|
R
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934.
|
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934.
|
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
|
||||
Page
No.
|
||
PART
I FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
–
32
|
||
Item
2.
|
33
– 51
|
|
Item
3.
|
52
|
|
Item
4.
|
52
– 53
|
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
53
|
|
Item
1A.
|
53
|
|
Item
2.
|
53
|
|
Item
3.
|
54
|
|
Item
4.
|
54
|
|
Item
5.
|
54
|
|
Item
6.
|
55
- 56
|
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
203,344
|
$ |
75,272
|
||||
Reinsurance
recoverables and trade receivables, net
|
189,869
|
184,617
|
||||||
Notes
and mortgage receivables, net
|
1,862
|
1,669
|
||||||
Inventories,
net
|
62,983
|
67,023
|
||||||
Prepaid
expenses
|
47,487
|
52,080
|
||||||
Investments,
fixed maturities and marketable equities
|
656,912
|
681,801
|
||||||
Investments,
other
|
166,650
|
178,699
|
||||||
Deferred
policy acquisition costs, net
|
43,887
|
44,514
|
||||||
Other
assets
|
231,506
|
95,123
|
||||||
Related
party assets
|
205,849
|
245,179
|
||||||
1,810,349
|
1,625,977
|
|||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
206,780
|
202,917
|
||||||
Buildings
and improvements
|
834,331
|
802,289
|
||||||
Furniture
and equipment
|
313,303
|
301,751
|
||||||
Rental
trailers and other rental equipment
|
206,599
|
200,208
|
||||||
Rental
trucks
|
1,736,826
|
1,604,123
|
||||||
SAC
Holding II - property, plant and equipment
|
81,385
|
80,349
|
||||||
3,379,224
|
3,191,637
|
|||||||
Less:
Accumulated depreciation
|
(1,310,726 | ) | (1,294,566 | ) | ||||
Total
property, plant and equipment
|
2,068,498
|
1,897,071
|
||||||
Total
assets
|
$ |
3,878,847
|
$ |
3,523,048
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ |
264,876
|
$ |
251,197
|
||||
AMERCO's
notes and loans payable
|
1,452,042
|
1,181,165
|
||||||
SAC
Holding II notes and loans payable, non-recourse to AMERCO
|
74,197
|
74,887
|
||||||
Policy
benefits and losses, claims and loss expenses payable
|
773,250
|
768,751
|
||||||
Liabilities
from investment contracts
|
361,380
|
386,640
|
||||||
Other
policyholders' funds and liabilities
|
10,774
|
10,563
|
||||||
Deferred
income
|
14,935
|
16,478
|
||||||
Deferred
income taxes
|
137,676
|
113,170
|
||||||
Related
party liabilities
|
2,008
|
2,099
|
||||||
Total
liabilities
|
3,091,138
|
2,804,950
|
||||||
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,
2007
|
-
|
-
|
||||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
||||||||
issued
and outstanding as of September 30 and March 31, 2007
|
-
|
-
|
||||||
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;
|
||||||||
none
issued and outstanding as of September 30 and March 31,
2007
|
-
|
-
|
||||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
41,985,700
|
||||||||
issued
as of September 30 and March 31, 2007
|
10,497
|
10,497
|
||||||
Additional
paid-in capital
|
376,661
|
375,412
|
||||||
Accumulated
other comprehensive loss
|
(32,628 | ) | (41,779 | ) | ||||
Retained
earnings
|
941,870
|
849,300
|
||||||
Cost
of common shares in treasury, net (21,926,386 shares as of
|
||||||||
September
30, 2007 and 21,440,387 as of March 31, 2007)
|
(501,165 | ) | (467,198 | ) | ||||
Unearned
employee stock ownership plan shares
|
(7,526 | ) | (8,134 | ) | ||||
Total
stockholders' equity
|
787,709
|
718,098
|
||||||
Total
liabilities and stockholders' equity
|
$ |
3,878,847
|
$ |
3,523,048
|
||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ |
439,801
|
$ |
445,720
|
||||
Self-storage
revenues
|
33,088
|
32,416
|
||||||
Self-moving
and self-storage products and service sales
|
62,495
|
61,916
|
||||||
Property
management fees
|
3,993
|
3,986
|
||||||
Life
insurance premiums
|
27,937
|
31,120
|
||||||
Property
and casualty insurance premiums
|
7,332
|
6,470
|
||||||
Net
investment and interest income
|
16,419
|
15,626
|
||||||
Other
revenue
|
9,492
|
8,999
|
||||||
Total
revenues
|
600,557
|
606,253
|
||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
284,990
|
280,808
|
||||||
Commission
expenses
|
53,437
|
53,605
|
||||||
Cost
of sales
|
33,943
|
31,448
|
||||||
Benefits
and losses
|
25,592
|
28,842
|
||||||
Amortization
of deferred policy acquisition costs
|
3,266
|
4,825
|
||||||
Lease
expense
|
34,457
|
37,385
|
||||||
Depreciation,
net of (gains) losses on disposals
|
55,746
|
43,087
|
||||||
Total
costs and expenses
|
491,431
|
480,000
|
||||||
Earnings
from operations
|
109,126
|
126,253
|
||||||
Interest
expense
|
(27,495 | ) | (21,063 | ) | ||||
Amortization
of fees on early extinguishment of debt
|
-
|
(6,969 | ) | |||||
Pretax
earnings
|
81,631
|
98,221
|
||||||
Income
tax expense
|
(31,157 | ) | (37,730 | ) | ||||
Net
earnings
|
50,474
|
60,491
|
||||||
Less:
Preferred stock dividends
|
(3,241 | ) | (3,241 | ) | ||||
Earnings
available to common shareholders
|
$ |
47,233
|
$ |
57,250
|
||||
Basic
and diluted earnings per common share
|
$ |
2.39
|
$ |
2.74
|
||||
Weighted
average common shares outstanding: Basic and diluted
|
19,733,755
|
20,910,204
|
||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ |
835,878
|
$ |
852,954
|
||||
Self-storage
revenues
|
65,124
|
62,847
|
||||||
Self-moving
and self-storage products and service sales
|
131,209
|
129,367
|
||||||
Property
management fees
|
7,940
|
7,833
|
||||||
Life
insurance premiums
|
57,124
|
62,039
|
||||||
Property
and casualty insurance premiums
|
13,248
|
11,852
|
||||||
Net
investment and interest income
|
30,788
|
29,101
|
||||||
Other
revenue
|
17,404
|
16,932
|
||||||
Total
revenues
|
1,158,715
|
1,172,925
|
||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
558,321
|
542,187
|
||||||
Commission
expenses
|
101,360
|
103,141
|
||||||
Cost
of sales
|
68,591
|
63,764
|
||||||
Benefits
and losses
|
54,869
|
59,448
|
||||||
Amortization
of deferred policy acquisition costs
|
7,183
|
10,451
|
||||||
Lease
expense
|
67,195
|
74,757
|
||||||
Depreciation,
net of (gains) losses on disposals
|
100,011
|
82,758
|
||||||
Total
costs and expenses
|
957,530
|
936,506
|
||||||
Earnings
from operations
|
201,185
|
236,419
|
||||||
Interest
expense
|
(51,266 | ) | (39,525 | ) | ||||
Amortization
of fees on early extinguishment of debt
|
-
|
(6,969 | ) | |||||
Pretax
earnings
|
149,919
|
189,925
|
||||||
Income
tax expense
|
(57,693 | ) | (74,013 | ) | ||||
Net
earnings
|
92,226
|
115,912
|
||||||
Less:
Preferred stock dividends
|
(6,482 | ) | (6,482 | ) | ||||
Earnings
available to common shareholders
|
$ |
85,744
|
$ |
109,430
|
||||
Basic
and diluted earnings per common share
|
$ |
4.32
|
$ |
5.23
|
||||
Weighted
average common shares outstanding: Basic and diluted
|
19,850,874
|
20,903,946
|
||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
earnings
|
$ |
92,226
|
$ |
115,912
|
||||
Adjustments
to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
113,194
|
86,545
|
||||||
Amortization
of deferred policy acquisition costs
|
7,183
|
10,451
|
||||||
Change
in provision for (gain) loss on trade receivables
|
87
|
(11 | ) | |||||
Change
in provision for gain on mortgage notes
|
(19 | ) | (20 | ) | ||||
Change
in provision for inventory reserves
|
1,281
|
-
|
||||||
Net
gain on sale of real and personal property
|
(13,183 | ) | (3,787 | ) | ||||
Net
loss on sale of investments
|
149
|
891
|
||||||
Write-off
of unamortized debt issuance costs
|
-
|
6,969
|
||||||
Deferred
income taxes
|
33,966
|
27,677
|
||||||
Net
change in other operating assets and liabilities:
|
||||||||
Reinsurance
recoverables and trade receivables
|
(5,154 | ) |
18,383
|
|||||
Inventories
|
3,181
|
(8,357 | ) | |||||
Prepaid
expenses
|
4,120
|
(2,962 | ) | |||||
Capitalization
of deferred policy acquisition costs
|
(2,539 | ) | (3,166 | ) | ||||
Other
assets
|
(10,373 | ) | (95 | ) | ||||
