Commission
File
Number
|
Registrant,
State of Incorporation,
Address
and Telephone Number
|
I.R.S.
Employer
Identification
No.
|
|
||
1-11255
|
AMERCO
|
88-0106815
|
(A
Nevada Corporation)
|
||
1325
Airmotive Way, Ste. 100
|
||
Reno,
Nevada 89502-3239
|
||
Telephone
(775) 688-6300
|
||
2-38498
|
U-Haul
International, Inc.
|
86-0663060
|
(A
Nevada Corporation)
|
||
2727
N. Central Avenue
|
||
Phoenix,
Arizona 85004-1158
|
||
Telephone
(602) 263-6645
|
Page
No.
|
||
PART
I FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
6
-
33
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
34
- 55
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
56
|
Item
4.
|
Controls
and Procedures
|
57
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
58
|
Item
1A.
|
Risk
Factors
|
58
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
58
|
Item
3.
|
Defaults
Upon Senior Securities
|
58
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
59
|
Item
5.
|
Other
Information
|
59
|
Item
6.
|
Exhibits
|
60
|
September
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
326,616
|
$
|
155,459
|
|||
Reinsurance
recoverables and trade receivables, net
|
215,236
|
230,179
|
|||||
Notes
and mortgage receivables, net
|
2,260
|
2,532
|
|||||
Inventories,
net
|
74,806
|
64,919
|
|||||
Prepaid
expenses
|
47,529
|
53,262
|
|||||
Investments,
fixed maturities and marketable equities
|
685,428
|
695,958
|
|||||
Investments,
other
|
162,869
|
209,361
|
|||||
Deferred
policy acquisition costs, net
|
53,727
|
47,821
|
|||||
Other
assets
|
95,776
|
102,094
|
|||||
Related
party assets
|
259,530
|
270,468
|
|||||
1,923,777
|
1,832,053
|
||||||
Property,
plant and equipment, at cost:
|
|||||||
Land
|
186,248
|
175,785
|
|||||
Buildings
and improvements
|
780,860
|
739,603
|
|||||
Furniture
and equipment
|
293,768
|
281,371
|
|||||
Rental
trailers and other rental equipment
|
201,714
|
201,273
|
|||||
Rental
trucks
|
1,519,981
|
1,331,891
|
|||||
SAC
Holding II - property, plant and equipment
|
79,393
|
79,217
|
|||||
3,061,964
|
2,809,140
|
||||||
Less:
Accumulated depreciation
|
(1,281,629
|
)
|
(1,273,975
|
)
|
|||
Total
property, plant and equipment
|
1,780,335
|
1,535,165
|
|||||
Total
assets
|
$
|
3,704,112
|
$
|
3,367,218
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
248,438
|
$
|
235,878
|
|||
AMERCO's
notes and loans payable
|
1,201,081
|
965,634
|
|||||
SAC
Holding II notes and loans payable, non-recourse to AMERCO
|
75,597
|
76,232
|
|||||
Policy
benefits and losses, claims and loss expenses payable
|
800,763
|
800,413
|
|||||
Liabilities
from investment contracts
|
417,318
|
449,149
|
|||||
Other
policyholders' funds and liabilities
|
9,431
|
7,705
|
|||||
Deferred
income
|
15,768
|
21,346
|
|||||
Deferred
income taxes
|
132,815
|
108,092
|
|||||
Related
party liabilities
|
3,332
|
7,165
|
|||||
Total
liabilities
|
2,904,543
|
2,671,614
|
|||||
Commitments
and contingencies (notes 3, 6 and 7)
|
|||||||
Stockholders'
equity:
|
|||||||
Series
preferred stock, with or without par value, 50,000,000 shares
authorized:
|
|||||||
Series
A preferred stock, with no par value, 6,100,000 shares
authorized;
|
|||||||
6,100,000
shares issued and outstanding as of September 30 and March 31,
2006
|
-
|
-
|
|||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
|||||||
issued
and outstanding as of September 30 and March 31, 2006
|
-
|
-
|
|||||
Series
common stock, with or without par value, 150,000,000 shares
authorized:
|
|||||||
Series
A common stock of $0.25 par value, 10,000,000 shares
authorized;
|
|||||||
3,716,181
shares issued as of September 30 and March 31, 2006
|
929
|
929
|
|||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
|
|||||||
38,269,519
issued as of September 30 and March 31, 2006
|
9,568
|
9,568
|
|||||
Additional
paid-in capital
|
373,902
|
367,655
|
|||||
Accumulated
other comprehensive loss
|
(41,222
|
)
|
(28,902
|
)
|
|||
Retained
earnings
|
883,214
|
773,784
|
|||||
Cost
of common shares in treasury, net (20,701,096 shares as of
|
|||||||
September
30 and March 31, 2006)
|
(418,092
|
)
|
(418,092
|
)
|
|||
Unearned
employee stock ownership plan shares
|
(8,730
|
)
|
(9,338
|
)
|
|||
Total
stockholders' equity
|
799,569
|
695,604
|
|||||
Total
liabilities and stockholders' equity
|
$
|
3,704,112
|
$
|
3,367,218
|
Quarter
Ended September 30,
|
||||||||||
2006
|
2005
|
|||||||||
(Unaudited)
|
||||||||||
(In thousands, except share and per share amounts)
|
||||||||||
Revenues:
|
||||||||||
Self-moving
equipment rentals
|
$
|
445,720
|
$
|
446,705
|
||||||
Self-storage
revenues
|
32,416
|
31,224
|
||||||||
Self-moving
and self-storage products and service sales
|
61,916
|
62,492
|
||||||||
Property
management fees
|
3,986
|
3,829
|
||||||||
Life
insurance premiums
|
31,120
|
29,718
|
||||||||
Property
and casualty insurance premiums
|
6,470
|
5,399
|
||||||||
Net
investment and interest income
|
15,908
|
12,352
|
||||||||
Other
revenue
|
8,999
|
13,797
|
||||||||
Total
revenues
|
606,535
|
605,516
|
||||||||
Costs
and expenses:
|
||||||||||
Operating
expenses
|
280,808
|
289,701
|
||||||||
Commission
expenses
|
53,605
|
53,197
|
||||||||
Cost
of sales
|
31,448
|
30,917
|
||||||||
Benefits
and losses
|
28,842
|
26,709
|
||||||||
Amortization
of deferred policy acquisition costs
|
4,825
|
5,854
|
||||||||
Lease
expense
|
37,667
|
36,578
|
||||||||
Depreciation,
net of (gains) losses on disposals
|
43,087
|
34,322
|
||||||||
Total
costs and expenses
|
480,282
|
477,278
|
||||||||
Earnings
from operations
|
126,253
|
128,238
|
||||||||
Interest
expense
|
(21,063
|
)
|
(15,245
|
)
|
||||||
Amortization
of fees on early extinguishment of debt
|
(6,969
|
)
|
-
|
|||||||
Pretax
earnings
|
98,221
|
112,993
|
||||||||
Income
tax expense
|
(37,730
|
)
|
(43,871
|
)
|
||||||
Net
earnings
|
60,491
|
69,122
|
||||||||
Less:
Preferred stock dividends
|
(3,241
|
)
|
(3,241
|
)
|
||||||
Earnings
available to common shareholders
|
$
|
57,250
|
$
|
65,881
|
||||||
Basic
and diluted earnings per common share
|
$
|
2.74
|
$
|
3.16
|
||||||
Weighted
average common shares outstanding:
|
||||||||||
Basic
and diluted
|
20,910,204
|
20,848,620
|
Six
Months Ended September 30,
|
||||||||||
2006
|
2005
|
|||||||||
(Unaudited)
|
||||||||||
(In thousands, except share and per share amounts)
|
||||||||||
Revenues:
|
||||||||||
Self-moving
equipment rentals
|
$
|
852,954
|
$
|
847,965
|
||||||
Self-storage
revenues
|
62,847
|
59,992
|
||||||||
Self-moving
and self-storage products and service sales
|
129,367
|
129,055
|
||||||||
Property
management fees
|
7,833
|
8,269
|
||||||||
Life
insurance premiums
|
62,039
|
59,307
|
||||||||
Property
and casualty insurance premiums
|
11,852
|
10,223
|
||||||||
Net
investment and interest income
|
29,738
|
26,066
|
||||||||
Other
revenue
|
16,932
|
24,097
|
||||||||
Total
revenues
|
1,173,562
|
1,164,974
|
||||||||
Costs
and expenses:
|
||||||||||
Operating
expenses
|
542,187
|
556,493
|
||||||||
Commission
expenses
|
103,141
|
101,215
|
||||||||
Cost
of sales
|
63,764
|
61,961
|
||||||||
Benefits
and losses
|
59,448
|
54,023
|
||||||||
Amortization
of deferred policy acquisition costs
|
10,451
|
12,052
|
||||||||
Lease
expense
|
75,394
|
69,873
|
||||||||
Depreciation,
net of (gains) losses on disposals
|
82,758
|
68,559
|
||||||||
Total
costs and expenses
|
937,143
|
924,176
|
||||||||
Earnings
from operations
|
236,419
|
240,798
|
||||||||
Interest
expense
|
(39,525
|
)
|
(34,881
|
)
|
||||||
Fees
and amortization on early extinguishment of debt
|
(6,969
|
)
|
(35,627
|
)
|
||||||
Pretax
earnings
|
189,925
|
170,290
|
||||||||
Income
tax expense
|
(74,013
|
)
|
(66,106
|
)
|
||||||
Net
earnings
|
115,912
|
104,184
|
||||||||
Less:
Preferred stock dividends
|
(6,482
|
)
|
(6,482
|
)
|
||||||
Earnings
available to common shareholders
|
$
|
109,430
|
$
|
97,702
|
||||||
Basic
and diluted earnings per common share
|
$
|
5.23
|
$
|
4.69
|
||||||
Weighted
average common shares outstanding:
|
||||||||||
Basic
and diluted
|
20,903,946
|
20,842,539
|
Quarter
Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
Comprehensive
income:
|
||||||
Net
earnings
|
$
|
60,491
|
$
|
69,122
|
||
Other
comprehensive income (loss), net of tax:
|
||||||
Foreign
currency translation
|
(862
|
)
|
1,868
|
|||
Unrealized
gain (loss) on investments, net
|
(2,103
|
)
|
6,796
|
|||
Fair
market value of cash flow hedges
|
(9,906
|
)
|
3,656
|
|||
Total
comprehensive income
|
$
|
47,620
|
$
|
81,442
|
Six
Months Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
Comprehensive
income:
|
||||||
Net
earnings
|
$
|
115,912
|
$
|
104,184
|
||
Other
comprehensive income (loss), net of tax:
|
||||||
Foreign
currency translation
|
1,060
|
(102)
|
||||
Unrealized
gain (loss) on investments, net
|
(4,689
|
)
|
1,256
|
|||
Fair
market value of cash flow hedges
|
(8,691
|
)
|
3,247
|
|||
Total
comprehensive income
|
$
|
103,592
|
$
|
108,585
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Cash
flow from operating activities:
|
|||||||
Net
earnings
|
$
|
115,912
|
$
|
104,184
|
|||
Depreciation
|
86,545
|
62,618
|
|||||
Amortization
of deferred policy acquisition costs
|
10,451
|
13,463
|
|||||
Change
in provision for losses on trade receivables
|
(11
|
)
|
(620
|
)
|
|||
Change
in provision for losses on mortgage notes
|
(20
|
)
|
-
|
||||
Reduction
for inventory reserves
|
-
|
(1,000
|
)
|
||||
Net
(gain) loss on sale of real and personal property
|
(3,787
|
)
|
5,941
|
||||
Net
loss on sale of investments
|
891
|
1,483
|
|||||
Write-off
of unamortized debt issuance costs
|
6,969
|
13,629
|
|||||
Deferred
income taxes
|
27,677
|
45,859
|
|||||
Net
change in other operating assets and liabilities:
|
|||||||
Reinsurance
recoverables and trade receivables
|
18,383
|
3,821
|
|||||
Inventories
|
(8,357
|
)
|
(5,123
|
)
|
|||
Prepaid
expenses
|
(2,962
|
)
|
(2,419
|
)
|
|||
Capitalization
of deferred policy acquisition costs
|
(3,166
|
)
|
(1,490
|
)
|
|||
Other
assets
|
(95
|
)
|
12,080
|
||||
Related
party assets
|
12,899
|
(2,707
|
)
|
||||
Accounts
payable and accrued expenses
|
7,380
|
(12,630
|
)
|
||||
Policy
benefits and losses, claims and loss expenses payable
|
(8,420
|
)
|
(2,941
|
)
|
|||
Other
policyholders' funds and liabilities
|
1,577
|
(9,785
|
)
|
||||
Deferred
income
|
530
|
738
|
|||||
Related
party liabilities
|
(10,016
|
)
|
(2,141
|
)
|
|||
Net
cash provided by operating activities
