Consolidating Financial Information by Industry Segment

3 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

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.

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of September 30, 2011 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	$	289,563		$	131,044		$	818		$	-			$	421,425		$	16,812	$	9,922	$	-			$	448,159
Reinsurance recoverables and trade receivables, net		-			26,401			-			-				26,401			181,613		19,738		(2	)	(c)		227,750
Inventories, net		-			57,759			-			-				57,759			-		-		-				57,759
Prepaid expenses		5,426			43,088			386			-				48,900			-		-		-				48,900
Investments, fixed maturities and marketable equities		10,880			-			-			-				10,880			118,816		564,454		-				694,150
Investments, other		-			8,409			32,706			-				41,115			102,141		85,429		(750	)	(c)		227,935
Deferred policy acquisition costs, net		-			-			-			-				-			-		55,626		-				55,626
Other assets		695			77,839			28,125			-				106,659			502		338		-				107,499
Related party assets		1,072,200			241,951			96			(1,015,373	)	(c)		298,874			3,455		-		(6,313	)	(c)		296,016
		1,378,764			586,491			62,131			(1,015,373	)			1,012,013			423,339		735,507		(7,065	)			2,163,794
Investment in subsidiaries		(640	)		-			-			355,025		(b)		354,385			-		-		(354,385	)	(b)		-
Property, plant and equipment, at cost:
Land		-			51,451			199,856			-				251,307			-		-		-				251,307
Buildings and improvements		-			158,789			893,414			-				1,052,203			-		-		-				1,052,203
Furniture and equipment		167			285,885			18,351			-				304,403			-		-		-				304,403
Rental trailers and other rental equipment		-			254,522			-			-				254,522			-		-		-				254,522
Rental trucks		-			1,739,993			-			-				1,739,993			-		-		-				1,739,993
		167			2,490,640			1,111,621			-				3,602,428			-		-		-				3,602,428
Less:  Accumulated depreciation		(142	)		(1,011,475	)		(351,468	)		-				(1,363,085	)		-		-		-				(1,363,085	)
Total property, plant and equipment		25			1,479,165			760,153			-				2,239,343			-		-		-				2,239,343
Total assets	$	1,378,149		$	2,065,656		$	822,284		$	(660,348	)		$	3,605,741		$	423,339	$	735,507	$	(361,450	)		$	4,403,137
(a) Balances as of June 30, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of September 30, 2011 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	$	929		$	319,772		$	3,873		$	-			$	324,574		$	-		$	6,115	$	(18	)	(c)	$	330,671
Notes, loans and leases payable		-			752,425			728,161			-				1,480,586			-			-		(2,005	)	(c)		1,478,581
Policy benefits and losses, claims and loss expenses payable		-			391,316			-			-				391,316			289,970			280,228		-				961,514
Liabilities from investment contracts		-			-			-			-				-			-			238,116		-				238,116
Other policyholders' funds and liabilities		-			-			-			-				-			2,973			2,610		-				5,583
Deferred income		-			31,674			-			-				31,674			-			-		-				31,674
Deferred income taxes		368,052			-			-			-				368,052			(28,553	)		11,157		-				350,656
Related party liabilities		-			776,654			241,916			(1,015,373	)	(c)		3,197			1,653			192		(5,042	)	(c)		-
Total liabilities		368,981			2,271,841			973,950			(1,015,373	)			2,599,399			266,043			538,418		(7,065	)			3,396,795
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-				-
Series B preferred stock		-			-			-			-				-			-			-		-				-
Series A common stock		-			-			-			-				-			-			-		-				-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)		10,497
Additional paid-in capital		432,337			121,230			147,941			(269,171	)	(b)		432,337			89,620			26,271		(116,101	)	(b,d)		432,127
Accumulated other comprehensive income (loss)		(66,221	)		(73,073	)		-			73,073		(b)		(66,221	)		2,695			13,246		(15,941	)	(b)		(66,221	)
