Consolidating Financial Information by Industry Segment

12 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Note 22A. Consolidating Financial Information by Industry Segment

Note 22A.  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,
• 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.

Note 22A. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of March 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	327,119	$	98,926	$	1,515	$	-		$	427,560	$	14,120	$	22,064	$	-		$	463,744
Reinsurance recoverables and trade receivables, net		-		43,259		-		-			43,259		186,010		32,520		-			261,789
Inventories, net		-		56,396		-		-			56,396		-		-		-			56,396
Prepaid expenses		22,475		34,956		20		-			57,451		-		-		-			57,451
Investments, fixed maturities and marketable equities		21,228		-		-		-			21,228		160,455		913,655		-			1,095,338
Investments, other		-		100		50,553		-			50,653		65,212		125,900		-			241,765
Deferred policy acquisition costs, net		-		-		-		-			-		-		93,043		-			93,043
Other assets		118		69,671		28,828		-			98,617		1,212		157		-			99,986
Related party assets		1,032,124		127,751		9		(975,683	)(c)		184,201		8,846		514		(11,526	)(c)		182,035
		1,403,064		431,059		80,925		(975,683	)		939,365		435,855		1,187,853		(11,526	)		2,551,547
Investment in subsidiaries		240,080		(539	)	-		140,100	(b)		379,641		-		-		(379,641	)(b)		-
Property, plant and equipment, at cost:
Land		-		81,421		251,807		-			333,228		-		-		-			333,228
Buildings and improvements		-		184,053		1,013,822		-			1,197,875		-		-		-			1,197,875
Furniture and equipment		136		292,621		18,385		-			311,142		-		-		-			311,142
Rental trailers and other rental equipment		-		317,476		-		-			317,476		-		-		-			317,476
Rental trucks		-		2,154,688		-		-			2,154,688		-		-		-			2,154,688
		136		3,030,259		1,284,014		-			4,314,409		-		-		-			4,314,409
Less:  Accumulated depreciation		(116	)	(1,185,796	)	(373,443	)	-			(1,559,355	)	-		-		-			(1,559,355	)
Total property, plant and equipment		20		1,844,463		910,571		-			2,755,054		-		-		-			2,755,054
Total assets	$	1,643,164	$	2,274,983	$	991,496	$	(835,583	)	$	4,074,060	$	435,855	$	1,187,853	$	(391,167	)	$	5,306,601
(a)  Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	110	$	345,864	$	4,378	$	-		$	350,352	$	-	$	8,139	$	-		$	358,491
Notes, loans and leases payable		-		881,766		780,079		-			1,661,845		-		-		-			1,661,845
Policy benefits and losses, claims and loss expenses payable		-		380,824		-		-			380,824		330,184		404,040		-			1,115,048
Liabilities from investment contracts		-		-		-		-			-		-		510,789		-			510,789
Other policyholders' funds and liabilities		-		-		-		-			-		3,157		4,137		-			7,294
Deferred income		-		30,217		-		-			30,217		-		-		-			30,217
Deferred income taxes		412,089		-		-		-			412,089		(36,241	)	17,810		-			393,658
Related party liabilities		-		637,909		347,248		(975,683	)(c)		9,474		1,844		208		(11,526	)(c)		-
Total liabilities		412,199		2,276,580		1,131,705		(975,683	)		2,844,801		298,944		945,123		(11,526	)		4,077,342
Stockholders' equity :
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		438,378		121,230		147,941		(269,171	)(b)		438,378		91,120		26,271		(117,601	)(b)		438,168
Accumulated other comprehensive income (loss)		(22,680	)	(62,325	)	-		62,325	(b)		(22,680	)	4,568		37,567		(42,135	)(b)		(22,680	)
Retained earnings (deficit)		1,482,420		(58,797	)	(288,151	)	346,948	(b)		1,482,420		37,922		176,392		(214,104	)(b)		1,482,630
Cost of common shares in treasury, net		(525,653	)	-		-		-			(525,653	)	-		-		-			(525,653	)
Cost of preferred shares in treasury, net		(151,997	)	-		-		-			(151,997	)	-		-		-			(151,997	)
Unearned employee stock ownership plan shares		-		(1,706	)	-		-			(1,706	)	-		-		-			(1,706	)
