U-Haul 2011 Annual Report Download - page 102

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-46
Consolidating statements of operations by industry segment for period ending March 31, 2010 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 -$ 1,421,331$ -$ -$ 1,421,331$ -$ -$ (1,605)$ (c) 1,419,726$
Self-storage revenues - 109,047 1,322 - 110,369 - - - 110,369
Self-moving & self-storage products & service sales - 198,785 - - 198,785 - - - 198,785
Property management fees - 21,632 - - 21,632 - - - 21,632
Life insurance premiums - - - - - - 134,345 - 134,345
Property and casualty insurance premiums - - - - - 27,625 - - 27,625
Net investment and interest income 4,390 21,665 - - 26,055 6,765 18,463 (1,294) (b,e) 49,989
Other revenue - 43,836 74,481 (80,167) (b) 38,150 - 2,917 (1,533) (b) 39,534
Total revenues 4,390 1,816,296 75,803 (80,167) 1,816,322 34,390 155,725 (4,432) 2,002,005
Costs and expenses:
Operating expenses 8,120 1,050,844 8,064 (80,167) (b) 986,861 13,552 24,752 (3,104) (b,c) 1,022,061
Commission expenses - 169,104 - - 169,104 - - - 169,104
Cost of sales - 104,049 - - 104,049 - - - 104,049
Benefits and losses - - - - - 14,559 106,546 - 121,105
Amortization of deferred policy acquisition costs - - - - - - 7,569 - 7,569
Lease expense 85 158,079 8 - 158,172 - - (1,221) (b) 156,951
Depreciation, net of (gains) losses on disposals 17 214,625 12,987 - 227,629 - - - 227,629
Total costs and expenses 8,222 1,696,701 21,059 (80,167) 1,645,815 28,111 138,867 (4,325) 1,808,468
Equity in earnings of subsidiaries 7,208 - - 7,614 (d) 14,822 - - (14,822) (d) -
Earnings from operations 3,376 119,595 54,744 7,614 185,329 6,279 16,858 (14,929) 193,537
Interest income (expense) 96,274 (155,519) (34,102) - (93,347) - - - (93,347)
Pretax earnings (loss) 99,650 (35,924) 20,642 7,614 91,982 6,279 16,858 (14,929) 100,190
Income tax benefit (expense) (33,920) 16,368 (8,700) - (26,252) (1,796) (6,519) - (34,567)
Net earnings (loss) 65,730 (19,556) 11,942 7,614 65,730 4,483 10,339 (14,929) 65,623
Excess of carrying amount of preferred stock over consideration paid - - - - - - - 388 388
Less: Preferred stock dividends (12,963) - - - (12,963) - - 107 (e) (12,856)
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(a) Balances for the year ended December 31, 2009
(b) Eliminate intercompany lease income
(
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Moving & Storage AMERCO Legal Group
(In thousands)