Retained earnings (deficit)		1,310,205			(252,056	)		(299,608	)		551,664		(b)		1,310,205			61,680			155,072		(216,542	)	(b,d)		1,310,415
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		-			(2,826	)		-			-				(2,826	)		-			-		-				(2,826	)
Total stockholders' equity (deficit)		1,009,168			(206,185	)		(151,666	)		355,025				1,006,342			157,296			197,089		(354,385	)			1,006,342
Total liabilities and stockholders' equity	$	1,378,149		$	2,065,656		$	822,284		$	(660,348	)		$	3,605,741		$	423,339		$	735,507	$	(361,450	)		$	4,403,137
(a) Balances as of June 30, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating balance sheets by industry segment as of March 31, 2011 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	$	250,104		$	72,634		$	757		$	-			$	323,495		$	14,700	$	37,301	$	-			$	375,496
Reinsurance recoverables and trade receivables, net		-			19,210			-			-				19,210			173,256		12,905		-				205,371
Inventories, net		-			59,942			-			-				59,942			-		-		-				59,942
Prepaid expenses		15,966			41,533			125			-				57,624			-		-		-				57,624
Investments, fixed maturities and marketable equities		22,946			-			-			-				22,946			126,240		518,620		(7,997	)	(d)		659,809
Investments, other		-			10,385			18,605			-				28,990			90,615		82,263		-				201,868
Deferred policy acquisition costs, net		-			-			-			-				-			-		52,870		-				52,870
Other assets		2,863			134,330			28,251			-				165,444			877		312		-				166,633
Related party assets		1,146,296			247,024			72			(1,089,457	)	(c)		303,935			2,801		-		(4,768	)	(c)		301,968
		1,438,175			585,058			47,810			(1,089,457	)			981,586			408,489		704,271		(12,765	)			2,081,581
Investment in subsidiaries		(138,714	)		-			-			482,025		(b)		343,311			-		-		(343,311	)	(b)		-
Property, plant and equipment, at cost:
Land		-			46,651			192,526			-				239,177			-		-		-				239,177
Buildings and improvements		-			150,585			874,084			-				1,024,669			-		-		-				1,024,669
Furniture and equipment		203			292,242			18,226			-				310,671			-		-		-				310,671
Rental trailers and other rental equipment		-			249,700			-			-				249,700			-		-		-				249,700
Rental trucks		-			1,611,763			-			-				1,611,763			-		-		-				1,611,763
		203			2,350,941			1,084,836			-				3,435,980			-		-		-				3,435,980
Less:  Accumulated depreciation		(176	)		(996,192	)		(345,039	)		-				(1,341,407	)		-		-		-				(1,341,407	)
Total property, plant and equipment		27			1,354,749			739,797			-				2,094,573			-		-		-				2,094,573
Total assets	$	1,299,488		$	1,939,807		$	787,607		$	(607,432	)		$	3,419,470		$	408,489	$	704,271	$	(356,076	)		$	4,176,154
(a) Balances as of December 31, 2010
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating balance sheets by industry segment as of March 31, 2011 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	$	854		$	294,387		$	3,729		$	-			$	298,970		$	-		$	5,036	$	-				$	304,006
Notes, loans and leases payable		-			693,801			704,041			-				1,397,842			-			-		-					1,397,842
Policy benefits and losses, claims and loss expenses payable		-			397,381			-			-				397,381			276,726			253,269		-					927,376
Liabilities from investment contracts		-			-			-			-				-			-			246,717		-					246,717
Other policyholders' funds and liabilities		-			-			-			-				-			4,820			3,907		-					8,727
Deferred income		-			27,209			-			-				27,209			-			-		-					27,209
Deferred income taxes		294,518			-			-			-				294,518			(29,519	)		6,541		(283	)	(d)			271,257
Related party liabilities		-			858,655			233,618			(1,089,457	)	(c)		2,816			1,816			136		(4,768	)	(c)			-
Total liabilities		295,372			2,271,433			941,388			(1,089,457	)			2,418,736			253,843			515,606		(5,051	)				3,183,134
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-			-			-			-				-			-			-		-					-
Series B preferred stock		-			-			-			-				-			-			-		-					-
