Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

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 December 31, 2013 are as follows:
		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moivng & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	476,551	$	92,695	$	2,174	$	-		$	571,420	$	5,601	$	24,594	$	-		$	601,615
Reinsurance recoverables and trade receivables, net		-		29,847		177		-			30,024		162,714		35,686		-			228,424
Inventories, net		-		65,258		-		-			65,258		-		-		-			65,258
Prepaid expenses		-		43,618		726		-			44,344		-		-		-			44,344
Investments, fixed maturities and marketable equities		-		-		-		-			-		188,155		933,966		-			1,122,121
Investments, other		-		-		32,351		-			32,351		49,006		157,991		-			239,348
Deferred policy acquisition costs, net		-		-		-		-			-		-		114,467		-			114,467
Other assets		113		59,742		34,255		-			94,110		1,008		277		-			95,395
Related party assets		1,021,397		117,121		12		(964,556	)(c)		173,974		13,594		492		(18,022	)(c)		170,038
		1,498,061		408,281		69,695		(964,556	)		1,011,481		420,078		1,267,473		(18,022	)		2,681,010
Investment in subsidiaries		477,063		-		-		(104,285	)(b)		372,778		-		-		(372,778	)(b)		-
Property, plant and equipment, at cost:
Land		-		55,599		337,126		-			392,725		-		-		-			392,725
Buildings and improvements		-		200,961		1,181,221		-			1,382,182		-		-		-			1,382,182
Furniture and equipment		70		308,713		11,804		-			320,587		-		-		-			320,587
Rental trailers and other rental equipment		-		356,416		-		-			356,416		-		-		-			356,416
Rental trucks		-		2,426,453		-		-			2,426,453		-		-		-			2,426,453
		70		3,348,142		1,530,151		-			4,878,363		-		-		-			4,878,363
Less:  Accumulated depreciation		(55	)	(1,305,591	)	(379,618	)	-			(1,685,264	)	-		-		-			(1,685,264	)
Total property, plant and equipment		15		2,042,551		1,150,533		-			3,193,099		-		-		-			3,193,099
Total assets	$	1,975,139	$	2,450,832	$	1,220,228	$	(1,068,841	)	$	4,577,358	$	420,078	$	1,267,473	$	(390,800	)	$	5,874,109
(a) Balances as of September 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 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
				(Unaudited)
				(In thousands)
Liabilities:
Accounts payable and accrued expenses			$	21,567			$	312,826			$	4,671			$	-					$	339,064			$	-			$	12,732			$	-					$	351,796
Notes, loans and leases payable				-				965,308				897,561				-						1,862,869				-				-				-						1,862,869
Policy benefits and losses, claims and loss expenses payable				-				380,940				-				-						380,940				300,351				414,319				-						1,095,610
Liabilities from investment contracts				-				-				-				-						-				-				596,268				-						596,268
Other policyholders' funds and liabilities				-				-				-				-						-				3,118				4,153				-						7,271
Deferred income				-				29,489				-				-						29,489				-				-				-						29,489
Deferred income taxes				457,834				-				-				-						457,834				(32,753			)	11,303				-						436,384
Related party liabilities				-				522,754				454,542				(964,556				)(c)		12,740				4,740				542				(18,022				)(c)		-
Total liabilities				479,401				2,211,317				1,356,774				(964,556				)		3,082,936				275,456				1,039,317				(18,022				)		4,379,687
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				443,051				121,230				147,941				(269,171				)(b)		443,051				91,120				26,271				(117,601				)(b)		442,841
Accumulated other comprehensive income (loss)				(46,192			)	(57,600			)	-				57,600				(b)		(46,192			)	1,542				9,866				(11,408				)(b)		(46,192	)
Retained earnings (deficit)				1,766,032				177,200				(284,488			)	107,288				(b)		1,766,032				48,659				189,519				(237,968				)(b)		1,766,242
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				-				(1,316			)	-				-						(1,316			)	-				-				-						(1,316	)