Total stockholders' equity (deficit)		1,230,965		(1,597	)	(140,209	)	140,100			1,229,259		136,911		242,730		(379,641	)		1,229,259
Total liabilities and stockholders' equity	$	1,643,164	$	2,274,983	$	991,496	$	(835,583	)	$	4,074,060	$	435,855	$	1,187,853	$	(391,167	)	$	5,306,601
(a)  Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2012 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	201,502	$	106,951	$	775	$	-		$	309,228	$	22,542	$	25,410	$	-		$	357,180
Reinsurance recoverables and trade receivables, net		-		37,103		-		-			37,103		231,211		29,660		-			297,974
Inventories, net		-		58,735		-		-			58,735		-		-		-			58,735
Prepaid expenses		9,496		32,051		311		-			41,858		-		-		-			41,858
Investments, fixed maturities and marketable equities		17,028		-		-		-			17,028		132,270		617,494		-			766,792
Investments, other		-		9,880		42,453		-			52,333		74,757		131,461		-			258,551
Deferred policy acquisition costs, net		-		-		-		-			-		-		63,914		-			63,914
Other assets		483		91,761		26,571		-			118,815		1,507		203		-			120,525
Related party assets		1,201,385		261,341		9		(1,144,545	)(c)		318,190		7,542		482		(10,057	)(c)		316,157
		1,429,894		597,822		70,119		(1,144,545	)		953,290		469,829		868,624		(10,057	)		2,281,686
Investment in subsidiaries		8,168		-		-		331,461	(b)		339,629		-		-		(339,629	)(b)		-
Property, plant and equipment, at cost:
Land		-		67,558		213,582		-			281,140		-		-		-			281,140
Buildings and improvements		-		162,351		924,768		-			1,087,119		-		-		-			1,087,119
Furniture and equipment		138		289,601		18,381		-			308,120		-		-		-			308,120
Rental trailers and other rental equipment		-		255,010		-		-			255,010		-		-		-			255,010
Rental trucks		-		1,856,433		-		-			1,856,433		-		-		-			1,856,433
		138		2,630,953		1,156,731		-			3,787,822		-		-		-			3,787,822
Less:  Accumulated depreciation		(115	)	(1,056,854	)	(358,488	)	-			(1,415,457	)	-		-		-			(1,415,457	)
Total property, plant and equipment		23		1,574,099		798,243		-			2,372,365		-		-		-			2,372,365
Total assets	$	1,438,085	$	2,171,921	$	868,362	$	(813,084	)	$	3,665,284	$	469,829	$	868,624	$	(349,686	)	$	4,654,051
(a)  Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2012 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	1,875	$	319,780	$	3,611	$	-		$	325,266	$	-	$	10,060	$	-		$	335,326
Notes, loans and leases payable		-		769,497		716,714		-			1,486,211		-		-		-			1,486,211
Policy benefits and losses, claims and loss expenses payable		-		380,140		-		-			380,140		382,939		382,864		-			1,145,943
Liabilities from investment contracts		-		-		-		-			-		-		240,961		-			240,961
Other policyholders' funds and liabilities		-		-		-		-			-		3,438		3,835		-			7,273
Deferred income		-		31,525		-		-			31,525		-		-		-			31,525
Deferred income taxes		397,992		-		-		-			397,992		(41,945	)	14,945		-			370,992
Related party liabilities		-		855,016		297,859		(1,144,545	)(c)		8,330		1,555		172		(10,057	)(c)		-
Total liabilities		399,867		2,355,958		1,018,184		(1,144,545	)		2,629,464		345,987		652,837		(10,057	)		3,618,231
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		433,953		121,230		147,941		(269,171	)(b)		433,953		89,620		26,271		(116,101	)(b)		433,743
Accumulated other comprehensive loss		(45,436	)	(66,302	)	-		66,302	(b)		(45,436	)	2,255		23,888		(26,143	)(b)		(45,436	)
Retained earnings (deficit)		1,316,854		(237,107	)	(297,764	)	534,871	(b)		1,316,854		28,666		163,128		(191,584	)(b)		1,317,064
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		-		(2,398	)	-		-			(2,398	)	-		-		-			(2,398	)
Total stockholders' equity (deficit)		1,038,218		(184,037	)	(149,822	)	331,461			1,035,820		123,842		215,787		(339,629	)		1,035,820
Total liabilities and stockholders' equity	$	1,438,085	$	2,171,921	$	868,362	$	(813,084	)	$	3,665,284	$	469,829	$	868,624	$	(349,686	)	$	4,654,051