Series A common stock		-			-			-			-				-			-			-		-					-
Common stock		10,497			540			1			(541	)	(b)		10,497			3,301			2,500		(5,801	)	(b)			10,497
Additional paid-in capital		432,611			121,230			147,941			(269,171	)	(b)		432,611			89,620			26,271		(123,290	)	(b,d	)		425,212
Accumulated other comprehensive income (loss)		(45,942	)		(57,328	)		-			57,328		(b)		(45,942	)		2,707			9,951		(13,183	)	(b,d	)		(46,467	)
Retained earnings (deficit)		1,139,792			(392,686	)		(301,723	)		694,409		(b)		1,139,792			59,018			149,943		(208,751	)	(b,d	)		1,140,002
Cost of common shares in treasury, net		(525,653	)		-			-			-				(525,653	)		-			-		-					(525,653	)
Cost of preferred shares in treasury, net		(7,189	)		-			-			-				(7,189	)		-			-		-					(7,189	)
Unearned employee stock ownership plan shares		-			(3,382	)		-			-				(3,382	)		-			-		-					(3,382	)
Total stockholders' equity (deficit)		1,004,116			(331,626	)		(153,781	)		482,025				1,000,734			154,646			188,665		(351,025	)				993,020
Total liabilities and stockholders' equity	$	1,299,488		$	1,939,807		$	787,607		$	(607,432	)		$	3,419,470		$	408,489		$	704,271	$	(356,076	)			$	4,176,154
(a) Balances as of December 31, 2010
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate intercompany preferred stock investment

Consolidating statement of operations by industry segment for the quarter ended September 30, 2011 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	$	-		$	512,073		$	-		$	-			$	512,073		$	-		$	-		$	(447	)	(c)		$	511,626
Self-storage revenues		-			33,710			298			-				34,008			-			-			-					34,008
Self-moving and self-storage products and service sales		-			59,768			-			-				59,768			-			-			-					59,768
Property management fees		-			4,826			-			-				4,826			-			-			-					4,826
Life insurance premiums		-			-			-			-				-			-			46,197			-					46,197
Property and casualty insurance premiums		-			-			-			-				-			8,749			-			-					8,749
Net investment and interest income		1,549			5,150			110			-				6,809			2,924			6,662			(494	)	(b,e	)		15,901
Other revenue		-			23,517			19,894			(21,277	)	(b)		22,134			-			333			(361	)	(b)			22,106
Total revenues		1,549			639,044			20,302			(21,277	)			639,618			11,673			53,192			(1,302	)				703,181
Costs and expenses:
Operating expenses		1,862			302,481			2,339			(21,277	)	(b)		285,405			3,620			6,115			(800	)	(b,c	)		294,340
Commission expenses		-			64,049			-			-				64,049			-			-			-					64,049
Cost of sales		-			32,446			-			-				32,446			-			-			-					32,446
Benefits and losses		-			-			-			-				-			5,856			38,606			-					44,462
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			2,675			-					2,675
Lease expense		21			32,990			7			-				33,018			-			-			(306	)	(b)			32,712
Depreciation, net of (gains) losses on disposals		2			44,620			3,442			-				48,064			-			-			-					48,064
Total costs and expenses		1,885			476,586			5,788			(21,277	)			462,982			9,476			47,396			(1,106	)				518,748
Equity in earnings of subsidiaries		86,685			-			-			(81,495	)	(d)		5,190			-			-			(5,190	)	(d)			-
Earnings from operations		86,349			162,458			14,514			(81,495	)			181,826			2,197			5,796			(5,386	)				184,433
Interest income (expense)		23,716			(34,131	)		(12,573	)		-				(22,988	)		-			-			25		(b)			(22,963	)
Pretax earnings		110,065			128,327			1,941			(81,495	)			158,838			2,197			5,796			(5,361	)				161,470
Income tax expense		(8,883	)		(47,881	)		(892	)		-				(57,656	)		(769	)		(2,034	)		-					(60,459	)
Net earnings		101,182			80,446			1,049			(81,495	)			101,182			1,428			3,762			(5,361	)				101,011
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			-					-
Less: Preferred stock dividends		-			-			-			-				-			-			-			164		(e)			164
