|
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
– 50
|
|
Item
3.
|
50
– 51
|
|
Item
4.
|
51
– 52
|
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
52
|
|
Item
1A.
|
52
- 53
|
|
Item
2.
|
53
|
|
Item
3.
|
53
|
|
Item
4.
|
53
|
|
Item
5.
|
53
|
|
Item
6.
|
54
|
December
31,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 203,723 | $ | 75,272 | ||||
Reinsurance
recoverables and trade receivables, net
|
179,848 | 184,617 | ||||||
Notes
and mortgage receivables, net
|
1,988 | 1,669 | ||||||
Inventories,
net
|
62,150 | 67,023 | ||||||
Prepaid
expenses
|
39,613 | 52,080 | ||||||
Investments,
fixed maturities and marketable equities
|
655,189 | 681,801 | ||||||
Investments,
other
|
166,063 | 178,699 | ||||||
Deferred
policy acquisition costs, net
|
38,447 | 44,514 | ||||||
Other
assets
|
161,294 | 95,123 | ||||||
Related
party assets
|
299,232 | 245,179 | ||||||
1,807,547 | 1,625,977 | |||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
206,994 | 202,917 | ||||||
Buildings
and improvements
|
849,515 | 802,289 | ||||||
Furniture
and equipment
|
317,727 | 301,751 | ||||||
Rental
trailers and other rental equipment
|
206,644 | 200,208 | ||||||
Rental
trucks
|
1,716,853 | 1,604,123 | ||||||
SAC
Holding II - property, plant and equipment
|
- | 80,349 | ||||||
3,297,733 | 3,191,637 | |||||||
Less:
Accumulated depreciation
|
(1,315,937 | ) | (1,294,566 | ) | ||||
Total
property, plant and equipment
|
1,981,796 | 1,897,071 | ||||||
Total
assets
|
$ | 3,789,343 | $ | 3,523,048 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ | 269,293 | $ | 251,197 | ||||
AMERCO's
notes and loans payable
|
1,427,257 | 1,181,165 | ||||||
SAC
Holding II notes and loans payable, non-recourse to AMERCO
|
- | 74,887 | ||||||
Policy
benefits and losses, claims and loss expenses payable
|
764,519 | 768,751 | ||||||
Liabilities
from investment contracts
|
350,698 | 386,640 | ||||||
Other
policyholders' funds and liabilities
|
10,475 | 10,563 | ||||||
Deferred
income
|
9,547 | 16,478 | ||||||
Deferred
income taxes
|
144,699 | 113,170 | ||||||
Related
party liabilities
|
- | 2,099 | ||||||
Total
liabilities
|
2,976,488 | 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 December 31 and March 31,
2007
|
- | - | ||||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
||||||||
issued
and outstanding as of December 31 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 December 31 and March 31,
2007
|
- | - | ||||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
41,985,700
|
||||||||
issued
as of December 31 and March 31, 2007
|
10,497 | 10,497 | ||||||
Additional
paid-in capital
|
418,848 | 375,412 | ||||||
Accumulated
other comprehensive loss
|
(40,817 | ) | (41,779 | ) | ||||
Retained
earnings
|
932,703 | 849,300 | ||||||
Cost
of common shares in treasury, net (21,926,386 shares as of
|
||||||||
December
31, 2007 and 21,440,387 as of March 31, 2007)
|
(501,165 | ) | (467,198 | ) | ||||
Unearned
employee stock ownership plan shares
|
(7,211 | ) | (8,134 | ) | ||||
Total
stockholders' equity
|
812,855 | 718,098 | ||||||
Total
liabilities and stockholders' equity
|
$ | 3,789,343 | $ | 3,523,048 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ | 329,905 | $ | 328,149 | ||||
Self-storage
revenues
|
29,630 | 31,765 | ||||||
Self-moving
and self-storage products and service sales
|
43,211 | 46,351 | ||||||
Property
management fees
|
6,925 | 5,914 | ||||||
Life
insurance premiums
|
27,757 | 29,454 | ||||||
Property
and casualty insurance premiums
|
7,738 | 6,555 | ||||||
Net
investment and interest income
|
16,044 | 12,799 | ||||||
Other
revenue
|
7,458 | 5,631 | ||||||
Total
revenues
|
468,668 | 466,618 | ||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
269,099 | 271,891 | ||||||
Commission
expenses
|
41,531 | 39,316 | ||||||
Cost
of sales
|
26,677 | 24,970 | ||||||
Benefits
and losses
|
25,290 | 31,461 | ||||||
Amortization
of deferred policy acquisition costs
|
2,687 | 4,220 | ||||||
Lease
expense
|
34,010 | 36,481 | ||||||
Depreciation,
net of (gains) losses on disposals
|
61,015 | 50,017 | ||||||
Total
costs and expenses
|
460,309 | 458,356 | ||||||
Earnings
from operations
|
8,359 | 8,262 | ||||||
Interest
expense
|
(25,227 | ) | (22,131 | ) | ||||
Pretax
loss
|
(16,868 | ) | (13,869 | ) | ||||
Income
tax benefit
|
6,474 | 4,389 | ||||||
Net
loss
|
(10,394 | ) | (9,480 | ) | ||||
Less:
Preferred stock dividends
|
(3,241 | ) | (3,241 | ) | ||||
Loss
available to common shareholders
|
$ | (13,635 | ) | $ | (12,721 | ) | ||
Basic
and diluted loss per common share
|
$ | (0.69 | ) | $ | (0.61 | ) | ||
Weighted
average common shares outstanding: Basic and diluted
|
19,746,237 | 20,922,433 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ | 1,165,783 | $ | 1,181,103 | ||||
Self-storage
revenues
|
94,754 | 94,612 | ||||||
Self-moving
and self-storage products and service sales
|
174,420 | 175,718 | ||||||
Property
management fees
|
14,865 | 13,747 | ||||||
Life
insurance premiums
|
84,881 | 91,493 | ||||||
Property
and casualty insurance premiums
|
20,986 | 18,407 | ||||||
Net
investment and interest income
|
46,832 | 41,900 | ||||||
Other
revenue
|
24,862 | 22,563 | ||||||
Total
revenues
|
1,627,383 | 1,639,543 | ||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
827,420 | 814,078 | ||||||
Commission
expenses
|
142,891 | 142,457 | ||||||
Cost
of sales
|
95,268 | 88,734 | ||||||
Benefits
and losses
|
80,159 | 90,909 | ||||||
Amortization
of deferred policy acquisition costs
|
9,870 | 14,671 | ||||||
Lease
expense
|
101,205 | 111,238 | ||||||
Depreciation,
net of (gains) losses on disposals
|
161,026 | 132,775 | ||||||
Total
costs and expenses
|
1,417,839 | 1,394,862 | ||||||
Earnings
from operations
|
209,544 | 244,681 | ||||||
Interest
expense
|
(76,493 | ) | (61,656 | ) | ||||
Amortization
of fees on early extinguishment of debt
|
- | (6,969 | ) | |||||
Pretax
earnings
|
133,051 | 176,056 | ||||||
Income
tax expense
|
(51,219 | ) | (69,624 | ) | ||||
Net
earnings
|
81,832 | 106,432 | ||||||
Less:
Preferred stock dividends
|
(9,723 | ) | (9,723 | ) | ||||
Earnings
available to common shareholders
|
$ | 72,109 | $ | 96,709 | ||||
Basic
and diluted earnings per common share
|
$ | 3.64 | $ | 4.62 | ||||
Weighted
average common shares outstanding: Basic and diluted
|
19,820,107 | 20,910,089 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
earnings
|
$ | 81,832 | $ | 106,432 | ||||
Adjustments
to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
170,184 | 133,571 | ||||||
Amortization
of deferred policy acquisition costs
|
9,870 | 14,671 | ||||||
Change
in provision for loss on trade receivables
|
75 | 202 | ||||||
Change
in provision for gain on mortgage notes
|
(29 | ) | (30 | ) | ||||
Change
in provision for inventory reserves
|
2,371 | - | ||||||
Net
gain on sale of real and personal property
|
(9,158 | ) | (796 | ) | ||||
Net
loss on sale of investments
|
375 | 1,615 | ||||||
Write-off
of unamortized debt issuance costs
|
- | 6,969 | ||||||
Deferred
income taxes
|
9,760 | 15,451 | ||||||
Net
change in other operating assets and liabilities:
|
||||||||
Reinsurance
recoverables and trade receivables
|
4,816 | 18,841 | ||||||
Inventories
|
1,586 | (3,082 | ) | |||||
Prepaid
expenses
|
12,196 | 4,325 | ||||||
Capitalization
of deferred policy acquisition costs
|
(3,894 | ) | (4,192 | ) | ||||
Other
assets
|
1,040 | 2,487 | ||||||
Related
party assets
|
35,003 | 40,279 | ||||||
Accounts
payable and accrued expenses
|
5,366 | 15,145 | ||||||
Policy
benefits and losses, claims and loss expenses payable
|
(3,038 | ) | (16,758 | ) | ||||
Other
policyholders' funds and liabilities
|
(88 | ) | 1,622 | |||||
Deferred
income
|
(6,246 | ) | (2,359 | ) | ||||
Related
party liabilities
|
(9,131 | ) | (23,634 | ) | ||||
Net
cash provided by operating activities
|
302,890 | 310,759 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of:
|
||||||||
Property,
plant and equipment
|
(440,328 | ) | (455,598 | ) | ||||
Short
term investments
|
(171,918 | ) | (171,177 | ) | ||||
Fixed
maturities investments
|