Related
party assets
|
41,881
|
12,899
|
||||||
Accounts
payable and accrued expenses
|
13,497
|
7,380
|
||||||
Policy
benefits and losses, claims and loss expenses payable
|
5,066
|
(8,420 | ) | |||||
Other
policyholders' funds and liabilities
|
211
|
1,577
|
||||||
Deferred
income
|
(1,673 | ) |
530
|
|||||
Related
party liabilities
|
(3,411 | ) | (10,016 | ) | ||||
Net
cash provided by operating activities
|
279,690
|
252,380
|
||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of:
|
||||||||
Property,
plant and equipment
|
(360,511 | ) | (378,605 | ) | ||||
Short
term investments
|
(128,627 | ) | (103,999 | ) | ||||
Fixed
maturities investments
|
(45,622 | ) | (59,033 | ) | ||||
Real
estate
|
(3,441 | ) |
-
|
|||||
Mortgage
loans
|
(4,895 | ) | (8,855 | ) | ||||
Proceeds
from sale of:
|
||||||||
Property,
plant and equipment
|
100,660
|
57,204
|
||||||
Short
term investments
|
144,814
|
145,044
|
||||||
Fixed
maturities investments
|
61,206
|
52,056
|
||||||
Cash
received in excess of purchase for company acquired
|
-
|
1,235
|
||||||
Equity
securities
|
46
|
-
|
||||||
Preferred
stock
|
2,625
|
125
|
||||||
Real
estate
|
153
|
10,113
|
||||||
Mortgage
loans
|
4,043
|
4,182
|
||||||
Payments
from notes and mortgage receivables
|
367
|
293
|
||||||
Net
cash used by investing activities
|
(229,182 | ) | (280,240 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings
from credit facilities
|
447,620
|
276,744
|
||||||
Principal
repayments on credit facilities
|
(179,043 | ) | (39,614 | ) | ||||
Debt
issuance costs
|
(9,850 | ) | (539 | ) | ||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
608
|
608
|
||||||
Treasury
stock repurchases
|
(33,966 | ) |
-
|
|||||
Securitization
deposits
|
(116,176 | ) |
-
|
|||||
Preferred
stock dividends paid
|
(6,482 | ) | (6,482 | ) | ||||
Investment
contract deposits
|
8,772
|
8,444
|
||||||
Investment
contract withdrawals
|
(34,032 | ) | (40,275 | ) | ||||
Net
cash provided by financing activities
|
77,451
|
198,886
|
||||||
Effects
of exchange rate on cash
|
113
|
131
|
||||||
Increase
in cash equivalents
|
128,072
|
171,157
|
||||||
Cash
and cash equivalents at the beginning of period
|
75,272
|
155,459
|
||||||
Cash
and cash equivalents at the end of period
|
$ |
203,344
|
$ |
326,616
|
September
30,
|
March
31,
|
|||||||||||||||
2008
Rate (a)
|
Maturities
|
2007
|
2007
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||
Real
estate loan (amortizing term)
|
6.93 | % |
2018
|
$ |
290,000
|
$ |
295,000
|
|||||||||
Real
estate loan (revolving credit)
|
-
|
2018
|
-
|
-
|
||||||||||||
Senior
mortgages
|
5.19%-5.75 | % |
2015
|
519,990
|
521,332
|
|||||||||||
Construction
loan (revolving credit)
|
7.32 | % |
2009
|
21,700
|
-
|
|||||||||||
Working
capital loan (revolving credit)
|
-
|
2008
|
-
|
-
|
||||||||||||
Fleet
loans (amortizing term)
|
6.11%-7.42 | % |
2012-2014
|
322,143
|
364,833
|
|||||||||||
Fleet
loans (securitization)
|
5.40%-5.56 | % |
2010-2014
|
298,209
|
-
|
|||||||||||
Fleet
loan (revolving credit)
|
-
|
2011
|
-
|
-
|
||||||||||||
Total
AMERCO notes and loans payable
|
$ |
1,452,042
|
$ |
1,181,165
|
||||||||||||
(a)
Interest rate as of September 30, 2007, including the effect of applicable
hedging instruments
|
Year
Ending September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes
payable, secured
|
$ |
110,829
|
$ |
125,323
|
$ |
159,029
|
$ |
63,355
|
$ |
141,671
|
$ |
851,835
|
||||||||||||
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Notes
payable, secured, 7.87% interest rate, due 2027
|
$ |
74,197
|
$ |
74,887
|
||||
Year
Ending September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes
payable, secured
|
$ |
1,499
|
$ |
1,640
|
$ |
1,776
|
$ |
1,923
|
$ |
2,067
|
$ |
65,292
|
||||||||||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ |
25,373
|
$ |
19,331
|
||||
Capitalized
interest
|
(322 | ) | (129 | ) | ||||
Amortization
of transaction costs
|
1,514
|
1,076
|
||||||
Interest
income resulting from derivatives
|
(568 | ) | (738 | ) | ||||
Amortization
of transaction costs related to early extinguishment of
debt
|
-
|
6,969
|
||||||
Total
AMERCO interest expense
|
25,997
|
26,509
|
||||||
SAC
Holding II interest expense
|
3,236
|
3,206
|
||||||
Less:
Intercompany transactions
|
1,738
|
1,683
|
||||||
Total
SAC Holding II interest expense
|
1,498
|
1,523
|
||||||
Total
|
$ |
27,495
|
$ |
28,032
|
||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ |
47,496
|
$ |
35,888
|
||||
Capitalized
interest
|
(605 | ) | (171 | ) | ||||
Amortization
of transaction costs
|
2,395
|
2,374
|
||||||
Interest
income resulting from derivatives
|
(1,021 | ) | (1,601 | ) | ||||
Amortization
of transaction costs related to early extinguishment of
debt
|
-
|
6,969
|
||||||
Total
AMERCO interest expense
|
48,265
|
43,459
|
||||||
SAC
Holding II interest expense
|
6,467
|
6,600
|
||||||
Less:
Intercompany transactions
|
3,466
|
3,565
|
||||||
Total
SAC Holding II interest expense
|
3,001
|
3,035
|
||||||
Total
|
$ |
51,266
|
$ |
46,494
|
||||
Revolving
Credit Activity
|
||||||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the quarter
|
6.87 | % | 6.85 | % | ||||
Interest
rate at the end of the quarter
|
7.32 | % | 6.82 | % | ||||
Maximum
amount outstanding during the quarter
|
$ |
121,700
|
$ |
90,000
|
||||
Average
amount outstanding during the quarter
|
$ |
98,874
|
$ |
90,000
|
||||
Facility
fees
|
$ |
65
|
$ |
57
|
||||
Revolving
Credit Activity
|
||||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the first six months
|
6.80 | % | 7.35 | % | ||||
Interest
rate at the end of the first six months
|
7.32 | % | 6.82 | % | ||||
Maximum
amount outstanding during the first six months
|
$ |
138,700
|
$ |
90,000
|
||||
Average
amount outstanding during the first six months
|
$ |
100,065
|
$ |
90,000
|
||||
Facility
fees
|
$ |
134
|
$ |
114
|
||||
Foreign
Currency
Translation
|
Unrealized
Gain
(Loss) on
Investments
|
Fair
Market
Value
of Cash
Flow
Hedge
|
FASB
Statement
No.
158
Adjustment
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Balance
at March 31, 2007
|
$ | (36,166 | ) | $ | (355 | ) | $ | (5,105 | ) | $ | (153 | ) | $ | (41,779 | ) | |||||
Foreign
currency translation
|
11,879
|
-
|
-
|
-
|
11,879
|
|||||||||||||||
Unrealized
loss on investments
|
-
|
(1,287 | ) |
-
|
-
|
(1,287 | ) | |||||||||||||
Change
in fair market value of cash flow hedge
|
-
|
-
|
(1,441 | ) |
-
|
(1,441 | ) | |||||||||||||
Balance
at September 30, 2007
|
$ | (24,287 | ) | $ | (1,642 | ) | $ | (6,546 | ) | $ | (153 | ) | $ | (32,628 | ) | |||||
Property,
Plant
and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Year-ended
September 30:
|
||||||||||||
2008
|
$ |
12,458
|
$ |
116,904
|
$ |
129,362
|
||||||
2009
|
12,134
|
102,248
|
114,382
|
|||||||||
2010
|
11,723
|
84,057
|
95,780
|
|||||||||
2011
|
11,601
|
67,796
|
79,397
|
|||||||||
2012
|
10,928
|
53,883
|
64,811
|
|||||||||
Thereafter
|
22,593
|
52,125
|
74,718
|
|||||||||
Total
|
$ |
81,437
|
$ |
477,013
|
$ |
558,450
|
||||||
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Private
Mini notes, receivables and interest
|
$ |
71,566
|
$ |
71,785
|
||||
Oxford
note receivable from SAC Holding Corporation
|
-
|
5,040
|
||||||
U-Haul
notes receivable from SAC Holding Coporation
|
123,340
|
123,578
|
||||||
U-Haul
interest receivable from SAC Holding Corporation
|
3,441
|
23,361
|
||||||
U-Haul
receivable from SAC Holding Corporation
|
9,233
|
16,596
|
||||||
U-Haul
receivable from Mercury
|
2,405
|
4,278
|
||||||
Other
(a)
|
(4,136 | ) |
541
|
|||||
$ |
205,849
|
$ |
245,179
|
|||||
(a)
The current period credit balance resulted from a timing difference
between Oxford and AMERCO for a
|
||||||||
partial
repayment of an intercompany note. This will reverse in our December
31,
2007 financial statements.