(a)  Balances as of December 31, 2011
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statements of operations by industry segment for period ending March 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,769,058	$	-	$	-		$	1,769,058	$	-	$	-	$	(1,538	)(c)	$	1,767,520
Self-storage revenues		-		151,512		1,148		-			152,660		-		-		-			152,660
Self-moving & self-storage products & service sales		-		221,117		-		-			221,117		-		-		-			221,117
Property management fees		-		24,378		-		-			24,378		-		-		-			24,378
Life insurance premiums		-		-		-		-			-		-		178,115		-			178,115
Property and casualty insurance premiums		-		-		-		-			-		34,342		-		-			34,342
Net investment and interest income		5,248		8,462		4,912		-			18,622		13,858		50,850		(427	)(b)		82,903
Other revenue		81		102,776		88,626		(94,976	)(b)		96,507		-		2,525		(1,480	)(b)		97,552
Total revenues		5,329		2,277,303		94,686		(94,976	)		2,282,342		48,200		231,490		(3,445	)		2,558,587
Costs and expenses:
Operating expenses		13,611		1,199,550		10,878		(94,976	)(b)		1,129,063		18,007		26,482		(2,984	)(b,c)		1,170,568
Commission expenses		-		228,124		-		-			228,124		-		-		-			228,124
Cost of sales		-		107,216		-		-			107,216		-		-		-			107,216
Benefits and losses		-		-		-		-			-		15,999		164,677		-			180,676
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		17,376		-			17,376
Lease expense		92		117,491		32		-			117,615		-		-		(167	)(b)		117,448
Depreciation, net of (gains) losses on disposals		5		224,407		13,584		-			237,996		-		-		-			237,996
Total costs and expenses		13,708		1,876,788		24,494		(94,976	)		1,820,014		34,006		208,535		(3,151	)		2,059,404
Earnings (loss) from operations before equity in earnings of subsidiaries		(8,379	)	400,515		70,192		-			462,328		14,194		22,955		(294	)		499,183
Equity in earnings of subsidiaries		212,164		-		-		(187,923	)(d)		24,241		-		-		(24,241	)(d)		-
Earnings from operations		203,785		400,515		70,192		(187,923	)		486,569		14,194		22,955		(24,535	)		499,183
Interest income (expense)		91,125		(124,012	)	(58,103	)	-			(90,990	)	-		-		294	(b)		(90,696	)
Pretax earnings		294,910		276,503		12,089		(187,923	)		395,579		14,194		22,955		(24,241	)		408,487
Income tax expense		(30,202	)	(96,099	)	(4,570	)	-			(130,871	)	(4,938	)	(7,970	)	-			(143,779	)
Earnings available to common shareholders	$	264,708	$	180,404	$	7,519	$	(187,923	)	$	264,708	$	9,256	$	14,985	$	(24,241	)	$	264,708
(a)  Balances for the year ended December 31, 2012
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry segment for period ending March 31, 2012 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,679,963	$	-	$	-		$	1,679,963	$	-	$	-	$	(1,707	)(c)	$	1,678,256
Self-storage revenues		-		133,070		1,306		-			134,376		-		-		-			134,376
Self-moving & self-storage products & service sales		-		213,854		-		-			213,854		-		-		-			213,854
Property management fees		-		23,266		-		-			23,266		-		-		-			23,266
Life insurance premiums		-		-		-		-			-		-		277,562		-			277,562
Property and casualty insurance premiums		-		-		-		-			-		32,631		-		-			32,631
Net investment and interest income		5,857		20,577		698		-			27,132		9,955		38,127		(1,662	)(b,e)		73,552
Other revenue		228		83,894		80,318		(86,108	)(b)		78,332		-		1,585		(1,387	)(b)		78,530
Total revenues		6,085		2,154,624		82,322		(86,108	)		2,156,923		42,586		317,274		(4,756	)		2,512,027
Costs and expenses:
Operating expenses		9,081		1,121,681		9,468		(86,108	)(b)		1,054,122		13,270		28,885		(3,087	)(b,c)		1,093,190
Commission expenses		-		212,190		-		-			212,190		-		-		-			212,190
Cost of sales		-		116,542		-		-			116,542		-		-		-			116,542
Benefits and losses		-		-		-		-			-		65,742		254,449		-			320,191
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		13,791		-			13,791
Lease expense		93		132,286		23		-			132,402		-		-		(1,187	)(b)		131,215
