Commission
File
Number
|
Registrant,
State of Incorporation
Address
and Telephone Number
|
I.R.S.
Employer
Identification
No.
|
|
||
1-11255
|
AMERCO
|
88-0106815
|
(A
Nevada Corporation)
|
||
1325
Airmotive Way, Ste. 100
|
||
Reno,
Nevada 89502-3239
|
||
Telephone
(775) 688-6300
|
||
2-38498
|
U-Haul
International, Inc.
|
86-0663060
|
(A
Nevada Corporation)
|
||
2727
N. Central Avenue
|
||
Phoenix,
Arizona 85004
|
||
Telephone
(602) 263-6645
|
||
Securities
registered pursuant to Section 12(b) of the Act:
|
||
Registrant
|
Title
of Class
|
Name
of Each Exchange on Which Registered
|
AMERCO
|
Series
A 8 ½% Preferred Stock
|
New
York Stock Exchange
|
U-Haul
International, Inc.
|
None
|
|
Securities
registered pursuant to Section 12(g) of the Act:
|
||
Registrant
|
Title
of Class
|
Name
of Each Exchange on Which Registered
|
AMERCO
|
Common
|
NASDAQ
|
U-Haul
International, Inc.
|
None
|
Page
No.
|
|||
PART
I
|
|||
Item
1.
|
Business
|
2
-
10
|
|
Item
1A.
|
Risk
Factors
|
10
- 12
|
|
Item
1B.
|
Unresolved
Staff Comments
|
12
|
|
Item
2.
|
Properties
|
12
|
|
Item
3.
|
Legal
Proceedings
|
13
- 14
|
|
Item
4.
|
14
|
||
PART
II
|
|||
Item
5.
|
14
- 15
|
||
Item
6.
|
16
- 17
|
||
Item
7.
|
18
- 44
|
||
Item
7A.
|
45
|
||
45
|
|||
Item
9.
|
45
|
||
Item
9A.
|
46
- 47
|
||
Item
9B.
|
Other
information
|
47
|
|
PART
III
|
|||
Item
10.
|
50
|
||
Item
11.
|
50
|
||
Item
12.
|
50
|
||
Item
13.
|
50
|
||
Item
14.
|
50
|
||
PART
IV
|
|||
Item
15.
|
51
-58
|
Year
Ended March 31,
|
||||||||||||||||
2006
|
2005
|
|||||||||||||||
|
High
|
Low
|
High
|
Low
|
||||||||||||
First
quarter
|
$
|
56.10
|
$
|
42.75
|
$
|
29.50
|
$
|
19.76
|
||||||||
Second
quarter
|
$
|
63.61
|
$
|
52.80
|
$
|
38.03
|
$
|
21.00
|
||||||||
Third
quarter
|
$
|
73.68
|
$
|
54.60
|
$
|
46.54
|
$
|
36.89
|
||||||||
Fourth
quarter
|
$
|
101.24
|
$
|
65.45
|
$
|
48.23
|
$
|
41.50
|
Year
Ended March 31,
|
||||||||||||||||
2006
|
2005
|
2004
|
2003
|
2002
|
||||||||||||
(In
thousands, except share and per share data)
|
||||||||||||||||
Summary
of Operations:
|
||||||||||||||||
Self-moving
equipment rentals
|
$
|
1,503,569
|
$
|
1,437,895
|
$
|
1,381,208
|
$
|
1,293,732
|
$
|
1,253,887
|
||||||
Self-storage
revenues
|
122,119
|
114,155
|
247,640
|
238,938
|
223,135
|
|||||||||||
Self-moving
and self-storage products and service sales
|
223,721
|
206,098
|
232,965
|
223,677
|
225,510
|
|||||||||||
Property
management fees
|
21,195
|
11,839
|
259
|
89
|
88
|
|||||||||||
Life
insurance premiums
|
118,833
|
126,236
|
145,082
|
158,719
|
157,371
|
|||||||||||
Property
and casualty insurance premiums
|
26,001
|
24,987
|
92,036
|
149,206
|
253,799
|
|||||||||||
Net
investment and interest income
|
53,094
|
56,739
|
38,281
|
40,731
|
47,343
|
|||||||||||
Other
revenue
|
38,094
|
30,172
|
38,523
|
36,252
|
38,283
|
|||||||||||
Total
revenues
|
2,106,626
|
2,008,121
|
2,175,994
|
2,141,344
|
2,199,416
|
|||||||||||
Operating