|
252,380
|
222,960
|
|||||
Cash
flows from investing activities:
|
|||||||
Purchases
of:
|
|||||||
Property,
plant and equipment
|
(378,605
|
)
|
(122,756
|
)
|
|||
Short
term investments
|
(103,999
|
)
|
(220,480
|
)
|
|||
Fixed
maturities investments
|
(59,033
|
)
|
(161,102
|
)
|
|||
Mortgage
loans
|
(8,855
|
)
|
(1,250
|
)
|
|||
Proceeds
from sale of:
|
|||||||
Property,
plant and equipment
|
57,204
|
30,269
|
|||||
Short
term investments
|
145,044
|
308,147
|
|||||
Fixed
maturities investments
|
52,056
|
94,132
|
|||||
Cash
received in excess of purchase for company acquired
|
1,235
|
-
|
|||||
Equity
securities
|
-
|
9,250
|
|||||
Preferred
stock
|
125
|
7,842
|
|||||
Real
estate
|
10,113
|
36,002
|
|||||
Mortgage
loans
|
4,182
|
4,823
|
|||||
Payments
from notes and mortgage receivables
|
293
|
(404
|
)
|
||||
Net
cash used by investing activities
|
(280,240
|
)
|
(15,527
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Borrowings
from credit facilities
|
276,744
|
1,168,318
|
|||||
Principal
repayments on credit facilities
|
(39,614
|
)
|
(1,083,747
|
)
|
|||
Debt
issuance costs
|
(539
|
)
|
(25,245
|
)
|
|||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
608
|
435
|
|||||
Preferred
stock dividends paid
|
(6,482
|
)
|
(6,482
|
)
|
|||
Investment
contract deposits
|
8,444
|
10,405
|
|||||
Investment
contract withdrawals
|
(40,275
|
)
|
(38,018
|
)
|
|||
Net
cash provided by financing activities
|
198,886
|
25,666
|
|||||
Effects
of exchange rate on cash
|
131
|
79
|
|||||
Increase
in cash equivalents
|
171,157
|
233,178
|
|||||
Cash
and cash equivalents at the beginning of period
|
155,459
|
55,955
|
|||||
Cash
and cash equivalents at the end of period
|
$
|
326,616
|
$
|
289,133
|
Quarter
Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
Basic
and diluted earnings per common share
|
$
|
2.74
|
$
|
3.16
|
||
Weighted
average common shares outstanding:
|
||||||
Basic
and diluted
|
20,910,204
|
20,848,620
|
Six
Months Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
Basic
and diluted earnings per common share
|
$
|
5.23
|
$
|
4.69
|
||
Weighted
average common shares outstanding:
|
||||||
Basic
and diluted
|
20,903,946
|
20,842,539
|
September
30,
|
March
31,
|
|||||||||||
2006
Rate (a)
|
Maturities
|
2006
|
2006
|
|||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Real
estate loan (floating)
|
6.83
|
%
|
2018
|
$
|
300,000
|
$
|
242,585
|
|||||
Real
estate loan (revolving credit)
|
-
|
2018
|
-
|
-
|
||||||||
Senior
mortgages
|
5.47%-5.75
|
%
|
2015
|
526,897
|
531,309
|
|||||||
Mezzanine
loan (floating) (b)
|
-
|
-
|
-
|
19,393
|
||||||||
Construction
loan (revolving credit)
|
-
|
2009
|
-
|
-
|
||||||||
Fleet
loans (amortizing term)
|
7.08
|
%
|
2012-2013
|
284,184
|
82,347
|
|||||||
Fleet
loan (revolving credit)
|
7.08
|
%
|
2010
|
90,000
|
90,000
|
|||||||
Total
AMERCO notes and loans payable
|
$
|
1,201,081
|
$
|
965,634
|
||||||||
(a)
Interest rate as of September 30, 2006
|
||||||||||||
(b)
Paid in full on August 30, 2006
|
Year
Ending September 30,
|
|||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
||||||||||||||
(Unaudited)
|
|||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||
Notes
payable, secured
|
$
|
51,304
|
$
|
54,124
|
$
|
97,138
|
$
|
110,361
|
$
|
63,807
|
$
|
824,347
|
September
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Notes
payable, secured, 7.87% interest rate, due 2027
|
$
|
75,597
|
$
|
76,232
|
Year
Ending September 30,
|
|||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
||||||||||||||
(Unaudited)
|
|||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||
Notes
payable, secured
|
$
|
1,366
|
$
|
1,529
|
$
|
1,722
|
$
|
1,862
|
$
|
2,014
|
$
|
67,104
|
Quarter
Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Interest
expense
|
$
|
19,331
|
$
|
13,232
|
|||
Capitalized
interest
|
(129
|
)
|
(32
|
)
|
|||
Amortization
of transaction costs
|
1,076
|
1,349
|
|||||
Interest
income resulting from derivatives
|
(738
|
)
|
(853
|
)
|
|||
Amortization
of transaction costs related to early extinguishment of
debt
|
6,969
|
-
|
|||||
Total
AMERCO interest expense
|
26,509
|
13,696
|
|||||
SAC
Holding II interest expense
|
3,206
|
3,014
|
|||||
Less:
Intercompany transactions
|
1,683
|
1,465
|
|||||
Total
SAC Holding II interest expense
|
1,523
|
1,549
|
|||||
Total
|
$
|
28,032
|
$
|
15,245
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Interest
expense
|
$
|
35,888
|
$
|
31,333
|
|||
Capitalized
interest
|
(171
|
)
|
(76
|
)
|
|||
Amortization
of transaction costs
|
2,374
|
1,349
|
|||||
Interest
income resulting from derivatives
|
(1,601
|
)
|
(811
|
)
|
|||
Amortization
of transaction costs related to early extinguishment of
debt
|
6,969
|
14,384
|
|||||
Fees
on early extinguishment of debt
|
-
|
21,243
|
|||||
Total
AMERCO interest expense
|
43,459
|
67,422
|
|||||
SAC
Holding II interest expense
|
6,600
|
6,144
|
|||||
Less:
Intercompany transactions
|
3,565
|
3,058
|
|||||
Total
SAC Holding II interest expense
|
3,035
|
3,086
|
|||||
Total
|
$
|
46,494
|
$
|
70,508
|
Revolving
Credit Activity
|
|||||||
Quarter
Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands, except interest rates)
|
|||||||
Weighted
average interest rate during the second fiscal quarter
|
5.35%
|
5.30%
|
|||||
Interest
rate at the end of the second fiscal quarter
|
5.32%
|
5.48%
|
|||||
Maximum
amount outstanding during the second fiscal quarter
|
$
|
90,000
|
$
|
90,000
|
|||
Average
amount outstanding during the second fiscal quarter
|
$
|
90,000
|
$
|
90,000
|
Revolving
Credit Activity
|
|||||||
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands, except interest rates)
|
|||||||
Weighted
average interest rate during the first six months
|
6.04%
|
5.84%
|
|||||
Interest
rate at the end of the first six months
|
5.32%
|
5.48%
|
|||||
Maximum
amount outstanding during the first six months
|
$
|
90,000
|
$
|
135,010
|
|||
Average
amount outstanding during the first six months
|
$
|
90,000
|
$
|
106,192
|
|||
Foreign
Currency Translation
|
Unrealized
Gain (Loss) on Investments
|
Fair
Market Value of Cash Flow Hedge
|
Accumulated
Other Comprehensive Income(Loss)
|
||||||||||
(Unaudited)
|
|||||||||||||
(In
thousands)
|
|||||||||||||
Balance
at March 31, 2006
|
$
|
(34,247
|
)
|
$
|
717
|
$
|
4,628
|
$
|
(28,902
|
)
|
|||
Change
in foreign currency translation
|
1,060
|
-
|
-
|
1,060
|
|||||||||
Unrealized
loss on investments
|
-
|
(4,689
|
)
|
-
|
(4,689
|
)
|
|||||||
Change
in fair market value of cash flow hedge
|
-
|
-
|
(8,691
|
)
|
(8,691
|
)
|
|||||||
Balance
at September 30, 2006
|
$
|
(33,187
|
)
|
$
|
(3,972
|
)
|
$
|
(4,063
|
)
|
$
|
(41,222
|
)
|
Property,
Plant
and Equipment
|
Rental
Equipment
|
Total
|
||||||||
(Unaudited)
|
||||||||||
(In
thousands)
|
||||||||||
Year-ended
September 30:
|
||||||||||
2007
|
$
|
11,816
|
$
|
115,408
|
$
|
127,224
|
||||
2008
|
11,617
|
89,092
|
100,709
|
|||||||
2009
|
11,336
|
74,530
|
85,866
|
|||||||
2010
|
10,905
|
56,310
|
67,215
|
|||||||
2011
|
10,778
|
39,163
|
49,941
|
|||||||
Thereafter
|
30,193
|
32,353
|
62,546
|
|||||||
Total
|
$
|
86,645
|
$
|
406,856
|
$
|
493,501
|
September
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Private
Mini notes, receivables and interest
|
$
|
72,411
|
$
|
74,427
|
|||
Oxford
note receivable from SAC Holding Corporation
|
5,040
|
5,040
|
|||||
U-Haul
notes receivable from SAC Holding Coporation
|
123,578
|
123,578
|
|||||
U-Haul
interest receivable from SAC Holding Corporation
|
21,697
|
42,189
|
|||||
U-Haul
receivable from SAC Holding Corporation
|
19,701
|
5,688
|
|||||
SAC
Holding II receivable from parent
|
-
|
2,900
|
|||||
U-Haul
receivable from Mercury
|
3,218
|
2,342
|
|||||
Oxford
and RepWest investment in Securespace (a)
|
11,774
|
11,585
|
|||||
Other
|
2,111
|
2,719
|
|||||
$
|
259,530
|
$
|
270,468
|
||||
(a)
Due to the one quarter reporting lag for the insurance companies,
the
ownership interest in Securspace will be reduced to zero in the
Company's
December 31, 2006 financial
statements
|
September
30,
|
March
31,
|
|||||
2006
|
2006
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
SAC
Holding II payable to affiliate
|
$
|
3,332
|
$
|
7,165
|
(a)
|
Moving
and Storage Operations, comprised of AMERCO, U-Haul, and Real Estate
and
the subsidiaries of U-Haul and Real
Estate
|
(b)
|
Property
and Casualty Insurance, comprised of RepWest and its wholly-owned
subsidiary
|
(c)
|
Life
Insurance, comprised of Oxford and its wholly-owned
subsidiaries
|
(d)
|
SAC
Holding II and its subsidiaries
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$
|
9
|
$
|
297,334
|
$
|
776
|
$
|
-
|
$
|
298,119
|
$
|
8,953
|
$
|
8,880
|
$
|
10,664
|
(f
|
)
|
$
|
326,616
|
$
|
-
|
$
|
-
|
$
|
326,616
|
||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
20,228
|
24
|
-
|
20,252
|
179,783
|
15,201
|
-
|
215,236
|
-
|
-
|
215,236
|
||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,399
|
861
|
-
|
2,260
|
-
|
-
|
-
|
2,260
|
-
|
-
|
2,260
|
||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
73,364
|
-
|
-
|
73,364
|
-
|
-
|
-
|
73,364
|
1,442
|
-
|
74,806
|
||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
718
|
46,646
|
-
|
-
|
47,364
|
-
|
-
|
-
|
47,364
|
165
|
-
|
47,529
|
||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
129,290
|
556,138
|
-
|
685,428
|
-
|
-
|
685,428
|
||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
1,314
|
6,946
|
-
|
8,260
|
90,588
|
73,227
|
(9,206
|
)
|
(f
|
)
|
162,869
|
-
|
-
|
162,869
|
|||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
594
|
53,133
|
-
|
53,727
|
-
|
-
|
53,727
|
||||||||||||||||||||||||||||||||||
Other
assets
|
5
|
55,151
|
33,362
|
-
|
88,518
|
1,889
|
427
|
-
|
90,834
|
4,942
|
-
|
95,776
|
||||||||||||||||||||||||||||||||||
Related
party assets
|
1,238,466
|
249,103
|
12,627
|
(1,166,549
|
)
|
(d
|
)
|
333,647
|
18,061
|
10,913
|
(24,588
|
)
|
(d
|
)
|
338,033
|
-
|
(78,503
|
)
|
(d
|
)
|
259,530
|
|||||||||||||||||||||||||
1,239,198
|
744,539
|
54,596
|
(1,166,549
|
)
|
871,784
|
429,158
|
717,919
|
(23,130
|
)
|
1,995,731
|
6,549
|
(78,503
|
)
|
1,923,777
|
||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(178,719
|
)
|
-
|
-
|
453,317
|
(c
|
)
|
274,598
|
-
|
-
|
(274,598
|
)
|
(c
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(8,786
|
)
|
-
|
-
|
-
|
(8,786
|
)
|
-
|
-
|
-
|
(8,786
|
)
|
-
|