|
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
SAC
Holding II payable to affiliate
|
$ |
2,008
|
$ |
2,099
|
||||
|
(a)
|
Moving
and Storage, 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
|
$ |
31
|
$ |
182,197
|
$ |
2,995
|
$ |
-
|
$ |
185,223
|
$ |
4,459
|
$ |
13,662
|
$ |
-
|
$ |
203,344
|
$ |
-
|
$ |
-
|
$ |
203,344
|
|||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
25,255
|
25
|
-
|
25,280
|
154,004
|
10,585
|
-
|
189,869
|
-
|
-
|
189,869
|
|||||||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,307
|
555
|
-
|
1,862
|
-
|
-
|
-
|
1,862
|
-
|
-
|
1,862
|
|||||||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
61,644
|
-
|
-
|
61,644
|
-
|
-
|
-
|
61,644
|
1,339
|
-
|
62,983
|
|||||||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
-
|
47,169
|
44
|
-
|
47,213
|
-
|
-
|
-
|
47,213
|
274
|
-
|
47,487
|
|||||||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
151,662
|
505,250
|
-
|
656,912
|
-
|
-
|
656,912
|
|||||||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
966
|
13,917
|
-
|
14,883
|
71,784
|
79,983
|
-
|
166,650
|
-
|
-
|
166,650
|
|||||||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
76
|
43,811
|
-
|
43,887
|
-
|
-
|
43,887
|
|||||||||||||||||||||||||||||||||||||||
Other
assets
|
6
|
181,375
|
41,738
|
-
|
223,119
|
2,193
|
911
|
-
|
226,223
|
5,283
|
-
|
231,506
|
|||||||||||||||||||||||||||||||||||||||
Related
party assets
|
1,208,523
|
233,811
|
89
|
(1,146,512 | ) |
(d)
|
295,911
|
8,663
|
-
|
(17,962 | ) |
(d)
|
286,612
|
-
|
(80,763 | ) |
(d)
|
205,849
|
|||||||||||||||||||||||||||||||||
1,208,560
|
733,724
|
59,363
|
(1,146,512 | ) |
855,135
|
392,841
|
654,202
|
(17,962 | ) |
1,884,216
|
6,896
|
(80,763 | ) |
1,810,349
|
|||||||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(160,547 | ) |
-
|
-
|
444,861
|
(c)
|
284,314
|
-
|
-
|
(284,314 | ) |
(c)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(8,901 | ) |
-
|
-
|
-
|
(8,901 | ) |
-
|
-
|
-
|
(8,901 | ) |
-
|
8,901
|
(c)
|
-
|
|||||||||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(169,448 | ) |
-
|
-
|
444,861
|
275,413
|
-
|
-
|
(284,314 | ) | (8,901 | ) |
-
|
8,901
|
-
|
||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
43,731
|
163,049
|
-
|
206,780
|
-
|
-
|
-
|
206,780
|
-
|
-
|
206,780
|
|||||||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
112,781
|
721,550
|
-
|
834,331
|
-
|
-
|
-
|
834,331
|
-
|
-
|
834,331
|
|||||||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
4,645
|
290,586
|
18,072
|
-
|
313,303
|
-
|
-
|
-
|
313,303
|
-
|
-
|
313,303
|
|||||||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
206,599
|
-
|
-
|
206,599
|
-
|
-
|
-
|
206,599
|
-
|
-
|
206,599
|
|||||||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,736,826
|
-
|
-
|
1,736,826
|
-
|
-
|
-
|
1,736,826
|
-
|
-
|
1,736,826
|
|||||||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
155,597
|
(74,212 | ) |
(e)
|
81,385
|
|||||||||||||||||||||||||||||||||||||
4,645
|
2,390,523
|
902,671
|
-
|
3,297,839
|
-
|
-
|
-
|
3,297,839
|
155,597
|
(74,212 | ) |
3,379,224
|
|||||||||||||||||||||||||||||||||||||||
Less: Accumulated
depreciation
|
(950 | ) | (1,004,243 | ) | (302,187 | ) |
-
|
(1,307,380 | ) |
-
|
-
|
-
|
(1,307,380 | ) | (13,851 | ) |
10,505
|
(e)
|
(1,310,726 | ) | |||||||||||||||||||||||||||||||
Total
property, plant and equipment
|
3,695
|
1,386,280
|
600,484
|
-
|
1,990,459
|
-
|
-
|
-
|
1,990,459
|
141,746
|
(63,707 | ) |
2,068,498
|
||||||||||||||||||||||||||||||||||||||
Total
assets
|
$ |
1,042,807
|
$ |
2,120,004
|
$ |
659,847
|
$ | (701,651 | ) | $ |
3,121,007
|
$ |
392,841
|
$ |
654,202
|
$ | (302,276 | ) | $ |
3,865,774
|
$ |
148,642
|
$ | (135,569 | ) | $ |
3,878,847
|
||||||||||||||||||||||||
(a) Balances
as of June 30, 2007
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(b)
Included in this caption is land of $57,169, buildings and improvements
of
$97,680, and furniture and equipment of $748
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(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
|
|||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$ |
119
|
$ |
250,746
|
$ |
5,436
|
$ |
-
|
$ |
256,301
|
$ |
-
|
$ |
6,802
|
$ |
-
|
$ |
263,103
|
$ |
1,773
|
$ |
-
|
$ |
264,876
|
||||||||||||||||||||||||||||||
AMERCO's
notes and loans payable
|
-
|
669,166
|
782,876
|
-
|
1,452,042
|
-
|
-
|
-
|
1,452,042
|
-
|
-
|
1,452,042
|
||||||||||||||||||||||||||||||||||||||||||
SAC
Holding II notes and loans
payable, non-recourse to AMERCO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
74,197
|
-
|
74,197
|
||||||||||||||||||||||||||||||||||||||||||
Policy
benefits and losses,
claims and loss expenses payable
|
-
|
356,494
|
-
|
-
|
356,494
|
275,693
|
141,063
|
-
|
773,250
|
-
|
-
|
773,250
|
||||||||||||||||||||||||||||||||||||||||||
Liabilities
from investment contracts
|
-
|
-
|
-
|
-
|
-
|
-
|
361,380
|
-
|
361,380
|
-
|
-
|
361,380
|
||||||||||||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
7,913
|
2,861
|
-
|
10,774
|
-
|
-
|
10,774
|
||||||||||||||||||||||||||||||||||||||||||
Deferred
income
|
-
|
14,104
|
-
|
-
|
14,104
|
-
|
-
|
-
|
14,104
|
831
|
-
|
14,935
|
||||||||||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
210,411
|
-
|
-
|
-
|
210,411
|
(39,009 | ) | (5,032 | ) |
-
|
166,370
|
(2,029 | ) | (26,665 | ) |
(d)
|
137,676
|
|||||||||||||||||||||||||||||||||||||
Related
party liabilities
|
-
|
1,100,005
|
53,411
|
(1,146,512 | ) |
(c)
|
6,904
|
2,244
|
8,814
|
(17,962 | ) |
(c)
|
-
|
82,771
|
(80,763 | ) |
(c)
|
2,008
|
||||||||||||||||||||||||||||||||||||
Total
liabilities
|
210,530
|
2,390,515
|
841,723
|
(1,146,512 | ) |
2,296,256
|
246,841
|
515,888
|
(17,962 | ) |
3,041,023
|
157,543
|
(107,428 | ) |
3,091,138
|
|||||||||||||||||||||||||||||||||||||||
Stockholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series
preferred stock:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series
A preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Series
B preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Series
A common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
10,497
|
540
|
1
|
(541 | ) |
(b)
|
10,497
|
3,300
|
2,500
|
(5,800 | ) |
(b)
|
10,497
|
-
|
-
|
10,497
|
||||||||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
422,732
|
121,230
|
147,481
|
(268,711 | ) |
(b)
|
422,732
|
86,121
|
26,271
|
(112,392 | ) |
(b)
|
422,732
|
-
|
(46,071 | ) |
(d)
|
376,661
|
||||||||||||||||||||||||||||||||||||
Additional
paid-in capital - SAC Holding II
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,492
|
(4,492 | ) |
(b)
|
-
|
||||||||||||||||||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(32,628 | ) | (30,987 | ) |
-
|
30,987
|
(b)
|
(32,628 | ) | (530 | ) | (1,113 | ) |
1,643
|
(b)
|
(32,628 | ) |
-
|
-
|
(32,628 | ) | |||||||||||||||||||||||||||||||||
Retained
earnings (deficit)
|
932,841
|
(353,768 | ) | (329,358 | ) |
683,126
|
(b)
|
932,841
|
57,109
|
110,656
|
(167,765 | ) |
(b)
|
932,841
|
(13,393 | ) |
22,422
|
(b,d | ) |
941,870
|
||||||||||||||||||||||||||||||||||
Cost
of common shares in treasury, net
|
(501,165 | ) |
-
|
-
|
-
|
(501,165 | ) |
-
|
-
|
-
|
(501,165 | ) |
-
|
-
|
(501,165 | ) | ||||||||||||||||||||||||||||||||||||||
Unearned
employee stock
ownership plan shares
|
-
|
(7,526 | ) |
-
|
-
|
(7,526 | ) |
-
|
-
|
-
|
(7,526 | ) |
-
|
-
|
(7,526 | ) | ||||||||||||||||||||||||||||||||||||||
Total
stockholders' equity (deficit)
|
832,277
|
(270,511 | ) | (181,876 | ) |
444,861
|
824,751
|
146,000
|
138,314
|
(284,314 | ) |
824,751
|
(8,901 | ) | (28,141 | ) |
787,709
|
|||||||||||||||||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ |
1,042,807
|
$ |
2,120,004
|
$ |
659,847
|
$ | (701,651 | ) | $ |
3,121,007
|
$ |
392,841
|
$ |
654,202
|
$ | (302,276 | ) | $ |
3,865,774
|
$ |
148,642
|
$ | (135,569 | ) | $ |
3,878,847
|
|||||||||||||||||||||||||||
(a) Balances
as of June 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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
|
||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ |
9
|
$ |
63,490
|
$ |
807
|
$ |
-
|
$ |
64,306
|
$ |
4,228
|
$ |
6,738
|
$ |
-
|
$ |
75,272
|
$ |
-
|
$ |
-
|
$ |
75,272
|
|||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
18,343
|
27
|
-
|
18,370
|
155,172
|
11,075
|
-
|
184,617
|
-
|
-
|
184,617
|
|||||||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,236
|
433
|
-
|
1,669
|
-
|
-
|
-
|
1,669
|
-
|
-
|
1,669
|
|||||||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
65,646
|
-
|
-
|
65,646
|
-
|
-
|
-
|
65,646
|
1,377
|
-
|
67,023
|
|||||||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
11,173
|
40,586
|
30
|
-
|
51,789
|
-
|
-
|
-
|
51,789
|
291
|
-
|
52,080
|
|||||||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
156,540
|
525,261
|
-
|
681,801
|
-
|
-
|
681,801
|
|||||||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
1,119
|
10,714
|
-
|
11,833
|
74,716
|
92,150
|
-
|
178,699
|
-
|
-
|
178,699
|
|||||||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
196
|
44,318
|
-
|
44,514
|
-
|
-
|
44,514
|
|||||||||||||||||||||||||||||||||||||||
Other
assets
|
12
|
56,264
|
31,794
|
-
|
88,070
|
1,744
|
833
|
-
|
90,647
|
4,476
|
-
|
95,123
|
|||||||||||||||||||||||||||||||||||||||
Related
party assets
|
1,180,929
|
251,288
|
12,663
|
(1,113,379 | ) |
(d)
|
331,501
|
9,909
|
5,040
|
(20,840 | ) |
(d)
|
325,610
|
5
|
(80,436 | ) |
(d)
|
245,179
|
|||||||||||||||||||||||||||||||||
1,192,123
|
497,972
|
56,468
|
(1,113,379 | ) |
633,184
|
402,505
|
685,415
|
(20,840 | ) |
1,700,264
|
6,149
|
(80,436 | ) |
1,625,977
|
|||||||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(235,860 | ) |
-
|
-
|
514,745
|
(c)
|
278,885
|
-
|
-
|
(278,885 | ) |
(c)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(9,256 | ) |
-
|
-
|
-
|
(9,256 | ) |
-
|
-
|
-
|
(9,256 | ) |
-
|
9,256
|
(c)
|
-
|
|||||||||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(245,116 | ) |
-
|
-
|
514,745
|
269,629
|
-
|
-
|
(278,885 | ) | (9,256 | ) |
-
|
9,256
|
-
|
||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
39,868
|
163,049
|
-
|
202,917
|
-
|
-
|
-
|
202,917
|
-
|
-
|
202,917
|
|||||||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
103,542
|
698,747
|
-
|
802,289
|
-
|
-
|
-
|
802,289
|
-
|
-
|
802,289
|
|||||||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
4,588
|
279,219
|
17,944
|
-
|
301,751
|
-
|
-
|
-
|
301,751
|
-
|
-
|
301,751
|
|||||||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
200,208
|
-
|
-
|
200,208
|
-
|
-
|
-
|
200,208
|
-
|
-
|
200,208
|
|||||||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,604,123
|
-
|
-
|
1,604,123
|
-
|
-
|
-
|
1,604,123
|
-
|
-
|
1,604,123
|
|||||||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
154,561
|
(74,212 | ) |
(e)
|
80,349
|
|||||||||||||||||||||||||||||||||||||
4,588
|
2,226,960
|
879,740
|
-
|
3,111,288
|
-
|
-
|
-
|
3,111,288
|
154,561
|
(74,212 | ) |
3,191,637
|
|||||||||||||||||||||||||||||||||||||||
Less: Accumulated
depreciation
|
(627 | ) | (995,028 | ) | (296,563 | ) |
-
|
(1,292,218 | ) |
-
|
-
|
-
|
(1,292,218 | ) | (12,573 | ) |
10,225
|
(e)
|
(1,294,566 | ) | |||||||||||||||||||||||||||||||
Total
property, plant and equipment
|
3,961
|
1,231,932
|
583,177
|
-
|
1,819,070
|
-
|
-
|
-
|
1,819,070
|
141,988
|
(63,987 | ) |
1,897,071
|
||||||||||||||||||||||||||||||||||||||
Total
assets
|
$ |
950,968
|
$ |
1,729,904
|
$ |
639,645
|
$ | (598,634 | ) | $ |
2,721,883
|
$ |
402,505
|
$ |
685,415
|
$ | (299,725 | ) | $ |
3,510,078
|
$ |
148,137
|
$ | (135,167 | ) | $ |
3,523,048
|
||||||||||||||||||||||||
(a) Balances
as of December 31, 2006
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(b)
Included in this caption is land of $57,169, buildings and improvements
of
$96,879, and furniture and equipment of $513
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(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
|
$ |
926
|
$ |
236,830
|
$ |
4,973
|
$ |
-
|
$ |
242,729
|
$ |
-
|
$ |
7,083
|
$ |
-
|
$ |
249,812
|
$ |
1,385
|
$ |
-
|
$ |
251,197
|
||||||||||||||||||||||||||||||
AMERCO's
notes and loans payable
|
-
|
406,458
|
774,707
|
-
|
1,181,165
|
-
|
-
|
-
|
1,181,165
|
-
|
-
|
1,181,165
|
||||||||||||||||||||||||||||||||||||||||||
SAC
Holding II notes and loans
payable,
non-recourse to AMERCO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
74,887
|
-
|
74,887
|
||||||||||||||||||||||||||||||||||||||||||
Policy
benefits and losses,
claims and loss expenses payable
|
-
|
330,602
|
-
|
-
|
330,602
|
291,241
|
146,908
|
-
|
768,751
|
-
|
-
|
768,751
|
||||||||||||||||||||||||||||||||||||||||||
Liabilities
from investment contracts
|
-
|
-
|
-
|
-
|
-
|
-
|
386,640
|
-
|
386,640
|
-
|
-
|
386,640
|
||||||||||||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
7,633
|
2,930
|
-
|
10,563
|
-
|
-
|
10,563
|
||||||||||||||||||||||||||||||||||||||||||
Deferred
income
|
-
|
15,629
|
-
|
-
|
15,629
|
-
|
-
|
-
|
15,629
|
849
|
-
|
16,478
|
||||||||||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
186,594
|
-
|
-
|
-
|
186,594
|
(41,223 | ) | (3,167 | ) |
-
|
142,204
|
(2,263 | ) | (26,771 | ) |
(d)
|
113,170
|
|||||||||||||||||||||||||||||||||||||
Related
party liabilities
|
-
|
1,077,090
|
46,139
|
(1,113,379 | ) |
(c)
|
9,850
|
2,411
|
8,579
|
(20,840 | ) |
(c)
|
-
|
82,535
|
(80,436 | ) |
(c)
|
2,099
|
||||||||||||||||||||||||||||||||||||
Total
liabilities
|
187,520
|
2,066,609
|
825,819
|
(1,113,379 | ) |
1,966,569
|
260,062
|
548,973
|
(20,840 | ) |
2,754,764
|
157,393
|
(107,207 | ) |
2,804,950
|
|||||||||||||||||||||||||||||||||||||||
Stockholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series
preferred stock:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series
A preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Series
B preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Series
A common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
10,497
|
540
|
1
|
(541 | ) |
(b)
|
10,497
|
3,300
|
2,500
|
(5,800 | ) |
(b)
|
10,497
|
-
|
-
|
10,497
|
||||||||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
421,483
|
121,230
|
147,481
|
(268,711 | ) |
(b)
|
421,483
|
86,121
|
26,271
|
(112,392 | ) |
(b)
|
421,483
|
-
|
(46,071 | ) |
(d)
|
375,412
|
||||||||||||||||||||||||||||||||||||
Additional
paid-in capital - SAC Holding II
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,492
|
(4,492 | ) |
(b)
|
-
|
||||||||||||||||||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(41,779 | ) | (41,454 | ) |
-
|
41,454
|
(b)
|
(41,779 | ) | (163 | ) | (192 | ) |
355
|
(b)
|
(41,779 | ) |
-
|
-
|
(41,779 | ) | |||||||||||||||||||||||||||||||||
Retained
earnings (deficit)
|
840,445
|
(408,887 | ) | (333,656 | ) |
742,543
|
(b)
|
840,445
|
53,185
|
107,863
|
(161,048 | ) |
(b)
|
840,445
|
(13,748 | ) |
22,603
|
(b,d | ) |
849,300
|
||||||||||||||||||||||||||||||||||
Cost
of common shares in treasury, net
|
(467,198 | ) |
-
|
-
|
-
|
(467,198 | ) |
-
|
-
|
-
|
(467,198 | ) |
-
|
-
|
(467,198 | ) | ||||||||||||||||||||||||||||||||||||||
Unearned
employee stock
ownership plan shares
|
-
|
(8,134 | ) |
-
|
-
|
(8,134 | ) |
-
|
-
|
-
|
(8,134 | ) |
-
|
-
|
(8,134 | ) | ||||||||||||||||||||||||||||||||||||||
Total
stockholders' equity (deficit)
|
763,448
|