Total stockholders' equity (deficit)				1,495,738				239,515				(136,546			)	(104,285				)		1,494,422				144,622				228,156				(372,778				)		1,494,422
Total liabilities and stockholders' equity			$	1,975,139			$	2,450,832			$	1,220,228			$	(1,068,841				)	$	4,577,358			$	420,078			$	1,267,473			$	(390,800				)	$	5,874,109
(a) Balances as of September 30, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
Consolidating balance sheets by industry segment as of March 31, 2013 are as follows:
		Moving & Storage																						AMERCO Legal Group
		AMERCO				U-Haul				Real Estate				Eliminations					Moving & Storage Consolidated					Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	327,119			$	98,926			$	1,515			$	-				$	427,560				$	14,120			$	22,064			$	-				$	463,744
Reinsurance recoverables and trade receivables, net		-				43,259				-				-					43,259					186,010				32,520				-					261,789
Inventories, net		-				56,396				-				-					56,396					-				-				-					56,396
Prepaid expenses		22,475				34,956				20				-					57,451					-				-				-					57,451
Investments, fixed maturities and marketable equities		21,228				-				-				-					21,228					160,455				913,655				-					1,095,338
Investments, other		-				100				50,553				-					50,653					65,212				125,900				-					241,765
Deferred policy acquisition costs, net		-				-				-				-					-					-				93,043				-					93,043
Other assets		118				69,671				28,828				-					98,617					1,212				157				-					99,986
Related party assets		1,032,663				127,751				9				(975,683			)(c)		184,740					8,846				514				(12,065			)(c)		182,035
		1,403,603				431,059				80,925				(975,683			)		939,904					435,855				1,187,853				(12,065			)		2,551,547
Investment in subsidiaries		239,541				-				-				140,100			(b)		379,641					-				-				(379,641			)(b)		-
Property, plant and equipment, at cost:
Land		-				81,421				251,807				-					333,228					-				-				-					333,228
Buildings and improvements		-				184,053				1,013,822				-					1,197,875					-				-				-					1,197,875
Furniture and equipment		136				292,621				18,385				-					311,142					-				-				-					311,142
Rental trailers and other rental equipment		-				317,476				-				-					317,476					-				-				-					317,476
Rental trucks		-				2,154,688				-				-					2,154,688					-				-				-					2,154,688
		136				3,030,259				1,284,014				-					4,314,409					-				-				-					4,314,409
Less:  Accumulated depreciation		(116			)	(1,185,796			)	(373,443			)	-					(1,559,355				)	-				-				-					(1,559,355				)
Total property, plant and equipment		20				1,844,463				910,571				-					2,755,054					-				-				-					2,755,054
Total assets	$	1,643,164			$	2,275,522			$	991,496			$	(835,583			)	$	4,074,599				$	435,855			$	1,187,853			$	(391,706			)	$	5,306,601
(a) Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2013 are as follows:
		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	110	$	345,864	$	4,378	$	-		$	350,352	$	-	$	8,139	$	-		$	358,491
Notes, loans and leases payable		-		881,766		780,079		-			1,661,845		-		-		-			1,661,845
Policy benefits and losses, claims and loss expenses payable		-		380,824		-		-			380,824		330,184		404,040		-			1,115,048
Liabilities from investment contracts		-		-		-		-			-		-		510,789		-			510,789
Other policyholders' funds and liabilities		-		-		-		-			-		3,157		4,137		-			7,294
Deferred income		-		30,217		-		-			30,217		-		-		-			30,217
Deferred income taxes		412,089		-		-		-			412,089		(36,241	)	17,810		-			393,658
Related party liabilities		-		638,448		347,248		(975,683	)(c)		10,013		1,844		208		(12,065	)(c)		-
Total liabilities		412,199		2,277,119		1,131,705		(975,683	)		2,845,340		298,944		945,123		(12,065	)		4,077,342
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		438,378		121,230		147,941		(269,171	)(b)		438,378		91,120		26,271		(117,601	)(b)		438,168
Accumulated other comprehensive income (loss)		(22,680	)	(62,325	)	-		62,325	(b)		(22,680	)	4,568		37,567		(42,135	)(b)		(22,680	)
