Consolidating Financial Information by Industry Segment

3 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

AMERCO's three reportable segments are:

• Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
• Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
• Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of June 30, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	396,548	$	270,875	$	3,282	$	-		$	670,705	$	12,529	$	9,351	$	-		$	692,585
Reinsurance recoverables and trade receivables, net		-		42,326		177		-			42,503		128,447		29,065		-			200,015
Inventories, net		-		69,341		-		-			69,341		-		-		-			69,341
Prepaid expenses		-		49,210		699		-			49,909		-		-		-			49,909
Investments, fixed maturities and marketable equities		-		-		-		-			-		205,328		1,007,984		-			1,213,312
Investments, other		-		-		28,415		-			28,415		48,771		167,371		-			244,557
Deferred policy acquisition costs, net		-		-		-		-			-		-		117,109		-			117,109
Other assets		161		59,228		44,389		-			103,778		1,268		1,788		-			106,834
Related party assets		1,156,564		106,333		9		(1,099,735	)(c)		163,171		14,019		522		(17,991	)(c)		159,721
		1,553,273		597,313		76,971		(1,099,735	)		1,127,822		410,362		1,333,190		(17,991	)		2,853,383
Investment in subsidiaries		625,792		-		-		(229,412	)(b)		396,380		-		-		(396,380	)(b)		-
Property, plant and equipment, at cost:
Land		-		58,014		367,939		-			425,953		-		-		-			425,953
Buildings and improvements		-		224,676		1,274,055		-			1,498,731		-		-		-			1,498,731
Furniture and equipment		72		313,217		10,617		-			323,906		-		-		-			323,906
Rental trailers and other rental equipment		-		391,823		-		-			391,823		-		-		-			391,823
Rental trucks		-		2,817,303		-		-			2,817,303		-		-		-			2,817,303
		72		3,805,033		1,652,611		-			5,457,716		-		-		-			5,457,716
Less:  Accumulated depreciation		(57	)	(1,396,751	)	(385,609	)	-			(1,782,417	)	-		-		-			(1,782,417	)
Total property, plant and equipment		15		2,408,282		1,267,002		-			3,675,299		-		-		-			3,675,299
Total assets	$	2,179,080	$	3,005,595	$	1,343,973	$	(1,329,147	)	$	5,199,501	$	410,362	$	1,333,190	$	(414,371	)	$	6,528,682
(a) Balances as of March 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of June 30, 2014 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	$	36,988	$	404,907	$	5,048	$	-		$	446,943	$	-	$	4,029	$	-		$	450,972
Notes, loans and leases payable		-		1,185,524		999,841		-			2,185,365		-		-		-			2,185,365
Policy benefits and losses, claims and loss expenses payable		-		372,049		-		-			372,049		280,373		421,066		-			1,073,488
Liabilities from investment contracts		-		-		-		-			-		-		643,066		-			643,066
Other policyholders' funds and liabilities		-		-		-		-			-		4,313		5,502		-			9,815
Deferred income		-		39,121		-		-			39,121		-		-		-			39,121
Deferred income taxes		466,503		-		-		-			466,503		(28,868	)	14,763		-			452,398
Related party liabilities		-		640,777		474,021		(1,099,735	)(c)		15,063		2,438		490		(17,991	)(c)		-
Total liabilities		503,491		2,642,378		1,478,910		(1,099,735	)		3,525,044		258,256		1,088,916		(17,991	)		4,854,225
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		446,073		121,230		147,941		(269,171	)(b)		446,073		91,120		26,271		(117,601	)(b)		445,863
Accumulated other comprehensive income (loss)		(33,048	)	(56,338	)	-		56,338	(b)		(33,048	)	4,487		18,801		(23,288	)(b)		(33,048	)
Retained earnings (deficit)		1,929,717		299,456		(282,879	)	(16,577	)(b)		1,929,717		53,198		196,702		(249,690	)(b)		1,929,927
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		-		(1,132	)	-		-			(1,132	)	-		-		-			(1,132	)
Total stockholders' equity (deficit)		1,675,589		363,217		(134,937	)	(229,412	)		1,674,457		152,106		244,274		(396,380	)		1,674,457
Total liabilities and stockholders' equity	$	2,179,080	$	3,005,595	$	1,343,973	$	(1,329,147	)	$	5,199,501	$	410,362	$	1,333,190	$	(414,371	)	$	6,528,682
