Consolidating Financial Information by Industry Segment

6 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

10. Consolidating Financial Information by Industry Segment

AMERCO's three reportable segments are:

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

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

Life Insurance, comprised of Oxford and its subsidiaries.

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

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

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

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of September 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	$	511,053	$	318,572	$	3,777	$	-		$	833,402	$	8,364	$	7,380	$	-		$	849,146
Reinsurance recoverables and trade receivables, net		-		30,598		177		-			30,775		126,274		29,096		-			186,145
Inventories, net		-		69,240		-		-			69,240		-		-		-			69,240
Prepaid expenses		-		39,933		1,243		-			41,176		-		-		-			41,176
Investments, fixed maturities and marketable equities		-		-		-		-			-		212,586		1,047,545		-			1,260,131
Investments, other		-		-		28,227		-			28,227		55,109		178,478		-			261,814
Deferred policy acquisition costs, net		-		-		-		-			-		-		113,943		-			113,943
Other assets		161		59,125		52,234		-			111,520		1,189		2,598		-			115,307
Related party assets		1,027,924		111,924		4		(971,095	)(c)		168,757		14,562		476		(16,796	)(c)		166,999
		1,539,138		629,392		85,662		(971,095	)		1,283,097		418,084		1,379,516		(16,796	)		3,063,901
Investment in subsidiaries		781,094		-		-		(361,287	)(b)		419,807		-		-		(419,807	)(b)		-
Property, plant and equipment, at cost:
Land		-		64,080		382,267		-			446,347		-		-		-			446,347
Buildings and improvements		-		245,955		1,322,549		-			1,568,504		-		-		-			1,568,504
Furniture and equipment		73		316,724		16,062		-			332,859		-		-		-			332,859
Rental trailers and other rental equipment		-		418,590		-		-			418,590		-		-		-			418,590
Rental trucks		-		2,873,062		-		-			2,873,062		-		-		-			2,873,062
		73		3,918,411		1,720,878		-			5,639,362		-		-		-			5,639,362
Less:  Accumulated depreciation		(59	)	(1,443,431	)	(389,982	)	-			(1,833,472	)	-		-		-			(1,833,472	)
Total property, plant and equipment		14		2,474,980		1,330,896		-			3,805,890		-		-		-			3,805,890
Total assets	$	2,320,246	$	3,104,372	$	1,416,558	$	(1,332,382	)	$	5,508,794	$	418,084	$	1,379,516	$	(436,603	)	$	6,869,791
(a) Balances as of June 30, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 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	$	556	$	375,178	$	5,483	$	-		$	381,217	$	-	$	6,627	$	-		$	387,844
Notes, loans and leases payable		-		1,314,130		1,068,193		-			2,382,323		-		-		-			2,382,323
Policy benefits and losses, claims and loss expenses payable		-		378,609		-		-			378,609		277,270		422,500		-			1,078,379
Liabilities from investment contracts		-		-		-		-			-		-		664,221		-			664,221
Other policyholders' funds and liabilities		-		-		-		-			-		4,137		5,206		-			9,343
Deferred income		-		33,332		-		-			33,332		-		-		-			33,332
Deferred income taxes		476,385		-		-		-			476,385		(24,858	)	20,569		-			472,096
Related party liabilities		-		504,853		480,917		(971,095	)(c)		14,675		1,982		139		(16,796	)(c)		-
Total liabilities		476,941		2,606,102		1,554,593		(971,095	)		3,666,541		258,531		1,119,262		(16,796	)		5,027,538