(336,705 | ) | (186,174 | ) |
514,745
|
755,314
|
142,443
|
136,442
|
(278,885 | ) |
755,314
|
(9,256 | ) | (27,960 | ) |
718,098
|
|||||||||||||||||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ |
950,968
|
$ |
1,729,904
|
$ |
639,645
|
$ | (598,634 | ) | $ |
2,721,883
|
$ |
402,505
|
$ |
685,415
|
$ | (299,725 | ) | $ |
3,510,078
|
$ |
148,137
|
$ | (135,167 | ) | $ |
3,523,048
|
|||||||||||||||||||||||||||
(a) Balances
as of December 31, 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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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
|
$ |
-
|
$ |
439,801
|
$ |
-
|
$ |
-
|
$ |
439,801
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
439,801
|
$ |
2,734
|
$ | (2,734 | ) |
(b)
|
$ |
439,801
|
||||||||||||||||||||||||||||
Self-storage
revenues
|
-
|
27,865
|
418
|
-
|
28,283
|
-
|
-
|
-
|
28,283
|
4,805
|
-
|
33,088
|
||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
58,185
|
-
|
-
|
58,185
|
-
|
-
|
-
|
58,185
|
4,310
|
-
|
62,495
|
||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
4,742
|
-
|
-
|
4,742
|
-
|
-
|
-
|
4,742
|
-
|
(749 | ) |
(g)
|
3,993
|
||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
27,937
|
-
|
27,937
|
-
|
-
|
27,937
|
||||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
7,332
|
-
|
-
|
7,332
|
-
|
-
|
7,332
|
||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
1,091
|
9,163
|
-
|
-
|
10,254
|
3,061
|
5,294
|
(452 | ) | (b,d | ) |
18,157
|
-
|
(1,738 | ) |
(d)
|
16,419
|
|||||||||||||||||||||||||||||||||||||
Other
revenue
|
-
|
9,274
|
17,661
|
(18,676 | ) |
(b)
|
8,259
|
-
|
1,229
|
(131 | ) |
(b)
|
9,357
|
313
|
(178 | ) |
(b)
|
9,492
|
||||||||||||||||||||||||||||||||||||
Total
revenues
|
1,091
|
549,030
|
18,079
|
(18,676 | ) |
549,524
|
10,393
|
34,460
|
(583 | ) |
593,794
|
12,162
|
(5,399 | ) |
600,557
|
|||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
2,219
|
285,829
|
2,314
|
(18,676 | ) |
(b)
|
271,686
|
3,746
|
6,467
|
(1,868 | ) | (b,c,d | ) |
280,031
|
5,708
|
(749 | ) |
(g)
|
284,990
|
|||||||||||||||||||||||||||||||||||
Commission
expenses
|
-
|
56,171
|
-
|
-
|
56,171
|
-
|
-
|
-
|
56,171
|
-
|
(2,734 | ) |
(b)
|
53,437
|
||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
31,485
|
-
|
-
|
31,485
|
-
|
-
|
-
|
31,485
|
2,458
|
-
|
33,943
|
||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
2,887
|
21,200
|
1,505
|
(c)
|
25,592
|
-
|
-
|
25,592
|
|||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
38
|
3,228
|
-
|
3,266
|
-
|
-
|
3,266
|
||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
22
|
34,814
|
19
|
-
|
34,855
|
-
|
-
|
(220 | ) |
(b)
|
34,635
|
-
|
(178 | ) |
(b)
|
34,457
|
||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
148
|
52,101
|
2,961
|
-
|
55,210
|
-
|
-
|
-
|
55,210
|
676
|
(140 | ) |
(e)
|
55,746
|
||||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
2,389
|
460,400
|
5,294
|
(18,676 | ) |
449,407
|
6,671
|
30,895
|
(583 | ) |
486,390
|
8,842
|
(3,801 | ) |
491,431
|
|||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
37,248
|
-
|
-
|
(32,429 | ) |
(f)
|
4,819
|
-
|
-
|
(4,819 | ) |
(f)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
43
|
-
|
-
|
-
|
43
|
-
|
-
|
-
|
43
|
-
|
(43 | ) |
(f)
|
-
|
||||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
37,291
|
-
|
-
|
(32,429 | ) |
4,862
|
-
|
-
|
(4,819 | ) |
43
|
-
|
(43 | ) |
-
|
|||||||||||||||||||||||||||||||||||||||
Earnings
from operations
|
35,993
|
88,630
|
12,785
|
(32,429 | ) |
104,979
|
3,722
|
3,565
|
(4,819 | ) |
107,447
|
3,320
|
(1,641 | ) |
109,126
|
|||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
22,276
|
(34,906 | ) | (13,367 | ) |
-
|
(25,997 | ) |
-
|
-
|
-
|
(25,997 | ) | (3,236 | ) |
1,738
|
(d)
|
(27,495 | ) | |||||||||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
58,269
|
53,724
|
(582 | ) | (32,429 | ) |
78,982
|
3,722
|
3,565
|
(4,819 | ) |
81,450
|
84
|
97
|
81,631
|
|||||||||||||||||||||||||||||||||||||||
Income
tax expense
|
(7,882 | ) | (20,139 | ) | (574 | ) |
-
|
(28,595 | ) | (1,303 | ) | (1,165 | ) |
-
|
(31,063 | ) | (41 | ) | (53 | ) |
(e)
|
(31,157 | ) | |||||||||||||||||||||||||||||||
Net
earnings (loss)
|
50,387
|
33,585
|
(1,156 | ) | (32,429 | ) |
50,387
|
2,419
|
2,400
|
(4,819 | ) |
50,387
|
43
|
44
|
50,474
|
|||||||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(3,241 | ) |
-
|
-
|
-
|
(3,241 | ) |
-
|
-
|
-
|
(3,241 | ) |
-
|
-
|
(3,241 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$ |
47,146
|
$ |
33,585
|
$ | (1,156 | ) | $ | (32,429 | ) | $ |
47,146
|
$ |
2,419
|
$ |
2,400
|
$ | (4,819 | ) | $ |
47,146
|
$ |
43
|
$ |
44
|
$ |
47,233
|
|||||||||||||||||||||||||||
(a) Balances
for the quarter ended June 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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
|
$ |
-
|
$ |
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
|
(312 | ) | (b,d | ) |
17,309
|
-
|
(1,683 | ) |
(d)
|
15,626
|
|||||||||||||||||||||||||||||||||||||
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
|
(727 | ) |
599,085
|
12,535
|
(5,367 | ) |
606,253
|
|||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
2,768
|
282,779
|
2,705
|
(18,335 | ) |
(b)
|
269,917
|
2,004
|
7,221
|
(3,419 | ) | (b,c,d | ) |
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
|
-
|
-
|
(1,118 | ) |
(b)
|
37,563
|
-
|
(178 | ) |
(b)
|
37,385
|
||||||||||||||||||||||||||||||||||||||
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
|
(2,569 | ) |
475,428
|
8,396
|
(3,824 | ) |
480,000
|
|||||||||||||||||||||||||||||||||||||||
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
|
$ |
-
|
$ |
835,878
|
$ |
-
|
$ |
-
|
$ |
835,878
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
835,878
|
$ |
5,157
|
$ | (5,157 | ) |
(b)
|
$ |
835,878
|
||||||||||||||||||||||||||||
Self-storage
revenues
|
-
|
54,489
|
838
|
-
|
55,327
|
-
|
-
|
-
|
55,327
|
9,797
|
-
|
65,124
|
||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
-
|
122,247
|
-
|
-
|
122,247
|
-
|
-
|
-
|
122,247
|
8,962
|
-
|
131,209
|
||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
-
|
9,428
|
-
|
-
|
9,428
|
-
|
-
|
-
|
9,428
|
-
|
(1,488 | ) |
(g)
|
7,940
|
||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
-
|
-
|
-
|
-
|
-
|
-
|
57,124
|
-
|
57,124
|
-
|
-
|
57,124
|
||||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
-
|
-
|
-
|
-
|
-
|
13,248
|
-
|
-
|
13,248
|
-
|
-
|
13,248
|
||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
2,277
|
15,571
|
-
|
-
|
17,848
|
6,161
|
11,148
|
(903 | ) | (b,d | ) |
34,254
|
-
|
(3,466 | ) |
(d)
|
30,788
|
|||||||||||||||||||||||||||||||||||||
Other
revenue
|
-
|
17,454
|
34,727
|
(37,169 | ) |
(b)
|
15,012
|
-
|
2,371
|
(259 | ) |
(b)
|
17,124
|
635
|
(355 | ) |
(b)
|
17,404
|
||||||||||||||||||||||||||||||||||||
Total
revenues
|
2,277
|
1,055,067
|
35,565
|
(37,169 | ) |
1,055,740
|
19,409
|
70,643
|
(1,162 | ) |
1,144,630
|
24,551
|
(10,466 | ) |
1,158,715
|
|||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
5,869
|
559,050
|
5,148
|
(37,169 | ) |
(b)
|
532,898
|
6,508
|
12,839
|
(3,989 | ) | (b,c,d | ) |
548,256
|
11,553
|
(1,488 | ) |
(g)
|
558,321
|
|||||||||||||||||||||||||||||||||||
Commission
expenses
|
-
|
106,517
|
-
|
-
|
106,517
|
-
|
-
|
-
|
106,517
|
-
|
(5,157 | ) |
(b)
|
101,360
|
||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
-
|
63,911
|
-
|
-
|
63,911
|
-
|
-
|
-
|
63,911
|
4,680
|
-
|
68,591
|
||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
-
|
-
|
-
|
-
|
-
|
6,684
|
44,918
|
3,267
|
(c)
|
54,869
|
-
|
-
|
54,869
|
|||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
179
|