Earnings available to common shareholders	$	101,182		$	80,446		$	1,049		$	(81,495	)		$	101,182		$	1,428		$	3,762		$	(5,197	)			$	101,175
(a) Balances for the quarter ended June 30, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating statements of operations by industry for the quarter ended September 30, 2010 are as follows:

	Moving & Storage													AMERCO Legal Group
	AMERCO			U-Haul			Real Estate			Eliminations				Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations					AMERCO Consolidated
	(Unaudited)
	(In thousands)
Revenues:
Self-moving equipment rentals	$	-		$	467,797		$	-		$	-			$	467,797		$	-		$	-		$	(669	)	(c)		$	467,128
Self-storage revenues		-			30,282			365			-				30,647			-			-			-					30,647
Self-moving and self-storage products and service sales		-			56,821			-			-				56,821			-			-			-					56,821
Property management fees		-			4,580			-			-				4,580			-			-			-					4,580
Life insurance premiums		-			-			-			-				-			-			40,022			-					40,022
Property and casualty insurance premiums		-			-			-			-				-			8,300			-			-					8,300
Net investment and interest income		1,283			5,142			-			-				6,425			2,096			4,789			(436	)	(b,e	)		12,874
Other revenue		-			17,841			19,286			(20,765	)	(b)		16,362			-			588			(346	)	(b)			16,604
Total revenues		1,283			582,463			19,651			(20,765	)			582,632			10,396			45,399			(1,451	)				636,976
Costs and expenses:
Operating expenses		1,816			276,725			2,328			(20,765	)	(b)		260,104			4,154			7,007			(1,006	)	(b,c	)		270,259
Commission expenses		-			57,613			-			-				57,613			-			-			-					57,613
Cost of sales		-			29,603			-			-				29,603			-			-			-					29,603
Benefits and losses		-			-			-			-				-			4,235			33,148			-					37,383
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			1,876			-					1,876
Lease expense		22			38,246			1			-				38,269			-			-			(305	)	(b)			37,964
Depreciation, net of (gains) losses on disposals		2			40,971			3,184			-				44,157			-			-			-					44,157
Total costs and expenses		1,840			443,158			5,513			(20,765	)			429,746			8,389			42,031			(1,311	)				478,855
Equity in earnings of subsidiaries		73,125			-			-			(69,567	)	(d)		3,558			-			-			(3,558	)	(d)			-
Earnings from operations		72,568			139,305			14,138			(69,567	)			156,444			2,007			3,368			(3,698	)				158,121
Interest income (expense)		20,288			(31,076	)		(11,000	)		-				(21,788	)		-			-			-					(21,788	)
Pretax earnings		92,856			108,229			3,138			(69,567	)			134,656			2,007			3,368			(3,698	)				136,333
Income tax expense		(7,497	)		(40,400	)		(1,400	)		-				(49,297	)		(702	)		(1,115	)		-					(51,114	)
Net earnings		85,359			67,829			1,738			(69,567	)			85,359			1,305			2,253			(3,698	)				85,219
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			(140	)				(140	)
Less: Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			140		(e)			(3,101	)
Earnings available to common shareholders	$	82,118		$	67,829		$	1,738		$	(69,567	)		$	82,118		$	1,305		$	2,253		$	(3,698	)			$	81,978
(a) Balances for the quarter ended June 30, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliate

Consolidating statements of operations by industry for the six months ended September 30, 2011 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	$	-		$	958,958		$	-		$	-			$	958,958		$	-		$	-		$	(784	)	(c)		$	958,174
Self-storage revenues		-			65,222			614			-				65,836			-			-			-					65,836
Self-moving and self-storage products and service sales		-			124,146			-			-				124,146			-			-			-					124,146
Property management fees		-			9,561			-			-				9,561			-			-			-					9,561
Life insurance premiums		-			-			-			-				-			-			97,196			-					97,196
Property and casualty insurance premiums		-			-			-			-				-			15,647			-			-					15,647