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		447,695		121,230		147,941		(269,171	)(b)		447,695		91,120		26,271		(117,601	)(b)		447,485
Accumulated other comprehensive income (loss)		(23,201	)	(59,834	)	-		59,834	(b)		(23,201	)	7,403		29,231		(36,634	)(b)		(23,201	)
Retained earnings (deficit)		2,085,964		437,925		(285,977	)	(151,948	)(b)		2,085,964		57,729		202,252		(259,771	)(b)		2,086,174
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		-		(1,052	)	-		-			(1,052	)	-		-		-			(1,052	)
Total stockholders' equity (deficit)		1,843,305		498,270		(138,035	)	(361,287	)		1,842,253		159,553		260,254		(419,807	)		1,842,253
Total liabilities and stockholders' equity	$	2,320,246	$	3,104,372	$	1,416,558	$	(1,332,382	)	$	5,508,794	$	418,084	$	1,379,516	$	(436,603	)	$	6,869,791
(a) Balances as of June 30, 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 September 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	$	-	$	654,528	$	-	$	-		$	654,528	$	-	$	-	$	(994	)(c)	$	653,534
Self-storage revenues		-		52,692		294		-			52,986		-		-		-			52,986
Self-moving and self-storage products and service sales		-		68,043		-		-			68,043		-		-		-			68,043
Property management fees		-		5,796		-		-			5,796		-		-		-			5,796
Life insurance premiums		-		-		-		-			-		-		39,041		-			39,041
Property and casualty insurance premiums		-		-		-		-			-		12,463		-		-			12,463
Net investment and interest income		1,214		1,998		258		-			3,470		4,068		14,518		(200	)(b)		21,856
Other revenue		-		53,044		28,502		(30,224	)(b)		51,322		-		1,564		(114	)(b)		52,772
Total revenues		1,214		836,101		29,054		(30,224	)		836,145		16,531		55,123		(1,308	)		906,491
Costs and expenses:
Operating expenses		1,846		397,637		3,507		(30,224	)(b)		372,766		6,711		5,592		(1,099	)(b,c)		383,970
Commission expenses		-		76,160		-		-			76,160		-		-		-			76,160
Cost of sales		-		39,836		-		-			39,836		-		-		-			39,836
Benefits and losses		-		-		-		-			-		2,848		36,710		-			39,558
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,290		-			4,290
Lease expense		24		19,787		10		-			19,821		-		-		(46	)(b)		19,775
Depreciation, net of (gains) losses on disposals		2		61,177		5,887		-			67,066		-		-		-			67,066
Total costs and expenses		1,872		594,597		9,404		(30,224	)		575,649		9,559		46,592		(1,145	)		630,655
Earnings (loss) from operations before equity in earnings of subsidiaries		(658	)	241,504		19,650		-			260,496		6,972		8,531		(163	)		275,836
Equity in earnings of subsidiaries		145,452		-		-		(135,371	)(d)		10,081		-		-		(10,081	)(d)		-
Earnings from operations		144,794		241,504		19,650		(135,371	)		270,577		6,972		8,531		(10,244	)		275,836
Interest income (expense)		17,792		(22,242	)	(20,590	)	-			(25,040	)	-		-		163	(b)		(24,877	)
Fees and amortization on early extinguishment of debt		-		-		(4,081	)	-			(4,081	)	-		-		-			(4,081	)
Pretax earnings (loss)		162,586		219,262		(5,021	)	(135,371	)		241,456		6,972		8,531		(10,081	)		246,878
Income tax (expense) benefit		(6,339	)	(80,793	)	1,923		-			(85,209	)	(2,441	)	(2,981	)	-			(90,631	)
Earnings (loss) available to common shareholders	$	156,247	$	138,469	$	(3,098	)$	(135,371	)	$	156,247	$	4,531	$	5,550	$	(10,081	)	$	156,247
(a) Balances for the quarter ended June 30, 2014
(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, 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		(121	)(b)		53,774