(56,505 | ) | (74,194 | ) | ||||
Equity
securities
|
(27 | ) | - | |||||
Real
estate
|
(3,404 | ) | - | |||||
Mortgage
loans
|
(12,522 | ) | (9,550 | ) | ||||
Proceeds
from sale of:
|
||||||||
Property,
plant and equipment
|
134,099 | 71,668 | ||||||
Short
term investments
|
192,974 | 199,080 | ||||||
Fixed
maturities investments
|
77,773 | 71,181 | ||||||
Cash
received in excess of purchase for company acquired
|
- | 1,235 | ||||||
Equity
securities
|
46 | - | ||||||
Preferred
stock
|
5,625 | 225 | ||||||
Real
estate
|
784 | 9,542 | ||||||
Mortgage
loans
|
6,394 | 4,835 | ||||||
Payments
from notes and mortgage receivables
|
89 | 752 | ||||||
Net
cash used by investing activities
|
(266,920 | ) | (352,001 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings
from credit facilities
|
487,626 | 321,189 | ||||||
Principal
repayments on credit facilities
|
(244,108 | ) | (64,383 | ) | ||||
Debt
issuance costs
|
(11,876 | ) | (2,323 | ) | ||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
923 | 895 | ||||||
Treasury
stock repurchases
|
(33,966 | ) | - | |||||
Securitization
deposits
|
(60,764 | ) | - | |||||
Preferred
stock dividends paid
|
(9,723 | ) | (9,723 | ) | ||||
Investment
contract deposits
|
13,864 | 12,634 | ||||||
Investment
contract withdrawals
|
(49,806 | ) | (59,353 | ) | ||||
Net
cash provided by financing activities
|
92,170 | 198,936 | ||||||
Effects
of exchange rate on cash
|
311 | (22 | ) | |||||
Increase
in cash equivalents
|
128,451 | 157,672 | ||||||
Cash
and cash equivalents at the beginning of period
|
75,272 | 155,459 | ||||||
Cash
and cash equivalents at the end of period
|
$ | 203,723 | $ | 313,131 |
December
31,
|
March
31,
|
|||||||||||||||
2008
Rate (a)
|
Maturities
|
2007
|
2007
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||
Real
estate loan (amortizing term)
|
6.93 | % |
2018
|
$ | 287,500 | $ | 295,000 | |||||||||
Real
estate loan (revolving credit)
|
- |
2018
|
- | - | ||||||||||||
Senior
mortgages
|
5.19% - 5.75 | % |
2015
|
517,338 | 521,332 | |||||||||||
Construction
loan (revolving credit)
|
6.75 | % |
2009
|
21,700 | - | |||||||||||
Working
capital loan (revolving credit)
|
- |
2008
|
- | - | ||||||||||||
Fleet
loans (amortizing term)
|
6.11% - 7.42 | % | 2012-2014 | 307,192 | 364,833 | |||||||||||
Fleet
loans (securitization)
|
5.40% - 5.56 | % | 2010-2014 | 293,527 | - | |||||||||||
Fleet
loan (revolving credit)
|
- |
2011
|
- | - | ||||||||||||
Total
AMERCO notes and loans payable
|
$ | 1,427,257 | $ | 1,181,165 | ||||||||||||
(a)
Interest rate as of December 31, 2007, including the effect of applicable
hedging instruments
|
Year
Ending December 31,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes
payable, secured
|
$ | 112,948 | $ | 117,230 | $ | 155,710 | $ | 81,823 | $ | 133,027 | $ | 826,519 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ | 23,531 | $ | 20,531 | ||||
Capitalized
interest
|
(227 | ) | (150 | ) | ||||
Amortization
of transaction costs
|
1,451 | 787 | ||||||
Interest
income resulting from derivatives
|
(14 | ) | (552 | ) | ||||
Total
AMERCO interest expense
|
24,741 | 20,616 | ||||||
SAC
Holding II interest expense
|
1,070 | 3,265 | ||||||
Less:
Intercompany transactions
|
584 | 1,750 | ||||||
Total
SAC Holding II interest expense
|
486 | 1,515 | ||||||
Total
|
$ | 25,227 | $ | 22,131 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ | 71,027 | $ | 56,419 | ||||
Capitalized
interest
|
(832 | ) | (321 | ) | ||||
Amortization
of transaction costs
|
3,846 | 3,161 | ||||||
Interest
income resulting from derivatives
|
(1,035 | ) | (2,153 | ) | ||||
Amortization
of transaction costs related to early extinguishment of
debt
|
- | 6,969 | ||||||
Total
AMERCO interest expense
|
73,006 | 64,075 | ||||||
SAC
Holding II interest expense
|
7,537 | 9,865 | ||||||
Less:
Intercompany transactions
|
4,050 | 5,315 | ||||||
Total
SAC Holding II interest expense
|
3,487 | 4,550 | ||||||
Total
|
$ | 76,493 | $ | 68,625 |
Revolving
Credit Activity
|
||||||||
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the quarter
|
6.47 | % | 7.08 | % | ||||
Interest
rate at the end of the quarter
|
6.75 | % | 7.10 | % | ||||
Maximum
amount outstanding during the quarter
|
$ | 41,700 | $ | 90,000 | ||||
Average
amount outstanding during the quarter
|
$ | 35,830 | $ | 90,000 | ||||
Facility
fees
|
$ | 192 | $ | 57 |
Revolving
Credit Activity
|
||||||||
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the first nine months
|
6.58 | % | 6.97 | % | ||||
Interest
rate at the end of the first nine months
|
6.75 | % | 7.10 | % | ||||
Maximum
amount outstanding during the first nine months
|
$ | 138,700 | $ | 90,000 | ||||
Average
amount outstanding during the first nine months
|
$ | 78,576 | $ | 90,000 | ||||
Facility
fees
|
$ | 326 | $ | 171 |
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
|
12,430 | - | - | - | 12,430 | |||||||||||||||
Unrealized
gain on investments
|
- | 819 | - | - | 819 | |||||||||||||||
Change
in fair market value of cash flow hedge
|
- | - | (12,287 | ) | - | (12,287 | ) | |||||||||||||
Balance
at December 31, 2007
|
$ | (23,736 | ) | $ | 464 | $ | (17,392 | ) | $ | (153 | ) | $ | (40,817 | ) |
Property,
Plant
and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Year-ended
December 31:
|
||||||||||||
2008
|
$ | 12,439 | $ | 112,448 | $ | 124,887 | ||||||
2009
|
12,065 | 99,548 | 111,613 | |||||||||
2010
|
11,706 | 81,635 | 93,341 | |||||||||
2011
|
11,564 | 64,115 | 75,679 | |||||||||
2012
|
10,726 | 49,550 | 60,276 | |||||||||
Thereafter
|
20,633 | 42,468 | 63,101 | |||||||||
Total
|
$ | 79,133 | $ | 449,764 | $ | 528,897 |
December
31,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Private
Mini notes, receivables and interest
|
$ | 73,184 | $ | 71,785 | ||||
Oxford
note receivable from SAC Holding Corporation
|
- | 5,040 | ||||||
U-Haul
notes receivable from SAC Holding Corporation
|
198,288 | 123,578 | ||||||
U-Haul
interest receivable from SAC Holding Corporation
|
4,267 | 23,361 | ||||||
U-Haul
receivable from SAC Holding Corporation
|
18,215 | 16,596 | ||||||
U-Haul
receivable from Mercury
|
5,242 | 4,278 | ||||||
Other
|
36 | 541 | ||||||
$ | 299,232 | $ | 245,179 |
|
AMERCO’s
four reportable segments are:
|
|
(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
subsidiaries
|
|
(c)
|
Life
Insurance, comprised of Oxford and its wholly-owned subsidiaries
|
|
(d)
|
SAC
Holding II and its subsidiaries (through October 2007)
|
Moving
& Storage
|
AMERCO
Legal Group
|
|||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 30 | $ | 190,393 | $ | 24 | $ | - | $ | 190,447 | $ | 6,288 | $ | 6,988 | $ | - | $ | 203,723 | ||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
- | 17,742 | 27 | - | 17,769 | 151,271 | 10,808 | - | 179,848 | |||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
- | 1,209 | 779 | - | 1,988 | - | - | - | 1,988 | |||||||||||||||||||||||||||||
Inventories,
net
|
- | 62,150 | - | - | 62,150 | - | - | - | 62,150 | |||||||||||||||||||||||||||||
Prepaid
expenses
|
- | 39,479 | 134 | - | 39,613 | - | - | - | 39,613 | |||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
- | - | - | - | - | 150,459 | 504,730 | - | 655,189 | |||||||||||||||||||||||||||||
Investments,
other
|
- | 966 | 13,910 | - | 14,876 | 74,001 | 77,186 | - | 166,063 | |||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
- | - | - | - | - | 45 | 38,402 | - | 38,447 | |||||||||||||||||||||||||||||
Other
assets
|
8 | 127,600 | 30,887 | - | 158,495 | 2,087 | 712 | - | 161,294 | |||||||||||||||||||||||||||||
Related
party assets
|
1,195,114 | 242,708 | 210 | (1,133,486 | ) |
(c)
|
304,546 | 6,905 | - | (12,219 | ) |
(c)
|
299,232 | |||||||||||||||||||||||||
1,195,152 | 682,247 | 45,971 | (1,133,486 | ) | 789,884 | 391,056 | 638,826 | (12,219 | ) | 1,807,547 | ||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(192,410 | ) | - | - | 483,667 |
(b)
|
291,257 | - | - | (291,257 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 43,945 | 163,049 | - | 206,994 | - | - | - | 206,994 | |||||||||||||||||||||||||||||
Buildings