Retained earnings (deficit)		1,482,420		(58,797	)	(288,151	)	346,948	(b)		1,482,420		37,922		176,392		(214,104	)(b)		1,482,630
Cost of common shares in treasury, net		(525,653	)	-		-		-			(525,653	)	-		-		-			(525,653	)
Cost of preferred shares in treasury, net		(151,997	)	-		-		-			(151,997	)	-		-		-			(151,997	)
Unearned employee stock ownership plan shares		-		(1,706	)	-		-			(1,706	)	-		-		-			(1,706	)
Total stockholders' equity (deficit)		1,230,965		(1,597	)	(140,209	)	140,100			1,229,259		136,911		242,730		(379,641	)		1,229,259
Total liabilities and stockholders' equity	$	1,643,164	$	2,275,522	$	991,496	$	(835,583	)	$	4,074,599	$	435,855	$	1,187,853	$	(391,706	)	$	5,306,601
(a) Balances as of December 31, 2012
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	437,117	$	-	$	-		$	437,117	$	-	$	-	$	(910	)(c)	$	436,207
Self-storage revenues		-		45,818		302		-			46,120		-		-		-			46,120
Self-moving and self-storage products and service sales		-		47,045		-		-			47,045		-		-		-			47,045
Property management fees		-		7,133		-		-			7,133		-		-		-			7,133
Life insurance premiums		-		-		-		-			-		-		39,198		-			39,198
Property and casualty insurance premiums		-		-		-		-			-		12,219		-		-			12,219
Net investment and interest income		2,516		1,988		661		-			5,165		3,009		12,895		(182	)(b)		20,887
Other revenue		260		37,021		26,091		(27,790	)(b)		35,582		-		1,059		(4,104	)(b)		32,537
Total revenues		2,776		576,122		27,054		(27,790	)		578,162		15,228		53,152		(5,196	)		641,346
Costs and expenses:
Operating expenses		1,782		329,595		3,297		(27,790	)(b)		306,884		5,223		6,125		(5,005	)(b,c)		313,227
Commission expenses		-		55,573		-		-			55,573		-		-		-			55,573
Cost of sales		-		28,229		-		-			28,229		-		-		-			28,229
Benefits and losses		-		-		-		-			-		4,289		34,341		-			38,630
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,457		-			4,457
Lease expense		23		24,482		9		-			24,514		-		-		(46	)(b)		24,468
Depreciation, net of (gains) losses on disposals		1		66,340		4,448		-			70,789		-		-		-			70,789
Total costs and expenses		1,806		504,219		7,754		(27,790	)		485,989		9,512		44,923		(5,051	)		535,373
Earnings from operations before equity in earnings of subsidiaries		970		71,903		19,300		-			92,173		5,716		8,229		(145	)		105,973
Equity in earnings of subsidiaries		38,578		-		-		(29,297	)(d)		9,281		-		-		(9,281	)(d)		-
Earnings from operations		39,548		71,903		19,300		(29,297	)		101,454		5,716		8,229		(9,426	)		105,973
Interest income (expense)		20,687		(26,371	)	(18,068	)	-			(23,752	)	-		-		145	(b)		(23,607	)
Pretax earnings		60,235		45,532		1,232		(29,297	)		77,702		5,716		8,229		(9,281	)		82,366
Income tax expense		(8,014	)	(16,995	)	(472	)	-			(25,481	)	(2,000	)	(2,664	)	-			(30,145	)
Earnings available to common shareholders	$	52,221	$	28,537	$	760	$	(29,297	)	$	52,221	$	3,716	$	5,565	$	(9,281	)	$	52,221
(a) Balances for the quarter ended September 30, 2013
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by industry segment for the quarter ended December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	395,401	$	-	$	-		$	395,401	$	-	$	-	$	(456	)(c)	$	394,945
Self-storage revenues		-		38,813		298		-			39,111		-		-		-			39,111
Self-moving and self-storage products and service sales		-		44,491		-		-			44,491		-		-		-			44,491
Property management fees		-		6,085		-		-			6,085		-		-		-			6,085
Life insurance premiums		-		-		-		-			-		-		43,248		-			43,248
Property and casualty insurance premiums		-		-		-		-			-		9,816		-		-			9,816
Net investment and interest income		1,338		2,260		4,405		-			8,003		2,049		12,666		(115	)(b)		22,603
Other revenue		-		23,255		22,605		(24,145	)(b)		21,715		-		852		(379	)(b)		22,188
Total revenues		1,338		510,305		27,308		(24,145	)		514,806		11,865		56,766		(950	)		582,487
Costs and expenses:
Operating expenses		2,684		295,759		3,424		(24,145	)(b)		277,722		6,937		6,452		(826	)(b,c)		290,285
Commission expenses		-		51,130		-		-			51,130		-		-		-			51,130
Cost of sales		-		23,153		-		-			23,153		-		-		-			23,153
Benefits and losses		-		-		-		-			-		2,866		39,742		-			42,608
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		3,391		-			3,391
Lease expense		24		27,594		3		-			27,621		-		-		(46	)(b)		27,575
Depreciation, net of (gains) losses on disposals		1		60,129		2,269		-			62,399		-		-		-			62,399
Total costs and expenses		2,709		457,765		5,696		(24,145	)		442,025		9,803		49,585		(872	)		500,541
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,371	)	52,540		21,612		-			72,781		2,062		7,181		(78	)		81,946
Equity in earnings of subsidiaries		24,435		-		-		(18,790	)(d)		5,645		-		-		(5,645	)(d)		-
Earnings from operations		23,064		52,540		21,612		(18,790	)		78,426		2,062		7,181		(5,723	)		81,946
Interest income (expense)		21,387		(28,837	)	(14,704	)	-			(22,154	)	-		-		78	(b)		(22,076	)
Pretax earnings		44,451		23,703		6,908		(18,790	)		56,272		2,062		7,181		(5,645	)		59,870
Income tax expense		(7,605	)	(9,174	)	(2,647	)	-			(19,426	)	(722	)	(2,876	)	-			(23,024	)
Earnings available to common shareholders	$	36,846	$	14,529	$	4,261	$	(18,790	)	$	36,846	$	1,340	$	4,305	$	(5,645	)	$	36,846
(a) Balances for the quarter ended September 30, 2012
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry for the nine months ended December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,558,857	$	-	$	-		$	1,558,857	$	-	$	-	$	(2,070	)(c)	$	1,556,787
Self-storage revenues		-		132,906		885		-			133,791		-		-		-			133,791
Self-moving and self-storage products and service sales		-		183,115		-		-			183,115		-		-		-			183,115
Property management fees		-		17,586		-		-			17,586		-		-		-			17,586
Life insurance premiums		-		-		-		-			-		-		119,708		-			119,708
Property and casualty insurance premiums		-		-		-		-			-		31,052		-		-			31,052
Net investment and interest income		5,031		6,183		734		-			11,948		7,949		40,372		(433	)(b)		59,836
Other revenue		260		134,181		76,085		(81,059	)(b)		129,467		-		2,524		(9,198	)(b)		122,793
Total revenues		5,291		2,032,828		77,704		(81,059	)		2,034,764		39,001		162,604		(11,701	)		2,224,668
Costs and expenses:
Operating expenses		6,067		1,018,889		8,807		(81,059	)(b)		952,704		13,738		18,067		(11,241	)(b,c)		973,268
Commission expenses		-		202,578		-		-			202,578		-		-		-			202,578
Cost of sales		-		98,331		-		-			98,331		-		-		-			98,331
Benefits and losses		-		-		-		-			-		8,746		110,509		-			119,255
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		14,197		-			14,197
Lease expense		69		77,317		44		-			77,430		-		-		(137	)(b)		77,293
Depreciation, net of (gains) losses on disposals		4		179,241		12,186		-			191,431		-		-		-			191,431
Total costs and expenses		6,140		1,576,356		21,037		(81,059	)		1,522,474		22,484		142,773		(11,378	)		1,676,353
Earnings (loss) from operations before equity in earnings of subsidiaries		(849	)	456,472		56,667		-			512,290		16,517		19,831		(323	)		548,315
Equity in earnings of subsidiaries		263,524		-		-		(239,660	)(d)		23,864		-		-		(23,864	)(d)		-
Earnings from operations		262,675		456,472		56,667		(239,660	)		536,154		16,517		19,831		(24,187	)		548,315
Interest income (expense)		63,796		(83,442	)	(50,730	)	-			(70,376	)	-		-		323	(b)		(70,053	)
Pretax earnings		326,471		373,030		5,937		(239,660	)		465,778		16,517		19,831		(23,864	)		478,262
Income tax expense		(23,291	)	(137,033	)	(2,274	)	-			(162,598	)	(5,780	)	(6,704	)	-			(175,082	)
Earnings available to common shareholders	$	303,180	$	235,997	$	3,663	$	(239,660	)	$	303,180	$	10,737	$	13,127	$	(23,864	)	$	303,180