Net investment and interest income		3,268			10,310			260			-				13,838			5,158			15,200			(1,032	)	(b,e	)		33,164
Other revenue		-			45,048			39,641			(42,411	)	(b)		42,278			-			795			(651	)	(b)			42,422
Total revenues		3,268			1,213,245			40,515			(42,411	)			1,214,617			20,805			113,191			(2,467	)				1,346,146
Costs and expenses:
Operating expenses		4,590			580,209			4,718			(42,411	)	(b)		547,106			6,394			14,233			(1,418	)	(b,c	)		566,315
Commission expenses		-			121,001			-			-				121,001			-			-			-					121,001
Cost of sales		-			65,224			-			-				65,224			-			-			-					65,224
Benefits and losses		-			-			-			-				-			10,315			84,077			-					94,392
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			7,050			-					7,050
Lease expense		43			67,501			14			-				67,558			-			-			(612	)	(b)			66,946
Depreciation, net of (gains) losses on disposals		3			86,021			6,398			-				92,422			-			-			-					92,422
Total costs and expenses		4,636			919,956			11,130			(42,411	)			893,311			16,709			105,360			(2,030	)				1,013,350
Equity in earnings of subsidiaries		150,536			-			-			(142,745	)	(d)		7,791			-			-			(7,791	)	(d)			-
Earnings from operations		149,168			293,289			29,385			(142,745	)			329,097			4,096			7,831			(8,228	)				332,796
Interest income (expense)		48,183			(68,413	)		(25,475	)		-				(45,705	)		-			-			109		(b)			(45,596	)
Pretax earnings		197,351			224,876			3,910			(142,745	)			283,392			4,096			7,831			(8,119	)				287,200
Income tax expense		(17,789	)		(84,246	)		(1,795	)		-				(103,830	)		(1,434	)		(2,702	)		-					(107,966	)
Net earnings		179,562			140,630			2,115			(142,745	)			179,562			2,662			5,129			(8,119	)				179,234
Less: Excess of redemption value over carrying value of preferred shares redeemed		(5,908	)		-			-			-				(5,908	)		-			-			-					(5,908	)
Less: Preferred stock dividends		(3,241	)		-			-			-				(3,241	)		-			-			328		(e)			(2,913	)
Earnings available to common shareholders	$	170,413		$	140,630		$	2,115		$	(142,745	)		$	170,413		$	2,662		$	5,129		$	(7,791	)			$	170,413
(a) Balances for the six months ended June 30, 2011
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliates

Consolidating statements of operations by industry for the six months ended September 30, 2010 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	$	-		$	887,677		$	-		$	-			$	887,677		$	-		$	-		$	(1,086	)	(c)		$	886,591
Self-storage revenues		-			58,197			677			-				58,874			-			-			-					58,874
Self-moving and self-storage products and service sales		-			120,111			-			-				120,111			-			-			-					120,111
Property management fees		-			9,116			-			-				9,116			-			-			-					9,116
Life insurance premiums		-			-			-			-				-			-			77,825			-					77,825
Property and casualty insurance premiums		-			-			-			-				-			14,479			-			-					14,479
Net investment and interest income		2,494			10,221			-			-				12,715			4,011			10,321			(818	)	(b,e	)		26,229
Other revenue		20			32,013			38,658			(41,394	)	(b)		29,297			-			1,095			(694	)	(b)			29,698
Total revenues		2,514			1,117,335			39,335			(41,394	)			1,117,790			18,490			89,241			(2,598	)				1,222,923
Costs and expenses:
Operating expenses		3,895			537,382			4,591			(41,394	)	(b)		504,474			6,972			13,710			(1,763	)	(b,c	)		523,393
Commission expenses		-			109,782			-			-				109,782			-			-			-					109,782
Cost of sales		-			61,268			-			-				61,268			-			-			-					61,268
Benefits and losses		-			-			-			-				-			8,114			64,691			-					72,805
Amortization of deferred policy acquisition costs		-			-			-			-				-			-			4,069			-					4,069
Lease expense		47			77,187			6			-				77,240			-			-			(610	)	(b)			76,630
Depreciation, net of (gains) losses on disposals		4			83,578			5,164			-				88,746			-			-			-					88,746