and improvements
|
- | 125,199 | 724,316 | - | 849,515 | - | - | - | 849,515 | |||||||||||||||||||||||||||||
Furniture
and equipment
|
7,053 | 292,581 | 18,093 | - | 317,727 | - | - | - | 317,727 | |||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
- | 206,644 | - | - | 206,644 | - | - | - | 206,644 | |||||||||||||||||||||||||||||
Rental
trucks
|
- | 1,716,853 | - | - | 1,716,853 | - | - | - | 1,716,853 | |||||||||||||||||||||||||||||
7,053 | 2,385,222 | 905,458 | - | 3,297,733 | - | - | - | 3,297,733 | ||||||||||||||||||||||||||||||
Less: Accumulated
depreciation
|
(1,137 | ) | (1,009,715 | ) | (305,085 | ) | - | (1,315,937 | ) | - | - | - | (1,315,937 | ) | ||||||||||||||||||||||||
Total
property, plant and equipment
|
5,916 | 1,375,507 | 600,373 | - | 1,981,796 | - | - | - | 1,981,796 | |||||||||||||||||||||||||||||
Total
assets
|
$ | 1,008,658 | $ | 2,057,754 | $ | 646,344 | $ | (649,819 | ) | $ | 3,062,937 | $ | 391,056 | $ | 638,826 | $ | (303,476 | ) | $ | 3,789,343 | ||||||||||||||||||
(a) Balances
as of September 30, 2007
|
||||||||||||||||||||||||||||||||||||||
(b)
Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c)
Eliminate intercompany receivables and payables
|
Moving
& Storage
|
AMERCO
Legal Group
|
|||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$ | 1,521 | $ | 256,794 | $ | 5,534 | $ | - | $ | 263,849 | $ | - | $ | 5,444 | $ | - | $ | 269,293 | ||||||||||||||||||||
AMERCO's
notes and loans payable
|
- | 649,359 | 777,898 | - | 1,427,257 | - | - | - | 1,427,257 | |||||||||||||||||||||||||||||
Policy
benefits and losses, claims and loss expenses
payable
|
- | 355,293 | - | - | 355,293 | 270,732 | 138,494 | - | 764,519 | |||||||||||||||||||||||||||||
Liabilities
from investment contracts
|
- | - | - | - | - | - | 350,698 | - | 350,698 | |||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
- | - | - | - | - | 8,157 | 2,318 | - | 10,475 | |||||||||||||||||||||||||||||
Deferred
income
|
- | 9,547 | - | - | 9,547 | - | - | - | 9,547 | |||||||||||||||||||||||||||||
Deferred
income taxes
|
187,071 | - | - | - | 187,071 | (37,893 | ) | (4,479 | ) | - | 144,699 | |||||||||||||||||||||||||||
Related
party liabilities
|
- | 1,095,516 | 45,035 | (1,133,486 | ) |
(c)
|
7,065 | 1,983 | 3,171 | (12,219 | ) |
(c)
|
- | |||||||||||||||||||||||||
Total
liabilities
|
188,592 | 2,366,509 | 828,467 | (1,133,486 | ) | 2,250,082 | 242,979 | 495,646 | (12,219 | ) | 2,976,488 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Additional
paid-in capital
|
418,848 | 121,230 | 147,481 | (268,711 | ) |
(b)
|
418,848 | 86,121 | 26,271 | (112,392 | ) |
(b)
|
418,848 | |||||||||||||||||||||||||
Accumulated
other comprehensive income (loss)
|
(40,817 | ) | (41,282 | ) | - | 41,282 |
(b)
|
(40,817 | ) | 73 | 391 | (464 | ) |
(b)
|
(40,817 | ) | ||||||||||||||||||||||
Retained
earnings (deficit)
|
932,703 | (382,032 | ) | (329,605 | ) | 711,637 |
(b)
|
932,703 | 58,583 | 114,018 | (172,601 | ) |
(b)
|
932,703 | ||||||||||||||||||||||||
Cost
of common shares in treasury, net
|
(501,165 | ) | - | - | - | (501,165 | ) | - | - | - | (501,165 | ) | ||||||||||||||||||||||||||
Unearned
employee stock ownership plan shares
|
- | (7,211 | ) | - | - | (7,211 | ) | - | - | - | (7,211 | ) | ||||||||||||||||||||||||||
Total
stockholders' equity (deficit)
|
820,066 | (308,755 | ) | (182,123 | ) | 483,667 | 812,855 | 148,077 | 143,180 | (291,257 | ) | 812,855 | ||||||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 1,008,658 | $ | 2,057,754 | $ | 646,344 | $ | (649,819 | ) | $ | 3,062,937 | $ | 391,056 | $ | 638,826 | $ | (303,476 | ) | $ | 3,789,343 | ||||||||||||||||||
(a) Balances
as of September 30, 2007
|
||||||||||||||||||||||||||||||||||||||
(b)
Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c)
Eliminate intercompany receivables and payables
|
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 (h)
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$ | - | $ | 329,905 | $ | - | $ | - | $ | 329,905 | $ | - | $ | - | $ | - | $ | 329,905 | $ | 689 | $ | (689 | ) |
(b)
|
$ | 329,905 | ||||||||||||||||||||||||||||
Self-storage
revenues
|
- | 27,435 | 523 | - | 27,958 | - | - | - | 27,958 | 1,672 | - | 29,630 | ||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
- | 42,134 | - | - | 42,134 | - | - | - | 42,134 | 1,077 | - | 43,211 | ||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
- | 7,137 | - | - | 7,137 | - | - | - | 7,137 | - | (212 | ) |
(g)
|
6,925 | ||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
- | - | - | - | - | - | 27,757 | - | 27,757 | - | - | 27,757 | ||||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
- | - | - | - | - | 7,738 | - | - | 7,738 | - | - | 7,738 | ||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
1,076 | 7,953 | - | - | 9,029 | 3,154 | 4,798 | (353 | ) | (b,d | ) | 16,628 | - | (584 | ) |
(d)
|
16,044 | |||||||||||||||||||||||||||||||||||||
Other
revenue
|
- | 7,373 | 17,663 | (18,788 | ) |
(b)
|
6,248 | - | 1,288 | (132 | ) |
(b)
|
7,404 | 113 | (59 | ) |
(b)
|
7,458 | ||||||||||||||||||||||||||||||||||||
Total
revenues
|
1,076 | 421,937 | 18,186 | (18,788 | ) | 422,411 | 10,892 | 33,843 | (485 | ) | 466,661 | 3,551 | (1,544 | ) | 468,668 | |||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
2,055 | 272,928 | 1,978 | (18,788 | ) |
(b)
|
258,173 | 4,203 | 6,694 | (1,716 | ) | (b,c,d | ) | 267,354 | 1,957 | (212 | ) |
(g)
|
269,099 | |||||||||||||||||||||||||||||||||||
Commission
expenses
|
- | 42,220 | - | - | 42,220 | - | - | - | 42,220 | - | (689 | ) |
(b)
|
41,531 | ||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
- | 26,165 | - | - | 26,165 | - | - | - | 26,165 | 512 | - | 26,677 | ||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
- | - | - | - | - | 4,419 | 19,419 | 1,452 |
(c)
|
25,290 | - | - | 25,290 | |||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 4 | 2,683 | - | 2,687 | - | - | 2,687 | ||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
24 | 34,264 | 2 | - | 34,290 | - | - | (221 | ) |
(b)
|
34,069 | - | (59 | ) |
(b)
|
34,010 | ||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
187 | 57,737 | 2,907 | - | 60,831 | - | - | - | 60,831 | 231 | (47 | ) |
(e)
|
61,015 | ||||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
2,266 | 433,314 | 4,887 | (18,788 | ) | 421,679 | 8,626 | 28,796 | (485 | ) | 458,616 | 2,700 | (1,007 | ) | 460,309 | |||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
(23,675 | ) | - | - | 28,511 |
(f)
|
4,836 | - | - | (4,836 | ) |
(f)
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
(133 | ) | - | - | - | (133 | ) | - | - | - | (133 | ) | - | 133 |
(f)
|
- | ||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding
II
|
(23,808 | ) | - | - | 28,511 | 4,703 | - | - | (4,836 | ) | (133 | ) | - | 133 | - | |||||||||||||||||||||||||||||||||||||||
Earnings
(loss) from operations
|
(24,998 | ) | (11,377 | ) | 13,299 | 28,511 | 5,435 | 2,266 | 5,047 | (4,836 | ) | 7,912 | 851 | (404 | ) | 8,359 | ||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
22,780 | (34,328 | ) | (13,193 | ) | - | (24,741 | ) | - | - | - | (24,741 | ) | (1,070 | ) | 584 |
(d)
|
(25,227 | ) | |||||||||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
(2,218 | ) | (45,705 | ) | 106 | 28,511 | (19,306 | ) | 2,266 | 5,047 | (4,836 | ) | (16,829 | ) | (219 | ) | 180 | (16,868 | ) | |||||||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
(8,205 | ) | 17,441 | (353 | ) | - | 8,883 | (792 | ) | (1,685 | ) | - | 6,406 | 86 | (18 | ) |
(e)
|
6,474 | ||||||||||||||||||||||||||||||||||||
Net
earnings (loss)
|
(10,423 | ) | (28,264 | ) | (247 | ) | 28,511 | (10,423 | ) | 1,474 | 3,362 | (4,836 | ) | (10,423 | ) | (133 | ) | 162 | (10,394 | ) | ||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$ | (13,664 | ) | $ | (28,264 | ) | $ | (247 | ) | $ | 28,511 | $ | (13,664 | ) | $ | 1,474 | $ | 3,362 | $ | (4,836 | ) | $ | (13,664 | ) | $ | (133 | ) | $ | 162 | $ | (13,635 | ) | ||||||||||||||||||||||
(a) Balances
for the quarter ended September 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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(h)