8,786
|
(c
|
)
|
-
|
|||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(187,505
|
)
|
-
|
-
|
453,317
|
265,812
|
-
|
-
|
(274,598
|
)
|
(8,786
|
)
|
-
|
8,786
|
-
|
|||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
29,651
|
156,597
|
-
|
186,248
|
-
|
-
|
-
|
186,248
|
-
|
-
|
186,248
|
||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
89,463
|
691,397
|
-
|
780,860
|
-
|
-
|
-
|
780,860
|
-
|
-
|
780,860
|
||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
3,521
|
272,337
|
17,910
|
-
|
293,768
|
-
|
-
|
-
|
293,768
|
-
|
-
|
293,768
|
||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
201,714
|
-
|
-
|
201,714
|
-
|
-
|
-
|
201,714
|
-
|
-
|
201,714
|
||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,519,981
|
-
|
-
|
1,519,981
|
-
|
-
|
-
|
1,519,981
|
-
|
-
|
1,519,981
|
||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
153,605
|
(74,212
|
)
|
(e
|
)
|
79,393
|
|||||||||||||||||||||||||||||||
3,521
|
2,113,146
|
865,904
|
-
|
2,982,571
|
-
|
-
|
-
|
2,982,571
|
153,605
|
(74,212
|
)
|
3,061,964
|
||||||||||||||||||||||||||||||||||
Less:
Accumulated depreciation
|
(456
|
)
|
(988,821
|
)
|
(291,008
|
)
|
-
|
(1,280,285
|
)
|
-
|
-
|
-
|
(1,280,285
|
)
|
(11,289
|
)
|
9,945
|
(e
|
)
|
(1,281,629
|
)
|
|||||||||||||||||||||||||
Total
property, plant and equipment
|
3,065
|
1,124,325
|
574,896
|
-
|
1,702,286
|
-
|
-
|
-
|
1,702,286
|
142,316
|
(64,267
|
)
|
1,780,335
|
|||||||||||||||||||||||||||||||||
Total
assets
|
$
|
1,054,758
|
$
|
1,868,864
|
$
|
629,492
|
$
|
(713,232
|
)
|
$
|
2,839,882
|
$
|
429,158
|
$
|
717,919
|
$
|
(297,728
|
)
|
$
|
3,689,231
|
$
|
148,865
|
$
|
(133,984
|
)
|
$
|
3,704,112
|
|||||||||||||||||||
(a)
Balances as of June 30, 2006
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Included in this caption is land of $57,169, buildings and improvements
of
$95,990, and furniture and equipment of $446
|
||||||||||||||||||||||||||||||||||||||||||||||
(c)
Eliminate investment in subsidiaries and SAC Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of property from U-Haul to SAC Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(f)
Elimination related to sale of assets from RepWest to Real Estate
during
the second quarter
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
1,826
|
$
|
235,569
|
$
|
4,383
|
$
|
-
|
$
|
241,778
|
$
|
-
|
$
|
4,960
|
$
|
-
|
$
|
246,738
|
$
|
1,700
|
$
|
-
|
$
|
248,438
|
||||||||||||||||||||||
AMERCO's
notes and loans payable
|
-
|
416,636
|
784,445
|
-
|
1,201,081
|
-
|
-
|
-
|
1,201,081
|
-
|
-
|
1,201,081
|
||||||||||||||||||||||||||||||||||
SAC
Holding II notes and loans
payable, non-recourse to AMERCO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
75,597
|
-
|
75,597
|
||||||||||||||||||||||||||||||||||
Policy
benefits and losses,
claims and loss expenses payable
|
-
|
327,330
|
-
|
-
|
327,330
|
322,454
|
150,979
|
-
|
800,763
|
-
|
-
|
800,763
|
||||||||||||||||||||||||||||||||||
Liabilities
from investment contracts
|
-
|
-
|
-
|
-
|
-
|
-
|
417,318
|
-
|
417,318
|
-
|
-
|
417,318
|
||||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
7,085
|
2,346
|
-
|
9,431
|
-
|
-
|
9,431
|
||||||||||||||||||||||||||||||||||
Deferred
income
|
-
|
14,926
|
-
|
-
|
14,926
|
6,136
|
-
|
(6,136
|
)
|
(e
|
)
|
14,926
|
842
|
-
|
15,768
|
|||||||||||||||||||||||||||||||
Deferred
income taxes
|
207,243
|
-
|
-
|
-
|
207,243
|
(46,195
|
)
|
967
|
-
|
162,015
|
(2,323
|
)
|
(26,877
|
)
|
(d
|
)
|
132,815
|
|||||||||||||||||||||||||||||
Related
party liabilities
|
-
|
1,151,308
|
25,806
|
(1,166,549
|
)
|
(c
|
)
|
10,565
|
1,751
|
12,272
|
(24,588
|
)
|
(c
|
)
|
-
|
81,835
|
(78,503
|
)
|
(c
|
)
|
3,332
|
|||||||||||||||||||||||||
Total
liabilities
|
209,069
|
2,145,769
|
814,634
|
(1,166,549
|
)
|
2,002,923
|
291,231
|
588,842
|
(30,724
|
)
|
2,852,272
|
157,651
|
(105,380
|
)
|
2,904,543
|
|||||||||||||||||||||||||||||||
Stockholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||||
Series
preferred stock:
|
||||||||||||||||||||||||||||||||||||||||||||||
Series
A preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Series
B preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Series
A common stock
|
929
|
-
|
-
|
-
|
929
|
-
|
-
|
-
|
929
|
-
|
-
|
929
|
||||||||||||||||||||||||||||||||||
Common
stock
|
9,568
|
540
|
1
|
(541
|
)
|
(b
|
)
|
9,568
|
3,300
|
2,500
|
(5,800
|
)
|
(b
|
)
|
9,568
|
-
|
-
|
9,568
|
||||||||||||||||||||||||||||
Additional
paid-in capital
|
419,973
|
121,230
|
147,481
|
(268,711
|
)
|
(b
|
)
|
419,973
|
80,369
|
26,271
|
(106,640
|
)
|
(b
|
)
|
419,973
|
-
|
(46,071
|
)
|
(d
|
)
|
373,902
|
|||||||||||||||||||||||||
Additional
paid-in capital - SAC Holding II
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,492
|
(4,492
|
)
|
(b
|
)
|
-
|
|||||||||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(41,222
|
)
|
(37,390
|
)
|
-
|
37,390
|
(b
|
)
|
(41,222
|
)
|
(1,269
|
)
|
(2,703
|
)
|
3,972
|
(b
|
)
|
(41,222
|
)
|
-
|
-
|
(41,222
|
)
|
|||||||||||||||||||||||
Retained
earnings (deficit)
|
874,533
|
(352,555
|
)
|
(332,624
|
)
|
685,179
|
(b
|
)
|
874,533
|
55,527
|
103,009
|
(158,536
|
)
|
(b
|
)
|
874,533
|
(13,278
|
)
|
21,959
|
(b,d
|
)
|
883,214
|
||||||||||||||||||||||||
Cost
of common shares in treasury, net
|
(418,092
|
)
|
-
|
-
|
-
|
(418,092
|
)
|
-
|
-
|
-
|
(418,092
|
)
|
-
|
-
|
(418,092
|
)
|
||||||||||||||||||||||||||||||
Unearned
employee stock
ownership plan shares
|
-
|
(8,730
|
)
|
-
|
-
|
(8,730
|
)
|
-
|
-
|
-
|
(8,730
|
)
|
-
|
-
|
(8,730
|
)
|
||||||||||||||||||||||||||||||
Total
stockholders' equity (deficit)
|
845,689
|
(276,905
|
)
|
(185,142
|
)
|
453,317
|
836,959
|
137,927
|
129,077
|
(267,004
|
)
|
836,959
|
(8,786
|
)
|
(28,604
|
)
|
799,569
|
|||||||||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,054,758
|
$
|
1,868,864
|
$
|
629,492
|
$
|
(713,232
|
)
|
$
|
2,839,882
|
$
|
429,158
|
$
|
717,919
|
$
|
(297,728
|
)
|
$
|
3,689,231
|
$
|
148,865
|
$
|
(133,984
|
)
|
$
|
3,704,112
|
|||||||||||||||||||
(a)
Balances as of June 30, 2006
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate investment in subsidiaries and SAC Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(c)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate gain on sale of property from U-Haul to SAC Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Elimination related to sale of assets from RepWest to Real Estate
during
the second quarter
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$
|
7
|
$
|
140,499
|
$
|
856
|
$
|
-
|
$
|
141,362
|
$
|
9,815
|
$
|
4,027
|
$
|
-
|
$
|
155,204
|
$
|
255
|
$
|
-
|
$
|
155,459
|
||||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
17,325
|
25
|
-
|
17,350
|
199,908
|
12,921
|
-
|
230,179
|
-
|
-
|
230,179
|
||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,333
|
1,199
|
-
|
2,532
|
-
|
-
|
-
|
2,532
|
-
|
-
|
2,532
|
||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
63,585
|
-
|
-
|
63,585
|
-
|
-
|
-
|
63,585
|
1,334
|
-
|
64,919
|
||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
2,051
|
51,166
|
-
|
-
|
53,217
|
-
|
-
|
-
|
53,217
|
45
|
-
|
53,262
|
||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
108,563
|
587,395
|
-
|
695,958
|
-
|
-
|
695,958
|
||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
1,314
|
7,853
|
-
|
9,167
|
113,456
|
86,738
|
-
|
209,361
|
-
|
-
|
209,361
|
||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
1,160
|
46,661
|
-
|
47,821
|
-
|
-
|
47,821
|
||||||||||||||||||||||||||||||||||
Other
assets
|
2
|
54,390
|
40,866
|
-
|
95,258
|
2,027
|
438
|
-
|
97,723
|
4,371
|
-
|
102,094
|
||||||||||||||||||||||||||||||||||
Related
party assets
|
1,219,703
|
262,330
|
12,671
|
(1,147,881
|
)
|
(d
|
)
|
346,823
|
24,293
|
10,915
|
(30,156
|
)
|
(d
|
)
|
351,875
|
2,900
|
(84,307
|
)
|
(d
|
)
|
270,468
|
|||||||||||||||||||||||||
1,221,763
|
591,942
|
63,470
|
(1,147,881
|
)
|
729,294
|
459,222
|
749,095
|
(30,156
|
)
|
1,907,455
|
8,905
|
(84,307
|
)
|
1,832,053
|
||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(262,277
|
)
|
-
|
-
|
526,979
|
(c
|
)
|
264,702
|
-
|
-
|
(264,702
|
)
|
(c
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(14,275
|
)
|
-
|
-
|
-
|
(14,275
|
)
|
-
|
-
|
-
|
(14,275
|
)
|
-
|
14,275
|
(c
|
)
|
-
|
|||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(276,552
|
)
|
-
|
-
|
526,979
|
250,427
|
-
|
-
|
(264,702
|
)
|
(14,275
|
)
|
-
|
14,275
|
-
|
|||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
29,159
|
146,626
|
-
|
175,785
|
-
|
-
|
-
|
175,785
|
-
|
-
|
175,785
|
||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
78,244
|
661,359
|
-
|
739,603
|
-
|
-
|
-
|
739,603
|
-
|
-
|
739,603
|
||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
2,590
|
260,902
|
17,879
|
-
|
281,371
|
-
|
-
|
-
|
281,371
|
-
|
-
|
281,371
|
||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
201,273
|
-
|
-
|
201,273
|
-
|
-
|
-
|
201,273
|
-
|
-
|
201,273
|
||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,331,891
|
-
|
-
|
1,331,891
|
-
|
-
|
-
|
1,331,891
|
-
|
-
|
1,331,891
|
||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
153,429
|
(74,212
|
)
|
(e
|
)
|
79,217
|
|||||||||||||||||||||||||||||||
2,590
|
1,901,469
|
825,864
|
-
|
2,729,923
|
-
|
-
|
-
|
2,729,923
|
153,429
|
(74,212
|
)
|
2,809,140
|
||||||||||||||||||||||||||||||||||
Less:
Accumulated depreciation
|
(334
|
)
|
(987,598
|
)
|
(285,687
|
)
|
-
|
(1,273,619
|
)
|
-
|
-
|
-
|
(1,273,619
|
)
|
(10,020
|
)
|
9,664
|
(e
|
)
|
(1,273,975
|
)
|
|||||||||||||||||||||||||
Total
property, plant and equipment
|
2,256
|
913,871
|
540,177
|
-
|
1,456,304
|
-
|
-
|
-
|
1,456,304
|
143,409
|
(64,548
|
)
|
1,535,165
|
|||||||||||||||||||||||||||||||||
Total
assets
|
$
|
947,467
|
$
|
1,505,813
|
$
|
603,647
|
$
|
(620,902
|
)
|
$
|
2,436,025
|
$
|
459,222
|
$
|
749,095
|
$
|
(294,858
|
)
|
$
|
3,349,484
|
$
|
152,314
|
$
|
(134,580
|
)
|
$
|
3,367,218
|
|||||||||||||||||||
(a)
Balances as of December 31, 2005
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Included in this caption is land of $57,169, buildings and improvements
of
$95,876, and furniture and equipment of $384
|
||||||||||||||||||||||||||||||||||||||||||||||
(c)
Eliminate investment in subsidiaries and SAC Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of property from U-Haul to SAC Holding
II
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