(a) Balances for the nine months ended September 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 nine months ended December 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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,401,483	$	-	$	-		$	1,401,483	$	-	$	-	$	(1,183	)(c)	$	1,400,300
Self-storage revenues		-		110,963		862		-			111,825		-		-		-			111,825
Self-moving and self-storage products and service sales		-		173,399		-		-			173,399		-		-		-			173,399
Property management fees		-		15,847		-		-			15,847		-		-		-			15,847
Life insurance premiums		-		-		-		-			-		-		137,341		-			137,341
Property and casualty insurance premiums		-		-		-		-			-		26,006		-		-			26,006
Net investment and interest income		3,930		6,265		4,843		-			15,038		6,515		31,735		(315	)(b)		52,973
Other revenue		81		80,311		65,306		(70,066	)(b)		75,632		-		2,056		(1,099	)(b)		76,589
Total revenues		4,011		1,788,268		71,011		(70,066	)		1,793,224		32,521		171,132		(2,597	)		1,994,280
Costs and expenses:
Operating expenses		11,431		901,337		8,300		(70,066	)(b)		851,002		14,709		20,438		(2,257	)(b,c)		883,892
Commission expenses		-		180,801		-		-			180,801		-		-		-			180,801
Cost of sales		-		86,292		-		-			86,292		-		-		-			86,292
Benefits and losses		-		-		-		-			-		10,821		128,597		-			139,418
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,290		-			9,290
Lease expense		70		90,000		14		-			90,084		-		-		(122	)(b)		89,962
Depreciation, net of (gains) losses on disposals		4		168,009		9,465		-			177,478		-		-		-			177,478
Total costs and expenses		11,505		1,426,439		17,779		(70,066	)		1,385,657		25,530		158,325		(2,379	)		1,567,133
Earnings (loss) from operations before equity in earnings of subsidiaries		(7,494	)	361,829		53,232		-			407,567		6,991		12,807		(218	)		427,147
Equity in earnings of subsidiaries		188,559		-		-		(175,647	)(d)		12,912		-		-		(12,912	)(d)		-
Earnings from operations		181,065		361,829		53,232		(175,647	)		420,479		6,991		12,807		(13,130	)		427,147
Interest income (expense)		69,228		(93,956	)	(43,170	)	-			(67,898	)	-		-		218	(b)		(67,680	)
Pretax earnings		250,293		267,873		10,062		(175,647	)		352,581		6,991		12,807		(12,912	)		359,467
Income tax expense		(23,458	)	(98,431	)	(3,857	)	-			(125,746	)	(2,447	)	(4,439	)	-			(132,632	)
Earnings available to common shareholders	$	226,835	$	169,442	$	6,205	$	(175,647	)	$	226,835	$	4,544	$	8,368	$	(12,912	)	$	226,835
(a) Balances for the nine months ended September 30, 2012
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 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
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	303,180	$	235,997	$	3,663	$	(239,660	)	$	303,180	$	10,737	$	13,127	$	(23,864	)	$	303,180
Earnings from consolidated entities		(263,524	)	-		-		239,660			(23,864	)	-		-		23,864			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		4		201,286		12,978		-			214,268		-		-		-			214,268
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		14,197		-			14,197
Change in allowance for losses on trade receivables		-		3		-		-			3		-		9		-			12
Change in allowance for inventory reserve		-		3,640		-		-			3,640		-		-		-			3,640
Net gain on sale of real and personal property		-		(22,045	)	(792	)	-			(22,837	)	-		-		-			(22,837	)
Net gain on sale of investments		(1,325	)	-		-		-			(1,325	)	(674	)	(4,089	)	-			(6,088	)
Deferred income taxes		37,934		-		-		-			37,934		5,118		4,981		-			48,033
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		13,410		(177	)	-			13,233		23,296		(3,174	)	-			33,355
Inventories		-		(12,502	)	-		-			(12,502	)	-		-		-			(12,502	)
Prepaid expenses		22,475		(8,660	)	(706	)	-			13,109		-		-		-			13,109
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(25,128	)	-			(25,128	)
Other assets		5		10,558		(2,715	)	-			7,848		201		(120	)	-			7,929
Related party assets		540		9,636		(3	)	-			10,173		(4,702	)	-		159	(b)		5,630
Accounts payable and accrued expenses		6,563		(22,843	)	290		-			(15,990	)	-		13,218		-			(2,772	)