(a) Balances as of March 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 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	$	321,544	$	140,844	$	2,322	$	-		$	464,710	$	12,758	$	17,644	$	-		$	495,112
Reinsurance recoverables and trade receivables, net		-		28,784		177		-			28,961		142,335		28,026		-			199,322
Inventories, net		-		67,020		-		-			67,020		-		-		-			67,020
Prepaid expenses		18,537		36,236		496		-			55,269		-		-		-			55,269
Investments, fixed maturities and marketable equities		-		-		-		-			-		192,173		946,102		-			1,138,275
Investments, other		-		1,653		31,197		-			32,850		54,674		161,326		-			248,850
Deferred policy acquisition costs, net		-		-		-		-			-		-		118,707		-			118,707
Other assets		159		59,746		33,952		-			93,857		1,991		1,740		-			97,588
Related party assets		1,150,671		115,657		9		(1,093,830	)(c)		172,507		13,011		515		(16,409	)(c)		169,624
		1,490,911		449,940		68,153		(1,093,830	)		915,174		416,942		1,274,060		(16,409	)		2,589,767
Investment in subsidiaries		493,612		-		-		(120,122	)(b)		373,490		-		-		(373,490	)(b)		-
Property, plant and equipment, at cost:
Land		-		56,242		348,935		-			405,177		-		-		-			405,177
Buildings and improvements		-		205,762		1,224,568		-			1,430,330		-		-		-			1,430,330
Furniture and equipment		72		311,053		10,963		-			322,088		-		-		-			322,088
Rental trailers and other rental equipment		-		373,325		-		-			373,325		-		-		-			373,325
Rental trucks		-		2,610,797		-		-			2,610,797		-		-		-			2,610,797
		72		3,557,179		1,584,466		-			5,141,717		-		-		-			5,141,717
Less:  Accumulated depreciation		(56	)	(1,349,920	)	(382,530	)	-			(1,732,506	)	-		-		-			(1,732,506	)
Total property, plant and equipment		16		2,207,259		1,201,936		-			3,409,211		-		-		-			3,409,211
Total assets	$	1,984,539	$	2,657,199	$	1,270,089	$	(1,213,952	)	$	4,697,875	$	416,942	$	1,274,060	$	(389,899	)	$	5,998,978
(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 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	$	657	$	351,050	$	4,504	$	-		$	356,211	$	-	$	1,743	$	-		$	357,954
Notes, loans and leases payable		-		1,060,240		882,119		-			1,942,359		-		-		-			1,942,359
Policy benefits and losses, claims and loss expenses payable		-		370,668		-		-			370,668		295,216		416,714		-			1,082,598
Liabilities from investment contracts		-		-		-		-			-		-		616,725		-			616,725
Other policyholders' funds and liabilities		-		-		-		-			-		3,732		4,256		-			7,988
Deferred income		-		31,390		-		-			31,390		-		-		-			31,390
Deferred income taxes		455,295		-		-		-			455,295		(30,440	)	7,741		-			432,596
Related party liabilities		-		588,919		519,495		(1,093,830	)(c)		14,584		1,647		178		(16,409	)(c)		-
Total liabilities		455,952		2,402,267		1,406,118		(1,093,830	)		3,170,507		270,155		1,047,357		(16,409	)		4,471,610
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		444,420		121,230		147,941		(269,171	)(b)		444,420		91,120		26,271		(117,601	)(b)		444,210
Accumulated other comprehensive income (loss)		(53,923	)	(59,914	)	-		59,914	(b)		(53,923	)	1,782		4,210		(5,992	)(b)		(53,923	)
Retained earnings (deficit)		1,805,243		194,834		(283,971	)	89,137	(b)		1,805,243		50,584		193,722		(244,096	)(b)		1,805,453
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		-		(1,219	)	-		-			(1,219	)	-		-		-			(1,219	)
Total stockholders' equity (deficit)		1,528,587		254,932		(136,029	)	(120,122	)		1,527,368		146,787		226,703		(373,490	)		1,527,368
Total liabilities and stockholders' equity	$	1,984,539	$	2,657,199	$	1,270,089	$	(1,213,952	)	$	4,697,875	$	416,942	$	1,274,060	$	(389,899	)	$	5,998,978
(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended June 30, 2014 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	$	-	$	581,400	$	-	$	-		$	581,400	$	-	$	-	$	(692	)(c)	$	580,708
Self-storage revenues		-		48,851		283		-			49,134		-		-		-			49,134
Self-moving and self-storage products and service sales		-		74,479		-		-			74,479		-		-		-			74,479
