters ended June 30, 2013 and 2012, respectively. The decrease was a result of a $0.6 million decrease in primary workers compensation due to no further adverse developments and a $1.3 million decrease in additional liability reserves.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $6.4 million and $2.3 million for the second quarters ended June 30, 2013 and 2012, respectively.

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Life Insurance

Quarter Ended June 30, 2013 compared with the Quarter Ended June 30, 2012

Net premiums were $39.4 million and $47.7 million for the second quarters ended June 30,2013 and 2012,respectively. Medicare Supplement premiums decreased $2.9 million due to a reduction of the in force business. Life premiums decreased $4.0 million from the reduced sales of single premium whole life insurance and a prior year one-time increase caused by the recapture of a block of business.  A portion of our new business consists of deferred annuity policies with the sales of these products accounted for as deposits on the balance sheet instead of as premium income. Annuity deposits for the quarter were $33.6 million, a decrease of $93.9 million compared with the same period last year.

Net investment income was $14.3 million and $9.8 million for the second quarters ended June 30, 2013 and 2012, respectively. There was an increase of $3.1 million of investment income due to a larger invested asset base and an increase in realized gains of $1.4 million compared with the same period last year.

Net operating expenses were $5.6 million and $6.8 million for the second quarters ended June 30, 2013 and 2012, respectively. The variance was due to a reduction in Medicare supplement, single premium life and the immediate annuity commissions resulting from a lower Medicare supplement policy base and decreased sales. General administrative expenses and premiums taxes also decreased.

Benefits and losses incurred were $35.5 million and $44.1 million for the second quarter ended June 30, 2013 and 2012, respectively. Life and immediate annuity benefits decreased $5.9 million primarily due to a reduction in reserves from reduced sales and a prior year one-time reserve increase caused by the recapture of pre-need block of business. Medicare supplement incurred benefits decreased by $4.5 million from a reduction of policies in force and an improved benefit ratio; offset by a $1.2 million increase in interest credited to policyholders associated with the additional deferred annuity deposits.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired was $6.1 millionand $3.1 million for the second quarters ended June 30, 2013 and 2012, respectively. The variance is a result of increased amortization of annuity DAC and SIA from the growth of the in force business combined with accelerated amortization resulting from the investment gains recognized during the quarter along with charges associated with legacy annuity and Medicare supplement business.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $7.5 million and $4.2 million for the second quarters ended June 30, 2013 and 2012, respectively.

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AMERCO and Consolidated Entities

Six Months Ended September 30, 2013 compared with the Six Months Ended September 30, 2012

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2014 and the first six months of fiscal 2013:

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(in thousands)
Self-moving equipment rentals	$	1,120,580	$	1,005,355
Self-storage revenues		87,671		72,714
Self-moving and self-storage products and service sales		136,070		128,908
Property management fees		10,453		9,762
Life insurance premiums		80,510		94,093
Property and casualty insurance premiums		18,833		16,190
Net investment and interest income		38,949		30,370
Other revenue		90,256		54,401
Consolidated revenue	$	1,583,322	$	1,411,793

Self-moving equipment rental revenues increased $115.2 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.  The revenue growth was primarily due to the increases in In-Town and one-way moving transactions for both our truck and trailer rental fleets.  Continued expansion of the rental fleet, incremental improvement in utilization and additional retail locations are enabling us to serve more customers.

Self-storage revenuesincreased $15.0 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013. Average monthly occupancy during the first six months of fiscal 2014 increased by 2.3 million square feet compared to the same period last year.  These occupancy gains have come from a combination of improvements at existing locations, as well as the acquisition of new facilities.  Over the last twelve months, we have added approximately 2.2 million net rentable square feet with 1.0 million of that being added during the first six months of fiscal 2014.

Sales of self-moving and self-storage products and services increased $7.2 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Life insurance premiums decreased $13.6 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013,primarily attributable to decreases in life insurance premiums and Medicare supplement premiums.

Property and casualty insurance premiums increased $2.6 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013, primarily from policies sold in conjunction with U-Haul rental transactions. As moving transactions have increased this year so have the related premiums.

Net investment and interest income increased $8.6million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013. The Life Insurance operating segment recognized increased investment income due to a larger invested asset base and realized gains compared to the same period last year.

Other revenue increased $35.9 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013primarily from the expansion of new business initiatives including our U-Box program.

As a result of the items mentioned above, revenues for AMERCO and its consolidated entities were $1,583.3 million for the first six months of fiscal 2014, as compared with $1,411.8 million for the first six months of fiscal 2013.

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Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2014 and the first six months of fiscal 2013. The insurance companies’ first six months ended June 30, 2013 and 2012.

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,456,602	$	1,278,418
Earnings from operations before equity in earnings of subsidiaries		420,117		334,786
Property and casualty insurance
Revenues		23,773		20,656
Earnings from operations		10,801		4,929
Life insurance
Revenues		109,452		114,366
Earnings from operations		11,602		5,626
Eliminations
Revenues		(6,505)		(1,647)
Earnings from operations before equity in earnings of subsidiaries		(178)		(140)
Consolidated results
Revenues		1,583,322		1,411,793
Earnings from operations		442,342		345,201

Total costs and expenses increased $74.4 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.Operating expenses for the Moving and Storage operating segment increased $72.5 million primarily from spending on personnel, rental equipment maintenance and operating costs associated with the U-Box program. Commission expenses increased in relation to the associated revenues. Depreciation expense, net, increased $5.6 million whilelease expense decreased $9.6 million as a result of the Company’s shift in financing new equipment on the balance sheet rather than through operating leases.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $442.3 million for the first six months of fiscal 2014, as compared with $345.2 million for the first six months of fiscal 2013.

Interest expense for the first six months of fiscal 2014 was $46.4 million, compared with $45.6 million for the first six months of fiscal 2013due to an increase in average borrowings partially offset by a decrease in average borrowing costs.

Income tax expense was $144.9 million for the first six months of fiscal 2014, compared with $109.6 million for first six months of fiscal 2013due to higher pretax earnings for the first six months of fiscal 2014.

Basic and diluted earnings per common share for the first six months of fiscal 2014 were $12.84, compared with $9.74 for the first six months of fiscal 2013.

The weighted average common shares outstanding basic and diluted were 19,550,128 for the first six months of fiscal 2014, compared with 19,507,456 for the first six months of fiscal 2013.

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Moving and Storage

Six Months Ended September 30, 2013 compared with the Six Months Ended September 30, 2012

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2014 and the first six months of fiscal 2013:

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,121,740	$	1,006,082
Self-storage revenues		87,671		72,714
Self-moving and self-storage products and service sales		136,070		128,908
Property management fees		10,453		9,762
Net investment and interest income		6,783		7,035
Other revenue		93,885		53,917
Moving and Storage revenue	$	1,456,602	$	1,278,418

Self-moving equipment rental revenues increased $115.7 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.The revenue growth was primarily due to the increases in In-Town and one-way moving transactions for both our truck and trailer rental fleets.  Continued expansion of the rental fleet, incremental improvement in utilization and additional retail locations are enabling us to serve more customers.

Self-storage revenues increased $15.0 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013 due primarily to an increase in the number of rooms rented.  Average monthly occupancy during the first six months of fiscal 2014increased by 2.3 million square feet compared to the same period last year.  These occupancy gains have come from a combination of improvements at existing locations as well as the acquisition of new facilities.  Over the last twelve months, we have added approximately 2.2 million net rentable square feet with 1.0 million of that during the first six months of fiscal 2014.

Sales of self-moving and self-storage products and services increased $7.2 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.  Increases were recognized in the sales of moving supplies, propane and towing accessories and related installations.

Net investment and interest income decreased $0.3 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013. Interest income related to the SAC Holdings notes decreased compared to the same period last year.  In June 2013, SAC Holdings made a payment to reduce its outstanding deferred interest payable to AMERCO by $10.4 million.

Other revenue increased $40.0 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013primarily from the expansion of new business initiatives including our U-Box program.

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

	Six Months Ended September 30,
	2013	2012
	(Unaudited)
	(In thousands, except occupancy rate)
Room count as of September 30	197	176
Square footage as of September 30	17,044	14,894
Average monthly number of rooms occupied	158	136
Average monthly occupancy rate based on room count	81.3%	79.6%
Average monthly square footage occupied	13,880	11,568

Total costs and expenses increased $92.9 million during the first six months of fiscal 2014, compared with the first six months of fiscal 2013.  Operating expenses increased $72.5 million primarily coming from spending on personnel, rental equipment maintenance and operating costs associated with the U-Box program. Commissionexpenses increased in relation to the associated revenues.Depreciation expense, before gains on the disposal of equipment,increased $13.4 million while gains on the disposals increased by $7.8 million. Lease expense decreased $9.5 million as a result of the Company’s continued trend in financing new equipment on the balance sheet rather than through operating leases.

As a result of the above mentioned changes in revenues and expenses, earnings from operations for the Moving and Storage operating segment before consolidation of the equity in the earnings of the insurance subsidiaries increased to $420.1 million for the first six months of fiscal 2014, compared with $334.8 million for the first six months of fiscal 2013.

Equity in the earnings of AMERCO’s insurance subsidiaries was $14.6 million for the first six months of fiscal 2014, compared with $7.3 million for the first six months of fiscal 2013.

As a result of the above mentioned changes in revenues and expenses, earnings from operations increased to $434.7 million for the first six months of fiscal 2014, compared with $342.1 million for the first six months of fiscal 2013.

Property and Casualty Insurance

Six Months Ended June 30, 2013 compared with the Six Months Ended June 30, 2012

Net premiums were $18.8 million and $16.2 million for the six months ended June 30, 2013 and 2012, respectively.A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with increased moving and storage transactions at U-Haul during the same time period.

Net investment income was $4.9 million and $4.5 million for the six months ended June 30, 2013 and 2012, respectively. The increase was primarily due to investment gains of $0.3 million earned on disposals in 2013.

Net operating expenses were $8.5 million and $7.8 million for the six months ended June 30, 2013 and 2012, respectively. The increase was a result of a net increase in commissions.

Benefits and losses incurred were $4.5 million and $8.0 million for the six months ended June 30, 2013 and 2012, respectively. The decrease was due to lower incurred claims primarily in theassumed reinsurance and liability programs.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $10.8 million and $4.9 million for the six months ended June 30, 2013 and 2012, respectively.

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Life Insurance

Six Months Ended June 30, 2013 compared with the Six Months Ended June 30, 2012

Net premiums were $80.5 million and $94.1 million for the six months ended June 30, 2013 and 2012, respectively.Life premiums decreased $5.4 million primarily due to a reduction in premiums of single premium whole life products and a prior year one time increase driven by the recapture of previously reinsured business. Medicare supplement premiums decreased by $5.6 million compared with the prior year. Annuity deposits decreased by $92.6 million; these are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $27.5 million and $19.1 million for the six months ended June 30, 2013 and 2012, respectively. There was an increase of $6.0 million of investment income due to a larger invested asset base and a $2.4 million increase in realized gains was recognized on the sale of investments.

Net operating expenses were $11.9 million and $14.0 million for the six months ended June 30, 2013 and 2012, respectively. The variance was primarily due to commissions which declined in relation to premium reductions.  General administrative costs and premium taxes contributed to the variance as well.

Benefits and losses incurred were $76.2 million and $88.9 million for the quarter ended June 30, 2013 and 2012, respectively. A decrease of $6.0 million in life benefits was primarily a result of reduced reserves due to lower sales of single premium whole life product and a prior year one time reserve increase from the recapture of a pre-need block of business. A decrease of $2.0 million in annuity benefits is driven by a reserve decrease in single premium immediate temporary annuity products due to discontinued sales. This was partially offset by an increase in other immediate annuity rider reserve liability. Medicare supplement benefits decreased by $7.6 million due to reduced policies in force and lower benefit ratios. Increase in interest credited to policyholders was $2.7 million as a result of a larger annuity account value.

Amortization of DAC, SIA and VOBA was $9.7 million and $5.9 million for the six months ended June 30, 2013 and 2012, respectively. The variance is a result of increased amortization of annuity DAC and SIA from the growth of the in force business combined with accelerated amortization resulting from the investment gains recognized during the quarter along with charges associated with legacy annuity and Medicare supplement business.

As a result of the above mentioned changes in revenues and expenses, pretax earnings from operations were $11.6 million and $5.6 million for the six months ended June 30, 2013 and 2012, respectively.

Liquidity and Capital Resources

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

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At September 30, 2013, cash and cash equivalents totaled $679.6 million, compared with $463.7 million on March 31, 2013. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (AMERCO, U-Haul and Real Estate). As of September 30, 2013 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

		Moving & Storage		Property and Casualty Insurance (a)		Life Insurance (a)
		(Unaudited)
		(In thousands)
Cash and cash equivalents	$	637,708	$	5,450	$	36,418
Other financial assets		244,000		428,336		1,076,946
Debt obligations		1,775,119		–		–
(a) As of June 30, 2013

At September 30, 2013, our Moving and Storage operating segment had additional cash available under existing credit facilities of $75.0 million.

Net cash provided by operating activities decreased $56.0 million in the first six months of fiscal 2014 compared with fiscal 2013 primarily due to repayments of $127.3 million of the notes and interest receivables with SAC Holdings in fiscal 2013 that did not recur this year.  Excluding this amount, operating cash flows increased by $71.3 due largely to an increase in net earnings.

Net cash used in investing activities increased $10.9million in the first six months of fiscal 2014, compared with fiscal 2013. Purchases of property, plant and equipment, which are reported net of cash from leases, increased $176.7million. Cash from the sales of property, plant and equipment increased$43.9 million largely due to an increase in pickup and cargo van sales.The Life Insurance operating segment had a decrease in net cash used for investing of $75.5 million due to a decline in new annuity deposits.

Net cash provided by financing activities decreased $6.5 million in the first six months of fiscal 2014, as compared with fiscal 2013. Net borrowings increased by $97.8 million and were offset by an increase in capital lease payments of $11.5 million. Additionally, net annuity deposits at the Life Insurance operating segment decreased $95.1 million in the first six months of fiscal 2014 compared to the same period last year.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily reflected new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2014,we will reinvest in our truck and trailer rental fleet approximately $315 million, net of equipment sales excluding any lease buyouts. Through the first six months of fiscal 2014, we have invested, net of sales, approximately$215 million before any lease buyouts in our truck and trailer fleet of this projected amount. Fleet investments in fiscal 2014 and beyond will be dependent upon several factors including availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the fiscal 2014 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

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Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations and sales. Our plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. We are funding these development projects through construction loans and internally generated funds. For the first six months of fiscal 2014, we invested approximately $155 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2014, the timing of new projects will be dependent upon several factors including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties. U-Haul's growth plan in self-storage also includes the expansion of the eMove program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $281.2 million and $148.4 million for the first six months of fiscal 2014 and 2013, respectively. The components of our net capital expenditures are provided in the following table:

		Six Months Ending September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	383,141	$	331,467
Equipment lease buyouts		11,868		49,874
Purchases of real estate, construction and renovations		155,224		70,978
Other capital expenditures		27,617		21,616
Gross capital expenditures		577,850		473,935
Less: Lease proceeds		(120,179)		(192,949)
Less: Sales of property, plant and equipment		(176,453)		(132,597)
Net capital expenditures		281,218		148,389

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

Property and Casualty Insurance

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

We believe that stockholders equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations.

Our Property and Casualty operating segment stockholder’s equity was $141.1 million and $136.9 million at June 30, 2013 and December 31, 2012, respectively. The increase resulted from net earnings of $7.0 millionand a decrease in other comprehensive income of $2.8 million. Our Property and Casualty Insurance operating segment does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

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Life Insurance

Our Life Insurance operating segment manages its financial assets to meet policyholder and other obligations including investment contract withdrawals and deposits. Our Life Insurance’s operating segment net deposits for the six months ended June 30, 2013 were $59.5 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, our Life Insurance’s operating segment funds are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

Our Life Insurance’s operating segment stockholder’s equity was $224.3 million and $242.7 million at June 30, 2013 and December 31, 2012, respectively. The decrease resulted from net earnings of $7.6 million and a decrease in other comprehensive income of $26.0 million. Our Life Insurance operating segment does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Cash Provided (Used) from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $468.8 million and $523.1 million for the first six months of fiscal 2014 and 2013, respectivelyprimarily due to repayments of $127.3 million of the notes and interest receivables with SAC Holdings in fiscal 2013 that did not recur this year.  Excluding this prior year repayment, operating cash flows increased $73.0 million largely due to an increase in net earnings.

Property and Casualty Insurance

Net cash provided (used) by operating activities were $2.1 million and ($0.3) million for the first six months ended June 30, 2013 and 2012, respectively. The increase in cash provided was primarily due to anincrease in premium income.

Our Property and Casualty Insurance operating segment’s cash and cash equivalents and short-term investment portfolio amounted to $25.4 million and $45.2 million at June 30, 2013 and December 31, 2012, respectively. This balance reflects funds in transition from maturity proceeds to long term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow our Property and Casualty Insurance operating segment to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $12.5 million and $16.6 million for the first six months ended June 30, 2013 and 2012, respectively.The decrease in cash provided was attributable to the decrease in collected premiums offset by an increase in net investment income, reduced accident and health benefits and commission expense.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through our Life Insurance operating segment’s short-term portfolio. At June 30, 2013 and December 31, 2012, cash and cash equivalents and short-term investments amounted to $52.1 million and $34.6 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and self-storage expansion.

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Our borrowing strategy is primarily focused on asset-backed financing and rental equipment operating leases. As part of this strategy, we seek to ladder maturities and hedge floating rate loans through the use of interest rate swaps. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management feels it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. At September 30, 2013, we had cash availability under existing credit facilities of $75.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure.For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 4, Borrowings of the Notes to Condensed Consolidated Financial Statements.

Fair Value of Financial Instruments

Assets and liabilities recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 requires that financial assets and liabilities recorded at fair value be classified and disclosed in a Level 1, Level 2 or Level 3 category. For more information, please see Note 13, Fair Value Measurements of the Notes to Condensed Consolidated Financial Statements. 

The available-for-sale securities held by the Company are recorded at fair value. These values are determined primarily from actively traded markets where prices are based either on direct market quotes or observed transactions. Liquidity is a factor considered during the determination of the fair value of these securities. Market price quotes may not be readily available for certain securities or the market for them has slowed or ceased. In situations where the market is determined to be illiquid, fair value is determined based upon limited available information and other factors including expected cash flows. At September 30, 2013, we had $1.1 million of available-for-sale assetsclassified in Level 3.

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

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures About Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Off-Balance Sheet Arrangements

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

We utilize operating leases for certain rental equipment and facilities with terms expiring substantially through 2019. In the event of a shortfall in proceeds from the sales of the underlying rental equipment assets, we have guaranteed $110.1 million of residual values at September 30, 2013 for these assets at the end of their respective lease terms. We have been leasing rental equipment since 1987. To date, we have not experienced residual value shortfalls related to these leasing arrangements. Using the average cost of fleet related debt as the discount rate, the present value of our minimum lease payments and residual value guarantees were $257.1 million at September 30, 2013.

Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 9, Related Party Transactions of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when the Company’s overall borrowing structure was more limited. The Company does not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders.

56

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $15.7 million and $14.4 million from the above mentioned entities during the first six months of fiscal 2014 and 2013, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Blackwater is wholly-owned by Mark V. Shoen, a significant stockholder of AMERCO. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant stockholder and director of AMERCO and an estate planning trust benefitting Shoen children have an interest in Mercury.

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. Total lease payments pursuant to such leases were $1.3 million in the first six months of both fiscal 2014and 2013. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

At September 30, 2013, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based on equipment rental revenues. We paid the above mentioned entities $28.6 million and $24.9 million in commissions pursuant to such dealership contracts during the first six months of fiscal 2014 and 2013, respectively.

During the first six months of fiscal 2014, subsidiaries ofours held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater. We do not have an equity ownership interest in SAC Holdings. We recorded interest income of $3.7 million and $4.5 million, and received cash interest payments of $13.9 million and $8.9 million, from SAC Holdings during the first six months of fiscal 2014 and 2013, respectively. The largest aggregate amount of notes receivable outstanding during the first six months of fiscal 2014 was $72.4 million and the aggregate notes receivable balance at September 30, 2013 was $72.0 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2017 and 2019

These agreements along with notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $15.8 million, expenses of $1.3 million and cash flows of $29.3 million during the first six months of fiscal 2014. Revenues and commission expenses related to the Dealer Agreements were $131.1 million and $28.6 million, respectively during the first six months of fiscal 2014.

Fiscal 2014 Outlook

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

With respect to our storage business, we have added new locations and expanded at existing locations. In fiscal 2014, we are looking to continue to acquire new locations, complete current projects and increase occupancy in our existing portfolio of locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. We will continue to invest capital and resources in the U-Box storage container program throughout fiscal 2014.

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

57

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

Cautionary Statements Regarding Forward-Looking Statements

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

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the risk factors set forth in the section entitled Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013, as well as the following: our ability to operate pursuant to the terms of its credit facilities; our ability to maintain contracts that are critical to our operations; the costs and availability of financing; our ability to execute our business plan; our ability to attract, motivate and retain key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our credit ratings; the availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation against us; changes in accounting standards and other factors described in this Quarterly Report or the other documents we file with the SEC. The above factors, the following disclosures, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.

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Item 3.Quantitative and Qualitative Disclosures about Market Risk

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

Interest Rate Risk

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

	Notional Amount			Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
$	229,166		$	(36,280)	8/18/2006	8/10/2018	5.43%	1 Month LIBOR
	9,625			(173)	2/12/2007	2/10/2014	5.24%	1 Month LIBOR
	6,396			(132)	3/12/2007	3/10/2014	4.99%	1 Month LIBOR
	6,400			(146)	3/12/2007	3/10/2014	4.99%	1 Month LIBOR
	7,600	(a)		(389)	8/15/2008	6/15/2015	3.62%	1 Month LIBOR
	7,522			(431)	8/29/2008	7/10/2015	4.04%	1 Month LIBOR
	11,692			(771)	9/30/2008	9/10/2015	4.16%	1 Month LIBOR
	6,288	(a)		(237)	3/30/2009	4/15/2016	2.24%	1 Month LIBOR
	7,350	(a)		(281)	8/15/2010	7/15/2017	2.15%	1 Month LIBOR
	16,563	(a)		(644)	6/1/2011	6/1/2018	2.38%	1 Month LIBOR
	31,875	(a)		(680)	8/15/2011	8/15/2018	1.86%	1 Month LIBOR
	13,000	(a)		(231)	9/12/2011	9/10/2018	1.75%	1 Month LIBOR
	13,021	(b)		(61)	3/28/2012	3/28/2019	1.42%	1 Month LIBOR
	19,688			16	4/16/2012	4/1/2019	1.28%	1 Month LIBOR
	38,250			565	1/15/2013	12/15/2019	1.07%	1 Month LIBOR
	(a) forward swap
	(b) operating lease

As of September 30, 2013, wehad $460.1 million of variable rate debt obligations and $13.7 million of a variable rate operating lease. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $0.5 million annually (after consideration of the effect of the above derivative contracts.)