Activity for the month of October 2007, prior to
deconsolidation
|
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
|
$ | - | $ | 328,149 | $ | - | $ | - | $ | 328,149 | $ | - | $ | - | $ | - | $ | 328,149 | $ | 2,018 | $ | (2,018 | ) |
(b)
|
$ | 328,149 | ||||||||||||||||||||||||||||
Self-storage
revenues
|
- | 26,251 | 455 | - | 26,706 | - | - | - | 26,706 | 5,059 | - | 31,765 | ||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
- | 42,992 | - | - | 42,992 | - | - | - | 42,992 | 3,359 | - | 46,351 | ||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
- | 6,559 | - | - | 6,559 | - | - | - | 6,559 | - | (645 | ) |
(g)
|
5,914 | ||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
- | - | - | - | - | - | 29,847 | (393 | ) |
(c)
|
29,454 | - | - | 29,454 | ||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
- | - | - | - | - | 6,555 | - | - | 6,555 | - | - | 6,555 | ||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
1,232 | 8,294 | (36 | ) | - | 9,490 | 5,112 | 5,021 | (5,074 | ) | (b,d | ) | 14,549 | - | (1,750 | ) |
(d)
|
12,799 | ||||||||||||||||||||||||||||||||||||
Other
revenue
|
(1 | ) | 5,945 | 16,943 | (18,290 | ) |
(b)
|
4,597 | - | 967 | (130 | ) |
(b)
|
5,434 | 374 | (177 | ) |
(b)
|
5,631 | |||||||||||||||||||||||||||||||||||
Total
revenues
|
1,231 | 418,190 | 17,362 | (18,290 | ) | 418,493 | 11,667 | 35,835 | (5,597 | ) | 460,398 | 10,810 | (4,590 | ) | 466,618 | |||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
2,339 | 277,433 | 2,231 | (18,290 | ) |
(b)
|
263,713 | 2,261 | 6,404 | (5,450 | ) | (b,c,d | ) | 266,928 | 5,608 | (645 | ) |
(g)
|
271,891 | |||||||||||||||||||||||||||||||||||
Commission
expenses
|
- | 41,334 | - | - | 41,334 | - | - | - | 41,334 | - | (2,018 | ) |
(b)
|
39,316 | ||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
- | 23,447 | - | - | 23,447 | - | - | - | 23,447 | 1,523 | - | 24,970 | ||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
- | - | - | - | - | 8,226 | 21,320 | 1,915 |
(c)
|
31,461 | - | - | 31,461 | |||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 442 | 3,778 | - | 4,220 | - | - | 4,220 | ||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
22 | 36,839 | 17 | - | 36,878 | - | - | (220 | ) |
(b)
|
36,658 | - | (177 | ) |
(b)
|
36,481 | ||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
61 | 46,691 | 2,737 | - | 49,489 | - | - | - | 49,489 | 668 | (140 | ) |
(e)
|
50,017 | ||||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
2,422 | 425,744 | 4,985 | (18,290 | ) | 414,861 | 10,929 | 31,502 | (3,755 | ) | 453,537 | 7,799 | (2,980 | ) | 458,356 | |||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
(22,367 | ) | - | - | 23,806 |
(f)
|
1,439 | - | - | (1,439 | ) |
(f)
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
(160 | ) | - | - | - | (160 | ) | - | - | - | (160 | ) | - | 160 |
(f)
|
- | ||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding
II
|
(22,527 | ) | - | - | 23,806 | 1,279 | - | - | (1,439 | ) | (160 | ) | - | 160 | - | |||||||||||||||||||||||||||||||||||||||
Earnings
(loss) from operations
|
(23,718 | ) | (7,554 | ) | 12,377 | 23,806 | 4,911 | 738 | 4,333 | (3,281 | ) | 6,701 | 3,011 | (1,450 | ) | 8,262 | ||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
22,906 | (30,783 | ) | (12,739 | ) | - | (20,616 | ) | - | - | - | (20,616 | ) | (3,265 | ) | 1,750 |
(d)
|
(22,131 | ) | |||||||||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
(812 | ) | (38,337 | ) | (362 | ) | 23,806 | (15,705 | ) | 738 | 4,333 | (3,281 | ) | (13,915 | ) | (254 | ) | 300 | (13,869 | ) | ||||||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
(8,755 | ) | 14,933 | (40 | ) | - | 6,138 | (258 | ) | (1,532 | ) | - | 4,348 | 94 | (53 | ) |
(e)
|
4,389 | ||||||||||||||||||||||||||||||||||||
Net
earnings (loss)
|
(9,567 | ) | (23,404 | ) | (402 | ) | 23,806 | (9,567 | ) | 480 | 2,801 | (3,281 | ) | (9,567 | ) | (160 | ) | 247 | (9,480 | ) | ||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$ | (12,808 | ) | $ | (23,404 | ) | $ | (402 | ) | $ | 23,806 | $ | (12,808 | ) | $ | 480 | $ | 2,801 | $ | (3,281 | ) | $ | (12,808 | ) | $ | (160 | ) | $ | 247 | $ | (12,721 | ) | ||||||||||||||||||||||
(a) Balances
for the quarter ended September 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 (h)
|
Eliminations
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Self-moving
equipment rentals
|
$ | - | $ | 1,165,783 | $ | - | $ | - | $ | 1,165,783 | $ | - | $ | - | $ | - | $ | 1,165,783 | $ | 5,846 | $ | (5,846 | ) |
(b)
|
$ | 1,165,783 | ||||||||||||||||||||||||||||
Self-storage
revenues
|
- | 81,924 | 1,361 | - | 83,285 | - | - | - | 83,285 | 11,469 | - | 94,754 | ||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
- | 164,381 | - | - | 164,381 | - | - | - | 164,381 | 10,039 | - | 174,420 | ||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
- | 16,565 | - | - | 16,565 | - | - | - | 16,565 | - | (1,700 | ) |
(g)
|
14,865 | ||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
- | - | - | - | - | - | 84,881 | - | 84,881 | - | - | 84,881 | ||||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
- | - | - | - | - | 20,986 | - | - | 20,986 | - | - | 20,986 | ||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
3,353 | 23,524 | - | - | 26,877 | 9,315 | 15,946 | (1,256 | ) | (b,d | ) | 50,882 | - | (4,050 | ) |
(d)
|
46,832 | |||||||||||||||||||||||||||||||||||||
Other
revenue
|
- | 24,827 | 52,390 | (55,957 | ) |
(b)
|
21,260 | - | 3,659 | (391 | ) |
(b)
|
24,528 | 748 | (414 | ) |
(b)
|
24,862 | ||||||||||||||||||||||||||||||||||||
Total
revenues
|
3,353 | 1,477,004 | 53,751 | (55,957 | ) | 1,478,151 | 30,301 | 104,486 | (1,647 | ) | 1,611,291 | 28,102 | (12,010 | ) | 1,627,383 | |||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
7,924 | 831,978 | 7,126 | (55,957 | ) |
(b)
|
791,071 | 10,711 | 19,533 | (5,705 | ) | (b,c,d | ) | 815,610 | 13,510 | (1,700 | ) |
(g)
|
827,420 | |||||||||||||||||||||||||||||||||||
Commission
expenses
|
- | 148,737 | - | - | 148,737 | - | - | - | 148,737 | - | (5,846 | ) |
(b)
|
142,891 | ||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
- | 90,076 | - | - | 90,076 | - | - | - | 90,076 | 5,192 | - | 95,268 | ||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
- | - | - | - | - | 11,103 | 64,337 | 4,719 |
(c)
|
80,159 | - | - | 80,159 | |||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 183 | 9,687 | - | 9,870 | - | - | 9,870 | ||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
72 | 102,162 | 46 | - | 102,280 | - | - | (661 | ) |
(b)
|
101,619 | - | (414 | ) |
(b)
|
101,205 | ||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
509 | 160,841 | (1,471 | ) | - | 159,879 | - | - | - | 159,879 | 1,474 | (327 | ) |
(e)
|
161,026 | |||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
8,505 | 1,333,794 | 5,701 | (55,957 | ) | 1,292,043 | 21,997 | 93,557 | (1,647 | ) | 1,405,950 | 20,176 | (8,287 | ) | 1,417,839 | |||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
43,482 | - | - | (30,906 | ) |
(f)
|
12,576 | - | - | (12,576 | ) |
(f)
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
222 | - | - | - | 222 | - | - | - | 222 | - | (222 | ) |
(f)
|
- | ||||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding
II
|
43,704 | - | - | (30,906 | ) | 12,798 | - | - | (12,576 | ) | 222 | - | (222 | ) | - | |||||||||||||||||||||||||||||||||||||||
Earnings
from operations
|
38,552 | 143,210 | 48,050 | (30,906 | ) | 198,906 | 8,304 | 10,929 | (12,576 | ) | 205,563 | 7,926 | (3,945 | ) | 209,544 | |||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
66,321 | (99,870 | ) | (39,457 | ) | - | (73,006 | ) | - | - | - | (73,006 | ) | (7,537 | ) | 4,050 |
(d)
|
(76,493 | ) | |||||||||||||||||||||||||||||||||||
Pretax
earnings
|
104,873 | 43,340 | 8,593 | (30,906 | ) | 125,900 | 8,304 | 10,929 | (12,576 | ) | 132,557 | 389 | 105 | 133,051 | ||||||||||||||||||||||||||||||||||||||||
Income
tax expense
|
(23,244 | ) | (16,485 | ) | (4,542 | ) | - | (44,271 | ) | (2,906 | ) | (3,751 | ) | - | (50,928 | ) | (167 | ) | (124 | ) |