Property management fees		-		5,677		-		-			5,677		-		-		-			5,677
Life insurance premiums		-		-		-		-			-		-		37,930		-			37,930
Property and casualty insurance premiums		-		-		-		-			-		9,618		-		-			9,618
Net investment and interest income		1,239		1,957		1,281		-			4,477		2,794		13,965		(190	)(b)		21,046
Other revenue		-		46,629		27,888		(29,530	)(b)		44,987		-		725		(116	)(b)		45,596
Total revenues		1,239		758,993		29,452		(29,530	)		760,154		12,412		52,620		(998	)		824,188
Costs and expenses:
Operating expenses		1,938		368,524		3,607		(29,530	)(b)		344,539		5,801		5,666		(799	)(b,c)		355,207
Commission expenses		-		79,665		-		-			79,665		-		-		-			79,665
Cost of sales		-		41,628		-		-			41,628		-		-		-			41,628
Benefits and losses		-		-		-		-			-		2,589		38,195		-			40,784
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,184		-			4,184
Lease expense		22		22,476		16		-			22,514		-		-		(44	)(b)		22,470
Depreciation, net of (gains) losses on disposals		1		56,010		5,040		-			61,051		-		-		-			61,051
Total costs and expenses		1,961		568,303		8,663		(29,530	)		549,397		8,390		48,045		(843	)		604,989
Earnings (loss) from operations before equity in earnings of subsidiaries		(722	)	190,690		20,789		-			210,757		4,022		4,575		(155	)		219,199
Equity in earnings of subsidiaries		111,308		-		-		(105,714	)(d)		5,594		-		-		(5,594	)(d)		-
Earnings from operations		110,586		190,690		20,789		(105,714	)		216,351		4,022		4,575		(5,749	)		219,199
Interest income (expense)		21,620		(26,899	)	(19,024	)	-			(24,303	)	-		-		155	(b)		(24,148	)
Pretax earnings		132,206		163,791		1,765		(105,714	)		192,048		4,022		4,575		(5,594	)		195,051
Income tax expense		(7,732	)	(59,169	)	(673	)	-			(67,574	)	(1,408	)	(1,595	)	-			(70,577	)
Earnings available to common shareholders	$	124,474	$	104,622	$	1,092	$	(105,714	)	$	124,474	$	2,614	$	2,980	$	(5,594	)	$	124,474
(a) Balances for the quarter ended March 31, 2014
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the quarter ended June 30, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	522,083	$	-	$	-		$	522,083	$	-	$	-	$	(434	)(c)	$	521,649
Self-storage revenues		-		41,822		277		-			42,099		-		-		-			42,099
Self-moving and self-storage products and service sales		-		70,691		-		-			70,691		-		-		-			70,691
Property management fees		-		5,161		-		-			5,161		-		-		-			5,161
Life insurance premiums		-		-		-		-			-		-		41,062		-			41,062
Property and casualty insurance premiums		-		-		-		-			-		7,966		-		-			7,966
Net investment and interest income		1,238		2,170		1		-			3,409		2,477		13,222		(119	)(b)		18,989
Other revenue		-		42,530		24,569		(26,139	)(b)		40,960		-		495		(115	)(b)		41,340
Total revenues		1,238		684,457		24,847		(26,139	)		684,403		10,443		54,779		(668	)		748,957
Costs and expenses:
Operating expenses		2,221		323,007		2,622		(26,139	)(b)		301,711		4,096		6,360		(540	)(b,c)		311,627
Commission expenses		-		68,627		-		-			68,627		-		-		-			68,627
Cost of sales		-		35,570		-		-			35,570		-		-		-			35,570
Benefits and losses		-		-		-		-			-		1,957		40,676		-			42,633
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,683		-			3,683
Lease expense		23		26,998		32		-			27,053		-		-		(46	)(b)		27,007
Depreciation, net of (gains) losses on disposals		1		54,166		3,267		-			57,434		-		-		-			57,434
Total costs and expenses		2,245		508,368		5,921		(26,139	)		490,395		6,053		50,719		(586	)		546,581
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,007	)	176,089		18,926		-			194,008		4,390		4,060		(82	)		202,376
Equity in earnings of subsidiaries		99,795		-		-		(94,287	)(d)		5,508		-		-		(5,508	)(d)		-
Earnings from operations		98,788		176,089		18,926		(94,287	)		199,516		4,390		4,060		(5,590	)		202,376
Interest income (expense)		21,932		(30,044	)	(15,298	)	-			(23,410	)	-		-		82	(b)		(23,328	)
Pretax earnings		120,720		146,045		3,628		(94,287	)		176,106		4,390		4,060		(5,508	)		179,048