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

59

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.9% and 6.4% of our revenue was generated in Canada during the first six months of fiscal 2014 and 2013, respectively. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Item 4.Controls and Procedures

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

Evaluation of Disclosure Controls and Procedures

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

Inherent Limitations on the Effectiveness of Controls

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

Changes in Internal Control over Financial Reporting

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

60

PART II Other information

Item 1. Legal Proceedings

Not applicable.

Item 1A. Risk Factors

We are not aware of any material updates to the risk factors described in the Company’s previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

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

Not applicable.

Item 3. Defaults upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The following documents are filed as part of this report:

Exhibit Number	Description	Page or Method of Filing
3.1	Restated Articles of Incorporation of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255
3.2	Restated Bylaws of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K ,filed on September 5, 2013, file no. 1-11255
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	XBRL Instance Document	Filed herewith
101.SCH	XBRL Taxonomy Extension Schema	Filed herewith
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	Filed herewith

61

101.LAB	XBRL Taxonomy Extension Label Linkbase	Filed herewith
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	Filed herewith
101.DEF	XBRL Taxonomy Extension Definition Linkbase	Filed herewith

62

SIGNATURES

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

	AMERCO
Date November 6, 2013		/s/ Edward J. Shoen
		Edward J. Shoen President and Chairman of the Board (Duly Authorized Officer)

Date:  November 6, 2013	/s/ Jason A. Berg
	Jason A. Berg Chief Accounting Officer (Principal Financial Officer)

63

EX-31.1

EXHIBIT 31.1

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

I, Edward J. Shoen, certify that:

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

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

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

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

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

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

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

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

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

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

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

	/s/ Edward J. Shoen
	Edward J. Shoen President and Chairman of the Board of AMERCO
Date: November 6, 2013

EX-31.2

EXHIBIT 31.2

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

I, Jason A. Berg, certify that:

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

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

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

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

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

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

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

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

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

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

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

	/s/ Jason A. Berg
	Jason A. Berg Principal Financial Officer and Chief Accounting Officer of AMERCO
Date:  November 6, 2013

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended September 30, 2013 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on November 6, 2013 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	AMERCO
	a Nevada corporation
	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
Date: November 6, 2013

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended September 30, 2013 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on November 6, 2013 (the “Report”), I, Jason A. Berg, Chief Accounting Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	AMERCO
	a Nevada corporation
	/s/ Jason A. Berg
	Jason A. Berg
	Principal Financial Officer and
	Chief Accounting Officer
Date: November 6, 2013

XML

Related Party Costs and Expenses [Text] (Details) (SAC Holdings, Four SAC, Five SAC, Galaxy, and Private Mini, USD $) In Millions, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
SAC Holdings, Four SAC, Five SAC, Galaxy, and Private Mini
Related party costs and expenses:
Revenue, excluding dealer agreement commissions and expenses	$ 15.8
Revenue, generated by the dealer agreement from related parties	131.1
Commission expenses, generated from dealer agreement with related parties	28.6
Expenses, related parties	1.3
Cash flow, related party	$ 29.3

XML

Subsequent Events (Details) (Mortgages, Various Subsidiaries of Amerco Real Estate and U-Haul Int'l, USD $) In Millions, unless otherwise specified	0 Months Ended
	Oct. 08, 2013 Subsequent event, loan agreement number 1	Oct. 04, 2013 Subsequent event, loan agreement number 2
Debt instruments, interest rate:
Debt instrument, interest rate, stated percentage		5.12%
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	2.50%
Debt instrument:
Debt instrument, face amount	$ 100.0	$ 50.0
Loan maturity:
Debt instrument, maturity date	Oct. 08, 2016	Oct. 04, 2033
Miscellaneous information:
Optional extension	4 years 0 months 0 days
Date of subsequent event	Oct. 08, 2013	Oct. 04, 2013

XML

Consolidating Financial Information by Industry Segment

6 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

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 September 30, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moivng & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	477,559	$	158,650	$	1,499	$	-		$	637,708	$	5,450	$	36,418	$	-		$	679,576
Reinsurance recoverables and trade receivables, net		-		26,977		177		-			27,154		181,521		28,560		-			237,235
Inventories, net		-		61,430		-		-			61,430		-		-		-			61,430
Prepaid expenses		11,297		43,034		798		-			55,129		-		-		-			55,129
Investments, fixed maturities and marketable equities		18,104		-		-		-			18,104		180,270		915,966		-			1,114,340
Investments, other		-		-		28,648		-			28,648		52,128		131,931		-			212,707
Deferred policy acquisition costs, net		-		-		-		-			-		-		109,303		-			109,303
Other assets		113		70,229		33,115		-			103,457		902		232		-			104,591
Related party assets		992,780		113,254		9		(935,949	)(c)		170,094		14,417		489		(16,170	)(c)		168,830
		1,499,853		473,574		64,246		(935,949	)		1,101,724		434,688		1,222,899		(16,170	)		2,743,141
Investment in subsidiaries		441,044		-		-		(75,586	)(b)		365,458		-		-		(365,458	)(b)		-
Property, plant and equipment, at cost:
Land		-		54,059		309,083		-			363,142		-		-		-			363,142
Buildings and improvements		-		195,531		1,118,432		-			1,313,963		-		-		-			1,313,963
Furniture and equipment		70		297,161		14,534		-			311,765		-		-		-			311,765
Rental trailers and other rental equipment		-		350,101		-		-			350,101		-		-		-			350,101
Rental trucks		-		2,330,298		-		-			2,330,298		-		-		-			2,330,298
		70		3,227,150		1,442,049		-			4,669,269		-		-		-			4,669,269
Less:  Accumulated depreciation		(53	)	(1,258,087	)	(377,925	)	-			(1,636,065	)	-		-		-			(1,636,065	)
Total property, plant and equipment		17		1,969,063		1,064,124		-			3,033,204		-		-		-			3,033,204
Total assets	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535	)	$	4,500,386	$	434,688	$	1,222,899	$	(381,628	)	$	5,776,345
(a) Balances as of June 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 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	$	1,040	$	352,916	$	4,288	$	-		$	358,244	$	-	$	4,249	$	-		$	362,493
Notes, loans and leases payable		-		985,384		789,735		-			1,775,119		-		-		-			1,775,119
Policy benefits and losses, claims and loss expenses payable		-		381,979		-		-			381,979		323,175		409,871		-			1,115,025
Liabilities from investment contracts		-		-		-		-			-		-		570,321		-			570,321
Other policyholders' funds and liabilities		-		-		-		-			-		3,233		4,555		-			7,788
Deferred income		-		32,388		-		-			32,388		-		-		-			32,388
Deferred income taxes		476,609		-		-		-			476,609		(34,629	)	9,412		-			451,392
Related party liabilities		-		478,524		471,653		(935,949	)(c)		14,228		1,774		168		(16,170	)(c)		-
Total liabilities		477,649		2,231,191		1,265,676		(935,949	)		3,038,567		293,553		998,576		(16,170	)		4,314,526
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		441,148		121,230		147,941		(269,171	)(b)		441,148		91,120		26,271		(117,601	)(b)		440,938
Accumulated other comprehensive income (loss)		(44,109	)	(57,002	)	-		57,002	(b)		(44,109	)	1,771		11,598		(13,369	)(b)		(44,109	)
Retained earnings (deficit)		1,733,379		148,663		(285,248	)	136,585	(b)		1,733,379		44,943		183,954		(228,687	)(b)		1,733,589
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		-		(1,446	)	-		-			(1,446	)	-		-		-			(1,446	)
Total stockholders' equity (deficit)		1,463,265		211,446		(137,306	)	(75,586	)		1,461,819		141,135		224,323		(365,458	)		1,461,819
Total liabilities and stockholders' equity	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535	)	$	4,500,386	$	434,688	$	1,222,899	$	(381,628	)	$	5,776,345
(a) Balances as of June 30, 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 September 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	$	-	$	599,657	$	-	$	-		$	599,657	$	-	$	-	$	(726	)(c)	$	598,931
Self-storage revenues		-		45,266		306		-			45,572		-		-		-			45,572
Self-moving and self-storage products and service sales		-		65,379		-		-			65,379		-		-		-			65,379
Property management fees		-		5,292		-		-			5,292		-		-		-			5,292
Life insurance premiums		-		-		-		-			-		-		39,448		-			39,448
Property and casualty insurance premiums		-		-		-		-			-		10,867		-		-			10,867
Net investment and interest income		1,277		2,025		72		-			3,374		2,463		14,255		(132	)(b)		19,960
Other revenue		-		54,630		25,425		(27,130	)(b)		52,925		-		970		(2,853	)(b)		51,042
Total revenues		1,277		772,249		25,803		(27,130	)		772,199		13,330		54,673		(3,711	)		836,491
Costs and expenses:
Operating expenses		2,064		366,287		2,888		(27,130	)(b)		344,109		4,419		5,582		(3,570	)(b,c)		350,540
Commission expenses		-		78,378		-		-			78,378		-		-		-			78,378
Cost of sales		-		34,532		-		-			34,532		-		-		-			34,532
Benefits and losses		-		-		-		-			-		2,500		35,492		-			37,992
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		6,057		-			6,057
Lease expense		23		25,837		3		-			25,863		-		-		(45	)(b)		25,818
Depreciation, net of (gains) losses on disposals		2		58,735		4,471		-			63,208		-		-		-			63,208
Total costs and expenses		2,089		563,769		7,362		(27,130	)		546,090		6,919		47,131		(3,615	)		596,525
Earnings (loss) from operations before equity in earnings of subsidiaries		(812	)	208,480		18,441		-			226,109		6,411		7,542		(96	)		239,966
Equity in earnings of subsidiaries		125,151		-		-		(116,076	)(d)		9,075		-		-		(9,075	)(d)		-
Earnings from operations		124,339		208,480		18,441		(116,076	)		235,184		6,411		7,542		(9,171	)		239,966
Interest income (expense)		21,177		(27,027	)	(17,364	)	-			(23,214	)	-		-		96	(b)		(23,118	)
Pretax earnings		145,516		181,453		1,077		(116,076	)		211,970		6,411		7,542		(9,075	)		216,848
Income tax expense		(7,525	)	(66,042	)	(412	)	-			(73,979	)	(2,243	)	(2,635	)	-			(78,857	)
Earnings available to common shareholders	$	137,991	$	115,411	$	665	$	(116,076	)	$	137,991	$	4,168	$	4,907	$	(9,075	)	$	137,991
(a) Balances for the quarter ended June 30, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

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		9,799		(112	)(b)		15,853
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		58,224		(889	)		744,117
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		44,083		-			48,472
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		54,002		(820	)		549,795
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 six months ended September 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	$	-	$	1,121,740	$	-	$	-		$	1,121,740	$	-	$	-	$	(1,160	)(c)	$	1,120,580
Self-storage revenues		-		87,088		583		-			87,671		-		-		-			87,671
Self-moving and self-storage products and service sales		-		136,070		-		-			136,070		-		-		-			136,070
Property management fees		-		10,453		-		-			10,453		-		-		-			10,453
Life insurance premiums		-		-		-		-			-		-		80,510		-			80,510
Property and casualty insurance premiums		-		-		-		-			-		18,833		-		-			18,833
Net investment and interest income		2,515		4,195		73		-			6,783		4,940		27,477		(251	)(b)		38,949
Other revenue		-		97,160		49,994		(53,269	)(b)		93,885		-		1,465		(5,094	)(b)		90,256
Total revenues		2,515		1,456,706		50,650		(53,269	)		1,456,602		23,773		109,452		(6,505	)		1,583,322
Costs and expenses:
Operating expenses		4,285		689,294		5,510		(53,269	)(b)		645,820		8,515		11,942		(6,236	)(b,c)		660,041
Commission expenses		-		147,005		-		-			147,005		-		-		-			147,005
Cost of sales		-		70,102		-		-			70,102		-		-		-			70,102
Benefits and losses		-		-		-		-			-		4,457		76,168		-			80,625
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,740		-			9,740
Lease expense		46		52,835		35		-			52,916		-		-		(91	)(b)		52,825
Depreciation, net of (gains) losses on disposals		3		112,901		7,738		-			120,642		-		-		-			120,642
Total costs and expenses		4,334		1,072,137		13,283		(53,269	)		1,036,485		12,972		97,850		(6,327	)		1,140,980
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,819	)	384,569		37,367		-			420,117		10,801		11,602		(178	)		442,342
Equity in earnings of subsidiaries		224,946		-		-		(210,363	)(d)		14,583		-		-		(14,583	)(d)		-
Earnings from operations		223,127		384,569		37,367		(210,363	)		434,700		10,801		11,602		(14,761	)		442,342
Interest income (expense)		43,109		(57,071	)	(32,662	)	-			(46,624	)	-		-		178	(b)		(46,446	)
Pretax earnings		266,236		327,498		4,705		(210,363	)		388,076		10,801		11,602		(14,583	)		395,896
Income tax expense		(15,277	)	(120,038	)	(1,802	)	-			(137,117	)	(3,780	)	(4,040	)	-			(144,937	)
Earnings available to common shareholders	$	250,959	$	207,460	$	2,903	$	(210,363	)	$	250,959	$	7,021	$	7,562	$	(14,583	)	$	250,959
(a) Balances for the six months ended June 30, 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 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		19,069		(200	)(b)		30,370
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		114,366		(1,647	)		1,411,793
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		88,855		-			96,810
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		108,740		(1,507	)		1,066,592
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

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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	$	250,959	$	207,460	$	2,903	$	(210,363	)	$	250,959	$	7,021	$	7,562	$	(14,583	)	$	250,959
Earnings from consolidated entities		(224,946	)	-		-		210,363			(14,583	)	-		-		14,583			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3		133,101		8,414		-			141,518		-		-		-			141,518
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,740		-			9,740
Change in allowance for losses on trade receivables		-		(6	)	-		-			(6	)	-		-		-			(6	)
Change in allowance for inventory reserve		-		716		-		-			716		-		-		-			716
Net gain on sale of real and personal property		-		(20,200	)	(676	)	-			(20,876	)	-		-		-			(20,876	)
Net gain on sale of investments		(42	)	-		-		-			(42	)	(267	)	(3,751	)	-			(4,060	)
Deferred income taxes		58,672		-		-		-			58,672		3,118		2,157		-			63,947
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		16,288		(177	)	-			16,111		4,489		3,961		-			24,561
Inventories		-		(5,750	)	-		-			(5,750	)	-		-		-			(5,750	)
Prepaid expenses		11,178		(8,077	)	(778	)	-			2,323		-		-		-			2,323
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(16,289	)	-			(16,289	)
Other assets		5		(378	)	(4,232	)	-			(4,605	)	309		(74	)	-			(4,370	)
Related party assets		551		13,534		-		-			14,085		(5,584	)	-		149	(b)		8,650
Accounts payable and accrued expenses		3,699		18,288		(92	)	-			21,895		-		2,971		-			24,866
Policy benefits and losses, claims and loss expenses payable		-		1,487		-		-			1,487		(7,009	)	5,831		-			309
Other policyholders' funds and liabilities		-		-		-		-			-		76		418		-			494
Deferred income		-		2,191		-		-			2,191		-		-		-			2,191
Related party liabilities		-		460		4,292		-			4,752		(57	)	(71	)	(149	)(b)		4,475
Net cash provided (used) by operating activities		100,079		359,114		9,654		-			468,847		2,096		12,455		-			483,398
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(295,231	)	(162,440	)	-			(457,671	)	-		-		-			(457,671	)
Short term investments		-		-		-		-			-		(27,972	)	(126,731	)	-			(154,703	)
Fixed maturities investments		-		-		-		-			-		(39,655	)	(134,938	)	-			(174,593	)
Equity securities		-		-		-		-			-		(388	)	-		-			(388	)
Preferred stock		-		-		-		-			-		(635	)	-		-			(635	)
Real estate		-		-		-		-			-		-		(252	)	-			(252	)
Mortgage loans		-		(1,580	)	(12,738	)	2,514	(b)		(11,804	)	-		(14,009	)	11,553	(b)		(14,260	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		175,302		1,151		-			176,453		-		-		-			176,453
Short term investments		-		-		-		-			-		39,072		123,508		-			162,580
Fixed maturities investments		-		-		-		-			-		11,936		81,114		-			93,050
Equity securities		6,415		-		-		-			6,415		388		-		-			6,803
Preferred stock		-		-		-		-			-		4,504		1,500		-			6,004
Real estate		-		-		-		-			-		-		-		-			-
Mortgage loans		-		1,680		34,643		(2,514	)(b)		33,809		1,984		12,175		(11,553	)(b)		36,415
Net cash provided (used) by investing activities		6,415		(119,829	)	(139,384	)	-			(252,798	)	(10,766	)	(57,633	)	-			(321,197	)
(a) Balance for the six months ended June 30, 2013		(page 1 of 2)
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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		-		64,124		73,917		-		138,041		-		-		-		138,041
Principal repayments on credit facilities		-		(58,684	)	(64,261	)	-		(122,945	)	-		-		-		(122,945	)
Debt issuance costs		-		(178	)	(55	)	-		(233	)	-		-		-		(233	)
Capital lease payments		-		(21,425	)	-		-		(21,425	)	-		-		-		(21,425	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		260		-		-		260		-		-		-		260
Proceeds from (repayment of) intercompany loans		43,946		(164,059	)	120,113		-		-		-		-		-		-
Securitization deposits		-		-		-		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		74,253		-		74,253
Investment contract withdrawals		-		-		-		-		-		-		(14,721	)	-		(14,721	)
Net cash provided (used) by financing activities		43,946		(179,962	)	129,714		-		(6,302	)	-		59,532		-		53,230
Effects of exchange rate on cash		-		401		-		-		401		-		-		-		401
Increase (decrease) in cash and cash equivalents		150,440		59,724		(16	)	-		210,148		(8,670	)	14,354		-		215,832
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	$	477,559	$	158,650	$	1,499	$	-	$	637,708	$	5,450	$	36,418	$	-	$	679,576
		(page 2 of 2)
(a) Balance for the six months ended June 30, 2013

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 (loss)	$	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 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	)	(28	)	840	(b)		142,239
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)		415
Net cash provided (used) by operating activities		63,385		451,603		8,096		-			523,084		(263	)	16,614		-			539,435
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 and paydown's of:
Property, plant and equipment		-		132,204		393		-			132,597		-		-		-			132,597
Short term investments		-		-		-		-			-		22,174		132,403		-			154,577
Fixed maturities investments		-		-		-		-			-		23,662		28,924		-			52,586
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	)	(133,065	)	-			(310,257	)
		(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

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Effect of Interest Rate Contracts on the Statement of Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
The effect of interest rate contracts on the statement of operations:
Loss recognized in income on interest rate contracts	$ 4,348	$ 4,628	$ 9,153	$ 11,465
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)			(12,142)	(253)
Loss reclassified from AOCI into income (effective portion)			8,685	10,225
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)			$ 468	$ 1,240

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Self-moving equipment rentals	$ 598,931	$ 538,361	$ 1,120,580	$ 1,005,355
Self-storage revenues	45,572	37,978	87,671	72,714
Self-moving and self-storage products and service sales	65,379	61,730	136,070	128,908
Property management fees	5,292	4,902	10,453	9,762
Life insurance premiums	39,448	47,667	80,510	94,093
Property and casualty insurance premiums	10,867	8,947	18,833	16,190
Net investment and interest income	19,960	15,853	38,949	30,370
Other revenue	51,042	28,679	90,256	54,401
Total revenues	836,491	744,117	1,583,322	1,411,793
Costs and expenses:
Operating expenses	350,540	310,214	660,041	593,607
Commission expenses	78,378	68,564	147,005	129,671
Cost of sales	34,532	30,912	70,102	63,139
Benefits and losses	37,992	48,472	80,625	96,810
Amortization of deferred policy acquisition costs	6,057	3,088	9,740	5,899
Lease expense	25,818	29,591	52,825	62,387
Depreciation, net of (gains) losses on disposals	63,208	58,954	120,642	115,079
Total costs and expenses	596,525	549,795	1,140,980	1,066,592
Earnings (loss) from operations before equity in earnings of subsidiaries	239,966	194,322	442,342	345,201
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	239,966	194,322	442,342	345,201
Interest expense	(23,118)	(22,113)	(46,446)	(45,604)
Pretax earnings	216,848	172,209	395,896	299,597
Income tax expense	(78,857)	(62,789)	(144,937)	(109,608)
Earnings available to common shareholders	$ 137,991	$ 109,420	$ 250,959	$ 189,989
Basic and diluted earnings per common share	$ 7.06	$ 5.61	$ 12.84	$ 9.74
Weighted average common shares outstanding: basic and diluted	19,554,633	19,512,550	19,550,128	19,507,456

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Investments

6 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

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

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $16.4 million at September 30, 2013.

Available-for-Sale Investments

Available-for-sale investments at September 30, 2013 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Estimated Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	28,048	$	1,932	$	(3	)$	(293	)$	29,684
U.S. government agency mortgage-backed securities		44,735		2,772		(4	)	(1,009	)	46,494
Obligations of states and political subdivisions		162,678		9,304		(132	)	(1,916	)	169,934
Corporate securities		800,834		28,872		(1,336	)	(22,474	)	805,896
Mortgage-backed securities		5,613		177		(35	)	-		5,755
Redeemable preferred stocks		18,440		385		(64	)	(312	)	18,449
Common stocks		37,356		2,171		(1,291	)	(108	)	38,128
	$	1,097,704	$	45,613	$	(2,865	)$	(26,112	)$	1,114,340

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

We sold available-for-sale securities with a fair value of $103.3 million during the first six months of fiscal 2014. The gross realized gains on these sales totaled $3.2 million. The gross realized losses on these sales totaled $0.9 million.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the second quarter or for the first six months of fiscal 2014 and 2013.