Total revenues		1,277		772,249		25,803		(27,130	)		772,199		13,330		54,673		(979	)		839,223
Costs and expenses:
Operating expenses		2,064		374,566		2,888		(27,130	)(b)		352,388		4,419		5,582		(838	)(b,c)		361,551
Commission expenses		-		70,099		-		-			70,099		-		-		-			70,099
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		(883	)		599,257
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 statements of operations by industry for the six months ended September 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	$	-	$	1,230,695	$	-	$	-		$	1,230,695	$	-	$	-	$	(1,686	)(c)	$	1,229,009
Self-storage revenues		-		101,543		577		-			102,120		-		-		-			102,120
Self-moving and self-storage products and service sales		-		142,522		-		-			142,522		-		-		-			142,522
Property management fees		-		11,473		-		-			11,473		-		-		-			11,473
Life insurance premiums		-		-		-		-			-		-		76,971		-			76,971
Property and casualty insurance premiums		-		-		-		-			-		22,081		-		-			22,081
Net investment and interest income		2,453		3,955		1,539		-			7,947		6,862		28,483		(390	)(b)		42,902
Other revenue		-		99,673		56,390		(59,754	)(b)		96,309		-		2,289		(230	)(b)		98,368
Total revenues		2,453		1,589,861		58,506		(59,754	)		1,591,066		28,943		107,743		(2,306	)		1,725,446
Costs and expenses:
Operating expenses		3,784		774,253		7,114		(59,754	)(b)		725,397		12,512		11,258		(1,898	)(b,c)		747,269
Commission expenses		-		142,500		-		-			142,500		-		-		-			142,500
Cost of sales		-		81,464		-		-			81,464		-		-		-			81,464
Benefits and losses		-		-		-		-			-		5,437		74,905		-			80,342
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		8,474		-			8,474
Lease expense		46		42,263		26		-			42,335		-		-		(90	)(b)		42,245
Depreciation, net of (gains) losses on disposals		3		117,187		10,927		-			128,117		-		-		-			128,117
Total costs and expenses		3,833		1,157,667		18,067		(59,754	)		1,119,813		17,949		94,637		(1,988	)		1,230,411
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,380	)	432,194		40,439		-			471,253		10,994		13,106		(318	)		495,035
Equity in earnings of subsidiaries		256,760		-		-		(241,085	)(d)		15,675		-		-		(15,675	)(d)		-
Earnings from operations		255,380		432,194		40,439		(241,085	)		486,928		10,994		13,106		(15,993	)		495,035
Interest income (expense)		39,412		(49,141	)	(39,614	)	-			(49,343	)	-		-		318	(b)		(49,025	)
Fees and amortization on early extinguishment of debt		-		-		(4,081	)	-			(4,081	)	-		-		-			(4,081	)
Pretax earnings (loss)		294,792		383,053		(3,256	)	(241,085	)		433,504		10,994		13,106		(15,675	)		441,929
Income tax (expense) benefit		(14,071	)	(139,962	)	1,250		-			(152,783	)	(3,849	)	(4,576	)	-			(161,208	)
Earnings (loss) available to common shareholders	$	280,721	$	243,091	$	(2,006	)$	(241,085	)	$	280,721	$	7,145	$	8,530	$	(15,675	)	$	280,721
(a) Balances for the six months ended June 30, 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 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		(236	)(b)		95,114
Total revenues		2,515		1,456,706		50,650		(53,269	)		1,456,602		23,773		109,452		(1,647	)		1,588,180
Costs and expenses:
Operating expenses		4,285		704,910		5,510		(53,269	)(b)		661,436		8,515		11,942		(1,378	)(b,c)		680,515
Commission expenses		-		131,389		-		-			131,389		-		-		-			131,389
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		(1,469	)		1,145,838
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

