U-Haul 2011 Annual Report Download - page 101

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-45
Consolidating statements of operations by industry segment for period ending March 31, 2011 are as follows:
AMERCO U-Haul Real Estate Eliminations
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a) Eliminations
AMERCO
Consolidated
Revenues:
Self-moving equipment rentals -$ 1,549,058$ -$ -$ 1,549,058$ -$ -$ (2,043)$ (c) 1,547,015$
Self-storage revenues - 119,359 1,339 - 120,698 - - - 120,698
Self-moving & self-storage products & service sales - 205,570 - - 205,570 - - - 205,570
Property management fees - 22,132 - - 22,132 - - - 22,132
Life insurance premiums - - - - - - 206,992 - 206,992
Property and casualty insurance premiums - - - - - 30,704 - - 30,704
Net investment and interest income 5,140 20,562 - - 25,702 7,959 20,738 (1,738) (b,e) 52,661
Other revenue 20 60,230 77,947 (83,531) (b) 54,666 - 2,181 (1,344) (b) 55,503
Total revenues 5,160 1,976,911 79,286 (83,531) 1,977,826 38,663 229,911 (5,125) 2,241,275
Costs and expenses:
Operating expenses 7,489 1,050,921 9,473 (83,531) (b) 984,352 15,824 29,754 (3,353) (b,c) 1,026,577
Commission expenses - 190,981 - - 190,981 - - - 190,981
Cost of sales - 106,024 - - 106,024 - - - 106,024
Benefits and losses - - - - - 17,201 173,228 - 190,429
Amortization of deferred policy acquisition costs - - - - - - 9,494 - 9,494
Lease expense 90 151,918 22 - 152,030 - - (1,221) (b) 150,809
Depreciation, net of (gains) losses on disposals 9 177,116 12,141 - 189,266 - - - 189,266
Total costs and expenses 7,588 1,676,960 21,636 (83,531) 1,622,653 33,025 212,476 (4,574) 1,863,580
Equity in earnings of subsidiaries 132,570 - - (117,643) (d) 14,927 - - (14,927) (d) -
Earnings from operations 130,142 299,951 57,650 (117,643) 370,100 5,638 17,435 (15,478) 377,695
Interest income (expense) 85,584 (129,516) (44,449) - (88,381) - - - (88,381)
Pretax earnings 215,726 170,435 13,201 (117,643) 281,719 5,638 17,435 (15,478) 289,314
Income tax expense (31,600) (60,342) (5,651) - (97,593) (1,831) (6,315) - (105,739)
Net earnings 184,126 110,093 7,550 (117,643) 184,126 3,807 11,120 (15,478) 183,575
Loss of carrying amount of preferred stock over consideration paid - - - - - - - (178) (178)
Less: Preferred stock dividends (12,963) - - - (12,963) - - 551 (e) (12,412)
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ers 171,163$ 110,093$ 7,550$ (117,643)$ 171,163$ 3,807$ 11,120$ (15,105)$ 170,985$
(a) Balances for the year ended December 31, 2010
(b) Eliminate intercompany lease income
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Moving & Storage AMERCO Legal Group
(In thousands)