U-Haul 2008 Annual Report Download - page 103

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-46
Consolidating statements of operations by industry segment for period ending March 31, 2006 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 -$ 1,489,429$ -$ -$ 1,489,429$ -$ -$ -$ 1,489,429$ 9,498$ (9,498)$ (b) 1,489,429$
Self-storage revenues - 99,060 1,813 - 100,873 - - - 100,873 18,869 - 119,742
Self-moving & self-storage products & service sales - 207,119 - - 207,119 - - - 207,119 16,602 - 223,721
Property management fees - 23,988 - - 23,988 - - - 23,988 - (2,793) (g) 21,195
Life insurance premiums - - - - - - 120,352 (1,519) (c) 118,833 - - 118,833
Property and casualty insurance premiums - - - - - 26,001 - - 26,001 - - 26,001
Net investment and interest income 5,108 24,894 23 - 30,025 11,357 21,964 (8,358) (b,d) 54,988 - (6,709) (d) 48,279
Other revenue 459 39,303 61,910 (66,778) (b) 34,894 - 5,764 (893) (b) 39,765 1,270 (710) (b) 40,325
Total revenues 5,567 1,883,793 63,746 (66,778) 1,886,328 37,358 148,080 (10,770) 2,060,996 46,239 (19,710) 2,087,525
Costs and expenses:
Operating expenses 12,722 1,085,602 6,197 (66,778) (b) 1,037,743 10,769 27,009 (13,479) (b, c, d) 1,062,042 22,909 (2,793) (g) 1,082,158
Commission expenses - 175,459 - - 175,459 - - - 175,459 - (9,498) (b) 165,961
Cost of sales - 105,872 - - 105,872 - - - 105,872 7,263 - 113,135
Benefits and losses - - - - - 22,590 85,732 8,838 (c) 117,160 - - 117,160
Amortization of deferred policy acquisition costs - - - - - 2,855 21,406 - 24,261 - - 24,261
Lease expense 81 143,344 66 - 143,491 - - (6,129) (b) 137,362 - (710) (b) 136,652
Depreciation, net of (gains) losses on disposals 79 131,803 9,071 - 140,953 - - - 140,953 2,424 (560) (e) 142,817
Total costs and expenses 12,882 1,642,080 15,334 (66,778) 1,603,518 36,214 134,147 (10,770) 1,763,109 32,596 (13,561) 1,782,144
Equity in earnings of subsidiaries 163,004 - - (153,424) (f) 9,580 - - (9,580) (f) - - - -
Equity in earnings of SAC Holding II 384 - - - 384 - - - 384 - (384) (f) -
Total - equity in earnings of subsidiaries and SAC Holding II 163,388 - - (153,424) 9,964 - - (9,580) 384 - (384) -
Earnings from operations 156,073 241,713 48,412 (153,424) 292,774 1,144 13,933 (9,580) 298,271 13,643 (6,533) 305,381
Interest expense (24,636) (14,383) (24,331) - (63,350) - - - (63,350) (12,840) 6,709 (d) (69,481)
Fees and amortization on early extinguishment of debt (35,627) - - - (35,627) - - - (35,627) - - (35,627)
Pretax earnings 95,810 227,330 24,081 (153,424) 193,797 1,144 13,933 (9,580) 199,294 803 176 200,273
Income tax benefit (expense) 24,996 (87,910) (10,077)
-
(72,991) (513) (4,984) - (78,488) (419) (212) (e) (79,119)
Net earnings 120,806 139,420 14,004 (153,424) 120,806 631 8,949 (9,580) 120,806 384 (36) 121,154
Less: Preferred stock dividends (12,963) - - - (12,963) - - - (12,963) - - (12,963)
Earn
i
ngs ava
il
a
bl
e to common s
h
are
h
o
ld
ers 107,843$ 139,420$ 14,004$ (153,424)$ 107,843$ 631$ 8,949$ (9,580)$ 107,843$ 384$ (36)$ 108,191$
(a) Balances for the year ended December 31, 2005
(b) Eliminate intercompany lease income and commission income
(c ) Eliminate intercompany premiums and 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) Eliminate management fees charged to SAC Holding II and other intercompany operating expenses
(In thousands)
Moving & Storage AMERCO Legal Group AMERCO as Consolidated