23,405
|
$
|
203,243
|
$
|
4,988
|
$
|
-
|
$
|
231,636
|
$
|
-
|
$
|
3,188
|
$
|
-
|
$
|
234,824
|
$
|
1,054
|
$
|
-
|
$
|
235,878
|
||||||||||||||||||||||
AMERCO's
notes and loans payable
|
-
|
212,133
|
753,501
|
-
|
965,634
|
-
|
-
|
-
|
965,634
|
-
|
-
|
965,634
|
||||||||||||||||||||||||||||||||||
SAC
Holding II notes and loans
payable, non-recourse to AMERCO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
76,232
|
-
|
76,232
|
||||||||||||||||||||||||||||||||||
Policy
benefits and losses,
claims and loss expenses payable
|
-
|
295,567
|
-
|
-
|
295,567
|
352,960
|
151,886
|
-
|
800,413
|
-
|
-
|
800,413
|
||||||||||||||||||||||||||||||||||
Liabilities
from investment contracts
|
-
|
-
|
-
|
-
|
-
|
-
|
449,149
|
-
|
449,149
|
-
|
-
|
449,149
|
||||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
5,222
|
2,483
|
-
|
7,705
|
-
|
-
|
7,705
|
||||||||||||||||||||||||||||||||||
Deferred
income
|
-
|
14,412
|
-
|
-
|
14,412
|
6,136
|
-
|
-
|
20,548
|
798
|
-
|
21,346
|
||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
181,355
|
-
|
-
|
-
|
181,355
|
(46,219
|
)
|
2,907
|
-
|
138,043
|
(2,967
|
)
|
(26,984
|
)
|
(d
|
)
|
108,092
|
|||||||||||||||||||||||||||||
Related
party liabilities
|
201
|
1,134,939
|
26,994
|
(1,147,881
|
)
|
(c
|
)
|
14,253
|
3,728
|
12,175
|
(30,156
|
)
|
(c
|
)
|
-
|
91,472
|
(84,307
|
)
|
(c
|
)
|
7,165
|
|||||||||||||||||||||||||
Total
liabilities
|
204,961
|
1,860,294
|
785,483
|
(1,147,881
|
)
|
1,702,857
|
321,827
|
621,788
|
(30,156
|
)
|
2,616,316
|
166,589
|
(111,291
|
)
|
2,671,614
|
|||||||||||||||||||||||||||||||
Stockholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||||
Series
preferred stock:
|
||||||||||||||||||||||||||||||||||||||||||||||
Series
A preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Series
B preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Series
A common stock
|
929
|
-
|
-
|
-
|
929
|
-
|
-
|
-
|
929
|
-
|
-
|
929
|
||||||||||||||||||||||||||||||||||
Common
stock
|
9,568
|
540
|
1
|
(541
|
)
|
(b
|
)
|
9,568
|
3,300
|
2,500
|
(5,800
|
)
|
(b
|
)
|
9,568
|
-
|
-
|
9,568
|
||||||||||||||||||||||||||||
Additional
paid-in capital
|
413,726
|
121,230
|
147,481
|
(268,711
|
)
|
(b
|
)
|
413,726
|
80,369
|
26,271
|
(106,640
|
)
|
(b
|
)
|
413,726
|
-
|
(46,071
|
)
|
(d
|
)
|
367,655
|
|||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(28,902
|
)
|
(29,996
|
)
|
-
|
29,996
|
(b
|
)
|
(28,902
|
)
|
386
|
331
|
(717
|
)
|
(b
|
)
|
(28,902
|
)
|
-
|
-
|
(28,902
|
)
|
||||||||||||||||||||||||
Retained
earnings (deficit)
|
765,277
|
(436,917
|
)
|
(329,318
|
)
|
766,235
|
(b
|
)
|
765,277
|
53,340
|
98,205
|
(151,545
|
)
|
(b
|
)
|
765,277
|
(14,275
|
)
|
22,782
|
(b,d
|
)
|
773,784
|
||||||||||||||||||||||||
Cost
of common shares in treasury, net
|
(418,092
|
)
|
-
|
-
|
-
|
(418,092
|
)
|
-
|
-
|
-
|
(418,092
|
)
|
-
|
-
|
(418,092
|
)
|
||||||||||||||||||||||||||||||
Unearned
employee stock
ownership plan shares
|
-
|
(9,338
|
)
|
-
|
-
|
(9,338
|
)
|
-
|
-
|
-
|
(9,338
|
)
|
-
|
-
|
-
|
(9,338
|
)
|
|||||||||||||||||||||||||||||
Total
stockholders' equity (deficit)
|
742,506
|
(354,481
|
)
|
(181,836
|
)
|
526,979
|
733,168
|
137,395
|
127,307
|
(264,702
|
)
|
733,168
|
(14,275
|
)
|
(23,289
|
)
|
695,604
|
|||||||||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$
|
947,467
|
$
|
1,505,813
|
$
|
603,647
|
$
|
(620,902
|
)
|
$
|
2,436,025
|
$
|
459,222
|
$
|
749,095
|
$
|
(294,858
|
)
|
$
|
3,349,484
|
$
|
152,314
|
$
|
(134,580
|
)
|
$
|
3,367,218
|
|||||||||||||||||||
(a)
Balances as of December 31, 2005
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate investment in subsidiaries and SAC Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(c)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate gain on sale of property from U-Haul to SAC Holding
II
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$
|
-
|
$
|
445,720
|
$
|
-
|
$
|
-
|
$
|
445,720
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
445,720
|
$
|
2,754
|
$
|
(2,754
|
)
|
(b
|
)
|
$
|
445,720
|
|||||||||||||||||||
Self-storage
revenues
|
-
|
26,970
|
398
|
-
|
27,368
|
-
|
-
|
-
|
27,368
|
5,048
|
-
|
32,416
|
||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
57,531
|
-
|
-
|
57,531
|
-
|
-
|
-
|
57,531
|
4,385
|
-
|
61,916
|
||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
4,738
|
-
|
-
|
4,738
|
-
|
-
|
-
|
4,738
|
-
|
(752
|
)
|
(g
|
)
|
3,986
|
|||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
31,519
|
(399
|
)
|
(c
|
)
|
31,120
|
-
|
-
|
31,120
|
|||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
6,470
|
-
|
-
|
6,470
|
-
|
-
|
6,470
|
||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
1,242
|
7,818
|
-
|
-
|
9,060
|
2,790
|
5,771
|
(30
|
)
|
(d
|
)
|
17,591
|
-
|
(1,683
|
)
|
(d
|
)
|
15,908
|
||||||||||||||||||||||||||||
Other
revenue
|
174
|
8,625
|
16,940
|
(18,335
|
)
|
(b
|
)
|
7,404
|
-
|
1,441
|
(16
|
)
|
(b
|
)
|
8,829
|
348
|
(178
|
)
|
(b
|
)
|
8,999
|
|||||||||||||||||||||||||
Total
revenues
|
1,416
|
551,402
|
17,338
|
(18,335
|
)
|
551,821
|
9,260
|
38,731
|
(445
|
)
|
599,367
|
12,535
|
(5,367
|
)
|
606,535
|
|||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
2,768
|
282,779
|
2,705
|
(18,335
|
)
|
(b
|
)
|
269,917
|
2,004
|
7,221
|
(3,419
|
)
|
(b,c
|
)
|
275,723
|
5,837
|
(752
|
)
|
(g
|
)
|
280,808
|
|||||||||||||||||||||||||
Commission
expenses
|
-
|
56,359
|
-
|
-
|
56,359
|
-
|
-
|
-
|
56,359
|
-
|
(2,754
|
)
|
(b
|
)
|
53,605
|
|||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
29,559
|
-
|
-
|
29,559
|
-
|
-
|
-
|
29,559
|
1,889
|
-
|
31,448
|
||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
4,949
|
21,925
|
1,968
|
(c
|
)
|
28,842
|
-
|
-
|
28,842
|
||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
643
|
4,182
|
-
|
4,825
|
-
|
-
|
4,825
|
||||||||||||||||||||||||||||||||||
Lease
expense
|
22
|
37,858
|
801
|
-
|
38,681
|
-
|
-
|
(836
|
)
|
(b
|
)
|
37,845
|
-
|
(178
|
)
|
(b
|
)
|
37,667
|
||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
60
|
43,366
|
(869
|
)
|
-
|
42,557
|
-
|
-
|
-
|
42,557
|
670
|
(140
|
)
|
(e
|
)
|
43,087
|
||||||||||||||||||||||||||||||
Total
costs and expenses
|
2,850
|
449,921
|
2,637
|
(18,335
|
)
|
437,073
|
7,596
|
33,328
|
(2,287
|
)
|
475,710
|
8,396
|
(3,824
|
)
|
480,282
|
|||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
46,841
|
-
|
-
|
(40,359
|
)
|
(f
|
)
|
6,482
|
-
|
-
|
(6,482
|
)
|
(f
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
560
|
-
|
-
|
-
|
560
|
-
|
-
|
-
|
560
|
-
|
(560
|
)
|
(f
|
)
|
-
|
|||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
47,401
|
-
|
-
|
(40,359
|
)
|
7,042
|
-
|
-
|
(6,482
|
)
|
560
|
-
|
(560
|
)
|
-
|
|||||||||||||||||||||||||||||||
Earnings
from operations
|
45,967
|
101,481
|
14,701
|
(40,359
|
)
|
121,790
|
1,664
|
5,403
|
(4,640
|
)
|
124,217
|
4,139
|
(2,103
|
)
|
126,253
|
|||||||||||||||||||||||||||||||
Interest
income (expense)
|
21,981
|
(27,685
|
)
|
(13,836
|
)
|
-
|
(19,540
|
)
|
-
|
-
|
-
|
(19,540
|
)
|
(3,206
|
)
|
1,683
|
(d
|
)
|
(21,063
|
)
|
||||||||||||||||||||||||||
Amortization
of fees on early extinguishment of debt
|
-
|
(302
|
)
|
(6,667
|
)
|
-
|
(6,969
|
)
|
-
|
-
|
-
|
(6,969
|
)
|
-
|
-
|
(6,969
|
)
|
|||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
67,948
|
73,494
|
(5,802
|
)
|
(40,359
|
)
|
95,281
|
1,664
|
5,403
|
(4,640
|
)
|
97,708
|
933
|
(420
|
)
|
98,221
|
||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
(7,544
|
)
|
(29,328
|
)
|
1,995
|
-
|
(34,877
|
)
|
(560
|
)
|
(1,867
|
)
|
-
|
(37,304
|
)
|
(373
|
)
|
(53
|
)
|
(e
|
)
|
(37,730
|
)
|
|||||||||||||||||||||||
Net
earnings (loss)
|
60,404
|
44,166
|
(3,807
|
)
|
(40,359
|
)
|
60,404
|
1,104
|
3,536
|
(4,640
|
)
|
60,404
|
560
|
(473
|
)
|
60,491
|
||||||||||||||||||||||||||||||
Less:
Preferred stock dividends
|
(3,241
|
)
|
-
|
-
|
-
|
(3,241
|
)
|
-
|
-
|
-
|
(3,241
|
)
|
-
|
-
|
(3,241
|
)
|
||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$
|
57,163
|
$
|
44,166
|
$
|
(3,807
|
)
|
$
|
(40,359
|
)
|
$
|
57,163
|
$
|
1,104
|
$
|
3,536
|
$
|
(4,640
|
)
|
$
|
57,163
|
$
|
560
|
$
|
(473
|
)
|
$
|
57,250
|
||||||||||||||||||
(a)
Balances for the quarter ended June 30, 2006
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate intercompany lease income and commission income
|
||||||||||||||||||||||||||||||||||||||||||||||
(c
)
Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany interest on debt
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of surplus property from U-Haul to SAC
Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(f)
Eliminate equity in earnings of subsidiaries and equity in earnings
of SAC
Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(g)
Eliminate management fees charged to SAC Holding II and other
intercompany
operating expenses
|
||||||||||||||||||||||||||||||||||||||||||||||
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$
|
-
|
$
|
446,705
|
$
|
-
|
$
|
-
|
$
|
446,705
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
446,705
|
$
|
2,861
|
$
|
(2,861
|
)
|
(b
|
)
|
$
|
446,705
|
|||||||||||||||||||
Self-storage
revenues
|
-
|
26,002
|
441
|
-
|
26,443
|
-
|
-
|
-
|
26,443
|
4,781
|
-
|
31,224
|
||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
57,874
|
-
|
-
|
57,874
|
-
|
-
|
-
|
57,874
|
4,618
|
-
|
62,492
|
||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
4,578
|
-
|
-
|
4,578
|
-
|
-
|
-
|
4,578
|
-
|
(749
|
)
|
(g
|
)
|
3,829
|
|||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
30,098
|
(380
|
)
|
(c
|
)
|
29,718
|
-
|
-
|
29,718
|
|||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
5,399
|
-
|
-
|
5,399
|
-
|
-
|
5,399
|
||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
1,550
|
5,978
|
21
|
-
|
7,549
|
2,658
|
4,609
|
(999
|
)
|
(d
|
)
|
13,817
|
-
|
(1,465
|
)
|
(d
|
)
|
12,352
|
||||||||||||||||||||||||||||
Other
revenue
|
166
|
13,422
|
14,251
|
(15,605
|
)
|
(b
|
)
|
12,234
|
-
|
1,563
|
(174
|
)
|
(b
|
)
|
13,623
|
352
|
(178
|
)
|
(b
|
)
|
13,797
|
|||||||||||||||||||||||||
Total
revenues
|
1,716
|
554,559
|
14,713
|
(15,605
|
)
|
555,383
|
8,057
|
36,270
|
(1,553
|
)
|
598,157
|
12,612
|
(5,253
|
)
|
605,516
|
|||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
1,633
|
291,334
|
1,550
|
(15,605
|
)
|
(b
|
)
|
278,912
|
2,022
|
6,802
|
(3,652
|
)
|
(b,c
|
)
|
284,084
|
6,366
|
(749
|
)
|