Depreciation, net of (gains) losses on disposals		5		195,469		13,427		-			208,901		-		-		-			208,901
Total costs and expenses		9,179		1,778,168		22,918		(86,108	)		1,724,157		79,012		297,125		(4,274	)		2,096,020
Earnings (loss) from operations before equity in earnings of subsidiaries		(3,094	)	376,456		59,404		-			432,766		(36,426	)	20,149		(482	)		416,007
Equity in earnings of subsidiaries		149,160		-		-		(159,538	)(d)		(10,378	)	-		-		10,378	(d)		-
Earnings from operations		146,066		376,456		59,404		(159,538	)		422,388		(36,426	)	20,149		9,896			416,007
Interest income (expense)		94,278		(132,781	)	(52,022	)	-			(90,525	)	-		-		154	(b)		(90,371	)
Pretax earnings (loss)		240,344		243,675		7,382		(159,538	)		331,863		(36,426	)	20,149		10,050			325,636
Income tax benefit (expense)		(34,649	)	(88,096	)	(3,423	)	-			(126,168	)	12,863		(6,964	)	-			(120,269	)
Net earnings (loss)		205,695		155,579		3,959		(159,538	)		205,695		(23,563	)	13,185		10,050			205,367
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 (loss) available to common shareholders	$	196,546	$	155,579	$	3,959	$	(159,538	)	$	196,546	$	(23,563	)$	13,185	$	10,378		$	196,546
(a)  Balances for the year ended December 31, 2011
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Elimination of preferred stock dividend paid to affiliate

Consolidating statements of operations by industry segment for period ending 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)
Revenues:
Self-moving equipment rentals	$	-	$	1,549,058	$	-	$	-		$	1,549,058	$	-	$	-	$	(2,043	)(c)	$	1,547,015
Self-storage revenues		-		119,359		1,339		-			120,698		-		-		-			120,698
Self-moving & self-storage products & service sales		-		205,570		-		-			205,570		-		-		-			205,570
Property management fees		-		22,132		-		-			22,132		-		-		-			22,132
Life insurance premiums		-		-		-		-			-		-		206,992		-			206,992
Property and casualty insurance premiums		-		-		-		-			-		30,704		-		-			30,704
Net investment and interest income		5,140		20,562		-		-			25,702		7,959		30,822		(1,738	)(b,e)		62,745
Other revenue		20		60,230		77,947		(83,531	)(b)		54,666		-		2,181		(1,344	)(b)		55,503
Total revenues		5,160		1,976,911		79,286		(83,531	)		1,977,826		38,663		239,995		(5,125	)		2,251,359
Costs and expenses:
Operating expenses		7,489		1,050,921		9,473		(83,531	)(b)		984,352		15,824		29,754		(3,353	)(b,c)		1,026,577
Commission expenses		-		190,981		-		-			190,981		-		-		-			190,981
Cost of sales		-		106,024		-		-			106,024		-		-		-			106,024
Benefits and losses		-		-		-		-			-		17,201		183,312		-			200,513
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,494		-			9,494
Lease expense		90		151,918		22		-			152,030		-		-		(1,221	)(b)		150,809
Depreciation, net of (gains) losses on disposals		9		177,116		12,141		-			189,266		-		-		-			189,266
Total costs and expenses		7,588		1,676,960		21,636		(83,531	)		1,622,653		33,025		222,560		(4,574	)		1,873,664
Earnings (loss) from operations before equity in earnings of subsidiaries		(2,428	)	299,951		57,650		-			355,173		5,638		17,435		(551	)		377,695
Equity in earnings of subsidiaries		132,570		-		-		(117,643	)(d)		14,927		-		-		(14,927	)(d)		-
Earnings from operations		130,142		299,951		57,650		(117,643	)		370,100		5,638		17,435		(15,478	)		377,695
Interest income (expense)		85,584		(129,516	)	(44,449	)	-			(88,381	)	-		-		-			(88,381	)
Pretax earnings		215,726		170,435		13,201		(117,643	)		281,719		5,638		17,435		(15,478	)		289,314
Income tax expense		(31,600	)	(60,342	)	(5,651	)	-			(97,593	)	(1,831	)	(6,315	)	-			(105,739	)
Net earnings		184,126		110,093		7,550		(117,643	)		184,126		3,807		11,120		(15,478	)		183,575
Less: Excess of redemption value over carrying value of preferred shares redeemed		-		-		-		-			-		-		-		(178	)		(178	)