expenses
|
1,080,990
|
1,122,197
|
1,179,996
|
1,182,222
|
1,212,403
|
|||||||||||
Commission
expenses
|
180,101
|
172,307
|
147,010
|
138,652
|
137,806
|
|||||||||||
Cost
of sales
|
113,135
|
105,309
|
111,906
|
115,115
|
122,694
|
|||||||||||
Benefits
and losses
|
117,160
|
140,343
|
217,447
|
248,349
|
376,673
|
|||||||||||
Amortization
of deferred policy acquisition costs
|
24,261
|
28,512
|
39,083
|
37,681
|
40,674
|
|||||||||||
Lease
expense
|
142,781
|
151,354
|
160,727
|
166,101
|
164,075
|
|||||||||||
Depreciation,
net of (gains) losses on disposal
|
142,817
|
121,103
|
148,813
|
137,446
|
102,957
|
|||||||||||
Restructuring
expense
|
-
|
-
|
44,097
|
6,568
|
-
|
|||||||||||
Total
costs and expenses
|
1,801,245
|
1,841,125
|
2,049,079
|
2,032,134
|
2,157,282
|
|||||||||||
Earnings
from operations
|
305,381
|
166,996
|
126,915
|
109,210
|
42,134
|
|||||||||||
Interest
expense
|
(69,481
|
)
|
(73,205
|
)
|
(121,690
|
)
|
(148,131
|
)
|
(109,465
|
)
|
||||||
Fees
on early extinguishment of debt (b)
|
(35,627
|
)
|
-
|
-
|
-
|
-
|
||||||||||
Litigation
settlement, net of costs, fees and expenses
|
-
|
51,341
|
-
|
-
|
-
|
|||||||||||
Pretax
earnings (loss)
|
200,273
|
145,132
|
5,225
|
(38,921
|
)
|
(67,331
|
)
|
|||||||||
Income
tax benefit (expense)
|
(79,119
|
)
|
(55,708
|
)
|
(8,077
|
)
|
13,935
|
19,891
|
||||||||
Net
earnings (loss)
|
121,154
|
89,424
|
(2,852
|
)
|
(24,986
|
)
|
(47,440
|
)
|
||||||||
Less:
Preferred stock dividends
|
(12,963
|
)
|
(12,963
|
)
|
(12,963
|
)
|
(12,963
|
)
|
(12,963
|
)
|
||||||
Earnings
(loss) available to common shareholders
|
$
|
108,191
|
$
|
76,461
|
$
|
(15,815
|
)
|
$
|
(37,949
|
)
|
$
|
(60,403
|
)
|
|||
Net
earnings (loss) per common share basic and diluted
|
$
|
5.19
|
$
|
3.68
|
$
|
$(0.76
|
)
|
$
|
(1.82
|
)
|
$
|
(2.87
|
)
|
|||
Weighted
average common shares outstanding: Basic and diluted
|
20,857,108
|
20,804,773
|
20,749,998
|
20,824,618
|
21,063,720
|
|||||||||||
Cash
dividends declared and accrued
|
||||||||||||||||
Preferred
stock
|
$
|
12,963
|
$
|
12,963
|
$
|
12,963
|
$
|
12,963
|
$
|
12,963
|
||||||
Balance
Sheet Data:
|
||||||||||||||||
Property,
plant and equipment, net
|
1,535,165
|
1,354,468
|
1,451,805
|
1,946,317
|
1,936,076
|
|||||||||||
Total
assets
|
3,367,218
|
3,116,173
|
3,394,748
|
3,832,372
|
3,732,317
|
|||||||||||
Capital
leases
|
-
|
-
|
99,607
|
137,031
|
-
|
|||||||||||
AMERCO's
notes and loans payable
|
965,634
|
780,008
|
862,703
|
940,063
|
1,045,801
|
|||||||||||
SAC
Holdings' notes and loans payable non-recourse to AMERCO
(a)
|
76,232
|
77,474
|
78,637
|
466,781
|
561,887
|
|||||||||||
Stockholders'
equity
|
695,604
|
572,839
|
503,846
|
327,448
|
381,524
|
|||||||||||
(a)
The amounts for fiscal 2006, 2005 and 2004, respectively are for
SAC
Holding II; 2003 and 2002 include SAC Holdings.
|
||||||||||||||||
(b)
Includes the write off of debt issuance costs of $14.4
million.