Income tax expense		(7,752	)	(53,996	)	(1,390	)	-			(63,138	)	(1,537	)	(1,405	)	-			(66,080	)
Earnings available to common shareholders	$	112,968	$	92,049	$	2,238	$	(94,287	)	$	112,968	$	2,853	$	2,655	$	(5,508	)	$	112,968
(a) Balances for the quarter ended March 31, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 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	$	124,474	$	104,622	$	1,092	$	(105,714	)	$	124,474	$	2,614	$	2,980	$	(5,594	)	$	124,474
Earnings from consolidated entities		(111,308	)	-		-		105,714			(5,594	)	-		-		5,594			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		1		78,949		5,060		-			84,010		-		-		-			84,010
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,184		-			4,184
Change in allowance for losses on trade receivables		-		18		-		-			18		-		4		-			22
Change in allowance for inventory reserve		-		(1,760	)	-		-			(1,760	)	-		-		-			(1,760	)
Net gain on sale of real and personal property		-		(22,939	)	(20	)	-			(22,959	)	-		-		-			(22,959	)
Net (gain) loss on sale of investments		-		-		-		-			-		(127	)	(747	)	-			(874	)
Deferred income taxes		10,697		-		-		-			10,697		115		1,595		-			12,407
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(13,561	)	-		-			(13,561	)	13,888		(1,044	)	-			(717	)
Inventories		-		(561	)	-		-			(561	)	-		-		-			(561	)
Prepaid expenses		18,537		(12,966	)	(203	)	-			5,368		-		-		-			5,368
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(6,575	)	-			(6,575	)
Other assets		(2	)	561		(8,046	)	-			(7,487	)	721		(48	)	-			(6,814	)
Related party assets		(526	)	9,381		-		-			8,855		(885	)	-		119	(b)		8,089
Accounts payable and accrued expenses		37,987		53,943		543		-			92,473		-		1,531		-			94,004
Policy benefits and losses, claims and loss expenses payable		-		613		-		-			613		(14,843	)	4,352		-			(9,878	)
Other policyholders' funds and liabilities		-		-		-		-			-		581		1,246		-			1,827
Deferred income		-		7,683		-		-			7,683		-		-		-			7,683
Related party liabilities		-		1,040		(22	)	-			1,018		668		311		(119	)(b)		1,878
Net cash provided (used) by operating activities		79,860		205,023		(1,596	)	-			283,287		2,732		7,789		-			293,808
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(273,863	)	(70,125	)	-			(343,988	)	-		-		-			(343,988	)
Short term investments		-		-		-		-			-		(13,040	)	(49,253	)	-			(62,293	)
Fixed maturities investments		-		-		-		-			-		(19,217	)	(50,209	)	-			(69,426	)
Equity securities		-		-		-		-			-		(3,281	)	-		-			(3,281	)
Preferred stock		-		-		-		-			-		(2	)	-		-			(2	)
Real estate		-		-		-		-			-		-		(4,211	)	-			(4,211	)
Mortgage loans		-		-		(3,719	)	-			(3,719	)	(1,350	)	-		-			(5,069	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		128,969		20		-			128,989		-		-		-			128,989
Short term investments		-		-		-		-			-		20,051		42,580		-			62,631
Fixed maturities investments		-		-		-		-			-		11,626		13,998		-			25,624
Equity securities		-		-		-		-			-		2,009		-		-			2,009
Preferred stock		-		-		-		-			-		-		1,000		-			1,000
Mortgage loans		-		1,653		6,501		-			8,154		243		3,672		-			12,069
Net cash provided (used) by investing activities		-		(143,241	)	(67,323	)	-			(210,564	)	(2,961	)	(42,423	)	-			(255,948	)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2014
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 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		-		56,470		150,682		-		207,152		-		-		-		207,152
Principal repayments on credit facilities		-		(19,504	)	(32,960	)	-		(52,464	)	-		-		-		(52,464	)
Debt issuance costs		-		(31	)	(2,391	)	-		(2,422	)	-		-		-		(2,422	)
Capital lease payments		-		(18,007	)	-		-		(18,007	)	-		-		-		(18,007	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		87		-		-		87		-		-		-		87
Proceeds from (repayment of) intercompany loans		(4,856	)	50,308		(45,452	)	-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		37,892		-		37,892
Investment contract withdrawals		-		-		-		-		-		-		(11,551	)	-		(11,551	)