Total costs and expenses		3,946			869,197			9,761			(41,394	)			841,510			15,086			82,470			(2,373	)				936,693
Equity in earnings of subsidiaries		127,062			-			-			(120,463	)	(d)		6,599			-			-			(6,599	)	(d)			-
Earnings from operations		125,630			248,138			29,574			(120,463	)			282,879			3,404			6,771			(6,824	)				286,230
Interest income (expense)		41,568			(63,952	)		(20,868	)		-				(43,252	)		-			-			-					(43,252	)
Pretax earnings		167,198			184,186			8,706			(120,463	)			239,627			3,404			6,771			(6,824	)				242,978
Income tax expense		(15,252	)		(68,698	)		(3,731	)		-				(87,681	)		(1,191	)		(2,385	)		-					(91,257	)
Net earnings		151,946			115,488			4,975			(120,463	)			151,946			2,213			4,386			(6,824	)				151,721
Less: Excess of redemption value over carrying value of preferred shares redeemed		-			-			-			-				-			-			-			(171	)				(171	)
Less: Preferred stock dividends		(6,482	)		-			-			-				(6,482	)		-			-			225		(e)			(6,257	)
Earnings available to common shareholders	$	145,464		$	115,488		$	4,975		$	(120,463	)		$	145,464		$	2,213		$	4,386		$	(6,770	)			$	145,293
(a) Balances for the six months ended June 30, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the six months ended September 30, 2011 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	$	179,562		$	140,630		$	2,115		$	(142,745	)	$	179,562		$	2,662		$	5,129		$	(8,119	)		$	179,234
Earnings from consolidated entities		(150,536	)		-			-			142,745			(7,791	)		-			-			7,791				-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		3			103,407			6,639			-			110,049			-			-			-				110,049
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			7,050			-				7,050
Change in allowance for losses on trade receivables		-			(18	)		-			-			(18	)		-			2			-				(16	)
Change in allowance for inventory reserve		-			2,008			-			-			2,008			-			-			-				2,008
Net gain on sale of real and personal property		-			(17,386	)		(241	)		-			(17,627	)		-			-			-				(17,627	)
Net gain on sale of investments		(488	)		-			-			-			(488	)		(645	)		(3,747	)		-				(4,880	)
Deferred income taxes		84,448			-			-			-			84,448			998			3,683			-				89,129
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(7,169	)		-			-			(7,169	)		(8,357	)		(6,834	)		-				(22,360	)
Inventories		-			177			-			-			177			-			-			-				177
Prepaid expenses		10,540			(1,577	)		(261	)		-			8,702			-			-			-				8,702
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(9,010	)		-				(9,010	)
Other assets		2,168			19,245			212			-			21,625			375			(27	)		-				21,973
Related party assets		14			5,048			(24	)		-			5,038			(667	)		-			1,273		(b)		5,644
Accounts payable and accrued expenses		1,598			8,331			105			-			10,034			-			1,311			(18	)	(b)		11,327
Policy benefits and losses, claims and loss expenses payable		-			(4,527	)		-			-			(4,527	)		13,244			26,959			-				35,676
Other policyholders' funds and liabilities		-			-			-			-			-			(1,847	)		(1,297	)		-				(3,144	)
Deferred income		-			4,558			-			-			4,558			-			-			-				4,558
Related party liabilities		-			384			-			-			384			(150	)		59			-				293
Net cash provided (used) by operating activities		127,309			253,111			8,545			-			388,965			5,613			23,278			927				418,783
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-			(321,109	)		(27,222	)		-			(348,331	)		-			-			-				(348,331	)
Short term investments		-			-			-			-			-			(33,880	)		(105,327	)		750		(b)		(138,457	)
Fixed maturities investments		-			-			-			-			-			(9,934	)		(127,187	)		-				(137,121	)
Equity securities		(8,855	)		-			-			-			(8,855	)		(201	)		-			-				(9,056	)
Preferred stock		-			-			-			-			-			(1,633	)		-			-				(1,633	)
Real estate		-			-			(5,062	)		-			(5,062	)		(84	)		-			-				(5,146	)