Less: Preferred stock dividends		(12,963	)	-		-		-			(12,963	)	-		-		551	(e)		(12,412	)
Earnings available to common shareholders	$	171,163	$	110,093	$	7,550	$	(117,643	)	$	171,163	$	3,807	$	11,120	$	(15,105	)	$	170,985
(a)  Balances for the year ended December 31, 2010
(b) Eliminate intercompany lease income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
(e) Elimination of preferred stock dividend paid to affiliate

Consolidating cash flow statements by industry segment for the year ended March 31, 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
Cash flows from operating activities:		(In thousands)
Net earnings	$	264,708	$	180,404	$	7,519	$	(187,923	)	$	264,708	$	9,256	$	14,985	$	(24,241	)	$	264,708
Earnings from consolidated entities		(212,164	)	-		-		187,923			(24,241	)	-		-		24,241			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		5		245,104		15,383		-			260,492		-		-		-			260,492
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		17,376		-			17,376
Change in allowance for losses on trade receivables		-		(134	)	-		-			(134	)	-		-		-			(134	)
Change in allowance for inventory reserve		-		1,133		-		-			1,133		-		-		-			1,133
Net gain on sale of real and personal property		-		(20,697	)	(1,799	)	-			(22,496	)	-		-		-			(22,496	)
Net gain on sale of investments		(76	)	-		-		-			(76	)	(4,883	)	(3,364	)	-			(8,323	)
Deferred income taxes		9,206		-		-		-			9,206		4,459		(147	)	-			13,518
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(6,022	)	-		-			(6,022	)	45,201		(2,857	)	-			36,322
Inventories		-		1,206		-		-			1,206		-		-		-			1,206
Prepaid expenses		(12,979	)	(2,899	)	291		-			(15,587	)	-		-		-			(15,587	)
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(50,640	)	-			(50,640	)
Other assets		365		21,186		(335	)	-			21,216		294		46		-			21,556
Related party assets		-		133,970		-		-			133,970		(1,361	)	-		1,063	(b)		133,672
Accounts payable and accrued expenses		2,659		37,910		761		-			41,330		-		(1,298	)	-			40,032
Policy benefits and losses, claims and loss expenses payable		-		1,102		-		-			1,102		(52,755	)	21,175		-			(30,478	)
Other policyholders' funds and liabilities		-		-		-		-			-		(281	)	302		-			21
Deferred income		-		(1,312	)	-		-			(1,312	)	-		-		-			(1,312	)
Related party liabilities		-		1,145		-		-			1,145		346		36		(1,063	)(b)		464
Net cash provided (used) by operating activities		51,724		592,096		21,820		-			665,640		276		(4,386	)	-			661,530
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(2	)	(524,351	)	(131,631	)	-			(655,984	)	-		-		-			(655,984	)
Short term investments		-		-		-		-			-		(97,269	)	(314,369	)	-			(411,638	)
Fixed maturities investments		-		-		-		-			-		(44,460	)	(398,802	)	-			(443,262	)
Equity securities		-		-		-		-			-		(16,289	)	-		-			(16,289	)
Preferred stock		-		-		-		-			-		(6,296	)	-		-			(6,296	)
Real estate		-		-		(243	)	-			(243	)	-		(830	)	-			(1,073	)
Mortgage loans		-		(5,068	)	(42,652	)	2,514	(b)		(45,206	)	(1,821	)	(33,684	)	-			(80,711	)
Proceeds from sales and paydowns of:
Property, plant and equipment		-		214,980		5,719		-			220,699		-		-		-			220,699
Short term investments		-		-		-		-			-		87,738		329,782		-			417,520
Fixed maturities investments		-		-		-		-			-		35,493		125,313		-			160,806
Equity securities		372		-		-		-			372		-		-		-			372
Preferred stock		-		-		-		-			-		7,258		-		-			7,258
Real estate		-		-		667		-			667		-		4		-			671
Mortgage loans		-		14,848		34,134		(2,514	)(b)		46,468		25,448		23,798		-			95,714
Net cash provided (used) by investing activities		370		(299,591	)	(134,006	)	-			(433,227	)	(10,198	)	(268,788	)	-			(712,213	)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 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