(g
|
)
|
289,701
|
|||||||||||||||||||||||||
Commission
expenses
|
-
|
56,058
|
-
|
-
|
56,058
|
-
|
-
|
-
|
56,058
|
-
|
(2,861
|
)
|
(b
|
)
|
53,197
|
|||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
28,423
|
-
|
-
|
28,423
|
-
|
-
|
-
|
28,423
|
2,494
|
-
|
30,917
|
||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
3,658
|
20,952
|
2,099
|
(c
|
)
|
26,709
|
-
|
-
|
26,709
|
||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
635
|
5,219
|
-
|
5,854
|
-
|
-
|
5,854
|
||||||||||||||||||||||||||||||||||
Lease
expense
|
22
|
36,721
|
13
|
-
|
36,756
|
-
|
-
|
-
|
36,756
|
-
|
(178
|
)
|
(b
|
)
|
36,578
|
|||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
8
|
31,384
|
2,367
|
-
|
33,759
|
-
|
-
|
-
|
33,759
|
703
|
(140
|
)
|
(e
|
)
|
34,322
|
|||||||||||||||||||||||||||||||
Total
costs and expenses
|
1,663
|
443,920
|
3,930
|
(15,605
|
)
|
433,908
|
6,315
|
32,973
|
(1,553
|
)
|
471,643
|
9,563
|
(3,928
|
)
|
477,278
|
|||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
84,599
|
-
|
-
|
(81,518
|
)
|
(f
|
)
|
3,081
|
-
|
-
|
(3,081
|
)
|
(f
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
17
|
-
|
-
|
-
|
17
|
-
|
-
|
-
|
17
|
-
|
(17
|
)
|
(f
|
)
|
-
|
|||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
84,616
|
-
|
-
|
(81,518
|
)
|
3,098
|
-
|
-
|
(3,081
|
)
|
17
|
-
|
(17
|
)
|
-
|
|||||||||||||||||||||||||||||||
Earnings
from operations
|
84,669
|
110,639
|
10,783
|
(81,518
|
)
|
124,573
|
1,742
|
3,297
|
(3,081
|
)
|
126,531
|
3,049
|
(1,342
|
)
|
128,238
|
|||||||||||||||||||||||||||||||
Interest
income (expense)
|
(24,676
|
)
|
10,796
|
184
|
-
|
(13,696
|
)
|
-
|
-
|
-
|
(13,696
|
)
|
(3,014
|
)
|
1,465
|
(d
|
)
|
(15,245
|
)
|
|||||||||||||||||||||||||||
Pretax
earnings
|
59,993
|
121,435
|
10,967
|
(81,518
|
)
|
110,877
|
1,742
|
3,297
|
(3,081
|
)
|
112,835
|
35
|
123
|
112,993
|
||||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
9,042
|
(46,603
|
)
|
(4,281
|
)
|
-
|
(41,842
|
)
|
(610
|
)
|
(1,348
|
)
|
-
|
(43,800
|
)
|
(18
|
)
|
(53
|
)
|
(e
|
)
|
(43,871
|
)
|
|||||||||||||||||||||||
Net
earnings
|
69,035
|
74,832
|
6,686
|
(81,518
|
)
|
69,035
|
1,132
|
1,949
|
(3,081
|
)
|
69,035
|
17
|
70
|
69,122
|
||||||||||||||||||||||||||||||||
Less:
Preferred stock dividends
|
(3,241
|
)
|
-
|
-
|
-
|
(3,241
|
)
|
-
|
-
|
-
|
(3,241
|
)
|
-
|
-
|
(3,241
|
)
|
||||||||||||||||||||||||||||||
Earnings
available to common shareholders
|
$
|
65,794
|
$
|
74,832
|
$
|
6,686
|
$
|
(81,518
|
)
|
$
|
65,794
|
$
|
1,132
|
$
|
1,949
|
$
|
(3,081
|
)
|
$
|
65,794
|
$
|
17
|
$
|
70
|
$
|
65,881
|
||||||||||||||||||||
(a)
Balances for the quarter ended June 30, 2005
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate intercompany lease income and commission income
|
||||||||||||||||||||||||||||||||||||||||||||||
(c
)
Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany interest on debt
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of surplus property from U-Haul
to SAC Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(f)
Eliminate equity in earnings of subsidiaries and equity
in earnings of SAC
Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(g)
Eliminate management fees charged to SAC Holding II and
other intercompany
operating expenses
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$
|
-
|
$
|
852,954
|
$
|
-
|
$
|
-
|
$
|
852,954
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
852,954
|
$
|
5,310
|
$
|
(5,310
|
)
|
(b
|
)
|
$
|
852,954
|
|||||||||||||||||||
Self-storage
revenues
|
-
|
52,149
|
808
|
-
|
52,957
|
-
|
-
|
-
|
52,957
|
9,890
|
-
|
62,847
|
||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
120,230
|
-
|
-
|
120,230
|
-
|
-
|
-
|
120,230
|
9,137
|
-
|
129,367
|
||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
9,334
|
-
|
-
|
9,334
|
-
|
-
|
-
|
9,334
|
-
|
(1,501
|
)
|
(g
|
)
|
7,833
|
|||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
62,836
|
(797
|
)
|
(c
|
)
|
62,039
|
-
|
-
|
62,039
|
|||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
11,852
|
-
|
-
|
11,852
|
-
|
-
|
11,852
|
||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
2,462
|
14,386
|
-
|
-
|
16,848
|
5,476
|
11,277
|
(298
|
)
|
(d
|
)
|
33,303
|
-
|
(3,565
|
)
|
(d
|
)
|
29,738
|
||||||||||||||||||||||||||||
Other
revenue
|
204
|
16,752
|
33,763
|
(36,583
|
)
|
(b
|
)
|
14,136
|
-
|
2,755
|
(281
|
)
|
(b
|
)
|
16,610
|
677
|
(355
|
)
|
(b
|
)
|
16,932
|
|||||||||||||||||||||||||
Total
revenues
|
2,666
|
1,065,805
|
34,571
|
(36,583
|
)
|
1,066,459
|
17,328
|
76,868
|
(1,376
|
)
|
1,159,279
|
25,014
|
(10,731
|
)
|
1,173,562
|
|||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
7,333
|
545,586
|
4,718
|
(36,583
|
)
|
(b
|
)
|
521,054
|
3,567
|
13,970
|
(6,341
|
)
|
(b,c
|
)
|
532,250
|
11,438
|
(1,501
|
)
|
(g
|
)
|
542,187
|
|||||||||||||||||||||||||
Commission
expenses
|
-
|
108,451
|
-
|
-
|
108,451
|
-
|
-
|
-
|
108,451
|
-
|
(5,310
|
)
|
(b
|
)
|
103,141
|
|||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
59,788
|
-
|
-
|
59,788
|
-
|
-
|
-
|
59,788
|
3,976
|
-
|
63,764
|
||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
9,131
|
46,358
|
3,959
|
(c
|
)
|
59,448
|
-
|
-
|
59,448
|
||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
1,265
|
9,186
|
-
|
10,451
|
-
|
-
|
10,451
|
||||||||||||||||||||||||||||||||||
Lease
expense
|
41
|
75,726
|
818
|
-
|
76,585
|
-
|
-
|
(836
|
)
|
(b
|
)
|
75,749
|
-
|
(355
|
)
|
(b
|
)
|
75,394
|
||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
122
|
80,639
|
939
|
-
|
81,700
|
-
|
-
|
-
|
81,700
|
1,338
|
(280
|
)
|
(e
|
)
|
82,758
|
|||||||||||||||||||||||||||||||
Total
costs and expenses
|
7,496
|
870,190
|
6,475
|
(36,583
|
)
|
847,578
|
13,963
|
69,514
|
(3,218
|
)
|
927,837
|
16,752
|
(7,446
|
)
|
937,143
|
|||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
89,889
|
-
|
-
|
(81,056
|
)
|
(f
|
)
|
8,833
|
-
|
-
|
(8,833
|
)
|
(f
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
997
|
-
|
-
|
-
|
997
|
-
|
-
|
-
|
997
|
-
|
(997
|
)
|
(f
|
)
|
-
|
|||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
90,886
|
-
|
-
|
(81,056
|
)
|
9,830
|
-
|
-
|
(8,833
|
)
|
997
|
-
|
(997
|
)
|
-
|
|||||||||||||||||||||||||||||||
Earnings
from operations
|
86,056
|
195,615
|
28,096
|
(81,056
|
)
|
228,711
|
3,365
|
7,354
|
(6,991
|
)
|
232,439
|
8,262
|
(4,282
|
)
|
236,419
|
|||||||||||||||||||||||||||||||
Interest
income (expense)
|
44,102
|
(54,526
|
)
|
(26,066
|
)
|
-
|
(36,490
|
)
|
-
|
-
|
-
|
(36,490
|
)
|
(6,600
|
)
|
3,565
|
(d
|
)
|
(39,525
|
)
|
||||||||||||||||||||||||||
Amortization
of fees on early extinguishment of debt
|
-
|
(302
|
)
|
(6,667
|
)
|
-
|
(6,969
|
)
|
-
|
-
|
-
|
(6,969
|
)
|
-
|
-
|
(6,969
|
)
|
|||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
130,158
|
140,787
|
(4,637
|
)
|
(81,056
|
)
|
185,252
|
3,365
|
7,354
|
(6,991
|
)
|
188,980
|
1,662
|
(717
|
)
|
189,925
|
||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
(14,420
|
)
|
(56,425
|
)
|
1,331
|
-
|
(69,514
|
)
|
(1,178
|
)
|
(2,550
|
)
|
-
|
(73,242
|
)
|
(665
|
)
|
(106
|
)
|
(e
|
)
|
(74,013
|
)
|
|||||||||||||||||||||||
Net
earnings (loss)
|
115,738
|
84,362
|
(3,306
|
)
|
(81,056
|
)
|
115,738
|
2,187
|
4,804
|
(6,991
|
)
|
115,738
|
997
|
(823
|
)
|
115,912
|
||||||||||||||||||||||||||||||
Less:
Preferred stock dividends
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
(6,482
|
)
|
||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$
|
109,256
|
$
|
84,362
|
$
|
(3,306
|
)
|
$
|
(81,056
|
)
|
$
|
109,256
|
$
|
2,187
|
$
|
4,804
|
$
|
(6,991
|
)
|
$
|
109,256
|
$
|
997
|
$
|
(823
|
)
|
$
|
109,430
|
||||||||||||||||||
(a)
Balances for the six months ended June 30, 2006
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate intercompany lease income and commission income
|
||||||||||||||||||||||||||||||||||||||||||||||
(c
)
Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany interest on debt
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of surplus property from U-Haul
to SAC Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(f)
Eliminate equity in earnings of subsidiaries and equity
in earnings of SAC
Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(g)
Eliminate management fees charged to SAC Holding II and
other intercompany
operating expenses
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
SAC
Holding II
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$
|
-
|
$
|
847,965
|
$
|
-
|
$
|
-
|
$
|
847,965
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
847,965
|
$
|
5,349
|
$
|
(5,349
|
)
|
(b
|
)
|
$
|
847,965
|
|||||||||||||||||||
Self-storage
revenues
|
-
|
49,795
|
896
|
-
|
50,691
|
-
|
-
|
-
|
50,691
|
9,301
|
-
|
59,992
|
||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
119,672
|
-
|
-
|
119,672
|
-
|
-
|
-
|
119,672
|
9,383
|
-
|
129,055
|
||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
9,746
|
-
|
-
|
9,746
|
-
|
-
|
-
|
9,746
|
-
|
(1,477
|
)
|
(g
|
)
|
8,269
|
|||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
60,064
|
(757
|
)
|
(c
|
)
|
59,307
|
-
|
-
|
59,307
|
|||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
10,223
|
-
|
-
|
10,223
|
-
|
-
|
10,223
|
||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
2,962
|
10,716
|
25
|
-
|
13,703
|
6,143
|
11,275
|
(1,997
|
)
|
(d
|
)
|
29,124
|
-
|
(3,058
|
)
|
(d
|
)
|
26,066
|
||||||||||||||||||||||||||||
Other
revenue
|
175
|
23,438
|
28,714
|
(31,158
|
)
|
(b
|
)
|
21,169
|
-
|
3,004
|
(359
|
)
|
(b
|
)
|
23,814
|
638
|
(355
|
)
|
(b
|
)
|
24,097
|
|||||||||||||||||||||||||
Total
revenues
|
3,137
|
1,061,332
|
29,635
|
(31,158
|
)
|
1,062,946
|
16,366
|
74,343
|
(3,113
|
)
|
1,150,542
|
24,671
|
(10,239
|
)
|
1,164,974
|
|||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
5,030
|
557,609
|
3,141
|
(31,158
|
)
|
(b
|
)
|
534,622
|
4,422
|
14,190
|
(7,152
|
)
|
(b,c
|
)
|
546,082
|
11,888
|
(1,477
|
)
|
(g
|
)
|
556,493
|
|||||||||||||||||||||||||
Commission
expenses
|
-
|
106,564
|
-
|
-
|
106,564
|
-
|
-
|
-
|
106,564
|
-
|
(5,349
|
)
|
(b
|
)
|
101,215
|
|||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
57,710
|
-
|
-
|
57,710
|
-
|
-
|
-
|
57,710
|
4,251
|
-
|
61,961
|
||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
7,131
|
42,853
|
4,039
|
(c
|
)
|
54,023
|
-
|
-
|
54,023
|
||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
1,489
|
10,563
|
-
|
12,052
|
-
|