Mortgage loans		-			(75	)		(47,649	)		-			(47,724	)		(26,331	)		(17,734	)		26,177		(b)		(65,612	)
Proceeds from sales of:
Property, plant and equipment		-			109,781			508			-			110,289			-			-			-				110,289
Short term investments		-			-			-			-			-			36,889			117,137			-				154,026
Fixed maturities investments		-			-			-			-			-			11,478			85,532			-				97,010
Equity securities		8,800			-			-			-			8,800			1,410			-			-				10,210
Preferred stock		-			-			-			-			-			6,252			2,708			(7,708	)	(b)		1,252
Real estate		-			-			-			-			-			69			40			-				109
Mortgage loans		-			2,051			38,609			-			40,660			12,464			2,775			(26,177	)	(b)		29,722
Net cash provided (used) by investing activities		(55	)		(209,352	)		(40,816	)		-			(250,223	)		(3,501	)		(42,056	)		(6,958	)			(302,738	)
	(page 1 of 2)
(a) Balance for the six months ended June 30, 2011
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2011 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		-			111,674			68,598			-		180,272			-		-			(2,005	)	(b)		178,267
Principal repayments on credit facilities		-			(54,624	)		(44,478	)		-		(99,102	)		-		-			-				(99,102	)
Debt issuance costs		-			(1,230	)		(86	)		-		(1,316	)		-		-			-				(1,316	)
Capital lease payments		-			(3,505	)		-			-		(3,505	)		-		-			-				(3,505	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			556			-			-		556			-		-			-				556
Proceeds from (repayment of) intercompany loans		67,961			(76,259	)		8,298			-		-			-		-			-				-
Securitization deposits		-			38,428			-			-		38,428			-		-			-				38,428
Preferred stock redemption paid		(151,997	)		-			-			-		(151,997	)		-		-			7,708		(b)		(144,289	)
Preferred stock dividends paid		(3,241	)		-			-			-		(3,241	)		-		-			328		(c)		(2,913	)
Contribution to related party		(518	)		-			-			-		(518	)		-		-			-				(518	)
Investment contract deposits		-			-			-			-		-			-		6,070			-				6,070
Investment contract withdrawals		-			-			-			-		-			-		(14,671	)		-				(14,671	)
Net cash provided (used) by financing activities		(87,795	)		15,040			32,332			-		(40,423	)		-		(8,601	)		6,031				(42,993	)
Effects of exchange rate on cash		-			(389	)		-			-		(389	)		-		-			-				(389	)
Increase (decrease) in cash and cash equivalents		39,459			58,410			61			-		97,930			2,112		(27,379	)		-				72,663
Cash and cash equivalents at beginning of period		250,104			72,634			757			-		323,495			14,700		37,301			-				375,496
Cash and cash equivalents at end of period	$	289,563		$	131,044		$	818		$	-	$	421,425		$	16,812	$	9,922		$	-			$	448,159
	(page 2 of 2)
(a) Balance for the six months ended June 30, 2011
(b) Elimination of intercompany investments
(c) Eliminate preferred stock dividends paid to affiliates

Consolidating cash flow statements by industry segment for the six months ended September 30, 2010 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	$	151,946		$	115,488		$	4,975		$	(120,463	)	$	151,946		$	2,213		$	4,386		$	(6,824	)	$	151,721
Earnings from consolidated entities		(127,062	)		-			-			120,463			(6,599	)		-			-			6,599			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		4			99,673			6,378			-			106,055			-			-			-			106,055
Amortization of deferred policy acquisition costs		-			-			-			-			-			-			4,069			-			4,069
Change in allowance for losses on trade receivables		-			(25	)		-			-			(25	)		-			1			-			(24	)
Change in allowance for inventory reserve		-			840			-			-			840			-			-			-			840
Net gain on sale of real and personal property		-			(16,095	)		(1,214	)		-			(17,309	)		-			-			-			(17,309	)
Net gain on sale of investments		-			-			-			-			-			(36	)		(1,293	)		-			(1,329	)
Deferred income taxes		54,034			-			-			-			54,034			864			2,193			-			57,091
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-			(2,407	)		-			-			(2,407	)		(3,592	)		30			-			(5,969	)