(e)
|
(51,219 | ) | |||||||||||||||||||||||||||||||
Net
earnings
|
81,629 | 26,855 | 4,051 | (30,906 | ) | 81,629 | 5,398 | 7,178 | (12,576 | ) | 81,629 | 222 | (19 | ) | 81,832 | |||||||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
available to common shareholders
|
$ | 71,906 | $ | 26,855 | $ | 4,051 | $ | (30,906 | ) | $ | 71,906 | $ | 5,398 | $ | 7,178 | $ | (12,576 | ) | $ | 71,906 | $ | 222 | $ | (19 | ) | $ | 72,109 | |||||||||||||||||||||||||||
(a) Balances
for the nine months ended September 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
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(h)
Activity for the seven months ended October 2007, prior to
deconsolidation
|
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
|
$ | - | $ | 1,181,103 | $ | - | $ | - | $ | 1,181,103 | $ | - | $ | - | $ | - | $ | 1,181,103 | $ | 7,328 | $ | (7,328 | ) |
(b)
|
$ | 1,181,103 | ||||||||||||||||||||||||||||
Self-storage
revenues
|
- | 78,400 | 1,263 | - | 79,663 | - | - | - | 79,663 | 14,949 | - | 94,612 | ||||||||||||||||||||||||||||||||||||||||||
Self-moving
& self-storage products & service sales
|
- | 163,222 | - | - | 163,222 | - | - | - | 163,222 | 12,496 | - | 175,718 | ||||||||||||||||||||||||||||||||||||||||||
Property
management fees
|
- | 15,893 | - | - | 15,893 | - | - | - | 15,893 | - | (2,146 | ) |
(g)
|
13,747 | ||||||||||||||||||||||||||||||||||||||||
Life
insurance premiums
|
- | - | - | - | - | - | 92,683 | (1,190 | ) |
(c)
|
91,493 | - | - | 91,493 | ||||||||||||||||||||||||||||||||||||||||
Property
and casualty insurance premiums
|
- | - | - | - | - | 18,407 | - | - | 18,407 | - | - | 18,407 | ||||||||||||||||||||||||||||||||||||||||||
Net
investment and interest income
|
3,694 | 22,680 | (36 | ) | - | 26,338 | 10,588 | 16,298 | (6,009 | ) | (b,d | ) | 47,215 | - | (5,315 | ) |
(d)
|
41,900 | ||||||||||||||||||||||||||||||||||||
Other
revenue
|
203 | 22,697 | 50,706 | (54,873 | ) |
(b)
|
18,733 | - | 3,722 | (411 | ) |
(b)
|
22,044 | 1,051 | (532 | ) |
(b)
|
22,563 | ||||||||||||||||||||||||||||||||||||
Total
revenues
|
3,897 | 1,483,995 | 51,933 | (54,873 | ) | 1,484,952 | 28,995 | 112,703 | (7,610 | ) | 1,619,040 | 35,824 | (15,321 | ) | 1,639,543 | |||||||||||||||||||||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating
expenses
|
9,672 | 823,019 | 6,949 | (54,873 | ) |
(b)
|
784,767 | 5,828 | 20,374 | (11,791 | ) | (b,c,d | ) | 799,178 | 17,046 | (2,146 | ) |
(g)
|
814,078 | |||||||||||||||||||||||||||||||||||
Commission
expenses
|
- | 149,785 | - | - | 149,785 | - | - | - | 149,785 | - | (7,328 | ) |
(b)
|
142,457 | ||||||||||||||||||||||||||||||||||||||||
Cost
of sales
|
- | 83,235 | - | - | 83,235 | - | - | - | 83,235 | 5,499 | - | 88,734 | ||||||||||||||||||||||||||||||||||||||||||
Benefits
and losses
|
- | - | - | - | - | 17,357 | 67,678 | 5,874 |
(c)
|
90,909 | - | - | 90,909 | |||||||||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 1,707 | 12,964 | - | 14,671 | - | - | 14,671 | ||||||||||||||||||||||||||||||||||||||||||
Lease
expense
|
63 | 112,565 | 835 | - | 113,463 | - | - | (1,693 | ) |
(b)
|
111,770 | - | (532 | ) |
(b)
|
111,238 | ||||||||||||||||||||||||||||||||||||||
Depreciation,
net of (gains) losses on disposals
|
183 | 127,330 | 3,676 | - | 131,189 | - | - | - | 131,189 | 2,006 | (420 | ) |
(e)
|
132,775 | ||||||||||||||||||||||||||||||||||||||||
Total
costs and expenses
|
9,918 | 1,295,934 | 11,460 | (54,873 | ) | 1,262,439 | 24,892 | 101,016 | (7,610 | ) | 1,380,737 | 24,551 | (10,426 | ) | 1,394,862 | |||||||||||||||||||||||||||||||||||||||
Equity
in earnings of subsidiaries
|
67,522 | - | - | (57,250 | ) |
(f)
|
10,272 | - | - | (10,272 | ) |
(f)
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Equity
in earnings of SAC Holding II
|
837 | - | - | - | 837 | - | - | - | 837 | - | (837 | ) |
(f)
|
- | ||||||||||||||||||||||||||||||||||||||||
Total
- equity in earnings of subsidiaries and SAC Holding
II
|
68,359 | - | - | (57,250 | ) | 11,109 | - | - | (10,272 | ) | 837 | - | (837 | ) | - | |||||||||||||||||||||||||||||||||||||||
Earnings
from operations
|
62,338 | 188,061 | 40,473 | (57,250 | ) | 233,622 | 4,103 | 11,687 | (10,272 | ) | 239,140 | 11,273 | (5,732 | ) | 244,681 | |||||||||||||||||||||||||||||||||||||||
Interest
income (expense)
|
67,008 | (85,309 | ) | (38,805 | ) | - | (57,106 | ) | - | - | - | (57,106 | ) | (9,865 | ) | 5,315 |
(d)
|
(61,656 | ) | |||||||||||||||||||||||||||||||||||
Amortization
of fees on early extinguishment of debt
|
- | (302 | ) | (6,667 | ) | - | (6,969 | ) | - | - | - | (6,969 | ) | - | - | (6,969 | ) | |||||||||||||||||||||||||||||||||||||
Pretax
earnings (loss)
|
129,346 | 102,450 | (4,999 | ) | (57,250 | ) | 169,547 | 4,103 | 11,687 | (10,272 | ) | 175,065 | 1,408 | (417 | ) | 176,056 | ||||||||||||||||||||||||||||||||||||||
Income
tax benefit (expense)
|
(23,175 | ) | (41,492 | ) | 1,291 | - | (63,376 | ) | (1,436 | ) | (4,082 | ) | - | (68,894 | ) | (571 | ) | (159 | ) |
(e)
|
(69,624 | ) | ||||||||||||||||||||||||||||||||
Net
earnings (loss)
|
106,171 | 60,958 | (3,708 | ) | (57,250 | ) | 106,171 | 2,667 | 7,605 | (10,272 | ) | 106,171 | 837 | (576 | ) | 106,432 | ||||||||||||||||||||||||||||||||||||||
Less: Preferred
stock dividends
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||||||||||
Earnings
(loss) available to common shareholders
|
$ | 96,448 | $ | 60,958 | $ | (3,708 | ) | $ | (57,250 | ) | $ | 96,448 | $ | 2,667 | $ | 7,605 | $ | (10,272 | ) | $ | 96,448 | $ | 837 | $ | (576 | ) | $ | 96,709 | ||||||||||||||||||||||||||
(a) Balances
for the nine months ended September 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 (b)
|
Elimination
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash
flows from operating activities:
|
(In
thousands)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Net
earnings
|
$ | 81,629 | $ | 26,855 | $ | 4,051 | $ | (30,906 | ) | $ | 81,629 | $ | 5,398 | $ | 7,178 | $ | (12,576 | ) | $ | 81,629 | $ | 222 | $ | (19 | ) | $ | 81,832 | |||||||||||||||||||||
Earnings
from consolidated entities
|
(43,704 | ) | - | - | 30,906 | (12,798 | ) | - | - | 12,576 | (222 | ) | - | 222 | - | |||||||||||||||||||||||||||||||||
Adjustments
to reconcile net earnings to cash provided by
operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation
|
509 | 159,835 | 8,533 | - | 168,877 | - | - | - | 168,877 | 1,634 | (327 | ) | 170,184 | |||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 183 | 9,687 | - | 9,870 | - | - | 9,870 | ||||||||||||||||||||||||||||||||||||
Change
in provision for loss on trade receivables
|
- | 25 | - | - | 25 | - | 50 | - | 75 | - | - | 75 | ||||||||||||||||||||||||||||||||||||
Change
in provision for gain on mortgage notes
|
- | (29 | ) | - | - | (29 | ) | - | - | - | (29 | ) | - | - | (29 | ) | ||||||||||||||||||||||||||||||||
Change
in provision for inventory reserve
|
- | 2,371 | - | - | 2,371 | - | - | - | 2,371 | - | - | 2,371 | ||||||||||||||||||||||||||||||||||||
Net
(gain) loss on sale of real and personal property
|
- | 1,006 | (10,004 | ) | - | (8,998 | ) | - | - | - | (8,998 | ) | (160 | ) | - | (9,158 | ) | |||||||||||||||||||||||||||||||
Net
loss on sale of investments
|
- | - | - | - | - | 172 | 203 | - | 375 | - | - | 375 | ||||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
8,326 | 76 | - | - | 8,402 | 3,203 | (2,115 | ) | - | 9,490 | 146 | 124 | 9,760 | |||||||||||||||||||||||||||||||||||
Net
change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables
|
- | 699 | - | - | 699 | 3,901 | 216 | - | 4,816 | - | - | 4,816 | ||||||||||||||||||||||||||||||||||||
Inventories
|
- | 1,582 | - | - | 1,582 | - | - | - | 1,582 | 4 | - | 1,586 | ||||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
11,173 | 1,080 | (104 | ) | - | 12,149 | - | - | - | 12,149 | 47 | - | 12,196 | |||||||||||||||||||||||||||||||||||
Capitalization
of deferred policy acquisition costs
|
- | - | - | - | - | (32 | ) | (3,862 | ) | - | (3,894 | ) | - | - | (3,894 | ) | ||||||||||||||||||||||||||||||||