-
|
12,052
|
||||||||||||||||||||||||||||||||||
Lease
expense
|
41
|
70,157
|
30
|
-
|
70,228
|
-
|
-
|
-
|
70,228
|
-
|
(355
|
)
|
(b
|
)
|
69,873
|
|||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
15
|
62,901
|
4,491
|
-
|
67,407
|
-
|
-
|
-
|
67,407
|
1,432
|
(280
|
)
|
(e
|
)
|
68,559
|
|||||||||||||||||||||||||||||||
Total
costs and expenses
|
5,086
|
854,941
|
7,662
|
(31,158
|
)
|
836,531
|
13,042
|
67,606
|
(3,113
|
)
|
914,066
|
17,571
|
(7,461
|
)
|
924,176
|
|||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
149,881
|
-
|
-
|
(143,335
|
)
|
(f
|
)
|
6,546
|
-
|
-
|
(6,546
|
)
|
(f
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
577
|
-
|
-
|
-
|
577
|
-
|
-
|
-
|
577
|
-
|
(577
|
)
|
(f
|
)
|
-
|
|||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
150,458
|
-
|
-
|
(143,335
|
)
|
7,123
|
-
|
-
|
(6,546
|
)
|
577
|
-
|
(577
|
)
|
-
|
|||||||||||||||||||||||||||||||
Earnings
from operations
|
148,509
|
206,391
|
21,973
|
(143,335
|
)
|
233,538
|
3,324
|
6,737
|
(6,546
|
)
|
237,053
|
7,100
|
(3,355
|
)
|
240,798
|
|||||||||||||||||||||||||||||||
Interest
income (expense)
|
(35,824
|
)
|
10,118
|
6,089
|
)
|
-
|
(31,795
|
)
|
-
|
-
|
-
|
(31,795
|
)
|
(6,144
|
)
|
3,058
|
(d
|
)
|
(34,881
|
)
|
||||||||||||||||||||||||||
Fees
and amortization on early extinguishment of debt
|
(35,627
|
)
|
-
|
-
|
-
|
(35,627
|
)
|
-
|
-
|
-
|
(35,627
|
)
|
-
|
-
|
(35,627
|
)
|
||||||||||||||||||||||||||||||
Pretax
earnings
|
77,058
|
216,509
|
15,884
|
(143,335
|
)
|
166,116
|
3,324
|
6,737
|
(6,546
|
)
|
169,631
|
956
|
(297
|
)
|
170,290
|
|||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
26,952
|
(82,676
|
)
|
(6,382
|
)
|
-
|
(62,106
|
)
|
(1,164
|
)
|
(2,351
|
)
|
-
|
(65,621
|
)
|
(379
|
)
|
(106
|
)
|
(e
|
)
|
(66,106
|
)
|
|||||||||||||||||||||||
Net
earnings
|
104,010
|
133,833
|
9,502
|
(143,335
|
)
|
104,010
|
2,160
|
4,386
|
(6,546
|
)
|
104,010
|
577
|
(403
|
)
|
104,184
|
|||||||||||||||||||||||||||||||
Less:
Preferred stock dividends
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
(6,482
|
)
|
||||||||||||||||||||||||||||||
Earnings
available to common shareholders
|
$
|
97,528
|
$
|
133,833
|
$
|
9,502
|
$
|
(143,335
|
)
|
$
|
97,528
|
$
|
2,160
|
$
|
4,386
|
$
|
(6,546
|
)
|
$
|
97,528
|
$
|
577
|
$
|
(403
|
)
|
$
|
97,702
|
|||||||||||||||||||
(a)
Balances for the six months ended June 30, 2005
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Eliminate intercompany lease income and commission income
|
||||||||||||||||||||||||||||||||||||||||||||||
(c
)
Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany interest on debt
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of surplus property from U-Haul to SAC
Holding
II
|
||||||||||||||||||||||||||||||||||||||||||||||
(f)
Eliminate equity in earnings of subsidiaries and equity in
earnings of SAC
Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(g)
Eliminate management fees charged to SAC Holding II and other
intercompany
operating expenses
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
|||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Elimination
|
Moving
& Storage
Consolidated
|
Property
&
Casualty
Insurance
(a)
|
Life
Insurance
(a)
|
Elimination
|
AMERCO
Consolidated
|
SAC
Holding II
|
Elimination
|
Total
Consolidated
|
||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash
flows from operating activities:
|
(In
thousands)
|
||||||||||||||||||||||||||||||||||||
Net
earnings (loss)
|
$
|
115,738
|
$
|
84,362
|
$
|
(3,306
|
)
|
$
|
(81,056
|
)
|
$
|
115,738
|
$
|
2,187
|
$
|
4,804
|
$
|
(6,991
|
)
|
$
|
115,738
|
$
|
997
|
$
|
(823
|
)
|
$
|
115,912
|
|||||||||
Earnings
from consolidated entities
|
(90,886
|
)
|
-
|
-
|
81,056
|
(9,830
|
)
|
-
|
-
|
8,833
|
(997
|
)
|
-
|
997
|
-
|
||||||||||||||||||||||
Depreciation
|
122
|
80,042
|
5,323
|
-
|
85,487
|
-
|
-
|
-
|
85,487
|
1,338
|
(280
|
)
|
86,545
|
||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
1,265
|
9,186
|
-
|
10,451
|
-
|
-
|
10,451
|
|||||||||||||||||||||||||
Change
in provision for losses on trade receivables
|
-
|
(57
|
)
|
-
|
-
|
(57
|
)
|
-
|
46
|
-
|
(11
|
)
|
-
|
-
|
(11
|
)
|
|||||||||||||||||||||
Change
in provision for losses on mortgage notes
|
-
|
(20
|
)
|
-
|
-
|
(20
|
)
|
-
|
-
|
-
|
(20
|
)
|
-
|
-
|
(20
|
)
|
|||||||||||||||||||||
Net
(gain) loss on sale of real and personal property
|
-
|
597
|
(4,384
|
)
|
-
|
(3,787
|
)
|
-
|
-
|
-
|
(3,787
|
)
|
-
|
-
|
(3,787
|
)
|
|||||||||||||||||||||
Net
loss on sale of investments
|
-
|
-
|
-
|
-
|
-
|
505
|
386
|
-
|
891
|
-
|
-
|
891
|
|||||||||||||||||||||||||
Write-off
of unamortized debt issuance costs
|
-
|
302
|
6,667
|
-
|
6,969
|
-
|
-
|
-
|
6,969
|
-
|
-
|
6,969
|
|||||||||||||||||||||||||
Deferred
income taxes
|
25,888
|
(16
|
)
|
-
|
-
|
25,872
|
24
|
1,030
|
-
|
26,926
|
644
|
107
|
27,677
|
||||||||||||||||||||||||
Net
change in other operating assets and liabilities:
|
|||||||||||||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables
|
-
|
(2,797
|
)
|
1
|
-
|
(2,796
|
)
|
20,125
|
1,054
|
-
|
18,383
|
-
|
-
|
18,383
|
|||||||||||||||||||||||
Inventories
|
-
|
(8,249
|
)
|
-
|
-
|
(8,249
|
)
|
-
|
-
|
-
|
(8,249
|
)
|
(108
|
)
|
-
|
(8,357
|
)
|
||||||||||||||||||||
Prepaid
expenses
|
1,096
|
(3,938
|
)
|
-
|
-
|
(2,842
|
)
|
-
|
-
|
-
|
(2,842
|
)
|
(120
|
)
|
-
|
(2,962
|
)
|
||||||||||||||||||||
Capitalization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
(699
|
)
|
(2,467
|
)
|
-
|
(3,166
|
)
|
-
|
-
|
(3,166
|
)
|
|||||||||||||||||||||
Other
assets
|
(3
|
)
|
(936
|
)
|
1,266
|
-
|
327
|
138
|
11
|
-
|
476
|
(571
|
)
|
-
|
(95
|
)
|
|||||||||||||||||||||
Related
party assets
|
(17,621
|
)
|
11,360
|
2,793
|
18,668
|
15,200
|
6,232
|
(60
|
)
|
(5,568
|
)
|
15,804
|
2,900
|
(5,805
|
)
|
12,899
|
|||||||||||||||||||||
Accounts
payable and accrued expenses
|
(19,824
|
)
|
31,704
|
(6,774
|
)
|
-
|
5,106
|
-
|
1,697
|
-
|
6,803
|
577
|
-
|
7,380
|
|||||||||||||||||||||||
Policy
benefits and losses, claims and loss expenses payable
|
-
|
31,763
|
-
|
-
|
31,763
|
(30,506
|
)
|
(9,677
|
)
|
-
|
(8,420
|
)
|
-
|
-
|
(8,420
|
)
|
|||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
1,863
|
(286
|
)
|
-
|
1,577
|
-
|
-
|
1,577
|
||||||||||||||||||||||||
Deferred
income
|
-
|
486
|
-
|
-
|
486
|
-
|
-
|
-
|
486
|
44
|
-
|
530
|
|||||||||||||||||||||||||
Related
party liabilities
|
(201
|
)
|
4,801
|
-
|
(18,668
|
)
|
(14,068
|
)
|
(1,977
|
)
|
186
|
5,184
|
(10,675
|
)
|
(5,145
|
)
|
5,804
|
(10,016
|
)
|
||||||||||||||||||
Net
cash provided (used) by operating activities
|
14,309
|
229,404
|
1,586
|
-
|
245,299
|
(843
|
)
|
5,910
|
1,458
|
251,824
|
556
|
-
|
252,380
|
||||||||||||||||||||||||
Cash
flows from investing activities:
|
|||||||||||||||||||||||||||||||||||||
Purchases
of:
|
|||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
(931
|
)
|
(340,932
|
)
|
(36,566
|
)
|
-
|
(378,429
|
)
|
-
|
-
|
-
|
(378,429
|
)
|
(176
|
)
|
-
|
(378,605
|
)
|
||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
(28,201
|
)
|
(75,798
|
)
|
-
|
(103,999
|
)
|
-
|
-
|
(103,999
|
)
|
|||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
(33,855
|
)
|
(25,178
|
)
|
-
|
(59,033
|
)
|
-
|
-
|
(59,033
|
)
|
|||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,855
|
)
|
-
|
(8,855
|
)
|
-
|
-
|
(8,855
|
)
|
||||||||||||||||||||||
Proceeds
from sales of:
|
|||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
-
|
52,817
|
4,387
|
-
|
57,204
|
-
|
-
|
-
|
57,204
|
-
|
-
|
57,204
|
|||||||||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
51,069
|
93,975
|
-
|
145,044
|
-
|
-
|
145,044
|
|||||||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
10,968
|
41,088
|
-
|
52,056
|
-
|
-
|
52,056
|
|||||||||||||||||||||||||
Cash
received in excess of purchase of company acquired
|
-
|
-
|
-
|
-
|
-
|
-
|
1,235
|
-
|
1,235
|
-
|
-
|
1,235
|
|||||||||||||||||||||||||
Preferred
stock
|
-
|
-
|
-
|
-
|
-
|
-
|
125
|
-
|
125
|
-
|
-
|
125
|
|||||||||||||||||||||||||
Real
estate
|
-
|
-
|
907
|
-
|
907
|
-
|
-
|
9,206
|
10,113
|
-
|
-
|
10,113
|
|||||||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
4,182
|
-
|
4,182
|
-
|
-
|
4,182
|
|||||||||||||||||||||||||
Payments
from notes and mortgage receivables
|
-
|
(45
|
)
|
338
|
-
|
293
|
-
|
-
|
-
|
293
|
-
|
-
|
293
|
||||||||||||||||||||||||
Net
cash provided (used) by investing activities
|
(931
|
)
|
(288,160
|
)
|
(30,934
|
)
|
-
|
(320,025
|
)
|
(19
|
)
|
30,774
|
9,206
|
(280,064
|
)
|
(176
|
)
|
-
|
(280,240
|
)
|
|||||||||||||||||
|
(page
1 of 2) |
||||||||||||||||||||||||||||||||||||
(a)
Balance for the six months ended June 30, 2006
|
|||||||||||||||||||||||||||||||||||||
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
|||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Elimination
|
Moving
& Storage
Consolidated
|
Property
&
Casualty
Insurance
(a)
|
Life
Insurance
(a)
|
Elimination
|
AMERCO
Consolidated
|
SAC
Holding II
|
Elimination
|
Total
Consolidated
|
||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash
flows from financing activities:
|
(In
thousands)
|
||||||||||||||||||||||||||||||||||||
Borrowings
from credit facilities
|
-
|
221,815
|
54,929
|
-
|
276,744
|
-
|
-
|
-
|
276,744
|
-
|
-
|
276,744
|
|||||||||||||||||||||||||
Principal
repayments on credit facilities
|
-
|
(17,684
|
)
|
(21,295
|
)
|
-
|
(38,979
|
)
|
-
|
-
|
-
|
(38,979
|
)
|
(635
|
)
|
-
|
(39,614
|
)
|
|||||||||||||||||||
Debt
issuance costs
|
-
|
(110
|
)
|
(429
|
)
|
-
|
(539
|
)
|
-
|
-
|
-
|
(539
|
)
|
-
|
-
|
(539
|
)
|
||||||||||||||||||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
-
|
608
|
-
|
-
|
608
|
-
|
-
|
-
|
608
|
-
|
-
|
608
|
|||||||||||||||||||||||||
Proceeds
from (repayment of) intercompany loans
|
(6,894
|
)
|
10,831
|
(3,937
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Preferred
stock dividends paid
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
(6,482
|
)
|
|||||||||||||||||||||
Investment
contract deposits
|
-
|
-
|
-
|
-
|
-
|
-
|
8,444
|
-
|
8,444
|
-
|
-
|
8,444
|
|||||||||||||||||||||||||
Investment
contract withdrawals
|
-
|
-
|
-
|
-
|
-
|
-
|
(40,275
|
)
|
-
|
(40,275
|
)
|
-
|
-
|
(40,275
|
)
|
||||||||||||||||||||||
Net
cash provided (used) by financing activities
|
(13,376
|
)
|
215,460
|
29,268
|
-
|
231,352
|
-
|
(31,831
|
)
|
-
|
199,521
|
(635
|
)
|
-
|
198,886
|
||||||||||||||||||||||