Inventories		-			(3,662	)		-			-			(3,662	)		-			-			-			(3,662	)
Prepaid expenses		-			5,518			(543	)		-			4,975			-			-			-			4,975
Capitalization of deferred policy acquisition costs		-			-			-			-			-			-			(7,377	)		-			(7,377	)
Other assets		2			(602	)		845			-			245			314			207			-			766
Related party assets		286			7,602			(35	)		-			7,853			(1,143	)		-			-			6,710
Accounts payable and accrued expenses		(2,792	)		21,114			(52	)		-			18,270			-			1,832			-			20,102
Policy benefits and losses, claims and loss expenses payable		-			11,139			-			-			11,139			2,872			25,441			-			39,452
Other policyholders' funds and liabilities		-			-			-			-			-			(953	)		(578	)		-			(1,531	)
Deferred income		-			2,399			-			-			2,399			-			-			-			2,399
Related party liabilities		-			53			-			-			53			626			14			-			693
Net cash provided (used) by operating activities		76,418			241,035			10,354			-			327,807			1,165			28,925			(225	)		357,672
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1	)		(251,606	)		(22,633	)		-			(274,240	)		-			-			-			(274,240	)
Short term investments		-			-			-			-			-			(38,243	)		(71,542	)		-			(109,785	)
Fixed maturities investments		-			-			-			-			-			(24,350	)		(98,154	)		-			(122,504	)
Equity securities		(5,746	)		-			-			-			(5,746	)		(3,297	)		-			-			(9,043	)
Preferred stock		-			-			-			-			-			(9,305	)		(2,597	)		-			(11,902	)
Real estate		-			-			(1,647	)		-			(1,647	)		(56	)		(81	)		-			(1,784	)
Mortgage loans		-			-			-			-			-			(1,297	)		(11	)		-			(1,308	)
Proceeds from sales of:
Property, plant and equipment		-			120,790			1,367			-			122,157			-			-			-			122,157
Short term investments		-			-			-			-			-			73,980			104,481			-			178,461
Fixed maturities investments		-			-			-			-			-			8,142			48,699			-			56,841
Equity securities		-			-			-			-			-			133			-			-			133
Real estate		-			610			-			-			610			73			-			-			683
Mortgage loans		-			-			-			-			-			37			1,384			-			1,421
Net cash provided (used) by investing activities		(5,747	)		(130,206	)		(22,913	)		-			(158,866	)		5,817			(17,821	)		-			(170,870	)
	(page 1 of 2)
(a) Balance for the six months ended June 30, 2010

Continuation of consolidating cash flow statements by industry segment for the six months ended September 30, 2010 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		-			100,422			34,134			-		134,556			-		-			-			134,556
Principal repayments on credit facilities		-			(51,853	)		(157,567	)		-		(209,420	)		-		-			-			(209,420	)
Debt issuance costs		-			(89	)		-			-		(89	)		-		-			-			(89	)
Capital lease payments		-			(8,369	)		-			-		(8,369	)		-		-			-			(8,369	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-			592			-			-		592			-		-			-			592
Proceeds from (repayment of) intercompany loans		19,364			(156,102	)		136,738			-		-			-		-			-			-
Preferred stock dividends paid		(6,482	)		-			-			-		(6,482	)		-		-			225	(b)		(6,257	)
Investment contract deposits		-			-			-			-		-			-		5,875			-			5,875
Investment contract withdrawals		-			-			-			-		-			-		(17,409	)		-			(17,409	)
Net cash provided (used) by financing activities		12,882			(115,399	)		13,305			-		(89,212	)		-		(11,534	)		225			(100,521	)
Effects of exchange rate on cash		-			(569	)		-			-		(569	)		-		-			-			(569	)
Increase (decrease) in cash and cash equivalents		83,553			(5,139	)		746			-		79,160			6,982		(430	)		-			85,712
Cash and cash equivalents at beginning of period		100,460			107,241			4			-		207,705			22,126		14,287			-			244,118
Cash and cash equivalents at end of period	$	184,013		$	102,102		$	750		$	-	$	286,865		$	29,108	$	13,857		$	-		$	329,830
	(page 2 of 2)
(a) Balance for the six months ended June 30, 2010
(b) Eliminate preferred stock dividends paid to affiliate