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

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

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

		Credit Loss
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	552
Additions:
Other-than-temporary impairment not previously recognized		-
Balance at September 30, 2013	$	552

The adjusted cost and estimated market value of available-for-sale investments at September 30, 2013, by contractual maturity, were as follows:

		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	25,259	$	25,520
Due after one year through five years		186,894		195,909
Due after five years through ten years		316,233		320,354
Due after ten years		507,909		510,225
		1,036,295		1,052,008
Mortgage backed securities		5,613		5,755
Redeemable preferred stocks		18,440		18,449
Common stocks		37,356		38,128
	$	1,097,704	$	1,114,340

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

6 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Adjusted Cost and Estimated Market Value of Available-for-sale Investments

The adjusted cost and estimated market value of available-for-sale investments at September 30, 2013, by contractual maturity, were as follows:

		Amortized Cost		Estimated Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	25,259	$	25,520
Due after one year through five years		186,894		195,909
Due after five years through ten years		316,233		320,354
Due after ten years		507,909		510,225
		1,036,295		1,052,008
Mortgage backed securities		5,613		5,755
Redeemable preferred stocks		18,440		18,449
Common stocks		37,356		38,128
	$	1,097,704	$	1,114,340

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Unrelease ESOP Shares Excluded from Weighted Average Common Shares Outstanding (Details)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Post 1992 shares of the employee stock ownership plan that have not been committed to be released	48,649	90,159

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Related Party Revenue (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Related party transactions:
Management fees revenue	$ 5,292	$ 4,902	$ 10,453	$ 9,762
Revenue from related parties	8,375	8,241	16,792	16,922
SAC Holdings
Related party transactions:
Interest income revenue	1,733	1,981	3,652	4,457
Management fees revenue	4,189	3,857	8,263	7,686
Private Mini
Related party transactions:
Interest income revenue	1,349	1,358	2,686	2,703
Management fees revenue	604	573	1,198	1,140
Mercury
Related party transactions:
Management fees revenue	$ 500	$ 472	$ 993	$ 936

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Financial Information by Geographic Area Data

6 Months Ended

Sep. 30, 2013

Segments, Geographical Areas [Abstract]

Industry Segment and Geographic Area Data

11. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter ended September 30, 2013
Total revenues	$	786,721	$	49,770	$	836,491
Depreciation and amortization, net of (gains) losses on disposals		67,355		1,910		69,265
Interest expense		22,977		141		23,118
Pretax earnings		207,480		9,368		216,848
Income tax expense		76,374		2,483		78,857
Identifiable assets		5,626,460		149,885		5,776,345
Quarter ended September 30, 2012
Total revenues	$	695,622	$	48,495	$	744,117
Depreciation and amortization, net of (gains) losses on disposals		59,972		2,070		62,042
Interest expense		21,961		152		22,113
Pretax earnings		162,693		9,516		172,209
Income tax expense		60,267		2,522		62,789
Identifiable assets		4,984,218		152,746		5,136,964

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six months ended September 30, 2013
Total revenues	$	1,490,684	$	92,638	$	1,583,322
Depreciation and amortization, net of (gains) losses on disposals		126,525		3,857		130,382
Interest expense		46,163		283		46,446
Pretax earnings		379,236		16,660		395,896
Income tax expense		140,522		4,415		144,937
Identifiable assets		5,626,460		149,885		5,776,345
Six months ended September 30, 2012
Total revenues	$	1,321,805	$	89,988	$	1,411,793
Depreciation and amortization, net of (gains) losses on disposals		116,935		4,043		120,978
Interest expense		45,300		304		45,604
Pretax earnings		282,077		17,520		299,597
Income tax expense		104,965		4,643		109,608
Identifiable assets		4,984,218		152,746		5,136,964

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Annual Maturities of Notes, Loans and Leases Payable (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013
Long-term debt, by Maturity:
2014	$ 241,914
2015	565,402
2016	283,133
2017	116,779
2018	168,456
Thereafter	$ 399,435

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Related Party Costs and Expenses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Related party cost and expense:
Related party expenses, total	$ 15,955	$ 13,922	$ 29,925	$ 26,212
SAC Holdings
Related party cost and expense:
U-Haul lease expenses	655	655	1,310	1,316
U-Haul commission expenses	14,407	12,455	26,927	23,389
Private Mini
Related party cost and expense:
U-Haul commission expenses	$ 893	$ 812	$ 1,688	$ 1,507

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Consolidated Statement of Operations by Segment (Table Text Block)

6 Months Ended

Sep. 30, 2013

Table Text Block Supplement [Abstract]

Consolidated Statement of Operations by Industry Segment

Consolidating statement of operations by industry segment for the quarter ended September 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	$	-	$	599,657	$	-	$	-		$	599,657	$	-	$	-	$	(726	)(c)	$	598,931
Self-storage revenues		-		45,266		306		-			45,572		-		-		-			45,572
Self-moving and self-storage products and service sales		-		65,379		-		-			65,379		-		-		-			65,379
Property management fees		-		5,292		-		-			5,292		-		-		-			5,292
Life insurance premiums		-		-		-		-			-		-		39,448		-			39,448
Property and casualty insurance premiums		-		-		-		-			-		10,867		-		-			10,867
Net investment and interest income		1,277		2,025		72		-			3,374		2,463		14,255		(132	)(b)		19,960
Other revenue		-		54,630		25,425		(27,130	)(b)		52,925		-		970		(2,853	)(b)		51,042
Total revenues		1,277		772,249		25,803		(27,130	)		772,199		13,330		54,673		(3,711	)		836,491
Costs and expenses:
Operating expenses		2,064		366,287		2,888		(27,130	)(b)		344,109		4,419		5,582		(3,570	)(b,c)		350,540
Commission expenses		-		78,378		-		-			78,378		-		-		-			78,378
Cost of sales		-		34,532		-		-			34,532		-		-		-			34,532
Benefits and losses		-		-		-		-			-		2,500		35,492		-			37,992
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		6,057		-			6,057
Lease expense		23		25,837		3		-			25,863		-		-		(45	)(b)		25,818
Depreciation, net of (gains) losses on disposals		2		58,735		4,471		-			63,208		-		-		-			63,208
Total costs and expenses		2,089		563,769		7,362		(27,130	)		546,090		6,919		47,131		(3,615	)		596,525
Earnings (loss) from operations before equity in earnings of subsidiaries		(812	)	208,480		18,441		-			226,109		6,411		7,542		(96	)		239,966
Equity in earnings of subsidiaries		125,151		-		-		(116,076	)(d)		9,075		-		-		(9,075	)(d)		-
Earnings from operations		124,339		208,480		18,441		(116,076	)		235,184		6,411		7,542		(9,171	)		239,966
Interest income (expense)		21,177		(27,027	)	(17,364	)	-			(23,214	)	-		-		96	(b)		(23,118	)
Pretax earnings		145,516		181,453		1,077		(116,076	)		211,970		6,411		7,542		(9,075	)		216,848
Income tax expense		(7,525	)	(66,042	)	(412	)	-			(73,979	)	(2,243	)	(2,635	)	-			(78,857	)
Earnings available to common shareholders	$	137,991	$	115,411	$	665	$	(116,076	)	$	137,991	$	4,168	$	4,907	$	(9,075	)	$	137,991
(a) Balances for the quarter ended June 30, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

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		9,799		(112	)(b)		15,853
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		58,224		(889	)		744,117
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		44,083		-			48,472
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		54,002		(820	)		549,795
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 six months ended September 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	$	-	$	1,121,740	$	-	$	-		$	1,121,740	$	-	$	-	$	(1,160	)(c)	$	1,120,580
Self-storage revenues		-		87,088		583		-			87,671		-		-		-			87,671
Self-moving and self-storage products and service sales		-		136,070		-		-			136,070		-		-		-			136,070
Property management fees		-		10,453		-		-			10,453		-		-		-			10,453
Life insurance premiums		-		-		-		-			-		-		80,510		-			80,510
Property and casualty insurance premiums		-		-		-		-			-		18,833		-		-			18,833
Net investment and interest income		2,515		4,195		73		-			6,783		4,940		27,477		(251	)(b)		38,949
Other revenue		-		97,160		49,994		(53,269	)(b)		93,885		-		1,465		(5,094	)(b)		90,256
Total revenues		2,515		1,456,706		50,650		(53,269	)		1,456,602		23,773		109,452		(6,505	)		1,583,322
Costs and expenses:
Operating expenses		4,285		689,294		5,510		(53,269	)(b)		645,820		8,515		11,942		(6,236	)(b,c)		660,041
Commission expenses		-		147,005		-		-			147,005		-		-		-			147,005
Cost of sales		-		70,102		-		-			70,102		-		-		-			70,102
Benefits and losses		-		-		-		-			-		4,457		76,168		-			80,625
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,740		-			9,740
Lease expense		46		52,835		35		-			52,916		-		-		(91	)(b)		52,825
Depreciation, net of (gains) losses on disposals		3		112,901		7,738		-			120,642		-		-		-			120,642
Total costs and expenses		4,334		1,072,137		13,283		(53,269	)		1,036,485		12,972		97,850		(6,327	)		1,140,980
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,819	)	384,569		37,367		-			420,117		10,801		11,602		(178	)		442,342
Equity in earnings of subsidiaries		224,946		-		-		(210,363	)(d)		14,583		-		-		(14,583	)(d)		-
Earnings from operations		223,127		384,569		37,367		(210,363	)		434,700		10,801		11,602		(14,761	)		442,342
Interest income (expense)		43,109		(57,071	)	(32,662	)	-			(46,624	)	-		-		178	(b)		(46,446	)
Pretax earnings		266,236		327,498		4,705		(210,363	)		388,076		10,801		11,602		(14,583	)		395,896
Income tax expense		(15,277	)	(120,038	)	(1,802	)	-			(137,117	)	(3,780	)	(4,040	)	-			(144,937	)
Earnings available to common shareholders	$	250,959	$	207,460	$	2,903	$	(210,363	)	$	250,959	$	7,021	$	7,562	$	(14,583	)	$	250,959
(a) Balances for the six months ended June 30, 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 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		19,069		(200	)(b)		30,370
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		114,366		(1,647	)		1,411,793
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		88,855		-			96,810
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		108,740		(1,507	)		1,066,592
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

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Components of Interest Expense (Table Text Block)

6 Months Ended

Sep. 30, 2013

Interest Expense, Borrowings [Abstract]

Interest Expense

Interest Expense

Components of interest expense include the following:

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	18,055	$	16,529
Capitalized interest		(128	)	(94	)
Amortization of transaction costs		843		1,050
Interest expense resulting from derivatives		4,348		4,628
Total interest expense	$	23,118	$	22,113
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	35,869	$	32,175
Capitalized interest		(270	)	(171	)
Amortization of transaction costs		1,694		2,135
Interest expense resulting from derivatives		9,153		11,465
Total interest expense	$	46,446	$	45,604

Interest paid in cash, including payments related to derivative contracts, amounted to $22.9 million and $21.3 million for the second quarter of fiscal 2014 and 2013, respectively and $44.9 million and $42.5 million for the first six months of fiscal 2014 and 2013, respectively.

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

6 Months Ended

Sep. 30, 2013

Debt Instruments [Abstract]

Annual Maturities of Notes, Loans and Leases Payable

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of September 30, 2013 for the next five years and thereafter are as follows:

		Year Ending September 30,
		2014		2015		2016		2017		2018		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	241,914	$	565,402	$	283,133	$	116,779	$	168,456	$	399,435

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Adjusted Cost and Estimated Market Value Available-for-sale Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
Available-for-sale securities, amortized cost:
Amortized cost	$ 1,097,704
Available-for-sale securities, fair value:
Estimated market value	1,114,340	1,095,338
U.S. treasury, government, and corporate securities
Available-for-sale securities, amortized cost:
Due in one year or less	25,259
Due after one year through five years	186,894
Due after five years through ten years	316,233
Due after ten years	507,909
Amortized cost	1,036,295
Available-for-sale securities, fair value:
Due in one year or less	25,520
Due after one year through five years	195,909
Due after five years through ten years	320,354
Due after ten years	510,225
Estimated market value	1,052,008
Mortgage-backed securities
Available-for-sale securities, amortized cost:
Amortized cost	5,613
Available-for-sale securities, fair value:
Estimated market value	5,755
Redeemable preferred stock
Available-for-sale securities, amortized cost:
Amortized cost	18,440
Available-for-sale securities, fair value:
Estimated market value	18,449
Common stock
Available-for-sale securities, amortized cost:
Amortized cost	37,356
Available-for-sale securities, fair value:
Estimated market value	$ 38,128

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Related Party Revenues (Table Text Block)

6 Months Ended

Sep. 30, 2013

Related Party Revenue [Abstract]

Related Party Revenue

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

Related Party Revenue

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	1,733	$	1,981
U-Haul interest income revenue from Private Mini		1,349		1,358
U-Haul management fee revenue from SAC Holdings		4,189		3,857
U-Haul management fee revenue from Private Mini		604		573
U-Haul management fee revenue from Mercury		500		472
	$	8,375	$	8,241

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	3,652	$	4,457
U-Haul interest income revenue from Private Mini		2,686		2,703
U-Haul management fee revenue from SAC Holdings		8,263		7,686
U-Haul management fee revenue from Private Mini		1,198		1,140
U-Haul management fee revenue from Mercury		993		936
	$	16,792	$	16,922

During the first six months of fiscal 2014, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Mark V. Shoen, a significant stockholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $13.9 million and $8.9 million from SAC Holdings during the first six months of fiscal 2014 and 2013, respectively. The largest aggregate amount of notes receivable outstanding during the first six months of fiscal 2014 was $72.4 million and the aggregate notes receivable balance at September 30, 2013 was $72.0 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2017 and 2019.

During the first six months of fiscal 2014, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. (“Private Mini”). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $2.7 million from Private Mini during the first six months of both fiscal 2014 and 2013. The largest aggregate amount outstanding during the first six months of fiscal 2014 was $65.9 million and the aggregate notes receivable balance at September 30, 2013 was $65.7 million.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. (“Mercury”), Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $15.7 million and $14.4 million from the above mentioned entities during the first six months of fiscal 2014 and 2013, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant stockholder and director of AMERCO and an estate planning trust benefitting Shoen children have an interest in Mercury.

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Industry Segment and Geographic Area Data (Table Text Block)

6 Months Ended

Sep. 30, 2013

Geographic Areas, Long-Lived Assets [Abstract]

Industry Segment and Geographic Area Data

11. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter ended September 30, 2013
Total revenues	$	786,721	$	49,770	$	836,491
Depreciation and amortization, net of (gains) losses on disposals		67,355		1,910		69,265
Interest expense		22,977		141		23,118
Pretax earnings		207,480		9,368		216,848
Income tax expense		76,374		2,483		78,857
Identifiable assets		5,626,460		149,885		5,776,345
Quarter ended September 30, 2012
Total revenues	$	695,622	$	48,495	$	744,117
Depreciation and amortization, net of (gains) losses on disposals		59,972		2,070		62,042
Interest expense		21,961		152		22,113
Pretax earnings		162,693		9,516		172,209
Income tax expense		60,267		2,522		62,789
Identifiable assets		4,984,218		152,746		5,136,964

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six months ended September 30, 2013
Total revenues	$	1,490,684	$	92,638	$	1,583,322
Depreciation and amortization, net of (gains) losses on disposals		126,525		3,857		130,382
Interest expense		46,163		283		46,446
Pretax earnings		379,236		16,660		395,896
Income tax expense		140,522		4,415		144,937
Identifiable assets		5,626,460		149,885		5,776,345
Six months ended September 30, 2012
Total revenues	$	1,321,805	$	89,988	$	1,411,793
Depreciation and amortization, net of (gains) losses on disposals		116,935		4,043		120,978
Interest expense		45,300		304		45,604
Pretax earnings		282,077		17,520		299,597
Income tax expense		104,965		4,643		109,608
Identifiable assets		4,984,218		152,746		5,136,964

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Components of Interest Expense (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest expense, borrowings:
Interest expense	$ 18,055	$ 16,529	$ 35,869	$ 32,175
Capitalized interest	(128)	(94)	(270)	(171)
Amortization of transaction costs	843	1,050	1,694	2,135
Interest expense resulting from derivatives	4,348	4,628	9,153	11,465
Total interest expense	$ 23,118	$ 22,113	$ 46,446	$ 45,604

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

6 Months Ended

Sep. 30, 2013

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Effect of Interest Rate Contracts on the Statement of Operations

		The Effect of Interest Rate Contracts on the Statements of Operations For the Six Months Ended
		September 30, 2013		September 30, 2012
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	9,153	$	11,465
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(12,142	)$	(253	)
Loss reclassified from AOCI into income (effective portion)	$	8,685	$	10,225
Loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	468	$	1,240

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At September 30, 2013, we expect to reclassify $15.1 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months. During the first six months of fiscal 2014, we reclassified $8.7 million of net losses on interest rate contracts from accumulated other comprehensive income to interest expense.

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Financial Instruments Level within the Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
Assets:
Short-term investments	$ 628,725
Fixed maturities - available for sale	1,057,763
Preferred stock	18,449
Common stock	38,128
Derivatives	1,970
Total	1,745,035
Liabilities:
Guaranteed residual values of TRAC leases	0
Derivatives	39,875	51,550
Total	39,875
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Short-term investments	628,725
Fixed maturities - available for sale	961,045
Preferred stock	18,449
Common stock	38,128
Derivatives	0
Total	1,646,347
Liabilities:
Guaranteed residual values of TRAC leases	0
Derivatives	0
Total	0
Significant Other Observable Inputs (Level 2)
Assets:
Short-term investments	0
Fixed maturities - available for sale	95,573
Preferred stock	0
Common stock	0
Derivatives	1,970
Total	97,543
Liabilities:
Guaranteed residual values of TRAC leases	0
Derivatives	39,875
Total	39,875
Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments	0
Fixed maturities - available for sale	1,145
Preferred stock	0
Common stock	0
Derivatives	0
Total	1,145
Liabilities:
Guaranteed residual values of TRAC leases	0
Derivatives	0
Total	$ 0

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Total Notional Amount Variable Interest Rate Swap (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2013
Interest Rate Derivatives [Abstract]
Total notional amount of Company's variable interest rate swaps on debt	$ 411.4
Notional amount of operating lease	$ 13.0

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Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 181	$ 156	$ 362	$ 311
Interest cost on accumulated postretirement benefit	141	138	282	277
Other components	5	1	10	2
Net periodic postretirement benefit cost	$ 327	$ 295	$ 654	$ 590

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

6 Months Ended

Sep. 30, 2013

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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table represents the fair value measurements for our assets at September 30, 2013 using significant unobservable inputs (Level 3).

		Fixed Maturities - Asset Backed Securities
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	1,180
Fixed Maturities - Asset Backed Securities - redemption		(59	)
Fixed Maturities - Asset Backed Securities - gain (unrealized)		24
Balance at September 30, 2013	$	1,145

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Available-for-sale Securities Fair Value and Gross Realized Gains (Losses) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities, gross realized gains	$ 3.2
Available-for-sale securities, gross realized losses	0.9
Fair value of sold available-for-sale securities	103.3
Other-than-temporary impairments	$ 0

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Long-term Debt Borrowings (Table Text Block)

6 Months Ended

Sep. 30, 2013

Debt Instruments [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt was as follows:

				September 30,		March 31,
	2014 Rate (a)	Maturities		2013		2013
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	6.93%	2023	$	255,000	$	235,000
Real estate loan (amortizing term)	2.08%	2016		24,182		24,630
Real estate loan (revolving credit)	-	2014		-		-
Senior mortgages	4.90% - 5.75%	2015 - 2038		546,957		556,522
Working capital loan (revolving credit)	-	2015		-		-
Fleet loans (amortizing term)	1.95% - 6.14%	2014 - 2020		373,324		361,079
Fleet loans (securitization)	4.90% - 5.56%	2014 - 2017		170,531		190,801
Capital leases (rental equipment)	2.23% - 7.80%	2015 - 2020		371,754		273,458
Other obligations	3.00% - 8.00%	2013 - 2043		33,371		20,355
Total notes, loans and leases payable			$	1,775,119	$	1,661,845
(a) Interest rate as of September 30, 2013, including the effect of applicable hedging instruments.

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Comprehensive income (loss) (pretax):
Net earnings	$ 216,848	$ 172,209	$ 395,896	$ 299,597
Comprehensive income (loss) (tax effect):
Net earnings	(78,857)	(62,789)	(144,937)	(109,608)
Comprehensive income (loss) (net of tax):
Net earnings	137,991	109,420	250,959	189,989
Other comprehensive income (loss):
Foreign currency translation (pretax)	1,557	3,459	(2,205)	1,530
Foreign currency translation (tax effect)	0	0	0	0
Foreign currency translation (net of tax)	1,557	3,459	(2,205)	1,530
Unrealized net gain (loss) on investments (pretax)	(41,095)	10,673	(41,006)	12,546
Unrealized net gain (loss) on investments (tax effect)	14,322	(3,769)	14,254	(4,349)
Unrealized net gain (loss) on investments (net of tax)	(26,773)	6,904	(26,752)	8,197
Change in fair value of cash flow hedges (pretax)	1,946	768	12,142	253
Change in fair value of cash flow hedges (tax effect)	(740)	(292)	(4,614)	(96)
Change in fair value of cash flow hedges (net of tax)	1,206	476	7,528	157
Total comprehensive income (loss) (pretax)	179,256	187,109	364,827	313,926
Total comprehensive income (loss) (tax effect)	(65,275)	(66,850)	(135,297)	(114,053)
Total comprehensive income (loss) (net of tax)	$ 113,981	$ 120,259	$ 229,530	$ 199,873

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Basis of Presentation

6 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Basis of Presentation

1.      Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a second fiscal quarter that ends on the 30^th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30^th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. The Company discloses any material events occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2013 and 2012 correspond to fiscal 2014 and 2013 for AMERCO.

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

The condensed consolidated balance sheet as of September 30, 2013 and the related condensed consolidated statements of operations, comprehensive income for the second quarter and first six months and cash flows for the first six months of fiscal 2014 and 2013 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

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

Amerco Real Estate Company (“Real Estate”),

Repwest Insurance Company (“Repwest”), and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating Segments

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

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

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

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

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Borrowings

6 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Borrowings

4. Borrowings

Long-Term Debt

Long-term debt was as follows:

				September 30,		March 31,
	2014 Rate (a)	Maturities		2013		2013
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	6.93%	2023	$	255,000	$	235,000
Real estate loan (amortizing term)	2.08%	2016		24,182		24,630
Real estate loan (revolving credit)	-	2014		-		-
Senior mortgages	4.90% - 5.75%	2015 - 2038		546,957		556,522
Working capital loan (revolving credit)	-	2015		-		-
Fleet loans (amortizing term)	1.95% - 6.14%	2014 - 2020		373,324		361,079
Fleet loans (securitization)	4.90% - 5.56%	2014 - 2017		170,531		190,801
Capital leases (rental equipment)	2.23% - 7.80%	2015 - 2020		371,754		273,458
Other obligations	3.00% - 8.00%	2013 - 2043		33,371		20,355
Total notes, loans and leases payable			$	1,775,119	$	1,661,845
(a) Interest rate as of September 30, 2013, including the effect of applicable hedging instruments.

Real Estate Backed Loans

Real Estate Loan

Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. During the first quarter of fiscal 2014 this loan was amended. As part of the amendment the revolver component of the agreement was terminated and certain collateral was released. The final maturity date of the term loan was extended to April 2023. As of September 30, 2013, the outstanding balance on the Real Estate Loan was $255.0 million. U-Haul International, Inc. is a guarantor of this loan.  The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.  

The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At September 30, 2013, the applicable LIBOR was 0.19% and the applicable margin was 1.50%, the sum of which was 1.69%. The rate on the term facility portion of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Amerco Real Estate Company and a subsidiary of U-Haul International, Inc. entered into a revolving credit construction loan effective June 29, 2006. This loan was modified and extended on June 27, 2011. The loan is now comprised of a term loan facility with an initial availability of $26.1 million and a final maturity of June 2016. As of September 30, 2013, the outstanding balance was $24.2 million.

This Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and any accrued and unpaid interest due at maturity. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.90%. At September 30, 2013, the applicable LIBOR was 0.18% and the margin was 1.90%, the sum of which was 2.08%. U-Haul International, Inc. and AMERCO are guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

On April 29, 2011, Amerco Real Estate Company and U-Haul Company of Florida entered into a revolving credit agreement for $100.0 million. This agreement was amended in February 2013 and the maturity extended to April 2014 with an option for a one year extension and the revolver commitment was reduced to $50.0 million. As of September 30, 2013, we had the full $50.0 million available to be drawn. The interest rate is the applicable LIBOR plus a margin of 1.25%. AMERCO and U-Haul International, Inc. are guarantors of this facility. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants.

Senior Mortgages

Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of September 30, 2013 were in the aggregate amount of $547.0 million and mature between 2015 and 2038. The senior mortgages require average monthly principal and interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The senior mortgages are secured by certain properties owned by the borrowers. The interest rates, per the provisions of the senior mortgages, range between 4.90% and 5.75%. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.  

Working Capital Loans

Amerco Real Estate Company is a borrower under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $25.0 million. At September 30, 2013, we had the full $25.0 million available to be drawn. This loan is secured by certain properties owned by the borrower. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This agreement was amended in February 2013 and the maturity extended to April 2015. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. U-Haul International, Inc. and AMERCO are the guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.25%.

Fleet Loans

Rental Truck Amortizing Loans

U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The balance of the loans as of September 30, 2013 was $258.3 million with the final maturities between February 2014 and July 2020.

The Amortizing Loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the Loan Agreements, are the applicable LIBOR plus a margin between 0.90% and 2.63%. At September 30, 2013, the applicable LIBOR was between 0.18% and 0.19% and applicable margins were between 0.90% and 2.63%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 6.14% based on current margins. Additionally, $77.4 million of these loans are carried at fixed rates ranging between 1.95% and 3.94%.

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

On December 31, 2009, a subsidiary of U-Haul International, Inc. entered into an $85.0 million term note that was used to fund cargo van and pickup acquisitions for the past two years. This term note was amended on August 26, 2011. The amount of the term note was increased to $95.0 million. On December 22, 2011, we entered into another term loan for $20.0 million. The final maturity date of these notes is August 2016.  The agreements contain options to extend the maturity through May 2017. These notes are secured by the purchased equipment and the corresponding operating cash flows associated with their operation.  These notes have fixed interest rates between 3.52% and 3.53%. At September 30, 2013, the outstanding balance was $115.0 million.

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

Rental Truck Securitizations

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

The 2007 Box Truck Note has a fixed interest rate of 5.56% with an expected final maturity of February 2014. At September 30, 2013, the outstanding balance was $73.1 million. The note is secured by the box trucks that were purchased and the corresponding operating cash flows associated with their operation.

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

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

The 2010 Box Truck Note has a fixed interest rate of 4.90% with an expected final maturity of October 2017. At September 30, 2013, the outstanding balance was $97.5 million. The note is secured by the box trucks being purchased and the corresponding operating cash flows associated with their operation.

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

Capital Leases

We entered into capital leases for new equipment between April 2008 and September 2013, with terms of the leases between 3 and 7 years. At September 30, 2013, the balance of these leases was $371.8 million.

Other Obligations

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

At September 30, 2013, the aggregate outstanding principal balance of the U-Notes issued was $39.8 million of which $6.4 million is with our insurance subsidiaries with interest rates between 3.00% and 8.00% and maturity dates between 2013 and 2043.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of long-term debt as of September 30, 2013 for the next five years and thereafter are as follows:

		Year Ending September 30,
		2014		2015		2016		2017		2018		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	241,914	$	565,402	$	283,133	$	116,779	$	168,456	$	399,435

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	18,055	$	16,529
Capitalized interest		(128	)	(94	)
Amortization of transaction costs		843		1,050
Interest expense resulting from derivatives		4,348		4,628
Total interest expense	$	23,118	$	22,113
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Interest expense	$	35,869	$	32,175
Capitalized interest		(270	)	(171	)
Amortization of transaction costs		1,694		2,135
Interest expense resulting from derivatives		9,153		11,465
Total interest expense	$	46,446	$	45,604

Interest paid in cash, including payments related to derivative contracts, amounted to $22.9 million and $21.3 million for the second quarter of fiscal 2014 and 2013, respectively and $44.9 million and $42.5 million for the first six months of fiscal 2014 and 2013, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.52%		1.69%
Interest rate at the end of the quarter		1.52%		0.00%
Maximum amount outstanding during the quarter	$	25,000	$	48,920
Average amount outstanding during the quarter	$	25,000	$	26,374
Facility fees	$	64	$	106
		Revolving Credit Activity
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the first six months		1.50%		1.71%
Interest rate at the end of the first six months		1.52%		0.00%
Maximum amount outstanding during the first six months	$	25,000	$	48,920
Average amount outstanding during the first six months	$	24,590	$	25,154
Facility fees	$	156	$	284

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Reclassification of AOCI to Earnings (Details) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Reclassification of Aoci to Earnings [Abstract]
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months	$ 15,100,000
Loss reclassified from AOCI into income (effective portion)	$ 8,685,000	$ 10,225,000

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Earnings Per Share

6 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

2. Earnings per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 48,649 and 90,159 as of September 30, 2013 and 2012, respectively.

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Employee Benefit Plans (Table Text Block)

6 Months Ended

Sep. 30, 2013

Disclosure Text Block Supplement [Abstract]

Employee Benefit Plans

12. Employee Benefit Plans

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

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	181	$	156
Interest cost on accumulated postretirement benefit		141		138
Other components		5		1
Net periodic postretirement benefit cost	$	327	$	295
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	362	$	311
Interest cost on accumulated postretirement benefit		282		277
Other components		10		2
Net periodic postretirement benefit cost	$	654	$	590

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Interest Rates and Company Borrowings (Table Text Block)

6 Months Ended

Sep. 30, 2013

Line of Credit Facility [Abstract]

Interest Rates

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.52%		1.69%
Interest rate at the end of the quarter		1.52%		0.00%
Maximum amount outstanding during the quarter	$	25,000	$	48,920
Average amount outstanding during the quarter	$	25,000	$	26,374
Facility fees	$	64	$	106
		Revolving Credit Activity
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the first six months		1.50%		1.71%
Interest rate at the end of the first six months		1.52%		0.00%
Maximum amount outstanding during the first six months	$	25,000	$	48,920
Average amount outstanding during the first six months	$	24,590	$	25,154
Facility fees	$	156	$	284

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

6 Months Ended

Sep. 30, 2013

Table Text Block Supplement [Abstract]

Summary of accumulated other comprehensive income (loss)

6. Comprehensive Income (Loss)

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

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	(30,153	)$	39,645	$	(32,298	)$	126	$	(22,680	)
Foreign currency translation		(2,205	)	-		-		-		(2,205	)
Unrealized net loss on investments		-		(26,752	)	-		-		(26,752	)
Change in fair value of cash flow hedges		-		-		(1,157	)	-		(1,157	)
Amounts reclassified from AOCI		-		-		8,685		-		8,685
Other comprehensive income (loss)		(2,205	)	(26,752	)	7,528		-		(21,429	)
Balance at September 30, 2013	$	(32,358	)$	12,893	$	(24,770	)$	126	$	(44,109	)

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Interest Paid in Cash Including Payments Related to Derivative Contracts (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Interest paid in cash including payments related to derivative contracts	$ 22.9	$ 21.3	$ 44.9	$ 42.5

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Consolidated Balance Sheet by Industry Segment (Table Text Block)

6 Months Ended

Sep. 30, 2013

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of September 30, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moivng & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	477,559	$	158,650	$	1,499	$	-		$	637,708	$	5,450	$	36,418	$	-		$	679,576
Reinsurance recoverables and trade receivables, net		-		26,977		177		-			27,154		181,521		28,560		-			237,235
Inventories, net		-		61,430		-		-			61,430		-		-		-			61,430
Prepaid expenses		11,297		43,034		798		-			55,129		-		-		-			55,129
Investments, fixed maturities and marketable equities		18,104		-		-		-			18,104		180,270		915,966		-			1,114,340
Investments, other		-		-		28,648		-			28,648		52,128		131,931		-			212,707
Deferred policy acquisition costs, net		-		-		-		-			-		-		109,303		-			109,303
Other assets		113		70,229		33,115		-			103,457		902		232		-			104,591
Related party assets		992,780		113,254		9		(935,949	)(c)		170,094		14,417		489		(16,170	)(c)		168,830
		1,499,853		473,574		64,246		(935,949	)		1,101,724		434,688		1,222,899		(16,170	)		2,743,141
Investment in subsidiaries		441,044		-		-		(75,586	)(b)		365,458		-		-		(365,458	)(b)		-
Property, plant and equipment, at cost:
Land		-		54,059		309,083		-			363,142		-		-		-			363,142
Buildings and improvements		-		195,531		1,118,432		-			1,313,963		-		-		-			1,313,963
Furniture and equipment		70		297,161		14,534		-			311,765		-		-		-			311,765
Rental trailers and other rental equipment		-		350,101		-		-			350,101		-		-		-			350,101
Rental trucks		-		2,330,298		-		-			2,330,298		-		-		-			2,330,298
		70		3,227,150		1,442,049		-			4,669,269		-		-		-			4,669,269
Less:  Accumulated depreciation		(53	)	(1,258,087	)	(377,925	)	-			(1,636,065	)	-		-		-			(1,636,065	)
Total property, plant and equipment		17		1,969,063		1,064,124		-			3,033,204		-		-		-			3,033,204
Total assets	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535	)	$	4,500,386	$	434,688	$	1,222,899	$	(381,628	)	$	5,776,345
(a) Balances as of June 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 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	$	1,040	$	352,916	$	4,288	$	-		$	358,244	$	-	$	4,249	$	-		$	362,493
Notes, loans and leases payable		-		985,384		789,735		-			1,775,119		-		-		-			1,775,119
Policy benefits and losses, claims and loss expenses payable		-		381,979		-		-			381,979		323,175		409,871		-			1,115,025
Liabilities from investment contracts		-		-		-		-			-		-		570,321		-			570,321
Other policyholders' funds and liabilities		-		-		-		-			-		3,233		4,555		-			7,788
Deferred income		-		32,388		-		-			32,388		-		-		-			32,388
Deferred income taxes		476,609		-		-		-			476,609		(34,629	)	9,412		-			451,392
Related party liabilities		-		478,524		471,653		(935,949	)(c)		14,228		1,774		168		(16,170	)(c)		-
Total liabilities		477,649		2,231,191		1,265,676		(935,949	)		3,038,567		293,553		998,576		(16,170	)		4,314,526
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		441,148		121,230		147,941		(269,171	)(b)		441,148		91,120		26,271		(117,601	)(b)		440,938
Accumulated other comprehensive income (loss)		(44,109	)	(57,002	)	-		57,002	(b)		(44,109	)	1,771		11,598		(13,369	)(b)		(44,109	)
Retained earnings (deficit)		1,733,379		148,663		(285,248	)	136,585	(b)		1,733,379		44,943		183,954		(228,687	)(b)		1,733,589
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		-		(1,446	)	-		-			(1,446	)	-		-		-			(1,446	)
Total stockholders' equity (deficit)		1,463,265		211,446		(137,306	)	(75,586	)		1,461,819		141,135		224,323		(365,458	)		1,461,819
Total liabilities and stockholders' equity	$	1,940,914	$	2,442,637	$	1,128,370	$	(1,011,535	)	$	4,500,386	$	434,688	$	1,222,899	$	(381,628	)	$	5,776,345
(a) Balances as of June 30, 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

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Long-term Debt Borrowings, Text Portion (Details) (USD $)			6 Months Ended
	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2013 Mortgages U-Haul Guarantor Amerco Real Estate, Subsidiaries, and U-Haul Co. of Florida	Sep. 30, 2013 Line of Credit U-Haul Int'l and Amerco Guarantor Amerco Real Estate and U-Haul Company of Florida	Sep. 30, 2013 Construction Loans U-Haul Int'l and Amerco Guarantor Amerco Real Estate and Subsidiaries of U-Haul Int'l	Sep. 30, 2013 Senior Mortgage Amerco Real Estate and U-Haul Int'l Guarantor Various Subsidiaries of Amerco Real Estate and U-Haul Int'l	Sep. 30, 2013 Capital Lease Obligations U-Haul Int'l and Amerco Guarantor Amerco Real Estate Company	Sep. 30, 2013 Rental Truck (Amortizing Credit) First Loan U-Haul Int'l and Amerco Guarantor U-Haul Int'l and Subsidiaries	Sep. 30, 2013 Rental Truck (Amortizing Credit) Second Loan U-Haul Int'l and Amerco Guarantor U-Haul Int'l and Subsidiaries	Sep. 30, 2013 Cargo Van and Pickup Acquisitions Amerco Real Estate and U-Haul Int'l Guarantor Subsidiaries of U-Haul Int'l	Sep. 30, 2013 Securitization First Loan U-Haul S Fleet, 2007 Box Truck Note	Sep. 30, 2013 Securitization Second Loan U-Haul S Fleet, 2010 Box Truck Note	Sep. 30, 2013 Capital Leases for New Equipment AMERCO	Sep. 30, 2013 U-Haul Investor Club Amerco and US Bank, National Association, the Trustee
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage			6.93%								5.56%	4.90%
Debt instrument, interest rate, stated percentage rate range, minimum						4.90%		2.82%	1.95%	3.52%				3.00%
Debt instrument, interest rate, stated percentage rate range, maximum						5.75%		6.14%	3.94%	3.53%				8.00%
Debt instruments, interest rate, effective percentage:
LIBOR			0.19%		0.18%			0.18%
LIBOR - highest rate								0.19%
Applicable margin interest rate			1.50%	1.25%	1.90%		1.25%
Debt instrument, interest rate at period end			1.69%		2.08%
Applicable margin, per loan agreement, minimum rate								0.90%
Applicable margin, per loan agreement, maximum rate								2.63%
Applicable margins, low rate								0.90%
Applicable margins, high rate								2.63%
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount										$ 115,000,000
Debt instrument, original face amount										85,000,000
Debt instrument, increase in face amount										95,000,000
Debt instrument, associate another note amount										20,000,000
Line of credit facility, maximum borrowing capacity				100,000,000	26,100,000		25,000,000				217,000,000	155,000,000
Line of credit, current borrowing capacity				50,000,000
Line of credit facility, remaining borrowing capacity				50,000,000			25,000,000
Notes, loans and leases payable	1,775,119,000	1,661,845,000	255,000,000		24,200,000	547,000,000		258,300,000	77,400,000	115,000,000	73,100,000	97,500,000	371,800,000	39,800,000
Subsidiary holdings of parent company debt														$ 6,400,000
Debt instruments, issuance and maturity dates:
Mortgage loans on real estate, final maturity date			Apr. 10, 2023	Apr. 30, 2014	Jun. 30, 2016
Debt instrument, maturity date							Apr. 30, 2015			Aug. 26, 2016	Feb. 25, 2014	Oct. 25, 2017
Debt instrument, maturity date range, start						Jul. 01, 2015		Feb. 10, 2014						Oct. 01, 2013
Debt instrument, maturity date range, end						Jan. 01, 2038		Jul. 01, 2020						May 31, 2043
Debt instrument, issuance date				Apr. 29, 2011	Jun. 29, 2006					Dec. 31, 2009	Jun. 01, 2007	Oct. 28, 2010		Feb. 28, 2011
Loan modification and extension date					Jun. 27, 2011					May 31, 2017
Term note amended date				Feb. 28, 2013			Feb. 28, 2013			Aug. 26, 2011
Debt instrument, earliest issuance date													Apr. 29, 2008
Debt instrument, latest issuance date										Dec. 22, 2011
Purchase equipment through fiscal year											2008
Debt instruments, miscellaneous information:
Terms of lease													Between 3 and 7 years
Optional extension				1 year 0 months 0 days

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Lease Commitments for Leases having Terms of More than One Year (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013
Year-ended September 30:
2014	$ 82,544
2015	50,928
2016	20,872
2017	14,029
2018	11,564
Thereafter	10,176
Total	190,113
Property, Plant and Equipment
Year-ended September 30:
2014	10,500
2015	2,055
2016	1,945
2017	1,825
2018	1,091
Thereafter	4,767
Total	22,183
Rental Equipment
Year-ended September 30:
2014	72,044
2015	48,873
2016	18,927
2017	12,204
2018	10,473
Thereafter	5,409
Total	$ 167,930

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Interest Rates and Company Borrowings (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest and debt expense:
Weighted average interest rate	1.52%	1.69%	1.50%	1.71%
Interest rate	1.52%	0.00%	1.52%	0.00%
Maximum amount outstanding	$ 25,000	$ 48,920	$ 25,000	$ 48,920
Average amount outstanding	25,000	26,374	24,590	25,154
Facility fees	$ 64	$ 106	$ 156	$ 284

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Other-than-temporary Impairment Not Previously Recognized (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
Other than temporary impairment credit losses recognized in earnings [Roll Forward]
Balance at March 31, 2013	$ 552
Other-than-temporary impairment not previously recognized	0
Balance at September 30, 2013	$ 552

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Condensed Consolidated Balance Sheets Parenthetical (USD $)	Sep. 30, 2013	Mar. 31, 2013
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Preferred stock:
Preferred stock, shares authorized	50,000,000	50,000,000
Series A preferred stock, with no par value, 6,100,000 authorized; 6,100,000 shares issued and none outstanding as of September 30 and March 31, 2013
Preferred stock:
Preferred stock, shares authorized	6,100,000	6,100,000
Preferred stock, shares issued	6,100,000	6,100,000
Preferred stock, shares outstanding	0	0
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding as of September 30 and March 31, 2013
Preferred stock:
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series common stock, with or without par value, 150,000,000 shares authorized:
Common stock:
Common stock, shares authorized	150,000,000	150,000,000
Series A common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding as of September 30 and March 31, 2013
Common stock:
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Common stock, par or stated value per share	$ 0.25	$ 0.25
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding as of September 30 and March 31, 2013
Common stock:
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares, issued	41,985,700	41,985,700
Common stock, shares, outstanding	19,607,788	19,607,788
Common stock, par or stated value per share	$ 0.25	$ 0.25
Cost of common shares in treasury, net (22,377,912 shares as of September 30 and March 31, 2013)
Treasury stock:
Treasury stock, shares	22,377,912	22,377,912
Cost of preferred shares in treasury, net (6,100,000 shares as of September 30 and March 31, 2013)
Treasury stock:
Treasury stock, shares	6,100,000	6,100,000

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Contingent Liabilities and Commitments

6 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities and Commitments

7. Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of September 30, 2013, we have guaranteed $110.1 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees.

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

		Property, Plant and Equipment		Rental Equipment		Total
		(Unaudited)
				(In thousands)
Year-ended September 30:
2014	$	10,500	$	72,044	$	82,544
2015		2,055		48,873		50,928
2016		1,945		18,927		20,872
2017		1,825		12,204		14,029
2018		1,091		10,473		11,564
Thereafter		4,767		5,409		10,176
Total	$	22,183	$	167,930	$	190,113

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Condensed Consolidated Statements of Operations Parenthetical (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Depreciation:
Net gain on sale of real and personal property	$ (9,311)	$ (5,532)	$ (20,876)	$ (13,048)
Related party:
Related party revenues, net of eliminations	8,375	8,241	16,792	16,922
Related party, costs and expenses, net of eliminations	$ 15,955	$ 13,922	$ 29,925	$ 26,212

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Related Party Assets (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Mar. 31, 2013
Related party assets:
Related party assets	$ 168,830		$ 182,035
SAC Holdings
Related party assets:
U-Haul interest receivable	4,192		14,483
U-Haul receivables	17,320		22,336
SAC Holding
Related party assets:
Notes receivable	71,960		72,397
Private Mini
Related party assets:
U-Haul notes, receivables and interest	68,772		68,593
Mercury
Related party assets:
U-Haul receivables	2,452		3,640
Insurance group
Related party assets:
Other	$ 4,134	[1]	$ 586	[1]

[1] Timing difference for intercompany balances with insurance subsidiaries.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
ASSETS:
Cash and cash equivalents	$ 679,576	$ 463,744
Reinsurance recoverables and trade receivables, net	237,235	261,789
Inventories, net	61,430	56,396
Prepaid expenses	55,129	57,451
Investments, fixed maturities and marketable equities	1,114,340	1,095,338
Investments, other	212,707	241,765
Deferred policy acquisition costs, net	109,303	93,043
Other assets	104,591	99,986
Related party assets	168,830	182,035
Subtotal assets	2,743,141	2,551,547
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	363,142	333,228
Buildings and improvements	1,313,963	1,197,875
Furniture and equipment	311,765	311,142
Property, plant and equipment (gross)	4,669,269	4,314,409
Less: Accumulated depreciation	(1,636,065)	(1,559,355)
Total property, plant and equipment	3,033,204	2,755,054
Total assets	5,776,345	5,306,601
Liabilities:
Accounts payable and accrued expenses	362,493	358,491
Notes, loans and leases payable	1,775,119	1,661,845
Policy benefits and losses, claims and loss expenses payable	1,115,025	1,115,048
Liabilities from investment contracts	570,321	510,789
Other policyholders' funds and liabilities	7,788	7,294
Deferred income	32,388	30,217
Deferred income taxes	451,392	393,658
Total liabilities	4,314,526	4,077,342
Commitments and contingencies (notes 4,7, 8 and 9)
Stockholders' equity:
Additional paid-in capital	440,938	438,168
Accumulated other comprehensive income (loss)	(44,109)	(22,680)
Retained earnings (deficit)	1,733,589	1,482,630
Unearned employee stock ownership plan shares	(1,446)	(1,706)
Total stockholders' equity (deficit)	1,461,819	1,229,259
Total liabilities and stockholders' equity	5,776,345	5,306,601
Series A preferred stock, with no par value, 6,100,000 authorized; 6,100,000 shares issued and none outstanding as of September 30 and March 31, 2013
Stockholders' equity:
Preferred stock, value, issued
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding as of September 30 and March 31, 2013
Stockholders' equity:
Preferred stock, value, issued
Series A common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding as of September 30 and March 31, 2013
Stockholders' equity:
Common stock, value, issued
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding as of September 30 and March 31, 2013
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Cost of common shares in treasury, net (22,377,912 shares as of September 30 and March 31, 2013)
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Cost of preferred shares in treasury, net (6,100,000 shares as of September 30 and March 31, 2013)
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	350,101	317,476
Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 2,330,298	$ 2,154,688