Other
assets
|
4 | 1,190 | 1,077 | - | 2,271 | (344 | ) | 121 | - | 2,048 | (1,008 | ) | - | 1,040 | ||||||||||||||||||||||||||||||||||
Related
party assets
|
5,922 | 8,579 | 12,453 | - | 26,954 | 3,004 | 5,040 | - | 34,998 | 5 | - | 35,003 | ||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
2,424 | 7,460 | (3,684 | ) | - | 6,200 | - | (1,514 | ) | - | 4,686 | 680 | - | 5,366 | ||||||||||||||||||||||||||||||||||
Policy
benefits and losses, claims and loss expenses
payable
|
- | 25,884 | - | - | 25,884 | (20,508 | ) | (8,414 | ) | - | (3,038 | ) | - | - | (3,038 | ) | ||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
- | - | - | - | - | 524 | (612 | ) | - | (88 | ) | - | - | (88 | ) | |||||||||||||||||||||||||||||||||
Deferred
income
|
- | (6,198 | ) | - | - | (6,198 | ) | - | - | - | (6,198 | ) | (48 | ) | - | (6,246 | ) | |||||||||||||||||||||||||||||||
Related
party liabilities
|
- | (3,582 | ) | - | - | (3,582 | ) | (428 | ) | (5,408 | ) | - | (9,418 | ) | 287 | - | (9,131 | ) | ||||||||||||||||||||||||||||||
Net
cash provided (used) by operating activities
|
66,283 | 226,833 | 12,322 | - | 305,438 | (4,927 | ) | 570 | - | 301,081 | 1,809 | - | 302,890 | |||||||||||||||||||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Purchases
of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
(2,466 | ) | (413,727 | ) | (22,754 | ) | - | (438,947 | ) | - | - | - | (438,947 | ) | (1,381 | ) | - | (440,328 | ) | |||||||||||||||||||||||||||||
Short
term investments
|
- | - | - | - | - | (48,130 | ) | (123,788 | ) | - | (171,918 | ) | - | - | (171,918 | ) | ||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
- | - | - | - | - | (14,876 | ) | (41,629 | ) | - | (56,505 | ) | - | - | (56,505 | ) | ||||||||||||||||||||||||||||||||
Equity
securities
|
- | - | - | - | - | - | (27 | ) | - | (27 | ) | - | - | (27 | ) | |||||||||||||||||||||||||||||||||
Real
estate
|
- | - | (3,196 | ) | - | (3,196 | ) | (208 | ) | - | - | (3,404 | ) | - | - | (3,404 | ) | |||||||||||||||||||||||||||||||
Mortgage
loans
|
- | - | (346 | ) | - | (346 | ) | (1,650 | ) | (10,526 | ) | - | (12,522 | ) | - | - | (12,522 | ) | ||||||||||||||||||||||||||||||
Proceeds
from sales of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
- | 122,433 | 11,275 | - | 133,708 | - | - | - | 133,708 | 391 | - | 134,099 | ||||||||||||||||||||||||||||||||||||
Short
term investments
|
- | - | - | - | - | 50,071 | 142,903 | - | 192,974 | - | - | 192,974 | ||||||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
- | - | - | - | - | 16,149 | 61,624 | - | 77,773 | - | - | 77,773 | ||||||||||||||||||||||||||||||||||||
Equity
securities
|
- | - | - | - | - | - | 46 | - | 46 | - | - | 46 | ||||||||||||||||||||||||||||||||||||
Preferred
stock
|
- | - | - | - | - | 5,000 | 625 | - | 5,625 | - | - | 5,625 | ||||||||||||||||||||||||||||||||||||
Real
estate
|
- | 153 | - | - | 153 | 631 | - | - | 784 | - | - | 784 | ||||||||||||||||||||||||||||||||||||
Mortgage
loans
|
- | - | - | - | - | - | 6,394 | - | 6,394 | - | - | 6,394 | ||||||||||||||||||||||||||||||||||||
Payments
from notes and mortgage receivables
|
- | 89 | - | - | 89 | - | - | - | 89 | - | - | 89 | ||||||||||||||||||||||||||||||||||||
Net
cash provided (used) by investing activities
|
(2,466 | ) | (291,052 | ) | (15,021 | ) | - | (308,539 | ) | 6,987 | 35,622 | - | (265,930 | ) | (990 | ) | - | (266,920 | ) | |||||||||||||||||||||||||||||
(page
1 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended September 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||||||
(b)
Activity for the seven months ending October 31, 2007, prior to
deconsolidation
|
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 (b)
|
Elimination
|
Total
Consolidated
|
|||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash
flows from financing activities:
|
(In
thousands)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Borrowings
from credit facilities
|
- | 409,800 | 77,826 | - | 487,626 | - | - | - | 487,626 | - | - | 487,626 | ||||||||||||||||||||||||||||||||||||
Principal
repayments on credit facilities
|
- | (168,653 | ) | (74,636 | ) | - | (243,289 | ) | - | - | - | (243,289 | ) | (819 | ) | - | (244,108 | ) | ||||||||||||||||||||||||||||||
Debt
issuance costs
|
- | (11,706 | ) | (170 | ) | - | (11,876 | ) | - | - | - | (11,876 | ) | - | - | (11,876 | ) | |||||||||||||||||||||||||||||||
Leveraged
Employee Stock Ownership Plan - repayments from
loan
|
- | 923 | - | - | 923 | - | - | - | 923 | - | - | 923 | ||||||||||||||||||||||||||||||||||||
Treasury
stock repurchases
|
(33,966 | ) | - | - | - | (33,966 | ) | - | - | - | (33,966 | ) | - | - | (33,966 | ) | ||||||||||||||||||||||||||||||||
Securitization
deposits
|
- | (60,764 | ) | - | - | (60,764 | ) | - | - | - | (60,764 | ) | - | - | (60,764 | ) | ||||||||||||||||||||||||||||||||
Proceeds
from (repayment of) intercompany loans
|
(20,107 | ) | 21,211 | (1,104 | ) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Preferred
stock dividends paid
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||||
Investment
contract deposits
|
- | - | - | - | - | - | 13,864 | - | 13,864 | - | - | 13,864 | ||||||||||||||||||||||||||||||||||||
Investment
contract withdrawals
|
- | - | - | - | - | - | (49,806 | ) | - | (49,806 | ) | - | - | (49,806 | ) | |||||||||||||||||||||||||||||||||
Net
cash provided (used) by financing activities
|
(63,796 | ) | 190,811 | 1,916 | - | 128,931 | - | (35,942 | ) | - | 92,989 | (819 | ) | - | 92,170 | |||||||||||||||||||||||||||||||||
Effects
of exchange rate on cash
|
- | 311 | - | - | 311 | - | - | - | 311 | - | - | 311 | ||||||||||||||||||||||||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
21 | 126,903 | (783 | ) | - | 126,141 | 2,060 | 250 | - | 128,451 | - | - | 128,451 | |||||||||||||||||||||||||||||||||||
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
|
$ | 30 | $ | 190,393 | $ | 24 | $ | - | $ | 190,447 | $ | 6,288 | $ | 6,988 | $ | - | $ | 203,723 | $ | - | $ | - | $ | 203,723 | ||||||||||||||||||||||||
(page
2 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended September 30, 2007
|
||||||||||||||||||||||||||||||||||||||||||||||||
(b)
Activity for the seven months ending October 31, 2007, prior to
deconsolidation
|
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)
|
$ | 106,171 | $ | 60,958 | $ | (3,708 | ) | $ | (57,250 | ) | $ | 106,171 | $ | 2,667 | $ | 7,605 | $ | (10,272 | ) | $ | 106,171 | $ | 837 | $ | (576 | ) | $ | 106,432 | ||||||||||||||||||||
Earnings
from consolidated entities
|
(68,359 | ) | - | - | 57,250 | (11,109 | ) | - | - | 10,272 | (837 | ) | - | 837 | - | |||||||||||||||||||||||||||||||||
Adjustments
to reconcile net earnings (loss) to cash provided by
operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation
|
183 | 123,742 | 8,060 | - | 131,985 | - | - | - | 131,985 | 2,006 | (420 | ) | 133,571 | |||||||||||||||||||||||||||||||||||
Amortization
of deferred policy acquisition costs
|
- | - | - | - | - | 1,707 | 12,964 | - | 14,671 | - | - | 14,671 | ||||||||||||||||||||||||||||||||||||
Change
in provision for loss on trade receivables
|
- | 86 | - | - | 86 | - | 116 | - | 202 | - | - | 202 | ||||||||||||||||||||||||||||||||||||
Change
in provision for gain on mortgage notes
|
- | (30 | ) | - | - | (30 | ) | - | - | - | (30 | ) | - | - | (30 | ) | ||||||||||||||||||||||||||||||||
Net
(gain) loss on sale of real and personal property
|
- | 3,588 | (4,384 | ) | - | (796 | ) | - | - | - | (796 | ) | - | - | (796 | ) | ||||||||||||||||||||||||||||||||
Net
loss on sale of investments
|
- | - | - | - | - | 799 | 816 | - | 1,615 | - | - | 1,615 | ||||||||||||||||||||||||||||||||||||
Write-off
of unamortized debt issuance costs
|
- | 302 | 6,667 | - | 6,969 | - | - | - | 6,969 | - | - | 6,969 | ||||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
13,959 | - | - | - | 13,959 | 887 | (94 | ) | - | 14,752 | 539 | 160 | 15,451 | |||||||||||||||||||||||||||||||||||
Net
change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables
|