Effects
of exchange rate on cash
|
-
|
131
|
-
|
-
|
131
|
-
|
-
|
-
|
131
|
-
|
-
|
131
|
|||||||||||||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
2
|
156,835
|
(80
|
)
|
-
|
156,757
|
(862
|
)
|
4,853
|
10,664
|
171,412
|
(255
|
)
|
-
|
171,157
|
||||||||||||||||||||||
Cash
and cash equivalents at beginning of period
|
7
|
140,499
|
856
|
-
|
141,362
|
9,815
|
4,027
|
-
|
155,204
|
255
|
-
|
155,459
|
|||||||||||||||||||||||||
Cash
and cash equivalents at end of period
|
$
|
9
|
$
|
297,334
|
$
|
776
|
$
|
-
|
$
|
298,119
|
$
|
8,953
|
$
|
8,880
|
$
|
10,664
|
$
|
326,616
|
$
|
-
|
$
|
-
|
$
|
326,616
|
|||||||||||||
|
(page
2 of 2) |
||||||||||||||||||||||||||||||||||||
(a)
Balance for the six months ended June 30, 2006
|
|||||||||||||||||||||||||||||||||||||
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
|||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Elimination
|
Moving
& Storage
Consolidated
|
Property
&
Casualty
Insurance
(a)
|
Life
Insurance
(a)
|
Elimination
|
AMERCO
Consolidated
|
SAC
Holding II
|
Elimination
|
Total
Consolidated
|
||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash
flows from operating activities:
|
(In
thousands)
|
||||||||||||||||||||||||||||||||||||
Net
earnings
|
$
|
104,010
|
$
|
133,833
|
$
|
9,502
|
$
|
(143,335
|
)
|
$
|
104,010
|
$
|
2,160
|
$
|
4,386
|
$
|
(6,546
|
)
|
$
|
104,010
|
$
|
577
|
$
|
(403
|
)
|
$
|
104,184
|
||||||||||
Earnings
from consolidated entities
|
(150,458
|
)
|
-
|
-
|
143,335
|
(7,123
|
)
|
-
|
-
|
6,546
|
(577
|
)
|
-
|
577
|
-
|
||||||||||||||||||||||
Depreciation
|
15
|
56,960
|
4,491
|
-
|
61,466
|
-
|
-
|
-
|
61,466
|
1,432
|
(280
|
)
|
62,618
|
||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
1,852
|
11,611
|
-
|
13,463
|
-
|
-
|
13,463
|
|||||||||||||||||||||||||
Change
in provision for losses on trade receivables
|
-
|
(620
|
)
|
-
|
-
|
(620
|
)
|
-
|
-
|
-
|
(620
|
)
|
-
|
-
|
(620
|
)
|
|||||||||||||||||||||
Change
in provision for losses on trade receivables
|
-
|
(1,000
|
)
|
-
|
-
|
(1,000
|
)
|
-
|
-
|
-
|
(1,000
|
)
|
-
|
-
|
(1,000
|
)
|
|||||||||||||||||||||
Net
loss on sale of real and personal property
|
-
|
5,941
|
-
|
-
|
5,941
|
-
|
-
|
-
|
5,941
|
-
|
-
|
5,941
|
|||||||||||||||||||||||||
Net
loss on sale of investments
|
-
|
-
|
-
|
-
|
-
|
794
|
689
|
-
|
1,483
|
-
|
-
|
1,483
|
|||||||||||||||||||||||||
Write-off
of unamortized debt issuance costs
|
13,629
|
-
|
-
|
-
|
13,629
|
-
|
-
|
-
|
13,629
|
-
|
-
|
13,629
|
|||||||||||||||||||||||||
Deferred
income taxes
|
44,993
|
-
|
-
|
-
|
44,993
|
1,039
|
(702
|
)
|
-
|
45,330
|
370
|
159
|
45,859
|
||||||||||||||||||||||||
Net
change in other operating assets and liabilities:
|
|||||||||||||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables
|
-
|
(6,237
|
)
|
3
|
-
|
(6,234
|
)
|
7,643
|
2,412
|
-
|
3,821
|
-
|
-
|
3,821
|
|||||||||||||||||||||||
Inventories
|
-
|
(5,009
|
)
|
-
|
-
|
(5,009
|
)
|
-
|
-
|
-
|
(5,009
|
)
|
(114
|
)
|
-
|
(5,123
|
)
|
||||||||||||||||||||
Prepaid
expenses
|
(1,774
|
)
|
(778
|
)
|
-
|
-
|
(2,552
|
)
|
-
|
-
|
-
|
(2,552
|
)
|
133
|
-
|
(2,419
|
)
|
||||||||||||||||||||
Capitalization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
(1,490
|
)
|
-
|
-
|
(1,490
|
)
|
-
|
-
|
(1,490
|
)
|
||||||||||||||||||||||
Other
assets
|
13,970
|
11,396
|
(13,150
|
)
|
-
|
12,216
|
167
|
481
|
-
|
12,864
|
(784
|
)
|
-
|
12,080
|
|||||||||||||||||||||||
Related
party assets
|
380,996
|
(461
|
)
|
1,227
|
(389,978
|
)
|
(8,216
|
)
|
2,040
|
166
|
2,155
|
(3,855
|
)
|
602
|
546
|
(2,707
|
)
|
||||||||||||||||||||
Accounts
payable and accrued expenses
|
(22,664
|
)
|
2,350
|
4,765
|
-
|
(15,549
|
)
|
(301
|
)
|
(2,290
|
)
|
4,858
|
(13,282
|
)
|
652
|
-
|
(12,630
|
)
|
|||||||||||||||||||
Policy
benefits and losses, claims and loss expenses payable
|
-
|
29,348
|
-
|
-
|
29,348
|
(23,787
|
)
|
(8,502
|
)
|
-
|
(2,941
|
)
|
-
|
-
|
(2,941
|
)
|
|||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
327
|
(10,112
|
)
|
-
|
(9,785
|
)
|
-
|
-
|
(9,785
|
)
|
||||||||||||||||||||||
Deferred
income
|
-
|
3,453
|
-
|
-
|
3,453
|
-
|
-
|
(2,842
|
)
|
611
|
127
|
-
|
738
|
||||||||||||||||||||||||
Related
party liabilities
|
(9,626
|
)
|
(284,635
|
)
|
(94,914
|
)
|
389,978
|
803
|
(290
|
)
|
818
|
(2,566
|
)
|
(1,235
|
)
|
(307
|
)
|
(599
|
)
|
(2,141
|
)
|
||||||||||||||||
Net
cash provided (used) by operating activities
|
373,091
|
(55,459
|
)
|
(88,076
|
)
|
-
|
229,556
|
(9,846
|
)
|
(1,043
|
)
|
1,605
|
220,272
|
2,688
|
-
|
222,960
|
|||||||||||||||||||||
Cash
flows from investing activities:
|
|||||||||||||||||||||||||||||||||||||
Purchases
of:
|
|||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
-
|
(80,601
|
)
|
(41,773
|
)
|
-
|
(122,374
|
)
|
-
|
-
|
-
|
(122,374
|
)
|
(382
|
)
|
-
|
(122,756
|
)
|
|||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
(98,015
|
)
|
(121,760
|
)
|
-
|
(219,775
|
)
|
(705
|
)
|
-
|
(220,480
|
)
|
||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
(31,432
|
)
|
(129,670
|
)
|
-
|
(161,102
|
)
|
-
|
-
|
(161,102
|
)
|
|||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,250
|
)
|
-
|
(1,250
|
)
|
-
|
-
|
(1,250
|
)
|
||||||||||||||||||||||
Proceeds
from sales of:
|
|||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
-
|
30,264
|
5
|
-
|
30,269
|
-
|
-
|
-
|
30,269
|
-
|
-
|
30,269
|
|||||||||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
110,674
|
197,473
|
-
|
308,147
|
-
|
-
|
308,147
|
|||||||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
21,235
|
72,897
|
-
|
94,132
|
-
|
-
|
94,132
|
|||||||||||||||||||||||||
Equity
securities
|
-
|
-
|
-
|
-
|
-
|
-
|
9,250
|
-
|
9,250
|
-
|
-
|
9,250
|
|||||||||||||||||||||||||
Preferred
stock
|
-
|
-
|
-
|
-
|
-
|
7,842
|
-
|
-
|
7,842
|
-
|
-
|
7,842
|
|||||||||||||||||||||||||
Real
estate
|
-
|
-
|
-
|
-
|
-
|
332
|
514
|
35,156
|
36,002
|
-
|
-
|
36,002
|
|||||||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
4,823
|
-
|
4,823
|
-
|
-
|
4,823
|
|||||||||||||||||||||||||
Payments
from notes and mortgage receivables
|
-
|
(441
|
)
|
37
|
-
|
(404
|
)
|
-
|
-
|
-
|
(404
|
)
|
-
|
-
|
(404
|
)
|
|||||||||||||||||||||
Net
cash provided (used) by investing activities
|
-
|
(50,778
|
)
|
(41,731
|
)
|
-
|
(92,509
|
)
|
10,636
|
32,277
|
35,156
|
(14,440
|
)
|
(1,087
|
)
|
-
|
(15,527
|
)
|
|||||||||||||||||||
|
(page
1 of 2) |
||||||||||||||||||||||||||||||||||||
(a)
Balance for the six months ended June 30, 2005
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
|||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Elimination
|
Moving
& Storage
Consolidated
|
Property
&
Casualty
Insurance
(a)
|
Life
Insurance
(a)
|
Elimination
|
AMERCO
Consolidated
|
SAC
Holding II
|
Elimination
|
Total
Consolidated
|
||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash
flows from financing activities:
|
(In
thousands)
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
80,266
|
139,557
|
948,495
|
-
|
1,168,318
|
-
|
-
|
-
|
1,168,318
|
-
|
-
|
1,168,318
|
|||||||||||||||||||||||||
Principal repayments on credit facilities
|
(860,274
|
)
|
(17,981
|
)
|
(204,908
|
)
|
-
|
(1,083,163
|
)
|
-
|
-
|
-
|
(1,083,163
|
)
|
(584
|
)
|
-
|
(1,083,747
|
)
|
||||||||||||||||||
Debt issuance costs
|
-
|
(698
|
)
|
(24,547
|
)
|
-
|
(25,245
|
)
|
-
|
-
|
-
|
(25,245
|
)
|
-
|
-
|
(25,245
|
)
|
||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from
loan
|
-
|
435
|
-
|
-
|
435
|
-
|
-
|
-
|
435
|
-
|
-
|
435
|
|||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
413,393
|
180,051
|
(593,444
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Preferred stock dividends paid
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
-
|
(6,482
|
)
|
-
|
-
|
(6,482
|
)
|
|||||||||||||||||||||
Investment contract deposits
|
-
|
-
|
-
|
-
|
-
|
-
|
10,405
|
-
|
10,405
|
-
|
-
|
10,405
|
|||||||||||||||||||||||||
Investment contract withdrawals
|
-
|
-
|
-
|
-
|
-
|
-
|
(38,018
|
)
|
-
|
(38,018
|
)
|
-
|
-
|
(38,018
|
)
|
||||||||||||||||||||||
Net
cash provided (used) by financing activities
|
(373,097
|
)
|
301,364
|
125,596
|
-
|
53,863
|
-
|
(27,613
|
)
|
-
|
26,250
|
(584
|
)
|
-
|
25,666
|
||||||||||||||||||||||
Effects
of exchange rate on cash
|
-
|
79
|
-
|
-
|
79
|
-
|
-
|
-
|
79
|
-
|
-
|
79
|
|||||||||||||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
(6
|
)
|
195,206
|
(4,211
|
)
|
-
|
190,989
|
790
|
3,621
|
36,761
|
232,161
|
1,017
|
-
|
233,178
|
|||||||||||||||||||||||
Cash
and cash equivalents at beginning of period
|
14
|
37,626
|
4,327
|
-
|
41,967
|
10,638
|
2,992
|
-
|
55,597
|
358
|
-
|
55,955
|
|||||||||||||||||||||||||
Cash
and cash equivalents at end of period
|
$
|
8
|
$
|
232,832
|
$
|
116
|
$
|
-
|
$
|
232,956
|
$
|
11,428
|
$
|
6,613
|
$
|
36,761
|
$
|
287,758
|
$
|
1,375
|
$
|
-
|
$
|
289,133
|
|||||||||||||
|
(page
2 of 2) |
||||||||||||||||||||||||||||||||||||
(a)
Balance for the six months ended June 30, 2005
|
United
States
|
Canada
|
Consolidated
|
|||||||
(Unaudited)
|
|||||||||
(All
amounts are in thousands of U.S. $'s)
|
|||||||||
Quarter
Ended September 30, 2006
|
|||||||||
Total
revenues
|
$
|
589,789
|
$
|
16,746
|
$
|
606,535
|
|||
Depreciation
and amortization, net of (gains) losses on disposals
|
46,061
|
1,851
|
47,912
|
||||||
Interest
expense
|
20,959
|
104
|
21,063
|
||||||
Pretax
earnings
|
94,987
|
3,234
|
98,221
|
||||||
Income
tax expense
|
36,630
|
1,100
|
37,730
|
||||||
Identifiable
assets
|
3,614,398
|
89,714
|
3,704,112
|
||||||
Quarter
Ended September 30, 2005
|
|||||||||
Total
revenues
|
$
|
587,108
|
$
|
18,408
|
$
|
605,516
|
|||
Depreciation
and amortization, net of (gains) losses on disposals
|
39,326
|
850
|
40,176
|
||||||
Interest
expense (income)
|
18,163
|
(2,918
|
)
|
15,245
|
|||||
Pretax
earnings
|
109,260
|
3,733
|
112,993
|
||||||
Income
tax expense
|
43,847
|
24
|
43,871
|
||||||
Identifiable
assets
|
3,231,345
|
74,375
|
3,305,720
|
United
States
|
Canada
|
Consolidated
|
|||||||
(Unaudited)
|
|||||||||
(All
amounts are in thousands of U.S. $'s)
|
|||||||||
Six
Months Ended September 30, 2006
|
|||||||||
Total
revenues
|
$
|
1,142,525
|
$
|
31,037
|
$
|
1,173,562
|
|||
Depreciation
and amortization, net of (gains) losses on disposals
|
89,636
|
3,573
|
93,209
|
||||||
Interest
expense
|
39,260
|
265
|
39,525
|
||||||
Pretax
earnings
|
184,620
|
5,305
|
189,925
|
||||||
Income