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Derivatives (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
Swap Agreement Three
Swaps:
Original variable, rate debt amount	$ 300.0
Agreement date	Aug. 16, 2006
Effective date	Aug. 18, 2006
Expiration date	Aug. 10, 2018
Designed cash flow hedge date	Aug. 04, 2006
Swap Agreement Four
Swaps:
Original variable, rate debt amount	30.0
Agreement date	Feb. 09, 2007
Effective date	Feb. 12, 2007
Expiration date	Feb. 10, 2014
Designed cash flow hedge date	Feb. 09, 2007
Swap Agreement Five
Swaps:
Original variable, rate debt amount	20.0
Agreement date	Mar. 08, 2007
Effective date	Mar. 12, 2007
Expiration date	Mar. 10, 2014
Designed cash flow hedge date	Mar. 08, 2007
Swap Agreement Six
Swaps:
Original variable, rate debt amount	20.0
Agreement date	Mar. 08, 2007
Effective date	Mar. 12, 2007
Expiration date	Mar. 10, 2014
Designed cash flow hedge date	Mar. 08, 2007
Swap Agreement Seven
Swaps:
Original variable, rate debt amount	19.3	[1]
Agreement date	Apr. 08, 2008
Effective date	Aug. 15, 2008
Expiration date	Jun. 15, 2015
Designed cash flow hedge date	Mar. 31, 2008
Swap Agreement Eight
Swaps:
Original variable, rate debt amount	19.0
Agreement date	Aug. 27, 2008
Effective date	Aug. 29, 2008
Expiration date	Jul. 10, 2015
Designed cash flow hedge date	Apr. 10, 2008
Swap Agreement Nine
Swaps:
Original variable, rate debt amount	30.0
Agreement date	Sep. 24, 2008
Effective date	Sep. 30, 2008
Expiration date	Sep. 10, 2015
Designed cash flow hedge date	Sep. 24, 2008
Swap Agreement Ten
Swaps:
Original variable, rate debt amount	15.0	[1]
Agreement date	Mar. 24, 2009
Effective date	Mar. 30, 2009
Expiration date	Mar. 30, 2016
Designed cash flow hedge date	Mar. 25, 2009
Swap Agreement Eleven
Swaps:
Original variable, rate debt amount	14.7	[1]
Agreement date	Jul. 06, 2010
Effective date	Aug. 15, 2010
Expiration date	Jul. 15, 2017
Designed cash flow hedge date	Jul. 06, 2010
Swap Agreement Twelve
Swaps:
Original variable, rate debt amount	25.0	[1]
Agreement date	Apr. 26, 2011
Effective date	Jun. 01, 2011
Expiration date	Jun. 01, 2018
Designed cash flow hedge date	Jul. 01, 2011
Swap Agreement Thirteen
Swaps:
Original variable, rate debt amount	50.0	[1]
Agreement date	Jul. 29, 2011
Effective date	Aug. 15, 2011
Expiration date	Aug. 15, 2018
Designed cash flow hedge date	Jul. 29, 2011
Swap Agreement Fourteen
Swaps:
Original variable, rate debt amount	20.0	[1]
Agreement date	Aug. 03, 2011
Effective date	Sep. 12, 2011
Expiration date	Sep. 10, 2018
Designed cash flow hedge date	Aug. 03, 2011
Swap Agreement Fifteen
Swaps:
Original variable, rate debt amount	15.1	[2]
Agreement date	Mar. 27, 2012
Effective date	Mar. 28, 2012
Expiration date	Mar. 28, 2019
Designed cash flow hedge date	Mar. 26, 2012
Swap Agreement Sixteen
Swaps:
Original variable, rate debt amount	25.0
Agreement date	Apr. 13, 2012
Effective date	Apr. 16, 2012
Expiration date	Apr. 01, 2019
Designed cash flow hedge date	Apr. 12, 2012
Swap Agreement Seventeen
Swaps:
Original variable, rate debt amount	$ 44.3
Agreement date	Jan. 11, 2013
Effective date	Jan. 15, 2013
Expiration date	Dec. 15, 2019
Designed cash flow hedge date	Jan. 11, 2013

[1] forward swap

[2] operating lease

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Related Party Notes Receivable and Management Fees [Text] (Details) (Moving and Storage Operating Segment, Operating Segments, USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
SAC Holdings | Various Subsidiaries of Amerco
Related party notes receivable:
Cash interest payments	$ 13,900,000	$ 8,900,000
Notes receivable outstanding	72,000,000
Largest aggregate balance in reporting period	72,400,000
Earliest maturity year	2017	2017
Latest maturity year	2019	2019
Private Mini | Amerco, U-Haul Int'l
Related party notes receivable:
Cash interest payments	2,700,000	2,700,000
Notes receivable outstanding	65,700,000
Largest aggregate balance in reporting period	65,900,000
SAC Holdings, Mercury, Four SAC, Five SAC, Galaxy and Private Mini | AMERCO
Management fees revenue:
Management fees received exclusive of reimbursed expenses	$ 15,700,000	$ 14,400,000
Management fee rate, lowest	4.00%	4.00%
Management fee rate, highest	10.00%	10.00%

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Derivative Instruments (Table Text Block)

6 Months Ended

Sep. 30, 2013

Derivative Instrument Detail [Abstract]

Derivatives

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
$	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	7/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
	44.3		1/11/2013	1/15/2013	12/15/2019	1/11/2013
	(a) forward swap
	(b) operating lease

As of September 30, 2013, the total notional amount of our variable interest rate swaps on debt and an operating lease was $411.4 million and $13.0 million, respectively.

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

6 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Credit Losses Recognized in Earnings

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

		Credit Loss
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	552
Additions:
Other-than-temporary impairment not previously recognized		-
Balance at September 30, 2013	$	552

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Available-for-Sale Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
Available-for-sale securities, investments:
Amortized cost	$ 1,097,704
Gross unrealized gains	45,613
Gross unrealized losses more than 12 months	(2,865)
Gross unrealized losses less than 12 months	(26,112)
Estimated market value	1,114,340	1,095,338
U.S. treasury, government, and corporate securities
Available-for-sale securities, investments:
Amortized cost	1,036,295
Gross unrealized gains	42,880
Gross unrealized losses more than 12 months	(1,475)
Gross unrealized losses less than 12 months	(25,692)
Estimated market value	1,052,008
U.S. treasury securities and government obligation
Available-for-sale securities, investments:
Amortized cost	28,048
Gross unrealized gains	1,932
Gross unrealized losses more than 12 months	(3)
Gross unrealized losses less than 12 months	(293)
Estimated market value	29,684
U.S. government agency mortgage-backed securities
Available-for-sale securities, investments:
Amortized cost	44,735
Gross unrealized gains	2,772
Gross unrealized losses more than 12 months	(4)
Gross unrealized losses less than 12 months	(1,009)
Estimated market value	46,494
Obligations of states and political subdivisions
Available-for-sale securities, investments:
Amortized cost	162,678
Gross unrealized gains	9,304
Gross unrealized losses more than 12 months	(132)
Gross unrealized losses less than 12 months	(1,916)
Estimated market value	169,934
Corporate securities
Available-for-sale securities, investments:
Amortized cost	800,834
Gross unrealized gains	28,872
Gross unrealized losses more than 12 months	(1,336)
Gross unrealized losses less than 12 months	(22,474)
Estimated market value	805,896
Mortgage-backed securities
Available-for-sale securities, investments:
Amortized cost	5,613
Gross unrealized gains	177
Gross unrealized losses more than 12 months	(35)
Gross unrealized losses less than 12 months	0
Estimated market value	5,755
Redeemable preferred stock
Available-for-sale securities, investments:
Amortized cost	18,440
Gross unrealized gains	385
Gross unrealized losses more than 12 months	(64)
Gross unrealized losses less than 12 months	(312)
Estimated market value	18,449
Common stock
Available-for-sale securities, investments:
Amortized cost	37,356
Gross unrealized gains	2,171
Gross unrealized losses more than 12 months	(1,291)
Gross unrealized losses less than 12 months	(108)
Estimated market value	$ 38,128

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Reportable Business Segments (Details)	6 Months Ended
	Sep. 30, 2013 segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

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Accumulated Other Comprehensive Income (Loss) Components of Net of Tax (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			$ (22,680)
Foreign currency translation	1,557	3,459	(2,205)	1,530
Unrealized net loss on investments	(26,773)	6,904	(26,752)	8,197
Change in fair value of cash flow hedges	1,206	476	7,528	157
Amount reclassified from AOCI			8,685	10,225
Balance as of September 30, 2013	(44,109)		(44,109)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			(22,680)
Foreign currency translation			(2,205)
Unrealized net loss on investments			(26,752)
Change in fair value of cash flow hedges			(1,157)
Amount reclassified from AOCI			8,685
Other comprehensive income (loss)			(21,429)
Balance as of September 30, 2013	(44,109)		(44,109)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			(30,153)
Foreign currency translation			(2,205)
Other comprehensive income (loss)			(2,205)
Balance as of September 30, 2013	(32,358)		(32,358)
Unrealized Gain (Loss) on Investments
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			39,645
Unrealized net loss on investments			(26,752)
Other comprehensive income (loss)			(26,752)
Balance as of September 30, 2013	12,893		12,893
Fair Market Value of Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			(32,298)
Change in fair value of cash flow hedges			(1,157)
Amount reclassified from AOCI			8,685
Other comprehensive income (loss)			7,528
Balance as of September 30, 2013	(24,770)		(24,770)
Postretirement Benefit Obligation Gain (Loss)
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2013			126
Other comprehensive income (loss)			0
Balance as of September 30, 2013	$ 126		$ 126

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Significant Unobservable Input (Level 3) Fair Value Measurements (Details) (Fixed Maturities - Asset Backed Securities, USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
Fixed Maturities - Asset Backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at March 31, 2013	$ 1,180
Fixed maturities - asset backed securities - redemption	(59)
Fixed maturities - asset backed securities - gain (realized)	24
Fixed maturities - period increase (decrease)	(35)
Balance at September 30, 2013	$ 1,145

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

6 Months Ended

Sep. 30, 2013

Table Text Block Supplement [Abstract]

Consolidated Cash Flow Statement by Industry Segment

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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	$	250,959	$	207,460	$	2,903	$	(210,363	)	$	250,959	$	7,021	$	7,562	$	(14,583	)	$	250,959
Earnings from consolidated entities		(224,946	)	-		-		210,363			(14,583	)	-		-		14,583			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3		133,101		8,414		-			141,518		-		-		-			141,518
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,740		-			9,740
Change in allowance for losses on trade receivables		-		(6	)	-		-			(6	)	-		-		-			(6	)
Change in allowance for inventory reserve		-		716		-		-			716		-		-		-			716
Net gain on sale of real and personal property		-		(20,200	)	(676	)	-			(20,876	)	-		-		-			(20,876	)
Net gain on sale of investments		(42	)	-		-		-			(42	)	(267	)	(3,751	)	-			(4,060	)
Deferred income taxes		58,672		-		-		-			58,672		3,118		2,157		-			63,947
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		16,288		(177	)	-			16,111		4,489		3,961		-			24,561
Inventories		-		(5,750	)	-		-			(5,750	)	-		-		-			(5,750	)
Prepaid expenses		11,178		(8,077	)	(778	)	-			2,323		-		-		-			2,323
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(16,289	)	-			(16,289	)
Other assets		5		(378	)	(4,232	)	-			(4,605	)	309		(74	)	-			(4,370	)
Related party assets		551		13,534		-		-			14,085		(5,584	)	-		149	(b)		8,650
Accounts payable and accrued expenses		3,699		18,288		(92	)	-			21,895		-		2,971		-			24,866
Policy benefits and losses, claims and loss expenses payable		-		1,487		-		-			1,487		(7,009	)	5,831		-			309
Other policyholders' funds and liabilities		-		-		-		-			-		76		418		-			494
Deferred income		-		2,191		-		-			2,191		-		-		-			2,191
Related party liabilities		-		460		4,292		-			4,752		(57	)	(71	)	(149	)(b)		4,475
Net cash provided (used) by operating activities		100,079		359,114		9,654		-			468,847		2,096		12,455		-			483,398
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(295,231	)	(162,440	)	-			(457,671	)	-		-		-			(457,671	)
Short term investments		-		-		-		-			-		(27,972	)	(126,731	)	-			(154,703	)
Fixed maturities investments		-		-		-		-			-		(39,655	)	(134,938	)	-			(174,593	)
Equity securities		-		-		-		-			-		(388	)	-		-			(388	)
Preferred stock		-		-		-		-			-		(635	)	-		-			(635	)
Real estate		-		-		-		-			-		-		(252	)	-			(252	)
Mortgage loans		-		(1,580	)	(12,738	)	2,514	(b)		(11,804	)	-		(14,009	)	11,553	(b)		(14,260	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		175,302		1,151		-			176,453		-		-		-			176,453
Short term investments		-		-		-		-			-		39,072		123,508		-			162,580
Fixed maturities investments		-		-		-		-			-		11,936		81,114		-			93,050
Equity securities		6,415		-		-		-			6,415		388		-		-			6,803
Preferred stock		-		-		-		-			-		4,504		1,500		-			6,004
Real estate		-		-		-		-			-		-		-		-			-
Mortgage loans		-		1,680		34,643		(2,514	)(b)		33,809		1,984		12,175		(11,553	)(b)		36,415
Net cash provided (used) by investing activities		6,415		(119,829	)	(139,384	)	-			(252,798	)	(10,766	)	(57,633	)	-			(321,197	)
(a) Balance for the six months ended June 30, 2013		(page 1 of 2)
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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		-		64,124		73,917		-		138,041		-		-		-		138,041
Principal repayments on credit facilities		-		(58,684	)	(64,261	)	-		(122,945	)	-		-		-		(122,945	)
Debt issuance costs		-		(178	)	(55	)	-		(233	)	-		-		-		(233	)
Capital lease payments		-		(21,425	)	-		-		(21,425	)	-		-		-		(21,425	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		260		-		-		260		-		-		-		260
Proceeds from (repayment of) intercompany loans		43,946		(164,059	)	120,113		-		-		-		-		-		-
Securitization deposits		-		-		-		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		74,253		-		74,253
Investment contract withdrawals		-		-		-		-		-		-		(14,721	)	-		(14,721	)
Net cash provided (used) by financing activities		43,946		(179,962	)	129,714		-		(6,302	)	-		59,532		-		53,230
Effects of exchange rate on cash		-		401		-		-		401		-		-		-		401
Increase (decrease) in cash and cash equivalents		150,440		59,724		(16	)	-		210,148		(8,670	)	14,354		-		215,832
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	$	477,559	$	158,650	$	1,499	$	-	$	637,708	$	5,450	$	36,418	$	-	$	679,576
		(page 2 of 2)
(a) Balance for the six months ended June 30, 2013

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 (loss)	$	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 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	)	(28	)	840	(b)		142,239
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)		415
Net cash provided (used) by operating activities		63,385		451,603		8,096		-			523,084		(263	)	16,614		-			539,435
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 and paydown's of:
Property, plant and equipment		-		132,204		393		-			132,597		-		-		-			132,597
Short term investments		-		-		-		-			-		22,174		132,403		-			154,577
Fixed maturities investments		-		-		-		-			-		23,662		28,924		-			52,586
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	)	(133,065	)	-			(310,257	)
		(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

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Related Party Costs and Expenses (Table Text Block)

6 Months Ended

Sep. 30, 2013

Related Party Cost and Expense [Abstract]

Related Party Cost and Expense

Related Party Costs and Expenses

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	655	$	655
U-Haul commission expenses to SAC Holdings		14,407		12,455
U-Haul commission expenses to Private Mini		893		812
	$	15,955	$	13,922

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	1,310	$	1,316
U-Haul commission expenses to SAC Holdings		26,927		23,389
U-Haul commission expenses to Private Mini		1,688		1,507
	$	29,925	$	26,212

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

At September 30, 2013, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues.

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $15.8 million, expenses of $1.3 million and cash flows of $29.3 million during the first six months of fiscal 2014. Revenues and commission expenses related to the Dealer Agreements were $131.1 million and $28.6 million, respectively during the first six months of fiscal 2014.

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

6 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Due from Related Party, Recap of Assets

We have not provided financial or other support during the first six months ended September 30, 2013 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities:

Related Party Assets

		September 30,		March 31,
		2013		2013
		(Unaudited)
		(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,772	$	68,593
U-Haul notes receivable from SAC Holding		71,960		72,397
U-Haul interest receivable from SAC Holdings		4,192		14,483
U-Haul receivable from SAC Holdings		17,320		22,336
U-Haul receivable from Mercury		2,452		3,640
Other (a)		4,134		586
	$	168,830	$	182,035
(a) Timing difference for intercompany balances with insurance subsidiaries.

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Comprehensive Income (Loss)

6 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Comprehensive Income (Loss)

6. Comprehensive Income (Loss)

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

		Foreign Currency Translation		Unrealized Net Gain (Loss) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Gain		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	(30,153	)$	39,645	$	(32,298	)$	126	$	(22,680	)
Foreign currency translation		(2,205	)	-		-		-		(2,205	)
Unrealized net loss on investments		-		(26,752	)	-		-		(26,752	)
Change in fair value of cash flow hedges		-		-		(1,157	)	-		(1,157	)
Amounts reclassified from AOCI		-		-		8,685		-		8,685
Other comprehensive income (loss)		(2,205	)	(26,752	)	7,528		-		(21,429	)
Balance at September 30, 2013	$	(32,358	)$	12,893	$	(24,770	)$	126	$	(44,109	)

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Industry Segment and Geographic Area Data (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2013
Quarter and six months ended:
Total revenues	$ 836,491	$ 744,117	$ 1,583,322	$ 1,411,793
Depreciation and amortization, net of (gains) losses on disposals	69,265	62,042	130,382	120,978
Interest expense	23,118	22,113	46,446	45,604
Pretax earnings	216,848	172,209	395,896	299,597
Income tax expense	78,857	62,789	144,937	109,608
Identifiable assets	5,776,345	5,136,964	5,776,345	5,136,964	5,306,601
United States
Quarter and six months ended:
Total revenues	786,721	695,622	1,490,684	1,321,805
Depreciation and amortization, net of (gains) losses on disposals	67,355	59,972	126,525	116,935
Interest expense	22,977	21,961	46,163	45,300
Pretax earnings	207,480	162,693	379,236	282,077
Income tax expense	76,374	60,267	140,522	104,965
Identifiable assets	5,626,460	4,984,218	5,626,460	4,984,218
Canada
Quarter and six months ended:
Total revenues	49,770	48,495	92,638	89,988
Depreciation and amortization, net of (gains) losses on disposals	1,910	2,070	3,857	4,043
Interest expense	141	152	283	304
Pretax earnings	9,368	9,516	16,660	17,520
Income tax expense	2,483	2,522	4,415	4,643
Identifiable assets	$ 149,885	$ 152,746	$ 149,885	$ 152,746

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

6 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet

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

		Liability Derivatives Fair Values as of
		September 30, 2013		March 31, 2013
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments	$	39,875	$	51,550

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

6 Months Ended

Sep. 30, 2013

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

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

13. Fair Value Measurements

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

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

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

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

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at September 30, 2013, that are subject to ASC 820 and the valuation approach applied to each of these items.

		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short-term investments	$	628,725	$	628,725	$	-	$	-
Fixed maturities - available for sale		1,057,763		961,045		95,573		1,145
Preferred stock		18,449		18,449		-		-
Common stock		38,128		38,128		-		-
Derivatives		1,970		-		1,970		-
Total	$	1,745,035	$	1,646,347	$	97,543	$	1,145
Liabilities
Guaranteed residual values of TRAC leases	$	-	$	-	$	-	$	-
Derivatives		39,875		-		39,875		-
Total	$	39,875	$	-	$	39,875	$	-

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Related Party Transactions

6 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions

9. Related Party Transactions

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

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

SAC Holding Corporation and SAC Holding II Corporation, (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. Between 1994 and 2002, we sold real estate and various self-storage properties to SAC Holdings, resulting in significant cash flows to the Company.

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

Related Party Revenue

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	1,733	$	1,981
U-Haul interest income revenue from Private Mini		1,349		1,358
U-Haul management fee revenue from SAC Holdings		4,189		3,857
U-Haul management fee revenue from Private Mini		604		573
U-Haul management fee revenue from Mercury		500		472
	$	8,375	$	8,241

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul interest income revenue from SAC Holdings	$	3,652	$	4,457
U-Haul interest income revenue from Private Mini		2,686		2,703
U-Haul management fee revenue from SAC Holdings		8,263		7,686
U-Haul management fee revenue from Private Mini		1,198		1,140
U-Haul management fee revenue from Mercury		993		936
	$	16,792	$	16,922

During the first six months of fiscal 2014, subsidiaries of the Company held various junior unsecured notes of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Mark V. Shoen, a significant stockholder of AMERCO. We do not have an equity ownership interest in SAC Holdings. We received cash interest payments of $13.9 million and $8.9 million from SAC Holdings during the first six months of fiscal 2014 and 2013, respectively. The largest aggregate amount of notes receivable outstanding during the first six months of fiscal 2014 was $72.4 million and the aggregate notes receivable balance at September 30, 2013 was $72.0 million. In accordance with the terms of these notes, SAC Holdings may prepay the notes without penalty or premium at any time. The scheduled maturities of these notes are between 2017 and 2019.

During the first six months of fiscal 2014, AMERCO and U-Haul held various junior notes issued by Private Mini Storage Realty, L.P. (“Private Mini”). The equity interests of Private Mini are ultimately controlled by Blackwater. We received cash interest payments of $2.7 million from Private Mini during the first six months of both fiscal 2014 and 2013. The largest aggregate amount outstanding during the first six months of fiscal 2014 was $65.9 million and the aggregate notes receivable balance at September 30, 2013 was $65.7 million.

We currently manage the self-storage properties owned or leased by SAC Holdings, Mercury Partners, L.P. (“Mercury”), Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $15.7 million and $14.4 million from the above mentioned entities during the first six months of fiscal 2014 and 2013, respectively. This management fee is consistent with the fee received for other properties the Company previously managed for third parties. SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini are substantially controlled by Blackwater. Mercury is substantially controlled by Mark V. Shoen. James P. Shoen, a significant stockholder and director of AMERCO and an estate planning trust benefitting Shoen children have an interest in Mercury.

Related Party Costs and Expenses

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	655	$	655
U-Haul commission expenses to SAC Holdings		14,407		12,455
U-Haul commission expenses to Private Mini		893		812
	$	15,955	$	13,922

		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
U-Haul lease expenses to SAC Holdings	$	1,310	$	1,316
U-Haul commission expenses to SAC Holdings		26,927		23,389
U-Haul commission expenses to Private Mini		1,688		1,507
	$	29,925	$	26,212

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

At September 30, 2013, subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by the Company based upon equipment rental revenues.

These agreements and notes with subsidiaries of SAC Holdings, 4 SAC, 5 SAC, Galaxy and Private Mini, excluding Dealer Agreements, provided revenues of $15.8 million, expenses of $1.3 million and cash flows of $29.3 million during the first six months of fiscal 2014. Revenues and commission expenses related to the Dealer Agreements were $131.1 million and $28.6 million, respectively during the first six months of fiscal 2014.