7,004
|
-
|
7,183
|
-
|
-
|
7,183
|
||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
48
|
67,898
|
44
|
-
|
67,990
|
-
|
-
|
(440 | ) |
(b)
|
67,550
|
-
|
(355 | ) |
(b)
|
67,195
|
||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
322
|
103,104
|
(4,378 | ) |
-
|
99,048
|
-
|
-
|
-
|
99,048
|
1,243
|
(280 | ) |
(e)
|
100,011
|
|||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
6,239
|
900,480
|
814
|
(37,169 | ) |
870,364
|
13,371
|
64,761
|
(1,162 | ) |
947,334
|
17,476
|
(7,280 | ) |
957,530
|
|||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
67,157
|
-
|
-
|
(59,417 | ) |
(f)
|
7,740
|
-
|
-
|
(7,740 | ) |
(f)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
355
|
-
|
-
|
-
|
355
|
-
|
-
|
-
|
355
|
-
|
(355 | ) |
(f)
|
-
|
||||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding II
|
67,512
|
-
|
-
|
(59,417 | ) |
8,095
|
-
|
-
|
(7,740 | ) |
355
|
-
|
(355 | ) |
-
|
|||||||||||||||||||||||||||||||||||||||
Earnings
from operations
|
63,550
|
154,587
|
34,751
|
(59,417 | ) |
193,471
|
6,038
|
5,882
|
(7,740 | ) |
197,651
|
7,075
|
(3,541 | ) |
201,185
|
|||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
43,541
|
(65,542 | ) | (26,264 | ) |
-
|
(48,265 | ) |
-
|
-
|
-
|
(48,265 | ) | (6,467 | ) |
3,466
|
(d)
|
(51,266 | ) | |||||||||||||||||||||||||||||||||||
Pretax
earnings
|
107,091
|
89,045
|
8,487
|
(59,417 | ) |
145,206
|
6,038
|
5,882
|
(7,740 | ) |
149,386
|
608
|
(75 | ) |
149,919
|
|||||||||||||||||||||||||||||||||||||||
Income
tax expense
|
(15,039 | ) | (33,926 | ) | (4,189 | ) |
-
|
(53,154 | ) | (2,114 | ) | (2,066 | ) |
-
|
(57,334 | ) | (253 | ) | (106 | ) |
(e)
|
(57,693 | ) | |||||||||||||||||||||||||||||||
Net
earnings
|
92,052
|
55,119
|
4,298
|
(59,417 | ) |
92,052
|
3,924
|
3,816
|
(7,740 | ) |
92,052
|
355
|
(181 | ) |
92,226
|
|||||||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(6,482 | ) |
-
|
-
|
-
|
(6,482 | ) |
-
|
-
|
-
|
(6,482 | ) |
-
|
-
|
(6,482 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
available to common shareholders
|
$ |
85,570
|
$ |
55,119
|
$ |
4,298
|
$ | (59,417 | ) | $ |
85,570
|
$ |
3,924
|
$ |
3,816
|
$ | (7,740 | ) | $ |
85,570
|
$ |
355
|
$ | (181 | ) | $ |
85,744
|
|||||||||||||||||||||||||||
(a) Balances
for the six months ended June 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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
|
(935 | ) | (b,d | ) |
32,666
|
-
|
(3,565 | ) |
(d)
|
29,101
|
|||||||||||||||||||||||||||||||||||||
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
|
(2,013 | ) |
1,158,642
|
25,014
|
(10,731 | ) |
1,172,925
|
|||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
7,333
|
545,586
|
4,718
|
(36,583 | ) |
(b)
|
521,054
|
3,567
|
13,970
|
(6,341 | ) | (b,c,d | ) |
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
|
-
|
-
|
(1,473 | ) |
(b)
|
75,112
|
-
|
(355 | ) |
(b)
|
74,757
|
||||||||||||||||||||||||||||||||||||||
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
|
(3,855 | ) |
927,200
|
16,752
|
(7,446 | ) |
936,506
|
|||||||||||||||||||||||||||||||||||||||
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
|
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
|
$ |
92,052
|
$ |
55,119
|
$ |
4,298
|
$ | (59,417 | ) | $ |
92,052
|
$ |
3,924
|
$ |
3,816
|
$ | (7,740 | ) | $ |
92,052
|
$ |
355
|
$ | (181 | ) | $ |
92,226
|
|||||||||||||||||||||
Earnings
from consolidated entities
|
(67,512 | ) |
-
|
-
|
59,417
|
(8,095 | ) |
-
|
-
|
7,740
|
(355 | ) |
-
|
355
|
-
|
|||||||||||||||||||||||||||||||||
Adjustments
to reconcile net earnings to cash provided by operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation
|
322
|
106,115
|
5,634
|
-
|
112,071
|
-
|
-
|
-
|
112,071
|
1,403
|
(280 | ) |
113,194
|
|||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
179
|
7,004
|
-
|
7,183
|
-
|
-
|
7,183
|
||||||||||||||||||||||||||||||||||||
Change
in provision for loss on trade receivables
|
-
|
31
|
-
|
-
|
31
|
-
|
56
|
-
|
87
|
-
|
-
|
87
|
||||||||||||||||||||||||||||||||||||
Change
in provision for gain on mortgage notes
|
-
|
(19 | ) |
-
|
-
|
(19 | ) |
-
|
-
|
-
|
(19 | ) |
-
|
-
|
(19 | ) | ||||||||||||||||||||||||||||||||
Change
in provision for inventory reserve
|
-
|
1,281
|
-
|
-
|
1,281
|
-
|
-
|
-
|
1,281
|
-
|
-
|
1,281
|
||||||||||||||||||||||||||||||||||||
Net
gain on sale of real and personal property
|
-
|
(3,011 | ) | (10,012 | ) |
-
|
(13,023 | ) |
-
|
-
|
-
|
(13,023 | ) | (160 | ) |
-
|
(13,183 | ) | ||||||||||||||||||||||||||||||
Net
(gain) loss on sale of investments
|
-
|
-
|
-
|
-
|
-
|
167
|
(18 | ) |
-
|
149
|
-
|
-
|
149
|
|||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
31,666
|
121
|
-
|
-
|
31,787
|
2,411
|
(572 | ) |
-
|
33,626
|
234
|
106
|
33,966
|
|||||||||||||||||||||||||||||||||||
Net
change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
-
|
(6,754 | ) | (2 | ) |
-
|
(6,756 | ) |
1,168
|
434
|
-
|
(5,154 | ) |
-
|
-
|
(5,154 | ) | |||||||||||||||||||||||||||||||
Inventories
|
-
|
3,143
|
-
|
-
|
3,143
|
-
|
-
|
-
|
3,143
|
38
|
-
|
3,181
|
||||||||||||||||||||||||||||||||||||
Prepaid expenses
|
11,173
|
(7,056 | ) | (14 | ) |
-
|
4,103
|
-
|
-
|
-
|
4,103
|
17
|
-
|
4,120
|
||||||||||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
-
|
-
|
-
|
-
|
-
|
(59 | ) | (2,480 | ) |
-
|
(2,539 | ) |
-
|
-
|
(2,539 | ) | ||||||||||||||||||||||||||||||||
Other assets
|
6
|
797
|
(9,774 | ) |
-
|
(8,971 | ) | (447 | ) | (79 | ) |
-
|
(9,497 | ) | (876 | ) |
-
|
(10,373 | ) | |||||||||||||||||||||||||||||
Related party assets
|
5,812
|
17,204
|
12,574
|
-
|
35,590
|
1,246
|
5,040
|
-
|
41,876
|
5
|
-
|
41,881
|
||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
415
|
18,485
|
(4,187 | ) |
-
|
14,713
|
-
|
(1,613 | ) |
-
|
13,100
|
397
|
-
|
13,497
|
||||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses
payable
|
-
|
26,459
|
-
|
-
|
26,459
|
(15,548 | ) | (5,845 | ) |
-
|
5,066
|
-
|
-
|
5,066
|
||||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
-
|
-
|
-
|
-
|
-
|
280
|
(69 | ) |
-
|
211
|
-
|
-
|
211
|
|||||||||||||||||||||||||||||||||||
Deferred income
|
-
|
(1,655 | ) |
-
|
-
|
(1,655 | ) |
-
|
-
|
-
|
(1,655 | ) | (18 | ) |
-
|
(1,673 | ) | |||||||||||||||||||||||||||||||
Related party liabilities
|
-
|
(3,715 | ) |
-
|
-
|
(3,715 | ) | (167 | ) |
235
|
-
|
(3,647 | ) |
236
|
-
|
(3,411 | ) | |||||||||||||||||||||||||||||||
Net
cash provided (used) by operating activities
|
73,934
|
206,545
|
(1,483 | ) |
-
|
278,996
|
(6,846 | ) |
5,909
|
-
|
278,059
|
1,631
|
-
|
279,690
|
||||||||||||||||||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Purchases
of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
(58 | ) | (338,531 | ) | (20,590 | ) |
-
|
(359,179 | ) |
-
|
-
|
-
|
(359,179 | ) | (1,332 | ) |
-
|
(360,511 | ) | |||||||||||||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
(34,607 | ) | (94,020 | ) |
-
|
(128,627 | ) |
-
|
-
|
(128,627 | ) | ||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
(12,885 | ) | (32,737 | ) |
-
|
(45,622 | ) |
-
|
-
|
(45,622 | ) | ||||||||||||||||||||||||||||||||
Real
estate
|
-
|
-
|
(3,203 | ) |
-
|
(3,203 | ) | (238 | ) |
-
|
-
|
(3,441 | ) |
-
|
-
|
(3,441 | ) | |||||||||||||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,895 | ) |
-
|
(4,895 | ) |
-
|
-
|
(4,895 | ) | |||||||||||||||||||||||||||||||||
Proceeds
from sales of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
-
|
88,385
|
11,884
|
-
|
100,269
|
-
|
-
|
-
|
100,269
|
391
|
-
|
100,660
|
||||||||||||||||||||||||||||||||||||
Short
term investments
|
-
|
-
|
-
|
-
|
-
|
37,778
|
107,036
|
-
|
144,814
|
-
|
-
|
144,814
|
