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