Pursuant to the variable interest entity model under ASC 810 - Consolidation (“ASC 810”), Management determined that the junior notes of SAC Holdings and Private Mini as well as the management agreements with SAC Holdings, Mercury, 4 SAC, 5 SAC, Galaxy, and Private Mini represent potential variable interests for us.  Management evaluated whether it should be identified as the primary beneficiary of one or more of these variable interest entity's (“VIE's”) using a two-step approach in which management (i) identified all other parties that hold interests in the VIE's, and (ii) determined if any variable interest holder has the power to direct the activities of the VIE's that most significantly impact their economic performance.

Management determined that they do not have a variable interest in the holding entities Mercury, SAC Holding II Corporation, 4 SAC, 5 SAC, or Galaxy based upon management agreements which are with the individual operating entities or through the issuance of junior debt therefore, we are precluded from consolidating these entities.

We have junior debt with the holding entities SAC Holding Corporation and Private Mini which represents a variable interest in each individual entity. Though we have certain protective rights within these debt agreements, we have no present influence or control over these holding entities unless their protective rights become exercisable, which management considers unlikely based on their payment history. As a result, we have no basis under ASC 810 to consolidate these entities.

We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities' assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities' performance.  As a result, we have no basis under ASC 810 to consolidate these entities.

We have not provided financial or other support during the first six months ended September 30, 2013 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities:

Related Party Assets

		September 30,		March 31,
		2013		2013
		(Unaudited)
		(In thousands)
U-Haul notes, receivables and interest from Private Mini	$	68,772	$	68,593
U-Haul notes receivable from SAC Holding		71,960		72,397
U-Haul interest receivable from SAC Holdings		4,192		14,483
U-Haul receivable from SAC Holdings		17,320		22,336
U-Haul receivable from Mercury		2,452		3,640
Other (a)		4,134		586
	$	168,830	$	182,035
(a) Timing difference for intercompany balances with insurance subsidiaries.

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Rental Equipment Operating Leases (Details) (Rental equipment, USD $) In Millions, unless otherwise specified	6 Months Ended
	Sep. 30, 2013
Rental equipment
Contingent liabilities and commitments:
Lease expiration year	2019
Guaranteed residual value	$ 110.1
Started leasing equipment date	1987

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Derivatives

6 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

5. Derivatives

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

	Original variable rate debt amount		Agreement Date	Effective Date	Expiration Date	Designated cash flow hedge date
	(Unaudited)
$	300.0		8/16/2006	8/18/2006	8/10/2018	8/4/2006
	30.0		2/9/2007	2/12/2007	2/10/2014	2/9/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	20.0		3/8/2007	3/12/2007	3/10/2014	3/8/2007
	19.3	(a)	4/8/2008	8/15/2008	6/15/2015	3/31/2008
	19.0		8/27/2008	8/29/2008	7/10/2015	4/10/2008
	30.0		9/24/2008	9/30/2008	9/10/2015	9/24/2008
	15.0	(a)	3/24/2009	3/30/2009	3/30/2016	3/25/2009
	14.7	(a)	7/6/2010	8/15/2010	7/15/2017	7/6/2010
	25.0	(a)	4/26/2011	6/1/2011	6/1/2018	7/1/2011
	50.0	(a)	7/29/2011	8/15/2011	8/15/2018	7/29/2011
	20.0	(a)	8/3/2011	9/12/2011	9/10/2018	8/3/2011
	15.1	(b)	3/27/2012	3/28/2012	3/28/2019	3/26/2012
	25.0		4/13/2012	4/16/2012	4/1/2019	4/12/2012
	44.3		1/11/2013	1/15/2013	12/15/2019	1/11/2013
	(a) forward swap
	(b) operating lease

As of September 30, 2013, the total notional amount of our variable interest rate swaps on debt and an operating lease was $411.4 million and $13.0 million, respectively.

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

		Liability Derivatives Fair Values as of
		September 30, 2013		March 31, 2013
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments	$	39,875	$	51,550

		The Effect of Interest Rate Contracts on the Statements of Operations For the Six Months Ended
		September 30, 2013		September 30, 2012
		(Unaudited)
		(In thousands)
Loss recognized in income on interest rate contracts	$	9,153	$	11,465
Gain recognized in AOCI on interest rate contracts (effective portion)	$	(12,142	)$	(253	)
Loss reclassified from AOCI into income (effective portion)	$	8,685	$	10,225
Loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)	$	468	$	1,240

Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. At September 30, 2013, we expect to reclassify $15.1 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months. During the first six months of fiscal 2014, we reclassified $8.7 million of net losses on interest rate contracts from accumulated other comprehensive income to interest expense.

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flow from operating activities:
Net earnings	$ 250,959	$ 189,989
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	141,518	128,127
Amortization of deferred policy acquisition costs	9,740	5,899
Change in allowance for losses on trade receivables	(6)	(3)
Change in allowance for inventory reserves	716	1,705
Net gain on sale of real and personal property	(20,876)	(13,048)
Net gain on sale of investments	(4,060)	238
Deferred income taxes	63,947	24,926
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	24,561	33,416
Inventories	(5,750)	(1,629)
Prepaid expenses	2,323	422
Capitalization of deferred policy acquisition costs	(16,289)	(24,489)
Other assets	(4,370)	19,770
Related party assets	8,650	142,239
Accounts payable and accrued expenses	24,866	45,412
Policy benefits and losses, claims and loss expenses payable	309	(17,413)
Other policyholders' funds and liabilities	494	4,130
Deferred income	2,191	(671)
Related party liabilities	4,475	415
Net cash provided by operating activities	483,398	539,435
Purchases of:
Property, plant and equipment	(457,671)	(280,986)
Short term investments	(154,703)	(150,987)
Fixed maturities investments	(174,593)	(179,941)
Equity securities	(388)	(26)
Preferred stock	(635)	(1,200)
Real estate	(252)	(792)
Mortgage loans	(14,260)	(50,828)
Proceeds from sale and paydowns of:
Property, plant and equipment	176,453	132,597
Short term investments	162,580	154,577
Fixed maturities investments	93,050	52,586
Equity securities	6,803	0
Preferred stock	6,004	1,453
Real estate	0	590
Mortgage loans	36,415	12,700
Net cash used by investing activities	(321,197)	(310,257)
Cash flow from financing activities:
Borrowings from credit facilities	138,041	88,847
Principal repayments on credit facilities	(122,945)	(171,496)
Debt issuance costs	(233)	(1,010)
Capital lease payments	(21,425)	(9,883)
Leveraged Employee Stock Ownership Plan - repayments from loan	260	316
Securitization deposits	0	(1,729)
Proceeds from (repayment of) intercompany loans	0	0
Investment contract deposits	74,253	169,933
Investment contract withdrawals	(14,721)	(15,275)
Net cash (used) by financing activities	53,230	59,703
Effects of exchange rate on cash	401	(240)
Increase in cash and cash equivalents	215,832	288,641
Cash and cash equivalents at the beginning of period	463,744	357,180
Cash and cash equivalents at the end of the period	$ 679,576	$ 645,821

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Interest Rate Contracts Designated as Hedging Instruments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
Interest Rate Fair Value Hedges [Abstract]
Interest rate contracts designated as hedging instruments	$ 39,875	$ 51,550

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Long-term Debt Borrowings (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2013		Mar. 31, 2013
Debt instrument, maturities:
Notes, loans and leases payable	$ 1,775,119		$ 1,661,845
Real estate loan (amortizing term) - First
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage (a)	6.93%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2023
Notes, loans and leases payable	255,000		235,000
Real estate loan (amortizing term) - Second
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage (a)	2.08%	[1]
Debt instrument, maturities:
Debt instrument, maturity year	2016
Notes, loans and leases payable	24,182		24,630
Real estate loan (revolving credit)
Debt instrument, maturities:
Debt instrument, maturity year	2014
Notes, loans and leases payable	0		0
Senior mortgages
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	4.90%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	5.75%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2015
Debt instrument, maturity year range, end	2038
Notes, loans and leases payable	546,957		556,522
Working capital loan (revolving credit)
Debt instrument, maturities:
Debt instrument, maturity year	2015
Notes, loans and leases payable	0		0
Fleet loans (amortizing term)
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	1.95%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	6.14%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2014
Debt instrument, maturity year range, end	2020
Notes, loans and leases payable	373,324		361,079
Fleet loan (securitization)
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	4.90%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	5.56%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2014
Debt instrument, maturity year range, end	2017
Notes, loans and leases payable	170,531		190,801
Capital leases (rental equipment)
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	2.23%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	7.80%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2015
Debt instrument, maturity year range, end	2020
Notes, loans and leases payable	371,754		273,458
Other obligations
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage rate range, minimum	3.00%	[1]
Debt instrument, interest rate, stated percentage rate range, maximum	8.00%	[1]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2013
Debt instrument, maturity year range, end	2043
Notes, loans and leases payable	$ 33,371		$ 20,355

[1] Interest rate as of September 30, 2013, including the effect of applicable hedging instruments.

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

6 Months Ended

Sep. 30, 2013

Leases, Operating [Abstract]

Lease Commitments for Leases having Terms of More than One Year

Lease commitments for leases having terms of more than one year were as follows:
		Property, Plant and Equipment		Rental Equipment		Total
		(Unaudited)
				(In thousands)
Year-ended September 30:
2014	$	10,500	$	72,044	$	82,544
2015		2,055		48,873		50,928
2016		1,945		18,927		20,872
2017		1,825		12,204		14,029
2018		1,091		10,473		11,564
Thereafter		4,767		5,409		10,176
Total	$	22,183	$	167,930	$	190,113

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Reportable Segments (Details)	6 Months Ended
	Sep. 30, 2013 segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

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Consolidated Balance Sheet by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Mar. 31, 2013		Sep. 30, 2012		Mar. 31, 2012
ASSETS:
Cash and cash equivalents	$ 679,576		$ 463,744		$ 645,821		$ 357,180
Reinsurance recoverables and trade receivables, net	237,235		261,789
Inventories, net	61,430		56,396
Prepaid expenses	55,129		57,451
Investments, fixed maturities and marketable equities	1,114,340		1,095,338
Investments, other	212,707		241,765
Deferred policy acquisition costs, net	109,303		93,043
Other assets	104,591		99,986
Related party assets	168,830		182,035
Subtotal assets	2,743,141		2,551,547
Investments in subsidiaries	0		0
Property, plant and equipment, at cost:
Land	363,142		333,228
Buildings and improvements	1,313,963		1,197,875
Furniture and equipment	311,765		311,142
Property, plant and equipment (gross)	4,669,269		4,314,409
Less: Accumulated depreciation	(1,636,065)		(1,559,355)
Total property, plant and equipment	3,033,204		2,755,054
Total assets	5,776,345		5,306,601		5,136,964
Liabilities:
Accounts payable and accrued expenses	362,493		358,491
Notes, loans and leases payable	1,775,119		1,661,845
Policy benefits and losses, claims and loss expenses payable	1,115,025		1,115,048
Liabilities from investment contracts	570,321		510,789
Other policyholders' funds and liabilities	7,788		7,294
Deferred income	32,388		30,217
Deferred income taxes	451,392		393,658
Total liabilities	4,314,526		4,077,342
Stockholders' equity:
Additional paid-in capital	440,938		438,168
Accumulated other comprehensive income (loss)	(44,109)		(22,680)
Retained earnings (deficit)	1,733,589		1,482,630
Unearned employee stock ownership plan shares	(1,446)		(1,706)
Total stockholders' equity (deficit)	1,461,819		1,229,259
Total liabilities and stockholders' equity	5,776,345		5,306,601
Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	350,101		317,476
Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	2,330,298		2,154,688
Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Series A common stock
Stockholders' equity:
Common stock, value, issued
Common stock
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	(151,997)		(151,997)
Operating Segments | Property and Casualty Insurance
ASSETS:
Cash and cash equivalents	5,450	[1],[2]	14,120	[1],[3]	21,091	[4]	22,542	[4]
Reinsurance recoverables and trade receivables, net	181,521	[2]	186,010	[3]
Inventories, net	0	[2]	0	[3]
Prepaid expenses	0	[2]	0	[3]
Investments, fixed maturities and marketable equities	180,270	[2]	160,455	[3]
Investments, other	52,128	[2]	65,212	[3]
Deferred policy acquisition costs, net	0	[2]	0	[3]
Other assets	902	[2]	1,212	[3]
Related party assets	14,417	[2]	8,846	[3]
Subtotal assets	434,688	[2]	435,855	[3]
Investments in subsidiaries	0	[2]	0	[3]
Property, plant and equipment, at cost:
Land	0	[2]	0	[3]
Buildings and improvements	0	[2]	0	[3]
Furniture and equipment	0	[2]	0	[3]
Property, plant and equipment (gross)	0	[2]	0	[3]
Less: Accumulated depreciation	0	[2]	0	[3]
Total property, plant and equipment	0	[2]	0	[3]
Total assets	434,688	[2]	435,855	[3]
Liabilities:
Accounts payable and accrued expenses	0	[2]	0	[3]
Notes, loans and leases payable	0	[2]	0	[3]
Policy benefits and losses, claims and loss expenses payable	323,175	[2]	330,184	[3]
Liabilities from investment contracts	0	[2]	0	[3]
Other policyholders' funds and liabilities	3,233	[2]	3,157	[3]
Deferred income	0	[2]	0	[3]
Deferred income taxes	(34,629)	[2]	(36,241)	[3]
Related party liabilities	1,774	[2]	1,844	[3]
Total liabilities	293,553	[2]	298,944	[3]
Stockholders' equity:
Additional paid-in capital	91,120	[2]	91,120	[3]
Accumulated other comprehensive income (loss)	1,771	[2]	4,568	[3]
Retained earnings (deficit)	44,943	[2]	37,922	[3]
Unearned employee stock ownership plan shares	0	[2]	0	[3]
Total stockholders' equity (deficit)	141,135	[2]	136,911	[3]
Total liabilities and stockholders' equity	434,688	[2]	435,855	[3]
Operating Segments | Property and Casualty Insurance | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	[2]	0	[3]
Operating Segments | Property and Casualty Insurance | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	[2]	0	[3]
Operating Segments | Property and Casualty Insurance | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued		[2]		[3]
Operating Segments | Property and Casualty Insurance | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued		[2]		[3]
Operating Segments | Property and Casualty Insurance | Series A common stock
Stockholders' equity:
Common stock, value, issued		[2]		[3]
Operating Segments | Property and Casualty Insurance | Common stock
Stockholders' equity:
Common stock, value, issued	3,301	[2]	3,301	[3]
Operating Segments | Property and Casualty Insurance | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0	[2]	0	[3]
Operating Segments | Property and Casualty Insurance | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	0	[2]	0	[3]
Operating Segments | Life Insurance
ASSETS:
Cash and cash equivalents	36,418	[1],[2]	22,064	[1],[3]	63,617	[4]	25,410	[4]
Reinsurance recoverables and trade receivables, net	28,560	[2]	32,520	[3]
Inventories, net	0	[2]	0	[3]
Prepaid expenses	0	[2]	0	[3]
Investments, fixed maturities and marketable equities	915,966	[2]	913,655	[3]
Investments, other	131,931	[2]	125,900	[3]
Deferred policy acquisition costs, net	109,303	[2]	93,043	[3]
Other assets	232	[2]	157	[3]
Related party assets	489	[2]	514	[3]
Subtotal assets	1,222,899	[2]	1,187,853	[3]
Investments in subsidiaries	0	[2]	0	[3]
Property, plant and equipment, at cost:
Land	0	[2]	0	[3]
Buildings and improvements	0	[2]	0	[3]
Furniture and equipment	0	[2]	0	[3]
Property, plant and equipment (gross)	0	[2]	0	[3]
Less: Accumulated depreciation	0	[2]	0	[3]
Total property, plant and equipment	0	[2]	0	[3]
Total assets	1,222,899	[2]	1,187,853	[3]
Liabilities:
Accounts payable and accrued expenses	4,249	[2]	8,139	[3]
Notes, loans and leases payable	0	[2]	0	[3]
Policy benefits and losses, claims and loss expenses payable	409,871	[2]	404,040	[3]
Liabilities from investment contracts	570,321	[2]	510,789	[3]
Other policyholders' funds and liabilities	4,555	[2]	4,137	[3]
Deferred income	0	[2]	0	[3]
Deferred income taxes	9,412	[2]	17,810	[3]
Related party liabilities	168	[2]	208	[3]
Total liabilities	998,576	[2]	945,123	[3]
Stockholders' equity:
Additional paid-in capital	26,271	[2]	26,271	[3]
Accumulated other comprehensive income (loss)	11,598	[2]	37,567	[3]
Retained earnings (deficit)	183,954	[2]	176,392	[3]
Unearned employee stock ownership plan shares	0	[2]	0	[3]
Total stockholders' equity (deficit)	224,323	[2]	242,730	[3]
Total liabilities and stockholders' equity	1,222,899	[2]	1,187,853	[3]
Operating Segments | Life Insurance | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	[2]	0	[3]
Operating Segments | Life Insurance | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	[2]	0	[3]
Operating Segments | Life Insurance | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued		[2]		[3]
Operating Segments | Life Insurance | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued		[2]		[3]
Operating Segments | Life Insurance | Series A common stock
Stockholders' equity:
Common stock, value, issued		[2]		[3]
Operating Segments | Life Insurance | Common stock
Stockholders' equity:
Common stock, value, issued	2,500	[2]	2,500	[3]
Operating Segments | Life Insurance | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0	[2]	0	[3]
Operating Segments | Life Insurance | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	0	[2]	0	[3]
Operating Segments | Moving and Storage Operating Segment
ASSETS:
Cash and cash equivalents	637,708		427,560		561,113		309,228
Reinsurance recoverables and trade receivables, net	27,154		43,259
Inventories, net	61,430		56,396
Prepaid expenses	55,129		57,451
Investments, fixed maturities and marketable equities	18,104		21,228
Investments, other	28,648		50,653
Deferred policy acquisition costs, net	0		0
Other assets	103,457		98,617
Related party assets	170,094		184,740
Subtotal assets	1,101,724		939,904
Investments in subsidiaries	365,458		379,641
Property, plant and equipment, at cost:
Land	363,142		333,228
Buildings and improvements	1,313,963		1,197,875
Furniture and equipment	311,765		311,142
Property, plant and equipment (gross)	4,669,269		4,314,409
Less: Accumulated depreciation	(1,636,065)		(1,559,355)
Total property, plant and equipment	3,033,204		2,755,054
Total assets	4,500,386		4,074,599
Liabilities:
Accounts payable and accrued expenses	358,244		350,352
Notes, loans and leases payable	1,775,119		1,661,845
Policy benefits and losses, claims and loss expenses payable	381,979		380,824
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	32,388		30,217
Deferred income taxes	476,609		412,089
Related party liabilities	14,228		10,013
Total liabilities	3,038,567		2,845,340
Stockholders' equity:
Additional paid-in capital	441,148		438,378
Accumulated other comprehensive income (loss)	(44,109)		(22,680)
Retained earnings (deficit)	1,733,379		1,482,420
Unearned employee stock ownership plan shares	(1,446)		(1,706)
Total stockholders' equity (deficit)	1,461,819		1,229,259
Total liabilities and stockholders' equity	4,500,386		4,074,599
Operating Segments | Moving and Storage Operating Segment | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	350,101		317,476
Operating Segments | Moving and Storage Operating Segment | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	2,330,298		2,154,688
Operating Segments | Moving and Storage Operating Segment | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Series A common stock
Stockholders' equity:
Common stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Common stock
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Operating Segments | Moving and Storage Operating Segment | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Operating Segments | Moving and Storage Operating Segment | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	(151,997)		(151,997)
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations
ASSETS:
Cash and cash equivalents	0		0		0		0
Reinsurance recoverables and trade receivables, net	0		0
Inventories, net	0		0
Prepaid expenses	0		0
Investments, fixed maturities and marketable equities	0		0
Investments, other	0		0
Deferred policy acquisition costs, net	0		0
Other assets	0		0
Related party assets	(935,949)	[5]	(975,683)	[5]
Subtotal assets	(935,949)		(975,683)
Investments in subsidiaries	(75,586)	[6]	140,100	[6]
Property, plant and equipment, at cost:
Land	0		0
Buildings and improvements	0		0
Furniture and equipment	0		0
Property, plant and equipment (gross)	0		0
Less: Accumulated depreciation	0		0
Total property, plant and equipment	0		0
Total assets	(1,011,535)		(835,583)
Liabilities:
Accounts payable and accrued expenses	0		0
Notes, loans and leases payable	0		0
Policy benefits and losses, claims and loss expenses payable	0		0
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Deferred income taxes	0		0
Related party liabilities	(935,949)	[5]	(975,683)	[5]
Total liabilities	(935,949)		(975,683)
Stockholders' equity:
Additional paid-in capital	(269,171)	[6]	(269,171)	[6]
Accumulated other comprehensive income (loss)	57,002	[6]	62,325	[6]
Retained earnings (deficit)	136,585	[6]	346,948	[6]
Unearned employee stock ownership plan shares	0		0
Total stockholders' equity (deficit)	(75,586)		140,100
Total liabilities and stockholders' equity	(1,011,535)		(835,583)
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Series A common stock
Stockholders' equity:
Common stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Common stock
Stockholders' equity:
Common stock, value, issued	(2)	[6]	(2)	[6]
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Operating Segments | Moving and Storage Operating Segment | AMERCO
ASSETS:
Cash and cash equivalents	477,559		327,119		426,748		201,502
Reinsurance recoverables and trade receivables, net	0		0
Inventories, net	0		0
Prepaid expenses	11,297		22,475
Investments, fixed maturities and marketable equities	18,104		21,228
Investments, other	0		0
Deferred policy acquisition costs, net	0		0
Other assets	113		118
Related party assets	992,780		1,032,663
Subtotal assets	1,499,853		1,403,603
Investments in subsidiaries	441,044		239,541
Property, plant and equipment, at cost:
Land	0		0
Buildings and improvements	0		0
Furniture and equipment	70		136
Property, plant and equipment (gross)	70		136
Less: Accumulated depreciation	(53)		(116)
Total property, plant and equipment	17		20
Total assets	1,940,914		1,643,164
Liabilities:
Accounts payable and accrued expenses	1,040		110
Notes, loans and leases payable	0		0
Policy benefits and losses, claims and loss expenses payable	0		0
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Deferred income taxes	476,609		412,089
Related party liabilities	0		0
Total liabilities	477,649		412,199
Stockholders' equity:
Additional paid-in capital	441,148		438,378
Accumulated other comprehensive income (loss)	(44,109)		(22,680)
Retained earnings (deficit)	1,733,379		1,482,420
Unearned employee stock ownership plan shares	0		0
Total stockholders' equity (deficit)	1,463,265		1,230,965
Total liabilities and stockholders' equity	1,940,914		1,643,164
Operating Segments | Moving and Storage Operating Segment | AMERCO | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | AMERCO | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | AMERCO | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | AMERCO | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | AMERCO | Series A common stock
Stockholders' equity:
Common stock, value, issued
Operating Segments | Moving and Storage Operating Segment | AMERCO | Common stock
Stockholders' equity:
Common stock, value, issued	10,497		10,497
Operating Segments | Moving and Storage Operating Segment | AMERCO | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	(525,653)		(525,653)
Operating Segments | Moving and Storage Operating Segment | AMERCO | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	(151,997)		(151,997)
Operating Segments | Moving and Storage Operating Segment | U-Haul
ASSETS:
Cash and cash equivalents	158,650		98,926		132,867		106,951
Reinsurance recoverables and trade receivables, net	26,977		43,259
Inventories, net	61,430		56,396
Prepaid expenses	43,034		34,956
Investments, fixed maturities and marketable equities	0		0
Investments, other	0		100
Deferred policy acquisition costs, net	0		0
Other assets	70,229		69,671
Related party assets	113,254		127,751
Subtotal assets	473,574		431,059
Investments in subsidiaries	0		0
Property, plant and equipment, at cost:
Land	54,059		81,421
Buildings and improvements	195,531		184,053
Furniture and equipment	297,161		292,621
Property, plant and equipment (gross)	3,227,150		3,030,259
Less: Accumulated depreciation	(1,258,087)		(1,185,796)
Total property, plant and equipment	1,969,063		1,844,463
Total assets	2,442,637		2,275,522
Liabilities:
Accounts payable and accrued expenses	352,916		345,864
Notes, loans and leases payable	985,384		881,766
Policy benefits and losses, claims and loss expenses payable	381,979		380,824
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	32,388		30,217
Deferred income taxes	0		0
Related party liabilities	478,524		638,448
Total liabilities	2,231,191		2,277,119
Stockholders' equity:
Additional paid-in capital	121,230		121,230
Accumulated other comprehensive income (loss)	(57,002)		(62,325)
Retained earnings (deficit)	148,663		(58,797)
Unearned employee stock ownership plan shares	(1,446)		(1,706)
Total stockholders' equity (deficit)	211,446		(1,597)
Total liabilities and stockholders' equity	2,442,637		2,275,522
Operating Segments | Moving and Storage Operating Segment | U-Haul | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	350,101		317,476
Operating Segments | Moving and Storage Operating Segment | U-Haul | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	2,330,298		2,154,688
Operating Segments | Moving and Storage Operating Segment | U-Haul | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | U-Haul | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | U-Haul | Series A common stock
Stockholders' equity:
Common stock, value, issued
Operating Segments | Moving and Storage Operating Segment | U-Haul | Common stock
Stockholders' equity:
Common stock, value, issued	1		1
Operating Segments | Moving and Storage Operating Segment | U-Haul | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Operating Segments | Moving and Storage Operating Segment | U-Haul | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Operating Segments | Moving and Storage Operating Segment | Real Estate
ASSETS:
Cash and cash equivalents	1,499		1,515		1,498		775
Reinsurance recoverables and trade receivables, net	177		0
Inventories, net	0		0
Prepaid expenses	798		20
Investments, fixed maturities and marketable equities	0		0
Investments, other	28,648		50,553
Deferred policy acquisition costs, net	0		0
Other assets	33,115		28,828
Related party assets	9		9
Subtotal assets	64,246		80,925
Investments in subsidiaries	0		0
Property, plant and equipment, at cost:
Land	309,083		251,807
Buildings and improvements	1,118,432		1,013,822
Furniture and equipment	14,534		18,385
Property, plant and equipment (gross)	1,442,049		1,284,014
Less: Accumulated depreciation	(377,925)		(373,443)
Total property, plant and equipment	1,064,124		910,571
Total assets	1,128,370		991,496
Liabilities:
Accounts payable and accrued expenses	4,288		4,378
Notes, loans and leases payable	789,735		780,079
Policy benefits and losses, claims and loss expenses payable	0		0
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Deferred income taxes	0		0
Related party liabilities	471,653		347,248
Total liabilities	1,265,676		1,131,705
Stockholders' equity:
Additional paid-in capital	147,941		147,941
Accumulated other comprehensive income (loss)	0		0
Retained earnings (deficit)	(285,248)		(288,151)
Unearned employee stock ownership plan shares	0		0
Total stockholders' equity (deficit)	(137,306)		(140,209)
Total liabilities and stockholders' equity	1,128,370		991,496
Operating Segments | Moving and Storage Operating Segment | Real Estate | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | Real Estate | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Operating Segments | Moving and Storage Operating Segment | Real Estate | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Real Estate | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Real Estate | Series A common stock
Stockholders' equity:
Common stock, value, issued
Operating Segments | Moving and Storage Operating Segment | Real Estate | Common stock
Stockholders' equity:
Common stock, value, issued	1		1
Operating Segments | Moving and Storage Operating Segment | Real Estate | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Operating Segments | Moving and Storage Operating Segment | Real Estate | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Eliminations
ASSETS:
Cash and cash equivalents	0		0		0		0
Reinsurance recoverables and trade receivables, net	0		0
Inventories, net	0		0
Prepaid expenses	0		0
Investments, fixed maturities and marketable equities	0		0
Investments, other	0		0
Deferred policy acquisition costs, net	0		0
Other assets	0		0
Related party assets	(16,170)	[5]	(12,065)	[5]
Subtotal assets	(16,170)		(12,065)
Investments in subsidiaries	(365,458)	[6]	(379,641)	[6]
Property, plant and equipment, at cost:
Land	0		0
Buildings and improvements	0		0
Furniture and equipment	0		0
Property, plant and equipment (gross)	0		0
Less: Accumulated depreciation	0		0
Total property, plant and equipment	0		0
Total assets	(381,628)		(391,706)
Liabilities:
Accounts payable and accrued expenses	0		0
Notes, loans and leases payable	0		0
Policy benefits and losses, claims and loss expenses payable	0		0
Liabilities from investment contracts	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Deferred income taxes	0		0
Related party liabilities	(16,170)	[5]	(12,065)	[5]
Total liabilities	(16,170)		(12,065)
Stockholders' equity:
Additional paid-in capital	(117,601)	[6]	(117,601)	[6]
Accumulated other comprehensive income (loss)	(13,369)	[6]	(42,135)	[6]
Retained earnings (deficit)	(228,687)	[6]	(214,104)	[6]
Unearned employee stock ownership plan shares	0		0
Total stockholders' equity (deficit)	(365,458)		(379,641)
Total liabilities and stockholders' equity	(381,628)		(391,706)
Eliminations | Rental trailers and other rental equipment
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Eliminations | Rental trucks
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0		0
Eliminations | Series A preferred stock
Stockholders' equity:
Preferred stock, value, issued
Eliminations | Series B preferred stock
Stockholders' equity:
Preferred stock, value, issued
Eliminations | Series A common stock
Stockholders' equity:
Common stock, value, issued
Eliminations | Common stock
Stockholders' equity:
Common stock, value, issued	(5,801)	[6]	(5,801)	[6]
Eliminations | Cost of common shares in treasury, net
Stockholders' equity:
Treasury stock, value	0		0
Eliminations | Cost of preferred shares in treasury, net
Stockholders' equity:
Treasury stock, value	$ 0		$ 0

