U-Haul 2007 Annual Report Download - page 116

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-51
Consolidating statements of operations by industry segment for period ending March 31, 2005 are as follows
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
Revenues:
Self-moving equipment rentals -$ 1,437,895$ -$ -$ 1,437,895$ -$ -$ -$ 1,437,895$ 9,008$ (9,008)$ (b) 1,437,895$
Self-storage revenues - 94,431 1,771 - 96,202 - - - 96,202 17,953 - 114,155
Self-moving & self-storage products & service sales - 191,078 - - 191,078 - - - 191,078 15,020 - 206,098
Property management fees - 14,434 - - 14,434 - - - 14,434 - (2,595) (g) 11,839
Life insurance premiums - - - - - - 127,710 (1,474) (c) 126,236 - - 126,236
Property and casualty insurance premiums - - - - - 24,987 - - 24,987 - - 24,987
Net investment and interest income 7,796 22,030 76 - 29,902 16,430 23,476 (5,109) (d) 64,699 - (7,960) (d) 56,739
Other revenue 552 27,489 56,116 (62,001) (b) 22,156 - 8,298 (763) (b) 29,691 1,191 (710) (b) 30,172
Total revenues 8,348 1,787,357 57,963 (62,001) 1,791,667 41,417 159,484 (7,346) 1,985,222 43,172 (20,273) 2,008,121
Costs and expenses:
Operating expenses 18,065 1,100,737 7,051 (62,001) (b) 1,063,852 11,787 42,166 (16,504) (b,c) 1,101,301 23,491 (2,595) (g) 1,122,197
Commission expenses - 181,315 - - 181,315 - - - 181,315 - (9,008) (b) 172,307
Cost of sales - 98,877 - - 98,877 - - - 98,877 6,432 - 105,309
Benefits and losses - - - - - 39,733 91,452 9,158 (c) 140,343 - - 140,343
Amortization of deferred policy acquisition costs - - - - - 4,711 23,801 - 28,512 - - 28,512
Lease expense 90 151,937 37 - 152,064 - - - 152,064 - (710) (b) 151,354
Depreciation, net of (gains) losses on disposals 31 114,038 4,811 - 118,880 - - - 118,880 2,783 (560) (e) 121,103
Total costs and expenses 18,186 1,646,904 11,899 (62,001) 1,614,988 56,231 157,419 (7,346) 1,821,292 32,706 (12,873) 1,841,125
Equity in earnings of subsidiaries 108,673 - - (117,135) (f) (8,462) - - 8,462 (f) - - - -
Equity in earnings of SAC Holding II (2,232) - - - (2,232) - - - (2,232) - 2,232 (f) -
Total - equity in earnings of subsidiaries and SAC Holding II 106,441 - - (117,135) (10,694) - - 8,462 (2,232) - 2,232 -
Earnings (loss) from operations 96,603 140,453 46,064 (117,135) 165,985 (14,814) 2,065 8,462 161,698 10,466 (5,168) 166,996
Interest income (expense) (70,235) 15,687 (12,430) - (66,978) - - - (66,978) (14,187) 7,960 (d) (73,205)
Litigation settlement, net of costs, fees and expenses 51,341 - - - 51,341 - - - 51,341 - - 51,341
Pretax earnings (loss) 77,709 156,140 33,634 (117,135) 150,348 (14,814) 2,065 8,462 146,061 (3,721) 2,792 145,132
Income tax benefit (expense) 11,367 (59,160) (13,479) - (61,272) 5,104 (817) - (56,985) 1,489 (212) (e) (55,708)
Net earnings (loss) 89,076 96,980 20,155 (117,135) 89,076 (9,710) 1,248 8,462 89,076 (2,232) 2,580 89,424
Less: Preferred stock dividends (12,963) - - - (12,963) - - - (12,963) - - (12,963)
Earn
i
ngs
(l
oss
)
ava
il
a
bl
e to common s
h
are
h
o
ld
ers 76,113$ 96,980$ 20,155$ (117,135)$ 76,113$ (9,710)$ 1,248$ 8,462$ 76,113$ (2,232)$ 2,580$ 76,461$
(a) Balances for the year ended December 31, 2004
(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
)
Eli
m
i
nate management
f
ees c
h
arge
d
to
SAC
H
o
ldi
ng
II
an
d
ot
h
er
i
ntercompany operat
i
ng expenses
(In thousands)
Moving & Storage AMERCO Legal Group AMERCO as Consolidated