U-Haul 2007 Annual Report Download - page 85

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
The Company sold available-for-sale securities with a fair value of $113.4 million in 2006, $170.6 million in 2005, and
$167.5 million in 2004. The gross realized gains on these sales totaled $1.6 million in 2006, $5.1 million in 2005 and $2.3
million in 2004. The Company realized gross losses on these sales of $1.9 million in 2006, $3.3 million in 2005 and $1.7
million in 2004.
The unrealized losses of more than twelve months in the above table are considered temporary declines. The Company
tracks each investment with an unrealized loss and evaluates them on an individual basis for other-than-temporary
impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing
underlying management’ s future plans. Certain of these investments had declines determined by management to be other -
than-temporary and the Company recognized these write-downs through earnings in the amounts of approximately $1.4
million in 2006, $5.3 million in 2005 and $4.3 million in 2004.
The adjusted cost and estimated market value of available-for-sale investments in debt securities at December 31, 2006
and December 31, 2005, by contractual maturity, were as follows:
Amortized
Cost
Estimated
Market
Value
Amortized
Cost
Estimated
Market
Value
Due in one year or less $ 57,304 $ 57,183 $ 58,593 $ 58,466
Due after one year through five years 227,023 225,926 216,188 216,119
Due after five years through ten years 166,473 165,477 154,656 154,490
After ten years 197,794 199,576 131,344 135,147
648,594 648,162 560,781 564,222
Mortgage backed securities 16,149 15,953 112,432 111,581
Redeemable preferred stocks 17,331 17,601 18,531 19,048
Equity securities 112 85 184 85
$ 682,186 $ 681,801 $ 691,928 $ 694,936
December 31, 2006 December 31, 2005
(In thousands)
Investments, other
The carrying value of other investments was as follows:
2007 2006
Short-term investments $ 102,304 $ 129,325
Real estate 18,107 25,344
Mortgage loans, net 52,463 48,392
Policy loans 4,749 5,027
Other equity investments 1,076 1,273
$ 178,699 $ 209,361
March 31,
(In thousands)
Short-term investments primarily consist of securities with fixed maturities of three months to one year from acquisition
date.
Mortgage loans are carried at the unpaid balance, less an allowance for probable losses and any unamortized premium
or discount. The allowance for probable losses was $0.8 million and $1.2 million as of March 31, 2007 and 2006,
respectively. The estimated fair value of these loans as of March 31, 2007 and 2006, respectively approximated the carrying
value. These loans represent first lien mortgages held by the Company’ s insurance subsidiaries.
Real estate obtained through foreclosure and held for sale is carried at the lower of fair value at time of foreclosure or
current estimated fair value. Equity investments are carried at cost and assessed for impairment.
Insurance policy loans are carried at their unpaid balance.
F-20