||||||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
-
|
-
|
-
|
-
|
-
|
15,029
|
46,177
|
-
|
61,206
|
-
|
-
|
61,206
|
||||||||||||||||||||||||||||||||||||
Equity
securities
|
-
|
-
|
-
|
-
|
-
|
-
|
46
|
-
|
46
|
-
|
-
|
46
|
||||||||||||||||||||||||||||||||||||
Preferred
stock
|
-
|
-
|
-
|
-
|
-
|
2,000
|
625
|
-
|
2,625
|
-
|
-
|
2,625
|
||||||||||||||||||||||||||||||||||||
Real
estate
|
-
|
153
|
-
|
-
|
153
|
-
|
-
|
-
|
153
|
-
|
-
|
153
|
||||||||||||||||||||||||||||||||||||
Mortgage
loans
|
-
|
-
|
-
|
-
|
-
|
-
|
4,043
|
-
|
4,043
|
-
|
-
|
4,043
|
||||||||||||||||||||||||||||||||||||
Payments
from notes and mortgage receivables
|
-
|
56
|
311
|
-
|
367
|
-
|
-
|
-
|
367
|
-
|
-
|
367
|
||||||||||||||||||||||||||||||||||||
Net
cash provided (used) by investing activities
|
(58 | ) | (249,937 | ) | (11,598 | ) |
-
|
(261,593 | ) |
7,077
|
26,275
|
-
|
(228,241 | ) | (941 | ) |
-
|
(229,182 | ) | |||||||||||||||||||||||||||||
(page
1 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended June 30, 2007
|
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
|
-
|
409,794
|
37,826
|
-
|
447,620
|
-
|
-
|
-
|
447,620
|
-
|
-
|
447,620
|
||||||||||||||||||||||||||||||||||||
Principal
repayments on credit facilities
|
-
|
(148,696 | ) | (29,657 | ) |
-
|
(178,353 | ) |
-
|
-
|
-
|
(178,353 | ) | (690 | ) |
-
|
(179,043 | ) | ||||||||||||||||||||||||||||||
Debt
issuance costs
|
-
|
(9,680 | ) | (170 | ) |
-
|
(9,850 | ) |
-
|
-
|
-
|
(9,850 | ) |
-
|
-
|
(9,850 | ) | |||||||||||||||||||||||||||||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
-
|
608
|
-
|
-
|
608
|
-
|
-
|
-
|
608
|
-
|
-
|
608
|
||||||||||||||||||||||||||||||||||||
Treasury
stock repurchases
|
(33,966 | ) |
-
|
-
|
-
|
(33,966 | ) |
-
|
-
|
-
|
(33,966 | ) |
-
|
-
|
(33,966 | ) | ||||||||||||||||||||||||||||||||
Securitization
deposits
|
-
|
(116,176 | ) |
-
|
-
|
(116,176 | ) |
-
|
-
|
-
|
(116,176 | ) |
-
|
-
|
(116,176 | ) | ||||||||||||||||||||||||||||||||
Proceeds
from (repayment of) intercompany loans
|
(33,406 | ) |
26,136
|
7,270
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Preferred
stock dividends paid
|
(6,482 | ) |
-
|
-
|
-
|
(6,482 | ) |
-
|
-
|
-
|
(6,482 | ) |
-
|
-
|
(6,482 | ) | ||||||||||||||||||||||||||||||||
Investment
contract deposits
|
-
|
-
|
-
|
-
|
-
|
-
|
8,772
|
-
|
8,772
|
-
|
-
|
8,772
|
||||||||||||||||||||||||||||||||||||
Investment
contract withdrawals
|
-
|
-
|
-
|
-
|
-
|
-
|
(34,032 | ) |
-
|
(34,032 | ) |
-
|
-
|
(34,032 | ) | |||||||||||||||||||||||||||||||||
Net
cash provided (used) by financing activities
|
(73,854 | ) |
161,986
|
15,269
|
-
|
103,401
|
-
|
(25,260 | ) |
-
|
78,141
|
(690 | ) |
-
|
77,451
|
|||||||||||||||||||||||||||||||||
Effects
of exchange rate on cash
|
-
|
113
|
-
|
-
|
113
|
-
|
-
|
-
|
113
|
-
|
-
|
113
|
||||||||||||||||||||||||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
22
|
118,707
|
2,188
|
-
|
120,917
|
231
|
6,924
|
-
|
128,072
|
-
|
-
|
128,072
|
||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents at beginning of period
|
9
|
63,490
|
807
|
-
|
64,306
|
4,228
|
6,738
|
-
|
75,272
|
-
|
-
|
75,272
|
||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents at end of period
|
$ |
31
|
$ |
182,197
|
$ |
2,995
|
$ |
-
|
$ |
185,223
|
$ |
4,459
|
$ |
13,662
|
$ |
-
|
$ |
203,344
|
$ |
-
|
$ |
-
|
$ |
203,344
|
||||||||||||||||||||||||
(page
2 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended June 30, 2007
|
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
|
-
|
|||||||||||||||||||||||||||||||||
Adjustments
to reconcile net earnings (loss) to cash provided by
operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||
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 (gain) loss on trade receivables
|
-
|
(57 | ) |
-
|
-
|
(57 | ) |
-
|
46
|
-
|
(11 | ) |
-
|
-
|
(11 | ) | ||||||||||||||||||||||||||||||||
Change
in provision for gain 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
|
United
States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All
amounts are in thousands of U.S. $'s)
|
||||||||||||
Quarter
ended September 30, 2007
|
||||||||||||
Total
revenues
|
$ |
565,860
|
$ |
34,697
|
$ |
600,557
|
||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
56,802
|
2,210
|
59,012
|
|||||||||
Interest
expense
|
27,342
|
153
|
27,495
|
|||||||||
Pretax
earnings
|
79,511
|
2,120
|
81,631
|
|||||||||
Income
tax expense
|
30,436
|
721
|
31,157
|
|||||||||
Identifiable
assets
|
3,758,139
|
120,708
|
3,878,847
|
|||||||||
Quarter
ended September 30, 2006
|
||||||||||||
Total
revenues
|
$ |
575,446
|
$ |
30,807
|
$ |
606,253
|
||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
46,060
|
1,852
|
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
|
3,615,432
|
88,680
|
3,704,112
|
|||||||||
United
States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All
amounts are in thousands of U.S. $'s)
|
||||||||||||
Six
months ended September 30, 2007
|
||||||||||||
Total
revenues
|
$ |
1,095,078
|
$ |
63,637
|
$ |
1,158,715
|
||||||
Depreciation
and amortization, net of (gains) losses on disposals *
|
102,605
|
4,589
|
107,194
|
|||||||||
Interest
expense
|
50,912
|
354
|
51,266
|
|||||||||
Pretax
earnings
|
146,186
|
3,733
|
149,919
|
|||||||||
Income
tax expense
|
56,423
|
1,270
|
57,693
|
|||||||||
Identifiable
assets
|
3,758,139
|
120,708
|
3,878,847
|
|||||||||
Six
months ended September 30, 2006
|
||||||||||||
Total
revenues
|
$ |
1,117,005
|
$ |
55,920
|
$ |
1,172,925
|
||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
89,635
|
3,574
|
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
|
3,615,432
|
88,680
|
3,704,112
|
|||||||||
*
This includes a $10.0 million gain on disposal of real property in
the
United States
|
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
439,801
|
$ |
445,720
|
||||
Self-storage
revenues
|
33,088
|
32,416
|
||||||
Self-moving
and self-storage products and service sales
|
62,495
|
61,916
|
||||||
Property
management fees
|
3,993
|
3,986
|
||||||
Life
insurance premiums
|
27,937
|
31,120
|
||||||
Property
and casualty insurance premiums
|
7,332
|
6,470
|
||||||
Net
investment and interest income
|
16,419
|
15,626
|
||||||
Other
revenue
|
9,492
|
8,999
|
||||||
Consolidated
revenue
|
$ |
600,557
|
$ |
606,253
|
||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Moving
and storage
|
||||||||
Revenues
|
$ |
549,524
|
$ |
551,821
|
||||
Earnings
from operations
|
104,979
|
121,790
|
||||||
Property
and casualty insurance
|
||||||||
Revenues
|
10,393
|
9,260
|
||||||
Earnings
from operations
|
3,722
|
1,664
|
||||||
Life
insurance
|
||||||||
Revenues
|
34,460
|
38,731
|
||||||
Earnings
from operations
|
3,565
|
5,403
|
||||||
SAC
Holding II
|
||||||||
Revenues
|
12,162
|
12,535
|
||||||
Earnings
from operations
|
3,320
|
4,139
|
||||||
Eliminations
|
||||||||
Revenues
|
(5,982 | ) | (6,094 | ) | ||||
Earnings
from operations
|
(6,460 | ) | (6,743 | ) | ||||
Consolidated
results
|
||||||||
Revenues
|
600,557
|
606,253
|
||||||
Earnings
from operations
|
109,126
|
126,253
|
||||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
439,801
|
$ |
445,720
|
||||
Self-storage
revenues
|
28,283
|
27,368
|
||||||
Self-moving
and self-storage products and service sales
|
58,185
|
57,531
|
||||||
Property
management fees
|
4,742
|
4,738
|
||||||
Net
investment and interest income
|
10,254
|
9,060
|
||||||
Other
revenue
|
8,259
|
7,404
|
||||||
Moving
and Storage revenue
|
$ |
549,524
|
$ |
551,821
|
||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except occupancy rate)
|
||||||||
Room
count as of September 30
|
130
|
125
|
||||||
Square