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		-		108,846		161,700		-		270,546		-		-		-		270,546
Principal repayments on credit facilities		-		(159,622	)	(98,335	)	-		(257,957	)	-		-		-		(257,957	)
Debt issuance costs		-		(301	)	(1,922	)	-		(2,223	)	-		-		-		(2,223	)
Capital lease payments		-		(26,877	)	-		-		(26,877	)	-		-		-		(26,877	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		692		-		-		692		-		-		-		692
Securitization deposits		-		1,195		-		-		1,195		-		-		-		1,195
Proceeds from (repayment of) intercompany loans		172,444		(223,927	)	51,483		-		-		-		-		-		-
Common stock dividends paid		(97,421	)	-		-		-		(97,421	)	-		-		-		(97,421	)
Contribution to related party		(1,500	)	-		-		-		(1,500	)	1,500		-		-		-
Investment contract deposits		-		-		-		-		-		-		301,729		-		301,729
Investment contract withdrawals		-		-		-		-		-		-		(31,901	)	-		(31,901	)
Net cash provided (used) by financing activities		73,523		(299,994	)	112,926		-		(113,545	)	1,500		269,828		-		157,783
Effects of exchange rate on cash		-		(536	)	-		-		(536	)	-		-		-		(536	)
Increase (decrease) in cash and cash equivalents		125,617		(8,025	)	740		-		118,332		(8,422	)	(3,346	)	-		106,564
Cash and cash equivalents at beginning of period		201,502		106,951		775		-		309,228		22,542		25,410				357,180
Cash and cash equivalents at end of period	$	327,119	$	98,926	$	1,515	$	-	$	427,560	$	14,120	$	22,064	$	-	$	463,744
		(page 2 of 2)
(a) Balance for the period ended December 31, 2012

Consolidating cash flow statements by industry segment for the year ended March 31, 2012, are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings (loss)	$	205,695	$	155,579	$	3,959	$	(159,538	)	$	205,695	$	(23,563	)$	13,185	$	10,050		$	205,367
Earnings from consolidated subsidiaries		(149,160	)	-		-		159,538			10,378		-		-		(10,378	)		-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		5		216,116		13,668		-			229,789		-		-		-			229,789
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		13,791		-			13,791
Change in allowance for losses on trade receivables		-		(206	)	-		-			(206	)	-		(2	)	-			(208	)
Change in allowance for inventory reserve		-		1,382		-		-			1,382		-		-		-			1,382
Net gain on sale of real and personal property		-		(20,647	)	(241	)	-			(20,888	)	-		-		-			(20,888	)
Net gain on sale of investments		(488	)	-		-		-			(488	)	(810	)	(4,281	)	-			(5,579	)
Deferred income taxes		109,680		-		-		-			109,680		(12,181	)	6,861		-			104,360
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(17,683	)	-		-			(17,683	)	(57,955	)	(1,477	)	-			(77,115	)
Inventories		-		(173	)	-		-			(173	)	-		-		-			(173	)
Prepaid expenses		6,470		9,464		(186	)	-			15,748		-		-		-			15,748
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(23,166	)	-			(23,166	)
Other assets		2,380		1,852		2,282		-			6,514		(630	)	108		-			5,992
Related party assets		-		(14,301	)	63		-			(14,238	)	(4,730	)	(479	)	5,237	(b)		(14,210	)
Accounts payable and accrued expenses		4,163		14,215		(228	)	-			18,150		-		1,319		-			19,469
Policy benefits and losses, claims and loss expenses payable		-		(16,621	)	-		-			(16,621	)	106,213		122,738		-			212,330
Other policyholders' funds and liabilities		-		-		-		-			-		(1,382	)	(76	)	-			(1,458	)
Deferred income		-		4,367		-		-			4,367		-		-		-			4,367
Related party liabilities		-		5,514		-		-			5,514		(272	)	39		(5,237	)(b)		44
Net cash provided (used) by operating activities		178,745		338,858		19,317		-			536,920		4,690		128,560		(328	)		669,842
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1	)	(524,298	)	(65,500	)	-			(589,799	)	-		-		-			(589,799	)
Short term investments		-		-		-		-			-		(63,126	)	(228,496	)	-			(291,622	)
Fixed maturities investments		-		-		-		-			-		(34,965	)	(185,139	)	-			(220,104	)
Equity securities		(8,855	)	-		-		-			(8,855	)	(193	)	-		-			(9,048	)