Net cash provided (used) by financing activities		(4,856	)	69,323		69,879		-		134,346		-		26,341		-		160,687
Effects of exchange rate on cash		-		(1,074	)	-		-		(1,074	)	-		-		-		(1,074	)
Increase (decrease) in cash and cash equivalents		75,004		130,031		960		-		205,995		(229	)	(8,293	)	-		197,473
Cash and cash equivalents at beginning of period		321,544		140,844		2,322		-		464,710		12,758		17,644		-		495,112
Cash and cash equivalents at end of period	$	396,548	$	270,875	$	3,282	$	-	$	670,705	$	12,529	$	9,351	$	-	$	692,585
		(page 2 of 2)
(a) Balance for the period ended March 31, 2014

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2013 are as follows:

	Moving & Storage										AMERCO Legal Group
	AMERCO		U-Haul		Real Estate		Elimination		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
	(Unaudited)
Cash flows from operating activities:	(In thousands)
Net earnings	$ 112,968	$	92,049	$	2,238	$	(94,287	)	$   112,968		$   2,853	$	$   2,655	$	$  (5,508)		$   112,968
Earnings from consolidated entities	(99,795	)	-		-		94,287		(5,508	)	-		-		5,508		-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	1		65,055		3,943		-		68,999		-		-		-		68,999
Amortization of deferred policy acquisition costs	-		-		-		-		-		-		3,683		-		3,683
Change in allowance for losses on trade receivables	-		(14	)	-		-		(14	)	-		-		-		(14	)
Change in allowance for inventory reserve	-		(935	)	-		-		(935	)	-		-		-		(935	)
Net gain on sale of real and personal property	-		(10,889	)	(676	)	-		(11,565	)	-		-		-		(11,565	)
Net gain on sale of investments	(6	)	-		-		-		(6	)	(258	)	(1,512	)	-		(1,776	)
Deferred income taxes	27,824		-		-		-		27,824		875		3,129		-		31,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	-		(21,081	)	-		-		(21,081	)	520		(2,154	)	-		(22,715	)
Inventories	-		(973	)	-		-		(973	)	-		-		-		(973	)
Prepaid expenses	22,475		(7,723	)	(679	)	-		14,073		-		25		-		14,098
Capitalization of deferred policy acquisition costs	-		-		-		-		-		-		(7,808	)	-		(7,808	)
Other assets	-		(1,172	)	(3,467	)	-		(4,639	)	190		(83	)	-		(4,532	)
Related party assets	552		24,213		-		-		24,765		(96	)	-		209	(b)	24,878
Accounts payable and accrued expenses	8,633		10,400		(126	)	-		18,907		-		(745	)	-		18,162
Policy benefits and losses, claims and loss expenses payable	-		(5,590	)	-		-		(5,590	)	1,326		5,873		-		1,609
Other policyholders' funds and liabilities	-		-		-		-		-		(501	)	321		-		(180	)
Deferred income	-		7,584		-		-		7,584		-		-		-		7,584
Related party liabilities	-		1,158		4,313		-		5,471		467		233		(209	)(b)	5,962
Net cash provided (used) by operating activities	72,652		152,082		5,546		-		230,280		5,376		3,617		-		239,273
Cash flows from investing activities:
Purchases of:
Property, plant and equipment	-		(156,306	)	(118,850	)	-		(275,156	)	-		-		-		(275,156	)
Short term investments	-		-		-		-		-		(16,298	)	(48,354	)	-		(64,652	)
Fixed maturities investments	-		-		-		-		-		(14,285	)	(52,570	)	-		(66,855	)
Equity securities	-		-		-		-		-		(388	)	-		-		(388	)
Preferred stock	-		-		-		-		-		(634	)	-		-		(634	)
Real estate	-		-		-		-		-		-		(131	)	-		(131	)
Mortgage loans	-		(1,580	)	(6,500	)	2,514	(b)	(5,566	)	-		(5,785	)	1,553	(b)	(9,798	)
Proceeds from sales and paydown's of:
Property, plant and equipment	-		92,112		1,127		-		93,239		-		-		-		93,239
Short term investments	-		-		-		-		-		14,570		50,248		-		64,818
Fixed maturities investments	-		-		-		-		-		5,213		36,278		-		41,491
Equity securities	516		-		-		-		516		388		-		-		904
Preferred stock	-		-		-		-		-		2,295		1,000		-		3,295
Mortgage loans	-		1,680		21,466		(2,514	)(b)	20,632		221		852		(1,553	)(b)	20,152
Net cash provided (used) by investing activities	516		(64,094	)	(102,757	)	-		(166,335	)	(8,918	)	(18,462	)	-		(193,715	)
	(page 1 of 2)
(a) Balance for the period ended March 31, 2013
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2013 are as follows:

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