- | (3,265 | ) | - | - | (3,265 | ) | 21,052 | 1,054 | - | 18,841 | - | - | 18,841 | ||||||||||||||||||||||||||||||||||
Inventories
|
- | (2,956 | ) | - | - | (2,956 | ) | - | - | - | (2,956 | ) | (126 | ) | - | (3,082 | ) | |||||||||||||||||||||||||||||||
Prepaid
expenses
|
1,322 | 3,339 | (219 | ) | - | 4,442 | - | - | - | 4,442 | (117 | ) | - | 4,325 | ||||||||||||||||||||||||||||||||||
Capitalization
of deferred policy acquisition costs
|
- | - | - | - | - | (882 | ) | (3,310 | ) | - | (4,192 | ) | - | - | (4,192 | ) | ||||||||||||||||||||||||||||||||
Other
assets
|
(3 | ) | 900 | 1,725 | - | 2,622 | 240 | (183 | ) | - | 2,679 | (192 | ) | - | 2,487 | |||||||||||||||||||||||||||||||||
Related
party assets
|
(1,493 | ) | 1,006 | 17 | 29,460 | 28,990 | 13,767 | 5,781 | (5,966 | ) | 42,572 | 2,900 | (5,193 | ) | 40,279 | |||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
(11,450 | ) | 25,357 | (340 | ) | - | 13,567 | - | 1,502 | - | 15,069 | 76 | - | 15,145 | ||||||||||||||||||||||||||||||||||
Policy
benefits and losses, claims and loss expenses
payable
|
- | 32,733 | - | - | 32,733 | (35,713 | ) | (13,778 | ) | - | (16,758 | ) | - | - | (16,758 | ) | ||||||||||||||||||||||||||||||||
Other
policyholders' funds and liabilities
|
- | - | - | - | - | 1,782 | (160 | ) | - | 1,622 | - | - | 1,622 | |||||||||||||||||||||||||||||||||||
Deferred
income
|
- | (2,346 | ) | - | - | (2,346 | ) | - | - | - | (2,346 | ) | (13 | ) | - | (2,359 | ) | |||||||||||||||||||||||||||||||
Related
party liabilities
|
(201 | ) | 752 | - | (29,460 | ) | (28,909 | ) | (1,873 | ) | 447 | 5,966 | (24,369 | ) | (4,457 | ) | 5,192 | (23,634 | ) | |||||||||||||||||||||||||||||
Net
cash provided (used) by operating activities
|
40,129 | 244,166 | 7,818 | - | 292,113 | 4,433 | 12,760 | - | 309,306 | 1,453 | - | 310,759 | ||||||||||||||||||||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Purchases
of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
(945 | ) | (409,737 | ) | (44,187 | ) | - | (454,869 | ) | - | - | - | (454,869 | ) | (729 | ) | - | (455,598 | ) | |||||||||||||||||||||||||||||
Short
term investments
|
- | - | - | - | - | (54,480 | ) | (116,697 | ) | - | (171,177 | ) | - | - | (171,177 | ) | ||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
- | - | - | - | - | (48,993 | ) | (25,201 | ) | - | (74,194 | ) | - | - | (74,194 | ) | ||||||||||||||||||||||||||||||||
Mortgage
loans
|
- | - | - | - | - | - | (9,550 | ) | - | (9,550 | ) | - | - | (9,550 | ) | |||||||||||||||||||||||||||||||||
Proceeds
from sales of:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment
|
- | 67,280 | 4,388 | - | 71,668 | - | - | - | 71,668 | - | - | 71,668 | ||||||||||||||||||||||||||||||||||||
Short
term investments
|
- | - | - | - | - | 73,716 | 125,364 | - | 199,080 | - | - | 199,080 | ||||||||||||||||||||||||||||||||||||
Fixed
maturities investments
|
- | - | - | - | - | 13,239 | 57,942 | - | 71,181 | - | - | 71,181 | ||||||||||||||||||||||||||||||||||||
Cash
received in excess of purchase of company acquired
|
- | - | - | - | - | - | 1,235 | - | 1,235 | - | - | 1,235 | ||||||||||||||||||||||||||||||||||||
Preferred
stock
|
- | - | - | - | - | - | 225 | - | 225 | - | - | 225 | ||||||||||||||||||||||||||||||||||||
Real
estate
|
- | 148 | (271 | ) | - | (123 | ) | 9,665 | - | - | 9,542 | - | - | 9,542 | ||||||||||||||||||||||||||||||||||
Mortgage
loans
|
- | - | - | - | - | - | 4,835 | - | 4,835 | - | - | 4,835 | ||||||||||||||||||||||||||||||||||||
Payments
from notes and mortgage receivables
|
- | 69 | 683 | - | 752 | - | - | - | 752 | - | - | 752 | ||||||||||||||||||||||||||||||||||||
Net
cash provided (used) by investing activities
|
(945 | ) | (342,240 | ) | (39,387 | ) | - | (382,572 | ) | (6,853 | ) | 38,153 | - | (351,272 | ) | (729 | ) | - | (352,001 | ) | ||||||||||||||||||||||||||||
(page
1 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended September 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
|
- | 266,260 | 54,929 | - | 321,189 | - | - | - | 321,189 | - | - | 321,189 | ||||||||||||||||||||||||||||||||||||
Principal
repayments on credit facilities
|
- | (34,611 | ) | (28,793 | ) | - | (63,404 | ) | - | - | - | (63,404 | ) | (979 | ) | - | (64,383 | ) | ||||||||||||||||||||||||||||||
Debt
issuance costs
|
- | (1,837 | ) | (486 | ) | - | (2,323 | ) | - | - | - | (2,323 | ) | - | - | (2,323 | ) | |||||||||||||||||||||||||||||||
Leveraged
Employee Stock Ownership Plan - repayments from
loan
|
- | 895 | - | - | 895 | - | - | - | 895 | - | - | 895 | ||||||||||||||||||||||||||||||||||||
Proceeds
from (repayment of) intercompany loans
|
(29,460 | ) | 23,584 | 5,876 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Preferred
stock dividends paid
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||||
Investment
contract deposits
|
- | - | - | - | - | - | 12,634 | - | 12,634 | - | - | 12,634 | ||||||||||||||||||||||||||||||||||||
Investment
contract withdrawals
|
- | - | - | - | - | - | (59,353 | ) | - | (59,353 | ) | - | - | (59,353 | ) | |||||||||||||||||||||||||||||||||
Net
cash provided (used) by financing activities
|
(39,183 | ) | 254,291 | 31,526 | - | 246,634 | - | (46,719 | ) | - | 199,915 | (979 | ) | - | 198,936 | |||||||||||||||||||||||||||||||||
Effects
of exchange rate on cash
|
- | (22 | ) | - | - | (22 | ) | - | - | - | (22 | ) | - | - | (22 | ) | ||||||||||||||||||||||||||||||||
Increase
(decrease) in cash and cash equivalents
|
1 | 156,195 | (43 | ) | - | 156,153 | (2,420 | ) | 4,194 | - | 157,927 | (255 | ) | - | 157,672 | |||||||||||||||||||||||||||||||||
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
|
$ | 8 | $ | 296,694 | $ | 813 | $ | - | $ | 297,515 | $ | 7,395 | $ | 8,221 | $ | - | $ | 313,131 | $ | - | $ | - | $ | 313,131 | ||||||||||||||||||||||||
(page
2 of 2)
|
||||||||||||||||||||||||||||||||||||||||||||||||
(a)
Balance for the period ended September 30, 2006
|
United
States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All
amounts are in thousands of U.S. $'s)
|
||||||||||||
Quarter
ended December 31, 2007
|
||||||||||||
Total
revenues
|
$ | 442,667 | $ | 26,001 | $ | 468,668 | ||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
61,207 | 2,495 | 63,702 | |||||||||
Interest
expense
|
25,012 | 215 | 25,227 | |||||||||
Pretax
loss
|
(16,633 | ) | (235 | ) | (16,868 | ) | ||||||
Income
tax benefit
|
(6,395 | ) | (79 | ) | (6,474 | ) | ||||||
Identifiable
assets
|
3,671,100 | 118,243 | 3,789,343 | |||||||||
Quarter
ended December 31, 2006
|
||||||||||||
Total
revenues
|
$ | 446,975 | $ | 19,643 | $ | 466,618 | ||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
52,762 | 1,475 | 54,237 | |||||||||
Interest
expense
|
21,994 | 137 | 22,131 | |||||||||
Pretax
loss
|
(10,820 | ) | (3,049 | ) | (13,869 | ) | ||||||
Income
tax benefit
|
(3,352 | ) | (1,037 | ) | (4,389 | ) | ||||||
Identifiable
assets
|
3,587,142 | 85,354 | 3,672,496 |
United
States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All
amounts are in thousands of U.S. $'s)
|
||||||||||||
Nine
months ended December 31, 2007
|
||||||||||||
Total
revenues
|
$ | 1,537,745 | $ | 89,638 | $ | 1,627,383 | ||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
163,812 | 7,084 | 170,896 | |||||||||
Interest
expense
|
75,924 | 569 | 76,493 | |||||||||
Pretax
earnings
|
129,553 | 3,498 | 133,051 | |||||||||
Income
tax expense
|
50,028 | 1,191 | 51,219 | |||||||||
Identifiable
assets
|
3,671,100 | 118,243 | 3,789,343 | |||||||||
Nine
months ended December 31, 2006
|
||||||||||||
Total
revenues
|
$ | 1,563,980 | $ | 75,563 | $ | 1,639,543 | ||||||
Depreciation
and amortization, net of (gains) losses on disposals
|
142,397 | 5,049 | 147,446 | |||||||||
Interest
expense
|
61,254 | 402 | 61,656 | |||||||||
Pretax
earnings
|
173,800 | 2,256 | 176,056 | |||||||||
Income
tax expense
|
68,857 | 767 | 69,624 | |||||||||
Identifiable
assets
|
3,587,142 | 85,354 | 3,672,496 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
Service
cost for benefits earned during the period
|
$ | 168 | $ | 141 | ||||
Interest