Preferred stock		-		-		-		-			-		(2,717	)	-		-			(2,717	)
Real estate		-		-		(5,064	)	-			(5,064	)	(165	)	(2,600	)	-			(7,829	)
Mortgage loans		-		(8,758	)	(64,469	)	-			(73,227	)	(45,189	)	(33,184	)	24,437	(b)		(127,163	)
Proceeds from sales and paydowns of:
Property, plant and equipment		-		168,386		526		-			168,912		-		-		-			168,912
Short term investments		-		-		-		-			-		96,033		204,860		-			300,893
Fixed maturities investments		-		-		-		-			-		22,982		105,504		-			128,486
Equity securities		8,800		-		-		-			8,800		1,422		-		-			10,222
Preferred stock		-		-		-		-			-		7,352		2,708		(7,708	)(b)		2,352
Real estate		-		-		-		-			-		310		130		-			440
Mortgage loans		-		9,263		45,685		-			54,948		14,390		9,939		(24,437	)(b)		54,840
Net cash provided (used) by investing activities		(56	)	(355,407	)	(88,822	)	-			(444,285	)	(3,866	)	(126,278	)	(7,708	)		(582,137	)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2011
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2012, are as follows:

		Moving & Storage										AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		-		153,860		83,920		-		237,780		-		-		-			237,780
Principal repayments on credit facilities		-		(130,641	)	(71,247	)	-		(201,888	)	-		-		-			(201,888	)
Debt issuance costs		-		(1,402	)	(602	)	-		(2,004	)	-		-		-			(2,004	)
Capital lease payments		-		(8,328	)	-		-		(8,328	)	-		-		-			(8,328	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		984		-		-		984		-		-		-			984
Securitization deposits		-		42,088		-		-		42,088		-		-		-			42,088
Proceeds from (repayment of) intercompany loans		(52,051	)	(5,401	)	57,452		-		-		-		-		-			-
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	)
Common stock dividends paid		(19,484	)	-		-		-		(19,484	)	-		-		-			(19,484	)
Contribution to related party		(518	)	-		-		-		(518	)	-		-		-			(518	)
Investment contract deposits		-		-		-		-		-		-		13,854		-			13,854
Investment contract withdrawals		-		-		-		-		-		-		(28,027	)	-			(28,027	)
Net cash provided (used) by financing activities		(227,291	)	51,160		69,523		-		(106,608	)	-		(14,173	)	8,036			(112,745	)
Effects of exchange rate on cash		-		(294	)	-		-		(294	)	-		-		-			(294	)
Increase (decrease) in cash and cash equivalents		(48,602	)	34,317		18		-		(14,267	)	824		(11,891	)	-			(25,334	)
Cash and cash equivalents at beginning of period		250,104		72,634		757		-		323,495		21,718		37,301		-			382,514
Cash and cash equivalents at end of period	$	201,502	$	106,951	$	775	$	-	$	309,228	$	22,542	$	25,410	$	-		$	357,180
		(page 2 of 2)
(a) Balance for the period ended December 31, 2011
(b) Eliminate intercompany investments
(c) Eliminate preferred stock dividends paid to affiliate

Consolidating cash flow statements by industry segment for the year ended March 31, 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
		(In thousands)
Cash flows from operating activities:
Net earnings	$	184,126	$	110,093	$	7,550	$	(117,643	)	$	184,126	$	3,807	$	11,120	$	(15,478	)	$	183,575
Earnings from consolidated subsidiaries		(132,570	)	-		-		117,643			(14,927	)	-		-		14,927			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		9		198,991		13,324		-			212,324		-		-		-			212,324
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,494		-			9,494
Change in allowance for losses on trade receivables		-		30		-		-			30		-		(2	)	-			28
Change in allowance for inventory reserve		-		(674	)	-		-			(674	)	-		-		-			(674	)
Net gain on sale of real and personal property		-		(21,875	)	(1,183	)	-			(23,058	)	-		-		-			(23,058	)
Net (gain) loss on sale of investments		(65	)	(11	)	-		-			(76	)	285		(1,344	)	-			(1,135	)
Deferred income taxes		73,790		-		-		-			73,790		1,960		5,148		-			80,898
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(1,443	)	-		-			(1,443	)	(5,137	)	614		-			(5,966	)