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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 (loss)	$	280,721	$	243,091	$	(2,006	)$	(241,085	)	$	280,721	$	7,145	$	8,530	$	(15,675	)	$	280,721
Earnings from consolidated entities		(256,760	)	-		-		241,085			(15,675	)	-		-		15,675			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3		161,687		10,927		-			172,617		-		-		-			172,617
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		8,474		-			8,474
Change in allowance for losses on trade receivables		-		(209	)	-		-			(209	)	-		(10	)	-			(219	)
Change in allowance for inventory reserve		-		(960	)	-		-			(960	)	-		-		-			(960	)
Net gain on sale of real and personal property		-		(44,500	)	-		-			(44,500	)	-		-		-			(44,500	)
Net gain on sale of investments		-		-		-		-			-		(870	)	(1,918	)	-			(2,788	)
Deferred income taxes		18,872		-		-		-			18,872		2,556		1,784		-			23,212
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(1,605	)	-		-			(1,605	)	16,061		(1,060	)	-			13,396
Inventories		-		(1,260	)	-		-			(1,260	)	-		-		-			(1,260	)
Prepaid expenses		18,537		(3,778	)	(747	)	-			14,012		-		-		-			14,012
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(13,728	)	-			(13,728	)
Other assets		(2	)	661		(8,488	)	-			(7,829	)	802		(858	)	-			(7,885	)
Related party assets		(527	)	3,699		-		-			3,172		(1,395	)	-		393	(b)		2,170
Accounts payable and accrued expenses		3,173		25,865		979		-			30,017		-		5,902		-			35,919
Policy benefits and losses, claims and loss expenses payable		-		8,241		-		-			8,241		(17,946	)	5,787		-			(3,918	)
Other policyholders' funds and liabilities		-		-		-		-			-		405		951		-			1,356
Deferred income		-		1,962		-		-			1,962		-		-		-			1,962
Related party liabilities		-		674		(45	)	-			629		179		(40	)	(393	)(b)		375
Net cash provided (used) by operating activities		64,017		393,568		620		-			458,205		6,937		13,814		-			478,956
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(459,337	)	(140,014	)	-			(599,351	)	-		-		-			(599,351	)
Short term investments		-		-		-		-			-		(32,488	)	(97,806	)	-			(130,294	)
Fixed maturities investments		-		-		-		-			-		(27,323	)	(86,789	)	-			(114,112	)
Equity securities		-		-		-		-			-		(3,281	)	(426	)	-			(3,707	)
Preferred stock		-		-		-		-			-		(3	)	-		-			(3	)
Real estate		-		-		-		-			-		(3,812	)	(7,500	)	-			(11,312	)
Mortgage loans		-		-		(5,465	)	-			(5,465	)	(3,150	)	(12,574	)	-			(21,189	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		260,532		127		-			260,659		-		-		-			260,659
Short term investments		-		-		-		-			-		36,003		94,323		-			130,326
Fixed maturities investments		-		-		-		-			-		15,928		33,027		-			48,955
Equity securities		-		-		-		-			-		3,030		-		-			3,030
Preferred stock		-		-		-		-			-		-		1,000		-			1,000
Real estate		-		-		-		-			-		5		396		-			401
Mortgage loans		-		1,653		8,435		-			10,088		3,760		4,775		-			18,623
Net cash provided (used) by investing activities		-		(197,152	)	(136,917	)	-			(334,069	)	(11,331	)	(71,574	)	-			(416,974	)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2014
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 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		-		152,970		353,822		-		506,792		-		-		-		506,792
Principal repayments on credit facilities		-		(40,353	)	(167,748	)	-		(208,101	)	-		-		-		(208,101	)
Debt issuance costs		-		(53	)	(9,794	)	-		(9,847	)	-		-		-		(9,847	)
Capital lease payments		-		(40,694	)	-		-		(40,694	)	-		-		-		(40,694	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		167		-		-		167		-		-		-		167
Proceeds from (repayment of) intercompany loans		125,492		(86,964	)	(38,528	)	-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		71,571		-		71,571
Investment contract withdrawals		-		-		-		-		-		-		(24,075	)	-		(24,075	)
Net cash provided (used) by financing activities		125,492		(14,927	)	137,752		-		248,317		-		47,496		-		295,813
Effects of exchange rate on cash		-		(3,761	)	-		-		(3,761	)	-		-		-		(3,761	)
Increase (decrease) in cash and cash equivalents		189,509		177,728		1,455		-		368,692		(4,394	)	(10,264	)	-		354,034
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	$	511,053	$	318,572	$	3,777	$	-	$	833,402	$	8,364	$	7,380	$	-	$	849,146
		(page 2 of 2)
(a) Balance for the period ended June 30, 2014

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 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
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	)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2013
(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		-		-		-		-		-		-
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 period ended June 30, 2013