Policy benefits and losses, claims and loss expenses payable		-		1,218		-		-			1,218		(29,833	)	10,278		-			(18,337	)
Other policyholders' funds and liabilities		-		-		-		-			-		(39	)	16		-			(23	)
Deferred income		-		(672	)	-		-			(672	)	-		-		-			(672	)
Related party liabilities		-		(1,007	)	4,270		-			3,263		2,850		303		(159	)(b)		6,257
Net cash provided (used) by operating activities		105,852		408,019		16,808		-			530,679		6,954		23,618		-			561,251
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(436,671	)	(253,622	)	-			(690,293	)	-		-		-			(690,293	)
Short term investments		-		-		-		-			-		(35,250	)	(168,513	)	-			(203,763	)
Fixed maturities investments		-		-		-		-			-		(50,840	)	(186,662	)	-			(237,502	)
Equity securities		-		-		-		-			-		(388	)	-		-			(388	)
Preferred stock		-		-		-		-			-		(635	)	-		-			(635	)
Real estate		-		-		-		-			-		-		(431	)	-			(431	)
Mortgage loans		-		(1,580	)	(20,196	)	2,514	(b)		(19,262	)	(3,500	)	(37,459	)	11,589	(b)		(48,632	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		212,601		1,477		-			214,078		-		-		-			214,078
Short term investments		-		-		-		-			-		50,044		161,797		-			211,841
Fixed maturities investments		-		-		-		-			-		14,892		109,253		-			124,145
Equity securities		26,569		-		-		-			26,569		388		-		-			26,957
Preferred stock		-		-		-		-			-		4,504		1,500		-			6,004
Real estate		-		-		-		-			-		-		-		-			-
Mortgage loans		-		1,680		38,398		(2,514	)(b)		37,564		5,312		13,947		(11,589	)(b)		45,234
Net cash provided (used) by investing activities		26,569		(223,970	)	(233,943	)	-			(431,344	)	(15,473	)	(106,568	)	-			(553,385	)
(a) Balance for the nine months ended September 30, 2013		(page 1 of 2)
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 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
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		-		116,952		206,087		-		323,039		-		-		-		323,039
Principal repayments on credit facilities		-		(149,948	)	(88,605	)	-		(238,553	)	-		-		-		(238,553	)
Debt issuance costs		-		(641	)	(2,712	)	-		(3,353	)	-		-		-		(3,353	)
Capital lease payments		-		(37,480	)	-		-		(37,480	)	-		-		-		(37,480	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		390		-		-		390		-		-		-		390
Proceeds from (repayment of) intercompany loans		17,011		(120,035	)	103,024		-		-		-		-		-		-
Securitization deposits		-		-		-		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		109,928		-		109,928
Investment contract withdrawals		-		-		-		-		-		-		(24,448	)	-		(24,448	)
Net cash provided (used) by financing activities		17,011		(190,762	)	217,794		-		44,043		-		85,480		-		129,523
Effects of exchange rate on cash		-		482		-		-		482		-		-		-		482
Increase (decrease) in cash and cash equivalents		149,432		(6,231	)	659		-		143,860		(8,519	)	2,530		-		137,871
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	$	476,551	$	92,695	$	2,174	$	-	$	571,420	$	5,601	$	24,594	$	-	$	601,615
		(page 2 of 2)
(a) Balance for the nine months ended September 30, 2013

Consolidating cash flow statements by industry segment for the nine months ended December 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
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings (loss)	$	226,835	$	169,442	$	6,205	$	(175,647	)	$	226,835	$	4,544	$	8,368	$	(12,912	)	$	226,835
Earnings from consolidated entities		(188,559	)	-		-		175,647			(12,912	)	-		-		12,912			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		4		181,084		11,269		-			192,357		-		-		-			192,357
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		9,290		-			9,290
Change in allowance for losses on trade receivables		-		(73	)	-		-			(73	)	-		-		-			(73	)
Change in allowance for inventory reserve		-		2,050		-		-			2,050		-		-		-			2,050
Net gain on sale of real and personal property		-		(13,075	)	(1,804	)	-			(14,879	)	-		-		-			(14,879	)