[1] Balances for the six months ended June 30, 2013

[2] Balances as of June 30, 2013

[3] Balances as of December 31, 2012

[4] Balances for the six months ended June 30, 2012

[5] Eliminate intercompany receivables and payables

[6] Eliminate investment in subsidiaries

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Employee Benefit Plans

6 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

12. Employee Benefit Plans

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

		Quarter Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	181	$	156
Interest cost on accumulated postretirement benefit		141		138
Other components		5		1
Net periodic postretirement benefit cost	$	327	$	295
		Six Months Ended September 30,
		2013		2012
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	362	$	311
Interest cost on accumulated postretirement benefit		282		277
Other components		10		2
Net periodic postretirement benefit cost	$	654	$	590

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Contingencies

6 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Contingencies

8. Contingencies

Environmental

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

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

Other

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

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Statutory Requirements of Bonds Deposited with Insurance Regulatory Authorities (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2013
Regulatory Capital Requirements [Abstract]
Assets held by insurance regulators	$ 16.4

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Available-for-Sale Investments (Table Text Block)

6 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

Available-for-Sale Investments

Available-for-sale investments at September 30, 2013 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Estimated Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	28,048	$	1,932	$	(3	)$	(293	)$	29,684
U.S. government agency mortgage-backed securities		44,735		2,772		(4	)	(1,009	)	46,494
Obligations of states and political subdivisions		162,678		9,304		(132	)	(1,916	)	169,934
Corporate securities		800,834		28,872		(1,336	)	(22,474	)	805,896
Mortgage-backed securities		5,613		177		(35	)	-		5,755
Redeemable preferred stocks		18,440		385		(64	)	(312	)	18,449
Common stocks		37,356		2,171		(1,291	)	(108	)	38,128
	$	1,097,704	$	45,613	$	(2,865	)$	(26,112	)$	1,114,340

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

We sold available-for-sale securities with a fair value of $103.3 million during the first six months of fiscal 2014. The gross realized gains on these sales totaled $3.2 million. The gross realized losses on these sales totaled $0.9 million.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the second quarter or for the first six months of fiscal 2014 and 2013.

XML

Fair Value Measurements

6 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

13. Fair Value Measurements

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

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

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

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

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

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

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

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

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table represents the financial assets and liabilities on the condensed consolidated balance sheet at September 30, 2013, that are subject to ASC 820 and the valuation approach applied to each of these items.

		Total		Level 1		Level 2		Level 3
		(Unaudited)
		(In thousands)
Assets
Short-term investments	$	628,725	$	628,725	$	-	$	-
Fixed maturities - available for sale		1,057,763		961,045		95,573		1,145
Preferred stock		18,449		18,449		-		-
Common stock		38,128		38,128		-		-
Derivatives		1,970		-		1,970		-
Total	$	1,745,035	$	1,646,347	$	97,543	$	1,145
Liabilities
Guaranteed residual values of TRAC leases	$	-	$	-	$	-	$	-
Derivatives		39,875		-		39,875		-
Total	$	39,875	$	-	$	39,875	$	-

The following table represents the fair value measurements for our assets at September 30, 2013 using significant unobservable inputs (Level 3).

		Fixed Maturities - Asset Backed Securities
		(Unaudited)
		(In thousands)
Balance at March 31, 2013	$	1,180
Fixed Maturities - Asset Backed Securities - redemption		(59	)
Fixed Maturities - Asset Backed Securities - gain (unrealized)		24
Balance at September 30, 2013	$	1,145

XML

Document and Entity Information (USD $)	6 Months Ended
	Sep. 30, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	AMERCO /NV/
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float	$ 902,836,527
Document Fiscal Year Focus	2014
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Entity Common Stock, Shares Outstanding	19,607,788

XML

Subsequent Events

6 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On October 8, 2013, various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. entered into a real estate loan for $100 million. This loan matures in October 2016, with an option to extend for four more years. This loan is secured by certain properties owned by the borrowers. The interest rate for this loan is the applicable LIBOR plus an applicable margin of 2.50%.

On October 4, 2013, various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. entered into a real estate loan for $50 million. This loan matures in October 2033 and is secured by certain properties owned by the borrowers. The interest rate for this loan is fixed at 5.12%.

XML

Consolidated Cash Flow Statement by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
Cash flow from operating activities:
Net earnings	$ 250,959		$ 189,989
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	141,518		128,127
Amortization of deferred policy acquisition costs	9,740		5,899
Change in allowance for losses on trade receivables	(6)		(3)
Change in allowance for inventory reserves	716		1,705
Net gain on sale of real and personal property	(20,876)		(13,048)
Net gain on sale of investments	(4,060)		238
Deferred income taxes	63,947		24,926
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	24,561		33,416
Inventories	(5,750)		(1,629)
Prepaid expenses	2,323		422
Capitalization of deferred policy acquisition costs	(16,289)		(24,489)
Other assets	(4,370)		19,770
Related party assets	8,650		142,239
Accounts payable and accrued expenses	24,866		45,412
Policy benefits and losses, claims and loss expenses payable	309		(17,413)
Other policyholders' funds and liabilities	494		4,130
Deferred income	2,191		(671)
Related party liabilities	4,475		415
Net cash provided by operating activities	483,398		539,435
Purchases of:
Property, plant and equipment	(457,671)		(280,986)
Short term investments	(154,703)		(150,987)
Fixed maturities investments	(174,593)		(179,941)
Equity securities	(388)		(26)
Preferred stock	(635)		(1,200)
Real estate	(252)		(792)
Mortgage loans	(14,260)		(50,828)
Proceeds from sale and paydowns of:
Property, plant and equipment	176,453		132,597
Short term investments	162,580		154,577
Fixed maturities investments	93,050		52,586
Equity securities	6,803		0
Preferred stock	6,004		1,453
Real estate	0		590
Mortgage loans	36,415		12,700
Net cash used by investing activities	(321,197)		(310,257)
Cash flow from financing activities:
Borrowings from credit facilities	138,041		88,847
Principal repayments on credit facilities	(122,945)		(171,496)
Debt issuance costs	(233)		(1,010)
Capital lease payments	(21,425)		(9,883)
Leveraged Employee Stock Ownership Plan - repayments from loan	260		316
Securitization deposits	0		(1,729)
Proceeds from (repayment of) intercompany loans	0		0
Investment contract deposits	74,253		169,933
Investment contract withdrawals	(14,721)		(15,275)
Net cash (used) by financing activities	53,230		59,703
Effects of exchange rate on cash	401		(240)
Increase in cash and cash equivalents	215,832		288,641
Cash and cash equivalents at the beginning of period	463,744		357,180
Cash and cash equivalents at the end of the period	679,576		645,821
Operating Segments | Property and Casualty Insurance
Cash flow from operating activities:
Net earnings	7,021	[1]	3,204	[2]
Earnings from consolidated entities	0	[1]	0	[2]
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	[1]	0	[2]
Amortization of deferred policy acquisition costs	0	[1]	0	[2]
Change in allowance for losses on trade receivables	0	[1]	0	[2]
Change in allowance for inventory reserves	0	[1]	0	[2]
Net gain on sale of real and personal property	0	[1]	0	[2]
Net gain on sale of investments	(267)	[1]	(16)	[2]
Deferred income taxes	3,118	[1]	584	[2]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	4,489	[1]	44,699	[2]
Inventories	0	[1]	0	[2]
Prepaid expenses	0	[1]	0	[2]
Capitalization of deferred policy acquisition costs	0	[1]	0	[2]
Other assets	309	[1]	914	[2]
Related party assets	(5,584)	[1]	(1,748)	[2]
Accounts payable and accrued expenses	0	[1]	0	[2]
Policy benefits and losses, claims and loss expenses payable	(7,009)	[1]	(47,835)	[2]
Other policyholders' funds and liabilities	76	[1]	(310)	[2]
Deferred income	0	[1]	0	[2]
Related party liabilities	(57)	[1]	245	[2]
Net cash provided by operating activities	2,096	[1]	(263)	[2]
Purchases of:
Property, plant and equipment	0	[1]	0	[2]
Short term investments	(27,972)	[1]	(37,553)	[2]
Fixed maturities investments	(39,655)	[1]	(10,316)	[2]
Equity securities	(388)	[1]	(26)	[2]
Preferred stock	(635)	[1]	(1,200)	[2]
Real estate	0	[1]	0	[2]
Mortgage loans	0	[1]	(1,821)	[2]
Proceeds from sale and paydowns of:
Property, plant and equipment	0	[1]	0	[2]
Short term investments	39,072	[1]	22,174	[2]
Fixed maturities investments	11,936	[1]	23,662	[2]
Equity securities	388	[1]
Preferred stock	4,504	[1]	1,453	[2]
Real estate	0	[1]	0	[2]
Mortgage loans	1,984	[1]	939	[2]
Net cash used by investing activities	(10,766)	[1]	(2,688)	[2]
Cash flow from financing activities:
Borrowings from credit facilities	0	[1]	0	[2]
Principal repayments on credit facilities	0	[1]	0	[2]
Debt issuance costs	0	[1]	0	[2]
Capital lease payments	0	[1]	0	[2]
Leveraged Employee Stock Ownership Plan - repayments from loan	0	[1]	0	[2]
Securitization deposits	0	[1]	0	[2]
Net contribution from (to) related party			1,500	[2]
Proceeds from (repayment of) intercompany loans	0	[1]	0	[2]
Investment contract deposits	0	[1]	0	[2]
Investment contract withdrawals	0	[1]	0	[2]
Net cash (used) by financing activities	0	[1]	1,500	[2]
Effects of exchange rate on cash	0	[1]	0	[2]
Increase in cash and cash equivalents	(8,670)	[1]	(1,451)	[2]
Cash and cash equivalents at the beginning of period	14,120	[1],[3]	22,542	[2]
Cash and cash equivalents at the end of the period	5,450	[1],[4]	21,091	[2]
Operating Segments | Life Insurance
Cash flow from operating activities:
Net earnings	7,562	[1]	4,063	[2]
Earnings from consolidated entities	0	[1]	0	[2]
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	[1]	0	[2]
Amortization of deferred policy acquisition costs	9,740	[1]	5,899	[2]
Change in allowance for losses on trade receivables	0	[1]	0	[2]
Change in allowance for inventory reserves	0	[1]	0	[2]
Net gain on sale of real and personal property	0	[1]	0	[2]
Net gain on sale of investments	(3,751)	[1]	254	[2]
Deferred income taxes	2,157	[1]	(3,557)	[2]
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	3,961	[1]	(2)	[2]
Inventories	0	[1]	0	[2]
Prepaid expenses	0	[1]	0	[2]
Capitalization of deferred policy acquisition costs	(16,289)	[1]	(24,489)	[2]
Other assets	(74)	[1]	(24)	[2]
Related party assets	0	[1]	(28)	[2]
Accounts payable and accrued expenses	2,971	[1]	11,565	[2]
Policy benefits and losses, claims and loss expenses payable	5,831	[1]	18,450	[2]
Other policyholders' funds and liabilities	418	[1]	4,440	[2]
Deferred income	0	[1]	0	[2]
Related party liabilities	(71)	[1]	43	[2]
Net cash provided by operating activities	12,455	[1]	16,614	[2]
Purchases of:
Property, plant and equipment	0	[1]	0	[2]
Short term investments	(126,731)	[1]	(113,434)	[2]
Fixed maturities investments	(134,938)	[1]	(169,625)	[2]
Equity securities	0	[1]	0	[2]
Preferred stock	0	[1]	0	[2]
Real estate	(252)	[1]	(792)	[2]
Mortgage loans	(14,009)	[1]	(13,204)	[2]
Proceeds from sale and paydowns of:
Property, plant and equipment	0	[1]	0	[2]
Short term investments	123,508	[1]	132,403	[2]
Fixed maturities investments	81,114	[1]	28,924	[2]
Equity securities	0	[1]
Preferred stock	1,500	[1]	0	[2]
Real estate	0	[1]	4	[2]
Mortgage loans	12,175	[1]	2,659	[2]
Net cash used by investing activities	(57,633)	[1]	(133,065)	[2]
Cash flow from financing activities:
Borrowings from credit facilities	0	[1]	0	[2]
Principal repayments on credit facilities	0	[1]	0	[2]
Debt issuance costs	0	[1]	0	[2]
Capital lease payments	0	[1]	0	[2]
Leveraged Employee Stock Ownership Plan - repayments from loan	0	[1]	0	[2]
Securitization deposits	0	[1]	0	[2]
Net contribution from (to) related party			0	[2]
Proceeds from (repayment of) intercompany loans	0	[1]	0	[2]
Investment contract deposits	74,253	[1]	169,933	[2]
Investment contract withdrawals	(14,721)	[1]	(15,275)	[2]
Net cash (used) by financing activities	59,532	[1]	154,658	[2]
Effects of exchange rate on cash	0	[1]	0	[2]
Increase in cash and cash equivalents	14,354	[1]	38,207	[2]
Cash and cash equivalents at the beginning of period	22,064	[1],[3]	25,410	[2]
Cash and cash equivalents at the end of the period	36,418	[1],[4]	63,617	[2]
Operating Segments | Moving and Storage Operating Segment
Cash flow from operating activities:
Net earnings	250,959		189,989
Earnings from consolidated entities	(14,583)		(7,267)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	141,518		128,127
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	(6)		(3)
Change in allowance for inventory reserves	716		1,705
Net gain on sale of real and personal property	(20,876)		(13,048)
Net gain on sale of investments	(42)		0
Deferred income taxes	58,672		27,899
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	16,111		(11,281)
Inventories	(5,750)		(1,629)
Prepaid expenses	2,323		422
Capitalization of deferred policy acquisition costs	0		0
Other assets	(4,605)		18,880
Related party assets	14,085		143,175
Accounts payable and accrued expenses	21,895		33,847
Policy benefits and losses, claims and loss expenses payable	1,487		11,972
Other policyholders' funds and liabilities	0		0
Deferred income	2,191		(671)
Related party liabilities	4,752		967
Net cash provided by operating activities	468,847		523,084
Purchases of:
Property, plant and equipment	(457,671)		(280,986)
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	(11,804)		(35,803)
Proceeds from sale and paydowns of:
Property, plant and equipment	176,453		132,597
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	6,415
Preferred stock	0		0
Real estate	0		586
Mortgage loans	33,809		9,102
Net cash used by investing activities	(252,798)		(174,504)
Cash flow from financing activities:
Borrowings from credit facilities	138,041		88,847
Principal repayments on credit facilities	(122,945)		(171,496)
Debt issuance costs	(233)		(1,010)
Capital lease payments	(21,425)		(9,883)
Leveraged Employee Stock Ownership Plan - repayments from loan	260		316
Securitization deposits	0		(1,729)
Net contribution from (to) related party			(1,500)
Proceeds from (repayment of) intercompany loans	0		0
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	(6,302)		(96,455)
Effects of exchange rate on cash	401		(240)
Increase in cash and cash equivalents	210,148		251,885
Cash and cash equivalents at the beginning of period	427,560		309,228
Cash and cash equivalents at the end of the period	637,708		561,113
Operating Segments | Moving and Storage Operating Segment | AMERCO
Cash flow from operating activities:
Net earnings	250,959		189,989
Earnings from consolidated entities	(224,946)		(164,124)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	3		3
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	0		0
Change in allowance for inventory reserves	0		0
Net gain on sale of real and personal property	0		0
Net gain on sale of investments	(42)		0
Deferred income taxes	58,672		27,899
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	0		0
Inventories	0		0
Prepaid expenses	11,178		7,558
Capitalization of deferred policy acquisition costs	0		0
Other assets	5		3
Related party assets	551		12
Accounts payable and accrued expenses	3,699		2,045
Policy benefits and losses, claims and loss expenses payable	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Related party liabilities	0		0
Net cash provided by operating activities	100,079		63,385
Purchases of:
Property, plant and equipment	0		(2)
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	0		0
Proceeds from sale and paydowns of:
Property, plant and equipment	0		0
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	6,415
Preferred stock	0		0
Real estate	0		0
Mortgage loans	0		0
Net cash used by investing activities	6,415		(2)
Cash flow from financing activities:
Borrowings from credit facilities	0		0
Principal repayments on credit facilities	0		0
Debt issuance costs	0		0
Capital lease payments	0		0
Leveraged Employee Stock Ownership Plan - repayments from loan	0		0
Securitization deposits	0		0
Net contribution from (to) related party			(1,500)
Proceeds from (repayment of) intercompany loans	43,946		163,363
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	43,946		161,863
Effects of exchange rate on cash	0		0
Increase in cash and cash equivalents	150,440		225,246
Cash and cash equivalents at the beginning of period	327,119		201,502
Cash and cash equivalents at the end of the period	477,559		426,748
Operating Segments | Moving and Storage Operating Segment | U-Haul
Cash flow from operating activities:
Net earnings	207,460		154,913
Earnings from consolidated entities	0		0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	133,101		120,651
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	(6)		(3)
Change in allowance for inventory reserves	716		1,705
Net gain on sale of real and personal property	(20,200)		(12,771)
Net gain on sale of investments	0		0
Deferred income taxes	0		0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	16,288		(11,281)
Inventories	(5,750)		(1,629)
Prepaid expenses	(8,077)		(6,910)
Capitalization of deferred policy acquisition costs	0		0
Other assets	(378)		20,161
Related party assets	13,534		143,163
Accounts payable and accrued expenses	18,288		31,336
Policy benefits and losses, claims and loss expenses payable	1,487		11,972
Other policyholders' funds and liabilities	0		0
Deferred income	2,191		(671)
Related party liabilities	460		967
Net cash provided by operating activities	359,114		451,603
Purchases of:
Property, plant and equipment	(295,231)		(240,045)
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	(1,580)		(5,016)
Proceeds from sale and paydowns of:
Property, plant and equipment	175,302		132,204
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	1,680		8,029
Net cash used by investing activities	(119,829)		(104,828)
Cash flow from financing activities:
Borrowings from credit facilities	64,124		27,147
Principal repayments on credit facilities	(58,684)		(110,799)
Debt issuance costs	(178)		(20)
Capital lease payments	(21,425)		(9,883)
Leveraged Employee Stock Ownership Plan - repayments from loan	260		316
Securitization deposits	0		(1,729)
Net contribution from (to) related party			0
Proceeds from (repayment of) intercompany loans	(164,059)		(225,651)
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	(179,962)		(320,619)
Effects of exchange rate on cash	401		(240)
Increase in cash and cash equivalents	59,724		25,916
Cash and cash equivalents at the beginning of period	98,926		106,951
Cash and cash equivalents at the end of the period	158,650		132,867
Operating Segments | Moving and Storage Operating Segment | Real Estate
Cash flow from operating activities:
Net earnings	2,903		1,944
Earnings from consolidated entities	0		0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	8,414		7,473
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	0		0
Change in allowance for inventory reserves	0		0
Net gain on sale of real and personal property	(676)		(277)
Net gain on sale of investments	0		0
Deferred income taxes	0		0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(177)		0
Inventories	0		0
Prepaid expenses	(778)		(226)
Capitalization of deferred policy acquisition costs	0		0
Other assets	(4,232)		(1,284)
Related party assets	0		0
Accounts payable and accrued expenses	(92)		466
Policy benefits and losses, claims and loss expenses payable	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Related party liabilities	4,292		0
Net cash provided by operating activities	9,654		8,096
Purchases of:
Property, plant and equipment	(162,440)		(40,939)
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	(12,738)		(30,787)
Proceeds from sale and paydowns of:
Property, plant and equipment	1,151		393
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0
Preferred stock	0		0
Real estate	0		586
Mortgage loans	34,643		1,073
Net cash used by investing activities	(139,384)		(69,674)
Cash flow from financing activities:
Borrowings from credit facilities	73,917		61,700
Principal repayments on credit facilities	(64,261)		(60,697)
Debt issuance costs	(55)		(990)
Capital lease payments	0		0
Leveraged Employee Stock Ownership Plan - repayments from loan	0		0
Securitization deposits	0		0
Net contribution from (to) related party			0
Proceeds from (repayment of) intercompany loans	120,113		62,288
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	129,714		62,301
Effects of exchange rate on cash	0		0
Increase in cash and cash equivalents	(16)		723
Cash and cash equivalents at the beginning of period	1,515		775
Cash and cash equivalents at the end of the period	1,499		1,498
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations
Cash flow from operating activities:
Net earnings	(210,363)		(156,857)
Earnings from consolidated entities	210,363		156,857
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0		0
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	0		0
Change in allowance for inventory reserves	0		0
Net gain on sale of real and personal property	0		0
Net gain on sale of investments	0		0
Deferred income taxes	0		0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	0		0
Inventories	0		0
Prepaid expenses	0		0
Capitalization of deferred policy acquisition costs	0		0
Other assets	0		0
Related party assets	0		0
Accounts payable and accrued expenses	0		0
Policy benefits and losses, claims and loss expenses payable	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Related party liabilities	0		0
Net cash provided by operating activities	0		0
Purchases of:
Property, plant and equipment	0		0
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	2,514	[5]	0
Proceeds from sale and paydowns of:
Property, plant and equipment	0		0
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	(2,514)	[5]	0
Net cash used by investing activities	0		0
Cash flow from financing activities:
Borrowings from credit facilities	0		0
Principal repayments on credit facilities	0		0
Debt issuance costs	0		0
Capital lease payments	0		0
Leveraged Employee Stock Ownership Plan - repayments from loan	0		0
Securitization deposits	0		0
Net contribution from (to) related party			0
Proceeds from (repayment of) intercompany loans	0		0
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	0		0
Effects of exchange rate on cash	0		0
Increase in cash and cash equivalents	0		0
Cash and cash equivalents at the beginning of period	0		0
Cash and cash equivalents at the end of the period	0		0
Eliminations
Cash flow from operating activities:
Net earnings	(14,583)		(7,267)
Earnings from consolidated entities	14,583		7,267
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0		0
Amortization of deferred policy acquisition costs	0		0
Change in allowance for losses on trade receivables	0		0
Change in allowance for inventory reserves	0		0
Net gain on sale of real and personal property	0		0
Net gain on sale of investments	0		0
Deferred income taxes	0		0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	0		0
Inventories	0		0
Prepaid expenses	0		0
Capitalization of deferred policy acquisition costs	0		0
Other assets	0		0
Related party assets	149	[5]	840	[5]
Accounts payable and accrued expenses	0		0
Policy benefits and losses, claims and loss expenses payable	0		0
Other policyholders' funds and liabilities	0		0
Deferred income	0		0
Related party liabilities	(149)	[5]	(840)	[5]
Net cash provided by operating activities	0		0
Purchases of:
Property, plant and equipment	0		0
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0		0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	11,553	[5]	0
Proceeds from sale and paydowns of:
Property, plant and equipment	0		0
Short term investments	0		0
Fixed maturities investments	0		0
Equity securities	0
Preferred stock	0		0
Real estate	0		0
Mortgage loans	(11,553)	[5]	0
Net cash used by investing activities	0		0
Cash flow from financing activities:
Borrowings from credit facilities	0		0
Principal repayments on credit facilities	0		0
Debt issuance costs	0		0
Capital lease payments	0		0
Leveraged Employee Stock Ownership Plan - repayments from loan	0		0
Securitization deposits	0		0
Net contribution from (to) related party			0
Proceeds from (repayment of) intercompany loans	0		0
Investment contract deposits	0		0
Investment contract withdrawals	0		0
Net cash (used) by financing activities	0		0
Effects of exchange rate on cash	0		0
Increase in cash and cash equivalents	0		0
Cash and cash equivalents at the beginning of period	0		0
Cash and cash equivalents at the end of the period	$ 0		$ 0