Inventories		-		(6,431	)	-		-			(6,431	)	-		-		-			(6,431	)
Prepaid expenses		(15,966	)	11,773		(51	)	-			(4,244	)	-		-		-			(4,244	)
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(25,239	)	-			(25,239	)
Other assets		34,937		(6,695	)	238		-			28,480		30		205		-			28,715
Related party assets		273		55		(64	)	-			264		(351	)	-		-			(87	)
Accounts payable and accrued expenses		(8,603	)	18,923		(486	)	-			9,834		-		2,713		-			12,547
Policy benefits and losses, claims and loss expenses payable		-		10,994		-		-			10,994		4,288		94,052		-			109,334
Other policyholders' funds and liabilities		-		-		-		-			-		(789	)	1,355		-			566
Deferred income		-		1,967		-		-			1,967		-		-		-			1,967
Related party liabilities		-		83		-		-			83		157		9		-			249
Net cash provided (used) by operating activities		135,931		315,780		19,328		-			471,039		4,250		98,125		(551	)		572,863
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(5	)	(407,526	)	(72,887	)	-			(480,418	)	-		-		-			(480,418	)
Short term investments		-		-		-		-			-		(76,381	)	(184,385	)	-			(260,766	)
Fixed maturities investments		-		-		-		-			-		(34,580	)	(181,351	)	-			(215,931	)
Equity securities		(8,253	)	-		-		-			(8,253	)	(3,297	)	-		-			(11,550	)
Preferred stock		-		-		-		-			-		(11,644	)	(2,708	)	-			(14,352	)
Real estate		-		-		-		-			-		(76	)	(117	)	-			(193	)
Mortgage loans		-		(13,117	)	(8,692	)	-			(21,809	)	(13,244	)	(7,395	)	3,890	(b)		(38,558	)
Other investments		-		-		-		-			-		-		(2,000	)	-			(2,000	)
Proceeds from sales and paydowns of:
Property, plant and equipment		-		179,043		1,368		-			180,411		-		-		-			180,411
Short term investments		-		-		-		-			-		106,130		211,083		-			317,213
Fixed maturities investments		-		-		-		-			-		23,275		108,706		-			131,981
Equity securities		1,065		-		-		-			1,065		133		-		-			1,198
Preferred stock		-		-		-		-			-		1,914		-		-			1,914
Real estate		-		-		125		-			125		309		1,491		-			1,925
Mortgage loans		-		5,412		2,995		-			8,407		6,106		4,533		(3,890	)(b)		15,156
Net cash provided (used) by investing activities		(7,193	)	(236,188	)	(77,091	)	-			(320,472	)	(1,355	)	(52,143	)	-			(373,970	)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2010
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 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
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		-		257,728		64,134		-		321,862		-		-		-			321,862
Principal repayments on credit facilities		-		(90,084	)	(198,798	)	-		(288,882	)	-		-		-			(288,882	)
Debt issuance costs		-		(1,987	)	-		-		(1,987	)	-		-		-			(1,987	)
Capital lease payments		-		(11,522	)	-		-		(11,522	)	-		-		-			(11,522	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		1,172		-		-		1,172		-		-		-			1,172
Securitization deposits		-		(46,031	)	-		-		(46,031	)	-		-		-			(46,031	)
Proceeds from (repayment of) intercompany loans		30,566		(223,746	)	193,180		-		-		-		-		-			-
Preferred stock dividends paid		(12,963	)	-		-		-		(12,963	)	-		-		551	(b)		(12,412	)
Dividend from (to) related party		3,303		-		-		-		3,303		(3,303	)	-		-			-
Investment contract deposits		-		-		-		-		-		-		11,580		-			11,580
Investment contract withdrawals		-		-		-		-		-		-		(34,548	)	-			(34,548	)
Net cash provided (used) by financing activities		20,906		(114,470	)	58,516		-		(35,048	)	(3,303	)	(22,968	)	551			(60,768	)
Effects of exchange rate on cash		-		271		-		-		271		-		-		-			271
Increase (decrease) in cash and cash equivalents		149,644		(34,607	)	753		-		115,790		(408	)	23,014		-			138,396
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	$	250,104	$	72,634	$	757	$	-	$	323,495	$	21,718	$	37,301	$	-		$	382,514
		(page 2 of 2)
(a) Balance for the period ended December 31, 2010
(b) Eliminate preferred stock dividends paid to affiliates