footage as of September 30
|
10,379
|
9,853
|
||||||
Average
number of rooms occupied
|
112
|
111
|
||||||
Average
occupancy rate based on room count
|
86.5 | % | 89.2 | % | ||||
Average
square footage occupied
|
8,995
|
8,877
|
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
2,734
|
$ |
2,754
|
||||
Self-storage
revenues
|
4,805
|
5,048
|
||||||
Self-moving
and self-storage products and service sales
|
4,310
|
4,385
|
||||||
Other
revenue
|
313
|
348
|
||||||
Segment
revenue
|
$ |
12,162
|
$ |
12,535
|
||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
835,878
|
$ |
852,954
|
||||
Self-storage
revenues
|
65,124
|
62,847
|
||||||
Self-moving
and self-storage products and service sales
|
131,209
|
129,367
|
||||||
Property
management fees
|
7,940
|
7,833
|
||||||
Life
insurance premiums
|
57,124
|
62,039
|
||||||
Property
and casualty insurance premiums
|
13,248
|
11,852
|
||||||
Net
investment and interest income
|
30,788
|
29,101
|
||||||
Other
revenue
|
17,404
|
16,932
|
||||||
Consolidated
revenue
|
$ |
1,158,715
|
$ |
1,172,925
|
||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Moving
and storage
|
||||||||
Revenues
|
$ |
1,055,740
|
$ |
1,066,459
|
||||
Earnings
from operations
|
193,471
|
228,711
|
||||||
Property
and casualty insurance
|
||||||||
Revenues
|
19,409
|
17,328
|
||||||
Earnings
from operations
|
6,038
|
3,365
|
||||||
Life
insurance
|
||||||||
Revenues
|
70,643
|
76,868
|
||||||
Earnings
from operations
|
5,882
|
7,354
|
||||||
SAC
Holding II
|
||||||||
Revenues
|
24,551
|
25,014
|
||||||
Earnings
from operations
|
7,075
|
8,262
|
||||||
Eliminations
|
||||||||
Revenues
|
(11,628 | ) | (12,744 | ) | ||||
Earnings
from operations
|
(11,281 | ) | (11,273 | ) | ||||
Consolidated
results
|
||||||||
Revenues
|
1,158,715
|
1,172,925
|
||||||
Earnings
from operations
|
201,185
|
236,419
|
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
835,878
|
$ |
852,954
|
||||
Self-storage
revenues
|
55,327
|
52,957
|
||||||
Self-moving
and self-storage products and service sales
|
122,247
|
120,230
|
||||||
Property
management fees
|
9,428
|
9,334
|
||||||
Net
investment and interest income
|
17,848
|
16,848
|
||||||
Other
revenue
|
15,012
|
14,136
|
||||||
Moving
and Storage revenue
|
$ |
1,055,740
|
$ |
1,066,459
|
||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except occupancy rate)
|
||||||||
Room
count as of September 30
|
130
|
125
|
||||||
Square
footage as of September 30
|
10,379
|
9,853
|
||||||
Average
number of rooms occupied
|
111
|
110
|
||||||
Average
occupancy rate based on room count
|
86.0 | % | 88.7 | % | ||||
Average
square footage occupied
|
8,883
|
8,760
|
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ |
5,157
|
$ |
5,310
|
||||
Self-storage
revenues
|
9,797
|
9,890
|
||||||
Self-moving
and self-storage products and service sales
|
8,962
|
9,137
|
||||||
Other
revenue
|
635
|
677
|
||||||
Segment
revenue
|
$ |
24,551
|
$ |
25,014
|
||||
Moving
& Storage
|
RepWest
(a)
|
Oxford
(a)
|
SAC
Holding II
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||
Cash
and cash equivalents
|
$ |
185,223
|
$ |
4,459
|
$ |
13,662
|
$ |
-
|
||||||||
Other
financial assets
|
337,936
|
386,113
|
595,818
|
-
|
||||||||||||
Debt
obligations (b)
|
1,452,042
|
-
|
-
|
74,197
|
||||||||||||
(a)
As of June 30, 2007
|
||||||||||||||||
(b)
Payable to third parties
|
September
30, 2007
|
||||
(Unaudited)
|
||||
(In
millions)
|
||||
Real
estate loan (revolving credit)
|
$ |
200.0
|
||
Construction
loan (revolving credit)
|
18.3
|
|||
Working
capital loan (revolving credit)
|
35.0
|
|||
Fleet
loan (revolving credit)
|
100.0
|
|||
$ |
353.3
|
|||
Notional Amount
|
|
Fair
Value
|
Effective
Date
|
Expiration
Date
|
Fixed
Rate
|
Floating
Rate
|
|||||||||
$106,698,977
|
(a),
(b)
|
(931,326 | ) |
5/10/2006
|
4/10/2012
|
5.06 | % |
1
Month LIBOR
|
|||||||
117,289,327
|
(a),
(b)
|
(2,573,061 | ) |
10/10/2006
|
10/10/2012
|
5.57 | % |
1
Month LIBOR
|
|||||||
38,729,819
|
(a)
|
(1,012,204 | ) |
7/10/2006
|
7/10/2013
|
5.67 | % |
1
Month LIBOR
|
|||||||
289,166,667
|
(a)
|
(7,873,389 | ) |
8/18/2006
|
8/10/2018
|
5.43 | % |
1
Month LIBOR
|
|||||||
26,500,000
|
(a)
|
(390,249 | ) |
2/12/2007
|
2/10/2014
|
5.24 | % |
1
Month LIBOR
|
|||||||
19,000,000
|
(a)
|
(113,106 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1
Month LIBOR
|
|||||||
18,000,000
|
(a)
|
(99,536 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1
Month LIBOR
|
|||||||
(a)
interest rate swap agreement
|
|||||||||||||||
(b)
forward swap
|
|||||||||||||||
Votes
Cast For
|
Votes
Cast Against
|
Withheld
|
Abstentions
|
Non-Votes
|
||||||||||||||||
Election
of Directors:
|
||||||||||||||||||||
John
P. Brogan
|
18,282,729
|
-
|
1,236,866
|
-
|
-
|
|||||||||||||||
Daniel R. Mullen
|
18,280,718
|
-
|
1,238,877
|
-
|
-
|
|||||||||||||||
Michael L.Gallagher
|
18,282,267
|
-
|
1,237,328
|
-
|
-
|
|||||||||||||||
Ratification
of Appointment of Auditors:
|
19,499,098
|
19,253
|
-
|
1,244
|
-
|
|||||||||||||||
Stockholder
Proposal Regarding Ratification of SAC Transactions:
|
14,404,454
|
2,944,200
|
-
|
2,167,075
|
3,866
|
|||||||||||||||
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
|
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
|
||
10.1
|
Amended
and restated Property Management Agreement among Six-A SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.2
|
Amended
and restated Property Management Agreement among Six-B SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.3
|
Amended
and restated Property Management Agreement among Six-C SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.4
|
Amended
and restated Property Management Agreement among Eight SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.5
|
Amended
and restated Property Management Agreement among Nine SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.6
|
Amended
and restated Property Management Agreement among Ten SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.7
|
Amended
and restated Property Management Agreement among Eleven SAC Self-Storage
Corporation and Eleven SAC Self-Storage Odenton, Inc. and subsidiaries
of
U-Haul International, Inc.
|
Filed
herewith
|
||
10.8
|
Amended
and restated Property Management Agreement among Twelve SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.9
|
Amended
and restated Property Management Agreement among Thirteen SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.10
|
Amended
and restated Property Management Agreement among Fourteen SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.11
|
Amended
and restated Property Management Agreement among Fifteen SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.12
|
Amended
and restated Property Management Agreement among Sixteen SAC Self-Storage
Corporation and subsidiaries of U-Haul International, Inc.
|
Filed
herewith
|
||
10.13
|
Amended
and restated Property Management Agreement among Seventeen SAC
Self-Storage Corporation and subsidiaries of U-Haul International,
Inc.
|
Filed
herewith
|
||
Exhibit
Number
|
Description
|
Page
or Method of Filing
|
||
10.14
|
Promissory
Note. SAC Holding Corporation, a Nevada corporation ("Borrower"),
pay to
U-Haul International, Inc., a Nevada corporation
|
Filed
herewith
|
||
31.1
|
Rule
13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and
Chairman
of the Board of AMERCO
|
Filed
herewith
|
||
31.2
|
Rule
13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Accounting
Officer
of AMERCO
|
Filed
herewith
|
||
32.1
|
Certificate
of Edward J. Shoen, President and Chairman of the Board of AMERCO
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
|