[1] Balances for the six months ended June 30, 2013

[2] Balances for the six months ended June 30, 2012

[3] Balances as of December 31, 2012

[4] Balances as of June 30, 2013

[5] Elimination of intercompany investments

XML

Consolidated Statement of Operations by Industry Segment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Revenues:
Self-moving equipment rentals	$ 598,931		$ 538,361		$ 1,120,580		$ 1,005,355
Self-storage revenues	45,572		37,978		87,671		72,714
Self-moving and self-storage products and service sales	65,379		61,730		136,070		128,908
Property management fees	5,292		4,902		10,453		9,762
Life insurance premiums	39,448		47,667		80,510		94,093
Property and casualty insurance premiums	10,867		8,947		18,833		16,190
Net investment and interest income	19,960		15,853		38,949		30,370
Other revenue	51,042		28,679		90,256		54,401
Total revenues	836,491		744,117		1,583,322		1,411,793
Costs and expenses:
Operating expenses	350,540		310,214		660,041		593,607
Commission expenses	78,378		68,564		147,005		129,671
Cost of sales	34,532		30,912		70,102		63,139
Benefits and losses	37,992		48,472		80,625		96,810
Amortization of deferred policy acquisition costs	6,057		3,088		9,740		5,899
Lease expense	25,818		29,591		52,825		62,387
Depreciation, net of (gains) losses on disposals	63,208		58,954		120,642		115,079
Total costs and expenses	596,525		549,795		1,140,980		1,066,592
Earnings (loss) from operations before equity in earnings of subsidiaries	239,966		194,322		442,342		345,201
Equity in earnings of subsidiaries	0		0		0		0
Earnings from operations	239,966		194,322		442,342		345,201
Interest income (expense)	(23,118)		(22,113)		(46,446)		(45,604)
Pretax earnings	216,848		172,209		395,896		299,597
Income tax expense	(78,857)		(62,789)		(144,937)		(109,608)
Earnings available to common shareholders	137,991		109,420		250,959		189,989
Operating Segments | Property and Casualty Insurance
Revenues:
Self-moving equipment rentals	0	[1]	0	[2]	0	[3]	0	[4]
Self-storage revenues	0	[1]	0	[2]	0	[3]	0	[4]
Self-moving and self-storage products and service sales	0	[1]	0	[2]	0	[3]	0	[4]
Property management fees	0	[1]	0	[2]	0	[3]	0	[4]
Life insurance premiums	0	[1]	0	[2]	0	[3]	0	[4]
Property and casualty insurance premiums	10,867	[1]	8,947	[2]	18,833	[3]	16,190	[4]
Net investment and interest income	2,463	[1]	2,266	[2]	4,940	[3]	4,466	[4]
Other revenue	0	[1]	0	[2]	0	[3]	0	[4]
Total revenues	13,330	[1]	11,213	[2]	23,773	[3]	20,656	[4]
Costs and expenses:
Operating expenses	4,419	[1]	4,482	[2]	8,515	[3]	7,772	[4]
Commission expenses	0	[1]	0	[2]	0	[3]	0	[4]
Cost of sales	0	[1]	0	[2]	0	[3]	0	[4]
Benefits and losses	2,500	[1]	4,389	[2]	4,457	[3]	7,955	[4]
Amortization of deferred policy acquisition costs	0	[1]	0	[2]	0	[3]	0	[4]
Lease expense	0	[1]	0	[2]	0	[3]	0	[4]
Depreciation, net of (gains) losses on disposals	0	[1]	0	[2]	0	[3]	0	[4]
Total costs and expenses	6,919	[1]	8,871	[2]	12,972	[3]	15,727	[4]
Earnings (loss) from operations before equity in earnings of subsidiaries	6,411	[1]	2,342	[2]	10,801	[3]	4,929	[4]
Equity in earnings of subsidiaries	0	[1]	0	[2]	0	[3]	0	[4]
Earnings from operations	6,411	[1]	2,342	[2]	10,801	[3]	4,929	[4]
Interest income (expense)	0	[1]	0	[2]	0	[3]	0	[4]
Pretax earnings	6,411	[1]	2,342	[2]	10,801	[3]	4,929	[4]
Income tax expense	(2,243)	[1]	(819)	[2]	(3,780)	[3]	(1,725)	[4]
Earnings available to common shareholders	4,168	[1]	1,523	[2]	7,021	[3]	3,204	[4]
Operating Segments | Life Insurance
Revenues:
Self-moving equipment rentals	0	[1]	0	[2]	0	[3]	0	[4]
Self-storage revenues	0	[1]	0	[2]	0	[3]	0	[4]
Self-moving and self-storage products and service sales	0	[1]	0	[2]	0	[3]	0	[4]
Property management fees	0	[1]	0	[2]	0	[3]	0	[4]
Life insurance premiums	39,448	[1]	47,667	[2]	80,510	[3]	94,093	[4]
Property and casualty insurance premiums	0	[1]	0	[2]	0	[3]	0	[4]
Net investment and interest income	14,255	[1]	9,799	[2]	27,477	[3]	19,069	[4]
Other revenue	970	[1]	758	[2]	1,465	[3]	1,204	[4]
Total revenues	54,673	[1]	58,224	[2]	109,452	[3]	114,366	[4]
Costs and expenses:
Operating expenses	5,582	[1]	6,831	[2]	11,942	[3]	13,986	[4]
Commission expenses	0	[1]	0	[2]	0	[3]	0	[4]
Cost of sales	0	[1]	0	[2]	0	[3]	0	[4]
Benefits and losses	35,492	[1]	44,083	[2]	76,168	[3]	88,855	[4]
Amortization of deferred policy acquisition costs	6,057	[1]	3,088	[2]	9,740	[3]	5,899	[4]
Lease expense	0	[1]	0	[2]	0	[3]	0	[4]
Depreciation, net of (gains) losses on disposals	0	[1]	0	[2]	0	[3]	0	[4]
Total costs and expenses	47,131	[1]	54,002	[2]	97,850	[3]	108,740	[4]
Earnings (loss) from operations before equity in earnings of subsidiaries	7,542	[1]	4,222	[2]	11,602	[3]	5,626	[4]
Equity in earnings of subsidiaries	0	[1]	0	[2]	0	[3]	0	[4]
Earnings from operations	7,542	[1]	4,222	[2]	11,602	[3]	5,626	[4]
Interest income (expense)	0	[1]	0	[2]	0	[3]	0	[4]
Pretax earnings	7,542	[1]	4,222	[2]	11,602	[3]	5,626	[4]
Income tax expense	(2,635)	[1]	(1,060)	[2]	(4,040)	[3]	(1,563)	[4]
Earnings available to common shareholders	4,907	[1]	3,162	[2]	7,562	[3]	4,063	[4]
Operating Segments | Moving and Storage Operating Segment
Revenues:
Self-moving equipment rentals	599,657		538,767		1,121,740		1,006,082
Self-storage revenues	45,572		37,978		87,671		72,714
Self-moving and self-storage products and service sales	65,379		61,730		136,070		128,908
Property management fees	5,292		4,902		10,453		9,762
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	3,374		3,900		6,783		7,035
Other revenue	52,925		28,292		93,885		53,917
Total revenues	772,199		675,569		1,456,602		1,278,418
Costs and expenses:
Operating expenses	344,109		299,675		645,820		573,280
Commission expenses	78,378		68,564		147,005		129,671
Cost of sales	34,532		30,912		70,102		63,139
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	25,863		29,637		52,916		62,463
Depreciation, net of (gains) losses on disposals	63,208		58,954		120,642		115,079
Total costs and expenses	546,090		487,742		1,036,485		943,632
Earnings (loss) from operations before equity in earnings of subsidiaries	226,109		187,827		420,117		334,786
Equity in earnings of subsidiaries	9,075		4,685		14,583		7,267
Earnings from operations	235,184		192,512		434,700		342,053
Interest income (expense)	(23,214)		(22,182)		(46,624)		(45,744)
Pretax earnings	211,970		170,330		388,076		296,309
Income tax expense	(73,979)		(60,910)		(137,117)		(106,320)
Earnings available to common shareholders	137,991		109,420		250,959		189,989
Operating Segments | Moving and Storage Operating Segment | AMERCO
Revenues:
Self-moving equipment rentals	0		0		0		0
Self-storage revenues	0		0		0		0
Self-moving and self-storage products and service sales	0		0		0		0
Property management fees	0		0		0		0
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	1,277		1,339		2,515		2,592
Other revenue	0		0		0		81
Total revenues	1,277		1,339		2,515		2,673
Costs and expenses:
Operating expenses	2,064		5,285		4,285		8,747
Commission expenses	0		0		0		0
Cost of sales	0		0		0		0
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	23		22		46		46
Depreciation, net of (gains) losses on disposals	2		2		3		3
Total costs and expenses	2,089		5,309		4,334		8,796
Earnings (loss) from operations before equity in earnings of subsidiaries	(812)		(3,970)		(1,819)		(6,123)
Equity in earnings of subsidiaries	125,151		97,509		224,946		164,124
Earnings from operations	124,339		93,539		223,127		158,001
Interest income (expense)	21,177		23,181		43,109		47,841
Pretax earnings	145,516		116,720		266,236		205,842
Income tax expense	(7,525)		(7,300)		(15,277)		(15,853)
Earnings available to common shareholders	137,991		109,420		250,959		189,989
Operating Segments | Moving and Storage Operating Segment | U-Haul
Revenues:
Self-moving equipment rentals	599,657		538,767		1,121,740		1,006,082
Self-storage revenues	45,266		37,698		87,088		72,150
Self-moving and self-storage products and service sales	65,379		61,730		136,070		128,908
Property management fees	5,292		4,902		10,453		9,762
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	2,025		2,317		4,195		4,005
Other revenue	54,630		29,889		97,160		57,056
Total revenues	772,249		675,303		1,456,706		1,277,963
Costs and expenses:
Operating expenses	366,287		315,267		689,294		605,578
Commission expenses	78,378		68,564		147,005		129,671
Cost of sales	34,532		30,912		70,102		63,139
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	25,837		29,609		52,835		62,406
Depreciation, net of (gains) losses on disposals	58,735		55,560		112,901		107,880
Total costs and expenses	563,769		499,912		1,072,137		968,674
Earnings (loss) from operations before equity in earnings of subsidiaries	208,480		175,391		384,569		309,289
Equity in earnings of subsidiaries	0		0		0		0
Earnings from operations	208,480		175,391		384,569		309,289
Interest income (expense)	(27,027)		(30,965)		(57,071)		(65,119)
Pretax earnings	181,453		144,426		327,498		244,170
Income tax expense	(66,042)		(52,844)		(120,038)		(89,257)
Earnings available to common shareholders	115,411		91,582		207,460		154,913
Operating Segments | Moving and Storage Operating Segment | Real Estate
Revenues:
Self-moving equipment rentals	0		0		0		0
Self-storage revenues	306		280		583		564
Self-moving and self-storage products and service sales	0		0		0		0
Property management fees	0		0		0		0
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	72		244		73		438
Other revenue	25,425		21,616		49,994		42,701
Total revenues	25,803		22,140		50,650		43,703
Costs and expenses:
Operating expenses	2,888		2,336		5,510		4,876
Commission expenses	0		0		0		0
Cost of sales	0		0		0		0
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	3		6		35		11
Depreciation, net of (gains) losses on disposals	4,471		3,392		7,738		7,196
Total costs and expenses	7,362		5,734		13,283		12,083
Earnings (loss) from operations before equity in earnings of subsidiaries	18,441		16,406		37,367		31,620
Equity in earnings of subsidiaries	0		0		0		0
Earnings from operations	18,441		16,406		37,367		31,620
Interest income (expense)	(17,364)		(14,398)		(32,662)		(28,466)
Pretax earnings	1,077		2,008		4,705		3,154
Income tax expense	(412)		(766)		(1,802)		(1,210)
Earnings available to common shareholders	665		1,242		2,903		1,944
Operating Segments | Moving and Storage Operating Segment | Moving and Storage Operating Eliminations
Revenues:
Self-moving equipment rentals	0		0		0		0
Self-storage revenues	0		0		0		0
Self-moving and self-storage products and service sales	0		0		0		0
Property management fees	0		0		0		0
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	0		0		0		0
Other revenue	(27,130)	[5]	(23,213)	[5]	(53,269)	[5]	(45,921)	[5]
Total revenues	(27,130)		(23,213)		(53,269)		(45,921)
Costs and expenses:
Operating expenses	(27,130)	[5]	(23,213)	[5]	(53,269)	[5]	(45,921)	[5]
Commission expenses	0		0		0		0
Cost of sales	0		0		0		0
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	0		0		0		0
Depreciation, net of (gains) losses on disposals	0		0		0		0
Total costs and expenses	(27,130)		(23,213)		(53,269)		(45,921)
Earnings (loss) from operations before equity in earnings of subsidiaries	0		0		0		0
Equity in earnings of subsidiaries	(116,076)	[6]	(92,824)	[6]	(210,363)	[6]	(156,857)	[6]
Earnings from operations	(116,076)		(92,824)		(210,363)		(156,857)
Interest income (expense)	0		0		0		0
Pretax earnings	(116,076)		(92,824)		(210,363)		(156,857)
Income tax expense	0		0		0		0
Earnings available to common shareholders	(116,076)		(92,824)		(210,363)		(156,857)
Eliminations
Revenues:
Self-moving equipment rentals	(726)	[7]	(406)	[7]	(1,160)	[7]	(727)	[7]
Self-storage revenues	0		0		0		0
Self-moving and self-storage products and service sales	0		0		0		0
Property management fees	0		0		0		0
Life insurance premiums	0		0		0		0
Property and casualty insurance premiums	0		0		0		0
Net investment and interest income	(132)	[5]	(112)	[5]	(251)	[5]	(200)	[5]
Other revenue	(2,853)	[5]	(371)	[5]	(5,094)	[5]	(720)	[5]
Total revenues	(3,711)		(889)		(6,505)		(1,647)
Costs and expenses:
Operating expenses	(3,570)	[5],[7]	(774)	[5],[7]	(6,236)	[5],[7]	(1,431)	[5],[7]
Commission expenses	0		0		0		0
Cost of sales	0		0		0		0
Benefits and losses	0		0		0		0
Amortization of deferred policy acquisition costs	0		0		0		0
Lease expense	(45)	[5]	(46)	[5]	(91)	[5]	(76)	[5]
Depreciation, net of (gains) losses on disposals	0		0		0		0
Total costs and expenses	(3,615)		(820)		(6,327)		(1,507)
Earnings (loss) from operations before equity in earnings of subsidiaries	(96)		(69)		(178)		(140)
Equity in earnings of subsidiaries	(9,075)	[6]	(4,685)	[6]	(14,583)	[6]	(7,267)	[6]
Earnings from operations	(9,171)		(4,754)		(14,761)		(7,407)
Interest income (expense)	96	[5]	69	[5]	178	[5]	140	[5]
Pretax earnings	(9,075)		(4,685)		(14,583)		(7,267)
Income tax expense	0		0		0		0
Earnings available to common shareholders	$ (9,075)		$ (4,685)		$ (14,583)		$ (7,267)

[1] Balances for the quarter ended June 30, 2013

[2] Balances for the quarter ended June 30, 2012

[3] Balances for the six months ended June 30, 2013

[4] Balances for the six months ended June 30, 2012

[5] Eliminate intercompany lease / interest income

[6] Eliminate equity in earnings of subsidiaries

[7] Eliminate intercompany premiums