tax expense
|
72,209
|
1,804
|
74,013
|
||||||
Identifiable
assets
|
3,614,398
|
89,714
|
3,704,112
|
||||||
Six
Months Ended September 30, 2005
|
|||||||||
Total
revenues
|
$
|
1,132,185
|
$
|
32,789
|
$
|
1,164,974
|
|||
Depreciation
and amortization, net of (gains) losses on disposals
|
78,130
|
2,481
|
80,611
|
||||||
Interest
expense (income)
|
37,803
|
(2,922
|
)
|
34,881
|
|||||
Pretax
earnings
|
163,688
|
6,602
|
170,290
|
||||||
Income
tax expense
|
66,082
|
24
|
66,106
|
||||||
Identifiable
assets
|
3,231,345
|
74,375
|
3,305,720
|
||||||
Quarter
Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
Self-moving
equipment rentals
|
$
|
445,720
|
$
|
446,705
|
||
Self-storage
revenues
|
32,416
|
31,224
|
||||
Self-moving
and self-storage products and service sales
|
61,916
|
62,492
|
||||
Property
management fees
|
3,986
|
3,829
|
||||
Life
insurance premiums
|
31,120
|
29,718
|
||||
Property
and casualty insurance premiums
|
6,470
|
5,399
|
||||
Net
investment and interest income
|
15,908
|
12,352
|
||||
Other
revenue
|
8,999
|
13,797
|
||||
Consolidated
revenue
|
$
|
606,535
|
$
|
605,516
|
Quarter
Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Moving
and storage
|
|||||||
Revenues
|
$
|
551,821
|
$
|
555,383
|
|||
Earnings from operations
|
121,790
|
124,573
|
|||||
Property
and casualty insurance
|
|||||||
Revenues
|
9,260
|
8,057
|
|||||
Earnings from operations
|
1,664
|
1,742
|
|||||
Life
insurance
|
|||||||
Revenues
|
38,731
|
36,270
|
|||||
Earnings from operations
|
5,403
|
3,297
|
|||||
SAC
Holding II
|
|||||||
Revenues
|
12,535
|
12,612
|
|||||
Earnings from operations
|
4,139
|
3,049
|
|||||
Eliminations
|
|||||||
Revenues
|
(5,812
|
)
|
(6,806
|
)
|
|||
Earnings from operations
|
(6,743
|
)
|
(4,423
|
)
|
|||
Consolidated
results
|
|||||||
Revenues
|
606,535
|
605,516
|
|||||
Earnings from operations
|
126,253
|
128,238
|
Quarter
Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
Self-moving
equipment rentals
|
$
|
445,720
|
$
|
446,705
|
||
Self-storage
revenues
|
27,368
|
26,443
|
||||
Self-moving
and self-storage products and service sales
|
57,531
|
57,874
|
||||
Property
management fees
|
4,738
|
4,578
|
||||
Net
investment and interest income
|
9,060
|
7,549
|
||||
Other
revenue
|
7,404
|
12,234
|
||||
Moving
and Storage revenue
|
$
|
551,821
|
$
|
555,383
|
Quarter
Ended September 30,
|
||||
2006
|
2005
|
|||
(Unaudited)
|
||||
(In
thousands, except occupancy rate)
|
||||
Room
count as of September 30
|
125
|
125
|
||
Square
footage as of September 30
|
9,853
|
9,708
|
||
Average
number of rooms occupied
|
111
|
112
|
||
Average
occupancy rate based on room count
|
89.2%
|
90.0%
|
||
Average
square footage occupied
|
8,877
|
8,893
|
Quarter
Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
445,720
|
$
|
446,705
|
|||
Self-storage
revenues
|
26,970
|
26,002
|
|||||
Self-moving
and self-storage products and service sales
|
57,531
|
57,874
|
|||||
Property
management fees
|
4,738
|
4,578
|
|||||
Net
investment and interest income
|
7,818
|
5,978
|
|||||
Other
revenue
|
8,625
|
13,422
|
|||||
U-Haul
International, Inc. revenue
|
$
|
551,402
|
$
|
554,559
|
Quarter
Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
2,754
|
$
|
2,861
|
|||
Self-storage
revenues
|
5,048
|
4,781
|
|||||
Self-moving
and self-storage products and service sales
|
4,385
|
4,618
|
|||||
Other
revenue
|
348
|
352
|
|||||
Segment
revenue
|
$
|
12,535
|
$
|
12,612
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
852,954
|
$
|
847,965
|
|||
Self-storage
revenues
|
62,847
|
59,992
|
|||||
Self-moving
and self-storage products and service sales
|
129,367
|
129,055
|
|||||
Property
management fees
|
7,833
|
8,269
|
|||||
Life
insurance premiums
|
62,039
|
59,307
|
|||||
Property
and casualty insurance premiums
|
11,852
|
10,223
|
|||||
Net
investment and interest income
|
29,738
|
26,066
|
|||||
Other
revenue
|
16,932
|
24,097
|
|||||
Consolidated
revenue
|
$
|
1,173,562
|
$
|
1,164,974
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Moving
and storage
|
|||||||
Revenues
|
$
|
1,066,459
|
$
|
1,062,946
|
|||
Earnings from operations
|
228,711
|
233,538
|
|||||
Property
and casualty insurance
|
|||||||
Revenues
|
17,328
|
16,366
|
|||||
Earnings from operations
|
3,365
|
3,324
|
|||||
Life
insurance
|
|||||||
Revenues
|
76,868
|
74,343
|
|||||
Earnings from operations
|
7,354
|
6,737
|
|||||
SAC
Holding II
|
|||||||
Revenues
|
25,014
|
24,671
|
|||||
Earnings from operations
|
8,262
|
7,100
|
|||||
Eliminations
|
|||||||
Revenues
|
(12,107
|
)
|
(13,352
|
)
|
|||
Earnings from operations
|
(11,273
|
)
|
(9,901
|
)
|
|||
Consolidated
results
|
|||||||
Revenues
|
1,173,562
|
1,164,974
|
|||||
Earnings from operations
|
236,419
|
240,798
|
Six
Months Ended September 30,
|
||||||
2006
|
2005
|
|||||
(Unaudited)
|
||||||
(In
thousands)
|
||||||
Self-moving
equipment rentals
|
$
|
852,954
|
$
|
847,965
|
||
Self-storage
revenues
|
52,957
|
50,691
|
||||
Self-moving
and self-storage products and service sales
|
120,230
|
119,672
|
||||
Property
management fees
|
9,334
|
9,746
|
||||
Net
investment and interest income
|
16,848
|
13,703
|
||||
Other
revenue
|
14,136
|
21,169
|
||||
Moving
and Storage revenue
|
$
|
1,066,459
|
$
|
1,062,946
|
Six
Months Ended September 30,
|
||||
2006
|
2005
|
|||
(Unaudited)
|
||||
(In
thousands, except occupancy rate)
|
||||
Room
count as of September 30
|
125
|
125
|
||
Square
footage as of September 30
|
9,853
|
9,708
|
||
Average
number of rooms occupied
|
110
|
112
|
||
Average
occupancy rate based on room count
|
88.7%
|
89.7%
|
||
Average
square footage occupied
|
8,760
|
8,871
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
852,954
|
$
|
847,965
|
|||
Self-storage
revenues
|
52,149
|
49,795
|
|||||
Self-moving
and self-storage products and service sales
|
120,230
|
119,672
|
|||||
Property
management fees
|
9,334
|
9,746
|
|||||
Net
investment and interest income
|
14,386
|
10,716
|
|||||
Other
revenue
|
16,752
|
23,438
|
|||||
U-Haul
International, Inc. revenue
|
$
|
1,065,805
|
$
|
1,061,332
|
Six
Months Ended September 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
5,310
|
$
|
5,349
|
|||
Self-storage
revenues
|
9,890
|
9,301
|
|||||
Self-moving
and self-storage products and service sales
|
9,137
|
9,383
|
|||||
Other
revenue
|
677
|
638
|
|||||
Segment
revenue
|
$
|
25,014
|
$
|
24,671
|
Real
estate loan (revolving credit)
|
$
|
200.0
|
||
Construction
loan (revolving credit)
|
40.0
|
|||
Fleet
loan (amortizing term)
|
46.4
|
|||
Fleet
loan (revolving credit)
|
60.0
|
|||
$
|
346.4
|
Notional
Amount
|
|
Effective
Date
|
Expiration
Date
|
Fixed
Rate
|
Floating
Rate
|
||||||||||||
$
|
132,264,384
|
(a),
(c
|
)
|
5/10/2006
|
4/10/2012
|
5.06
|
%
|
1
Month LIBOR
|
|||||||||
144,871,327
|
(a),
(c
|
)
|
10/10/2006
|
10/10/2012
|
5.57
|
%
|
1
Month LIBOR
|
||||||||||
48,309,827
|
(a),
(c
|
)
|
7/10/2006
|
7/10/2013
|
5.67
|
%
|
1
Month LIBOR
|
||||||||||
300,000,000
|
(a
|
)
|
8/18/2006
|
8/10/2018
|
5.43
|
%
|
1
Month LIBOR
|
||||||||||
50,000,000
|
(b
|
)
|
5/17/2004
|
5/17/2007
|
3.00
|
%
|
3
Month LIBOR
|
||||||||||
(a)
interest rate swap agreement
|
|||||||||||||||||
(b)
interest rate cap agreement
|
|||||||||||||||||
(c)
forward swap
|
Votes
Cast For
|
Votes
Cast Against
|
Withheld
|
Abstentions
|
Non-Votes
|
|
Election
of Directors
|
|||||
William
E. Carty
|
20,276,032
|
-
|
643,498
|
-
|
365,074
|
Charles
J. Bayer
|
20,042,584
|
-
|
876,946
|
-
|
365,074
|
Exhibit
Number
|
Description
|
Page
or Method of Filing
|
2.1
|
Joint
Plan of Reorganization of AMERCO and AMERCO Real Estate
Company
|
Incorporated
by reference to AMERCO’s Current Report on Form 8-K filed October 20,
2003, file no. 1-11255
|
2.2
|
Disclosure
Statement Concerning the Debtors’ Joint Plan of
Reorganization
|
Incorporated
by reference to AMERCO’s Current Report on Form 8-K filed October 20,
2003, file no. 1-11255
|
2.3
|
First
Amended Joint Plan of Reorganization of AMERCO and AMERCO Real
Estate
Company
|
Incorporated
by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter
ended December 31, 2003, file No. 1-11255
|
2.4
|
Disclosure
Statement Concerning the Debtor’s First Amended Joint Plan of
Reorganization
|
Incorporated
by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter
ended December 31, 2003, file No. 1-11255
|
3.1
|
Restated
Articles of Incorporation of AMERCO
|
Incorporated
by reference to AMERCO’s Registration Statement on form S-4 filed March
30, 2004, file number 1-11255
|
3.2
|
Restated
By-Laws of AMERCO
|
Incorporated
by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 1996, file No. 1-11255
|
3.3
|
Restated
Articles of Incorporation of U-Haul International, Inc.
|
Incorporated
by reference to AMERCO’s Annual Report on Form 10-K for the year ended
March 31, 2003, file no. 1-11255
|
3.4
|
Bylaws
of U-Haul International, Inc.
|
Incorporated
by reference to AMERCO’s Annual Report on Form 10-K for the year ended
March 31, 2003, file no. 1-11255
|
10.1
|
Amendment
No. 1 to the Amended and Restated Credit Agreement and Security
Agreement,
dated as of August 18, 2006, to the Amended and Restated Credit
Agreement,
dated as of June 8, 2005, among Amerco Real Estate Company of Texas,
Inc.,
Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida,
Inc.,
U-Haul International, Inc. and the Marketing Grantors named therein
in
favor of Merrill Lynch Commercial Finance Corp.
|
Incorporated
by reference to AMERCO’s Current Report on Form 8-K filed August 23, 2006,
file no. 1-11255
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and
Chairman
of the Board of AMERCO and U-Haul International, Inc.
|
Filed
herewith
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting
Officer
of AMERCO
|
Filed
herewith
|
31.3
|
Rule
13a-14(a)/15d-14(a) Certificate of Robert T. Peterson, Chief Financial
Officer of U-Haul International, Inc.
|
Filed
herewith
|
32.1
|
Certificate
of Edward J. Shoen, President and Chairman of the Board of AMERCO
and
U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
|
Furnished
herewith
|
32.2
|
Certificate
of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant to
Section
906 of the Sarbanes-Oxley Act of 2002
|
Furnished
herewith
|
32.3
|
Certificate
of Robert T. Peterson, Chief Financial Officer of
U-Haul
International, Inc. pursuant to Section 906 of the Sarbanes-Oxley
Act of
2002
|
Furnished
herewith
|