U-Haul 2009 Annual Report Download - page 103

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-48
Consolidating statements of operations by industry segment for period ending March 31, 2008 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 (h) Eliminations
Total
Consolidated
Revenues:
Self-moving equipment rentals -$ 1,451,292$ -$ -$ 1,451,292$ -$ -$ -$ 1,451,292$ 5,846$ (5,846)$ (b) 1,451,292$
Self-storage revenues - 108,965 1,814 - 110,779 - - - 110,779 11,469 - 122,248
Self-moving & self-storage products & service sales - 207,759 - - 207,759 - - - 207,759 10,039 - 217,798
Property management fees - 24,520 - - 24,520 - - - 24,520 - (1,700) (g) 22,820
Life insurance premiums - - - - - - 111,996 - 111,996 - - 111,996
Property and casualty insurance premiums - - - - - 28,388 - - 28,388 - - 28,388
Net investment and interest income 4,498 30,250 158 - 34,906 12,090 20,935 (1,771) (b,d) 66,160 - (4,050) (d) 62,110
Other revenue - 33,645 70,163 (74,834) (b) 28,974 - 4,517 (1,303) (b) 32,188 748 (414) (b) 32,522
Total revenues 4,498 1,856,431 72,135 (74,834) 1,858,230 40,478 137,448 (3,074) 2,033,082 28,102 (12,010) 2,049,174
Costs and expenses:
Operating expenses 10,071 1,094,806 9,862 (74,834) (b) 1,039,905 11,999 23,847 (8,075) (b,c,d) 1,067,676 13,510 (1,700) (g) 1,079,486
Commission expenses - 173,791 - - 173,791 - - - 173,791 - (5,846) (b) 167,945
Cost of sales - 115,018 - - 115,018 - - - 115,018 5,192 - 120,210
Benefits and losses - - - - - 19,045 83,408 6,364 (c) 108,817 - - 108,817
Amortization of deferred policy acquisition costs - - - - - 190 12,991 - 13,181 - - 13,181
Lease expense 94 135,401 50 - 135,545 - - (1,200) (b) 134,345 - (414) (b) 133,931
Depreciation, net of (gains) losses on disposals 515 220,696 (476) - 220,735 - - - 220,735 1,474 (327) (e) 221,882
Total costs and expenses 10,680 1,739,712 9,436 (74,834) 1,684,994 31,234 120,246 (2,911) 1,833,563 20,176 (8,287) 1,845,452
Equity in earnings of subsidiaries 15,426 - - 4,086 (f) 19,512 - - (19,512) (f) - - - -
Equity in earnings of SAC Holding II 222 - - - 222 - - - 222 - (222) (f) -
Total - equity in earnings of subsidiaries and SAC Holding II 15,648 - - 4,086 19,734 - - (19,512) 222 - (222) -
Earnings from operations 9,466 116,719 62,699 4,086 192,970 9,244 17,202 (19,675) 199,741 7,926 (3,945) 203,722
Interest income (expense) 88,613 (136,041) (50,668) - (98,096) - - 163 (d) (97,933) (7,537) 4,050 (d) (101,420)
Pretax earnings (loss) 98,079 (19,322) 12,031 4,086 94,874 9,244 17,202 (19,512) 101,808 389 105 102,302
Income tax benefit (expense) (30,498) 9,166 (5,961) - (27,293) (3,335) (3,599) - (34,227) (167) (124) (e) (34,518)
Net earnings (loss) 67,581 (10,156) 6,070 4,086 67,581 5,909 13,603 (19,512) 67,581 222 (19) 67,784
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 54,618$ (10,156)$ 6,070$ 4,086$ 54,618$ 5,909$ 13,603$ (19,512)$ 54,618$ 222$ (19)$ 54,821$
(a) Balances for the year ended December 31, 2007
(b) Eliminate intercompany lease income and commission income
(c ) Eliminate intercompany expenses
(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
)
E
li
m
i
nate management
f
ees c
h
arge
d
to
SAC
Ho
ldi
ng II an
d
ot
h
er
i
ntercompany operat
i
ng expenses
(h) Activity for the seven months ended October 2007, prior to deconsolidation
(In thousands)
Moving & Storage AMERCO Legal Group AMERCO as Consolidated