Net (gain) loss on sale of investments		-		-		-		-			-		28		(1,078	)	-			(1,050	)
Deferred income taxes		17,882		-		-		-			17,882		1,306		(1,431	)	-			17,757
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		12,293		-		-			12,293		58,841		575		-			71,709
Inventories		-		696		-		-			696		-		-		-			696
Prepaid expenses		(3,082	)	(9,972	)	(229	)	-			(13,283	)	-		-		-			(13,283	)
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(43,085	)	-			(43,085	)
Other assets		3		22,271		(569	)	-			21,705		1,018		(11	)	-			22,712
Related party assets		(2	)	140,035		2		-			140,035		(1,202	)	(34	)	791	(b)		139,590
Accounts payable and accrued expenses		1,818		(32	)	538		-			2,324		-		(3,196	)	-			(872	)
Policy benefits and losses, claims and loss expenses payable		-		8,481		-		-			8,481		(60,391	)	21,684		-			(30,226	)
Other policyholders' funds and liabilities		-		-		-		-			-		(585	)	(340	)	-			(925	)
Deferred income		-		(3,704	)	-		-			(3,704	)	-		-		-			(3,704	)
Related party liabilities		-		1,064		-		-			1,064		632		483		(791	)(b)		1,388
Net cash provided (used) by operating activities		54,899		510,560		15,412		-			580,871		4,191		(8,775	)	-			576,287
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(2	)	(351,914	)	(70,924	)	-			(422,840	)	-		-		-			(422,840	)
Short term investments		-		-		-		-			-		(58,775	)	(230,998	)	-			(289,773	)
Fixed maturities investments		-		-		-		-			-		(17,141	)	(291,149	)	-			(308,290	)
Equity securities		-		-		-		-			-		(3,130	)	-		-			(3,130	)
Preferred stock		-		-		-		-			-		(2,761	)	-		-			(2,761	)
Real estate		-		-		(243	)	-			(243	)	-		(810	)	-			(1,053	)
Mortgage loans		-		(4,968	)	(30,590	)	-			(35,558	)	(1,821	)	(13,204	)	-			(50,583	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		161,668		5,236		-			166,904		-		-		-			166,904
Short term investments		-		-		-		-			-		32,548		248,342		-			280,890
Fixed maturities investments		-		-		-		-			-		30,298		54,834		-			85,132
Equity securities		-		-		-		-			-		-		-		-			-
Preferred stock		-		-		-		-			-		5,728		-		-			5,728
Real estate		-		-		667		-			667		-		4		-			671
Mortgage loans		-		14,848		29,500		-			44,348		1,311		3,556		-			49,215
Net cash provided (used) by investing activities		(2	)	(180,366	)	(66,354	)	-			(246,722	)	(13,743	)	(229,425	)	-			(489,890	)
		(page 1 of 2)
(a) Balance for the nine months ended September 30, 2012
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 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
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		-		89,619		161,700		-		251,319		-		-		-		251,319
Principal repayments on credit facilities		-		(142,750	)	(91,948	)	-		(234,698	)	-		-		-		(234,698	)
Debt issuance costs		-		(301	)	(2,051	)	-		(2,352	)	-		-		-		(2,352	)
Capital lease payments		-		(18,310	)	-		-		(18,310	)	-		-		-		(18,310	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		559		-		-		559		-		-		-		559
Proceeds from (repayment of) intercompany loans		194,277		(178,247	)	(16,030	)	-		-		-		-		-		-
Securitization deposits		-		(1,729	)	-		-		(1,729	)	-		-		-		(1,729	)
Common stock dividends paid		(97,421	)	-		-		-		(97,421	)	-		-		-		(97,421	)
Net contribution from (to) related party		(1,500	)	-		-		-		(1,500	)	1,500		-		-		-
Investment contract deposits		-		-		-		-		-		-		268,478		-		268,478
Investment contract withdrawals		-		-		-		-		-		-		(22,937	)	-		(22,937	)
Net cash provided (used) by financing activities		95,356		(251,159	)	51,671		-		(104,132	)	1,500		245,541		-		142,909
Effects of exchange rate on cash		-		(362	)	-		-		(362	)	-		-		-		(362	)
Increase (decrease) in cash and cash equivalents		150,253		78,673		729		-		229,655		(8,052	)	7,341		-		228,944
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	$	351,755	$	185,624	$	1,504	$	-	$	538,883	$	14,490	$	32,751	$	-	$	586,124
(a) Balance for the nine months ended September 30, 2012