cost on accumulated postretirement benefit
|
152 | 116 | ||||||
Other
components
|
(110 | ) | (131 | ) | ||||
Net
periodic postretirement benefit cost
|
$ | 210 | $ | 126 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
Service
cost for benefits earned during the period
|
$ | 504 | $ | 423 | ||||
Interest
cost on accumulated postretirement benefit
|
457 | 348 | ||||||
Other
components
|
(330 | ) | (392 | ) | ||||
Net
periodic postretirement benefit cost
|
$ | 631 | $ | 379 |
|
AMERCO’s
four reportable segments are:
|
|
(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
subsidiaries
|
|
(c)
|
Life
Insurance, comprised of Oxford and its wholly-owned subsidiaries
|
|
(d)
|
SAC
Holding II and its subsidiaries (through October 2007)
|
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 329,905 | $ | 328,149 | ||||
Self-storage
revenues
|
29,630 | 31,765 | ||||||
Self-moving
and self-storage products and service sales
|
43,211 | 46,351 | ||||||
Property
management fees
|
6,925 | 5,914 | ||||||
Life
insurance premiums
|
27,757 | 29,454 | ||||||
Property
and casualty insurance premiums
|
7,738 | 6,555 | ||||||
Net
investment and interest income
|
16,044 | 12,799 | ||||||
Other
revenue
|
7,458 | 5,631 | ||||||
Consolidated
revenue
|
$ | 468,668 | $ | 466,618 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Moving
and storage
|
||||||||
Revenues
|
$ | 422,411 | $ | 418,493 | ||||
Earnings
from operations
|
5,435 | 4,911 | ||||||
Property
and casualty insurance
|
||||||||
Revenues
|
10,892 | 11,667 | ||||||
Earnings
from operations
|
2,266 | 738 | ||||||
Life
insurance
|
||||||||
Revenues
|
33,843 | 35,835 | ||||||
Earnings
from operations
|
5,047 | 4,333 | ||||||
SAC
Holding II
|
||||||||
Revenues
|
3,551 | 10,810 | ||||||
Earnings
from operations
|
851 | 3,011 | ||||||
Eliminations
|
||||||||
Revenues
|
(2,029 | ) | (10,187 | ) | ||||
Earnings
from operations
|
(5,240 | ) | (4,731 | ) | ||||
Consolidated
results
|
||||||||
Revenues
|
468,668 | 466,618 | ||||||
Earnings
from operations
|
8,359 | 8,262 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 329,905 | $ | 328,149 | ||||
Self-storage
revenues
|
27,958 | 26,706 | ||||||
Self-moving
and self-storage products and service sales
|
42,134 | 42,992 | ||||||
Property
management fees
|
7,137 | 6,559 | ||||||
Net
investment and interest income
|
9,029 | 9,490 | ||||||
Other
revenue
|
6,248 | 4,597 | ||||||
Moving
and Storage revenue
|
$ | 422,411 | $ | 418,493 |
Quarter
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except occupancy rate)
|
||||||||
Room
count as of December 31
|
132 | 126 | ||||||
Square
footage as of December 31
|
10,529 | 9,948 | ||||||
Average
number of rooms occupied
|
108 | 107 | ||||||
Average
occupancy rate based on room count
|
82.6 | % | 85.4 | % | ||||
Average
square footage occupied
|
8,740 | 8,585 |
Quarter
Ended December 31,
|
||||||||
2007
(a)
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 689 | $ | 2,018 | ||||
Self-storage
revenues
|
1,672 | 5,059 | ||||||
Self-moving
and self-storage products and service sales
|
1,077 | 3,359 | ||||||
Other
revenue
|
113 | 374 | ||||||
Segment
revenue
|
$ | 3,551 | $ | 10,810 | ||||
(a)
Activity for the month of October 2007, prior to
deconsolidation
|
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 1,165,783 | $ | 1,181,103 | ||||
Self-storage
revenues
|
94,754 | 94,612 | ||||||
Self-moving
and self-storage products and service sales
|
174,420 | 175,718 | ||||||
Property
management fees
|
14,865 | 13,747 | ||||||
Life
insurance premiums
|
84,881 | 91,493 | ||||||
Property
and casualty insurance premiums
|
20,986 | 18,407 | ||||||
Net
investment and interest income
|
46,832 | 41,900 | ||||||
Other
revenue
|
24,862 | 22,563 | ||||||
Consolidated
revenue
|
$ | 1,627,383 | $ | 1,639,543 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Moving
and storage
|
||||||||
Revenues
|
$ | 1,478,151 | $ | 1,484,952 | ||||
Earnings
from operations
|
198,906 | 233,622 | ||||||
Property
and casualty insurance
|
||||||||
Revenues
|
30,301 | 28,995 | ||||||
Earnings
from operations
|
8,304 | 4,103 | ||||||
Life
insurance
|
||||||||
Revenues
|
104,486 | 112,703 | ||||||
Earnings
from operations
|
10,929 | 11,687 | ||||||
SAC
Holding II
|
||||||||
Revenues
|
28,102 | 35,824 | ||||||
Earnings
from operations
|
7,926 | 11,273 | ||||||
Eliminations
|
||||||||
Revenues
|
(13,657 | ) | (22,931 | ) | ||||
Earnings
from operations
|
(16,521 | ) | (16,004 | ) | ||||
Consolidated
results
|
||||||||
Revenues
|
1,627,383 | 1,639,543 | ||||||
Earnings
from operations
|
209,544 | 244,681 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 1,165,783 | $ | 1,181,103 | ||||
Self-storage
revenues
|
83,285 | 79,663 | ||||||
Self-moving
and self-storage products and service sales
|
164,381 | 163,222 | ||||||
Property
management fees
|
16,565 | 15,893 | ||||||
Net
investment and interest income
|
26,877 | 26,338 | ||||||
Other
revenue
|
21,260 | 18,733 | ||||||
Moving
and Storage revenue
|
$ | 1,478,151 | $ | 1,484,952 |
Nine
Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except occupancy rate)
|
||||||||
Room
count as of December 31
|
132 | 126 | ||||||
Square
footage as of December 31
|
10,529 | 9,948 | ||||||
Average
number of rooms occupied
|
110 | 109 | ||||||
Average
occupancy rate based on room count
|
84.9 | % | 87.6 | % | ||||
Average
square footage occupied
|
8,835 | 8,702 |
Nine
Months Ended December 31,
|
||||||||
2007
(a)
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Self-moving
equipment rentals
|
$ | 5,846 | $ | 7,328 | ||||
Self-storage
revenues
|
11,469 | 14,949 | ||||||
Self-moving
and self-storage products and service sales
|
10,039 | 12,496 | ||||||
Other
revenue
|
748 | 1,051 | ||||||
Segment
revenue
|
$ | 28,102 | $ | 35,824 | ||||
(a)
Activity for the seven months ended October 2007, prior to
deconsolidation
|
Moving
& Storage
|
RepWest
(a)
|
Oxford
(a)
|
||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Cash
and cash equivalents
|
$ | 190,447 | $ | 6,288 | $ | 6,988 | ||||||
Other
financial assets
|
339,179 | 382,636 | 592,724 | |||||||||
Debt
obligations (b)
|
1,427,257 | - | - | |||||||||
(a)
As of September 30, 2007
|
||||||||||||
(b)
Payable to third parties
|
December
31, 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
|
|||||||
$ 101,073,374 |
(a), (b)
|
(2,942,230 | ) |
5/10/2006
|
4/10/2012
|
5.06 | % |
1
Month LIBOR
|
||||
111,231,348
|
(a), (b)
|
(4,619,027 | ) |
10/10/2006
|
10/10/2012
|
5.57 | % |
1
Month LIBOR
|
||||
36,855,796
|
(a)
|
(1,662,147 | ) |
7/10/2006
|
7/10/2013
|
5.67 | % |
1
Month LIBOR
|
||||
286,666,667
|
(a)
|
(18,867,244 | ) |
8/18/2006
|
8/10/2018
|
5.43 | % |
1
Month LIBOR
|
||||
25,000,000
|
(a)
|
(927,658 | ) |
2/12/2007
|
2/10/2014
|
5.24 | % |
1
Month LIBOR
|
||||
17,000,000
|
(a)
|
(476,345 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1
Month LIBOR
|
||||
17,000,000
|
(a)
|
(464,484 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1
Month LIBOR
|
||||
(a)
interest rate swap agreement
|
||||||||||||
(b)
forward swap
|
·
|
require
us to allocate a considerable portion of cash flows from operations
to
debt service payments;
|
·
|
limit
our ability to obtain additional financing;
and
|
·
|
place
us at a disadvantage compared to our competitors who may have less
debt.
|
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 Exhibit 99.1 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 Exhibit 99.2 to AMERCO’s Current Report on Form 8-K filed
October 20, 2003, file no. 1-11255
|
2.3
|
First
Amended Joint Plan of Reorganization of AMERCO and AMERCO Real Estate
Company
|
Incorporated
by reference to Exhibit 2.3 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 Exhibit 2.4 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 Exhibit 3.1 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 Exhibit 3.1 to AMERCO’s current 8-K filed December 5,
2007, file No. 1-11255
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and
Chairman
of the Board of AMERCO
|
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
|