|
Year
Ended March 31,
|
||||||||||||||||
2006
|
2005
|
2004
|
2003
|
2002
|
||||||||||||
(In
thousands)
|
||||||||||||||||
Summary
of Operations:
|
||||||||||||||||
Self-moving
equipment rentals
|
$
|
1,503,569
|
$
|
1,437,895
|
$
|
1,380,991
|
$
|
1,293,686
|
$
|
1,253,695
|
||||||
Self-storage
revenues
|
101,437
|
94,431
|
118,335
|
109,985
|
130,691
|
|||||||||||
Self-moving
and self-storage products and service sales
|
207,119
|
191,078
|
182,327
|
174,853
|
201,006
|
|||||||||||
Property
management fees
|
23,988
|
14,434
|
12,974
|
12,431
|
8,036
|
|||||||||||
Net
investment and interest income
|
24,894
|
22,030
|
21,504
|
29,358
|
22,686
|
|||||||||||
Other
revenue
|
36,926
|
27,489
|
35,580
|
18,378
|
27,795
|
|||||||||||
Total
revenues
|
1,897,933
|
1,787,357
|
1,751,711
|
1,638,691
|
1,643,909
|
|||||||||||
Operating
expenses
|
1,085,602
|
1,100,737
|
1,062,695
|
1,029,774
|
1,088,390
|
|||||||||||
Commission
expenses
|
189,599
|
181,315
|
176,165
|
166,334
|
150,691
|
|||||||||||
Cost
of sales
|
105,872
|
98,877
|
87,430
|
93,735
|
110,449
|
|||||||||||
Lease
expense
|
143,344
|
151,937
|
159,869
|
165,020
|
171,656
|
|||||||||||
Depreciation,
net of (gains) losses on disposal
|
131,803
|
114,038
|
125,093
|
112,815
|
92,351
|
|||||||||||
Total
costs and expenses
|
1,656,220
|
1,646,904
|
1,611,252
|
1,567,678
|
1,613,537
|
|||||||||||
Earnings
from operations
|
241,713
|
140,453
|
140,459
|
71,013
|
30,372
|
|||||||||||
Interest
income (expense)
|
(14,383
|
)
|
15,687
|
8,560
|
(9,991
|
)
|
(11,675
|
)
|
||||||||
Pretax
earnings
|
227,330
|
156,140
|
149,019
|
61,022
|
18,697
|
|||||||||||
Income
tax expense
|
(87,910
|
)
|
(59,160
|
)
|
(52,992
|
)
|
(21,211
|
)
|
(6,117
|
)
|
||||||
Net
earnings
|
$
|
139,420
|
$
|
96,980
|
$
|
96,027
|
$
|
39,811
|
$
|
12,580
|
||||||
Balance
Sheet Data:
|
||||||||||||||||
Property,
plant and equipment, net
|
$
|
913,871
|
$
|
796,361
|
$
|
875,729
|
$
|
736,499
|
$
|
750,779
|
||||||
Total
assets
|
1,505,813
|
1,516,286
|
1,452,361
|
1,235,497
|
1,099,195
|
|||||||||||
Capital
leases
|
-
|
-
|
99,607
|
14,793
|
14,793
|
|||||||||||
Notes
and loans payable
|
212,133
|
-
|
-
|
-
|
-
|
|||||||||||
Stockholders'
equity (deficit) (a)
|
(354,481
|
)
|
701,198
|
601,514
|
499,380
|
458,639
|
||||||||||
(a)
Fiscal 2006 include’s a non-cash dividend to AMERCO in the amount of
$1,200,000,000.
|
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,503,569
|
$
|
1,437,895
|
|||
Self-storage
revenues
|
122,119
|
114,155
|
|||||
Self-moving
and self-storage product and service sales
|
223,721
|
206,098
|
|||||
Property
management fees
|
21,195
|
11,839
|
|||||
Life
insurance premiums
|
118,833
|
126,236
|
|||||
Property
and casualty insurance premiums
|
26,001
|
24,987
|
|||||
Net
investment and interest income
|
53,094
|
56,739
|
|||||
Other
revenue
|
38,094
|
30,172
|
|||||
Consolidated
revenue
|
$
|
2,106,626
|
$
|
2,008,121
|
|||
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands)
|
|||||||
Moving
and storage
|
|||||||
Revenues
|
$
|
1,900,468
|
$
|
1,791,667
|
|||
Earnings
(loss) from operations
|
292,774
|
165,985
|
|||||
Property
and casualty insurance
|
|||||||
Revenues
|
37,358
|
41,417
|
|||||
Earnings
(loss) from operations
|
1,144
|
(14,814
|
)
|
||||
Life
insurance
|
|||||||
Revenues
|
148,080
|
159,484
|
|||||
Earnings
(loss) from operations
|
13,933
|
2,065
|
|||||
SAC
Holding II
|
|||||||
Revenues
|
46,239
|
43,172
|
|||||
Earnings
(loss) from operations
|
13,643
|
10,466
|
|||||
Eliminations
|
|||||||
Revenues
|
(25,519
|
)
|
(27,619
|
)
|
|||
Earnings
(loss) from operations
|
(16,113
|
)
|
3,294
|
||||
Consolidated
Results
|
|||||||
Revenues
|
2,106,626
|
2,008,121
|
|||||
Earnings
(loss) from operations
|
305,381
|
166,996
|
Year
Ended March 31,
|
|||||||
2005
|
2004
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,437,895
|
$
|
1,381,208
|
|||
Self-storage
revenues
|
114,155
|
247,640
|
|||||
Self-moving
and self-storage product and service sales
|
206,098
|
232,965
|
|||||
Property
management fees
|
11,839
|
259
|
|||||
Life
insurance premiums
|
126,236
|
145,082
|
|||||
Property
and casualty insurance premiums
|
24,987
|
92,036
|
|||||
Net
investment and interest income
|
56,739
|
38,281
|
|||||
Other
revenue
|
30,172
|
38,523
|
|||||
Consolidated
revenue
|
$
|
2,008,121
|
$
|
2,175,994
|
|||
Year
Ended March 31,
|
|||||||
2005
|
2004
|
||||||
(In
thousands)
|
|||||||
Moving
and storage
|
|||||||
Revenues
|
$
|
1,791,667
|
$
|
1,768,872
|
|||
Earnings
(loss) from operations
|
165,985
|
93,593
|
|||||
Property
and casualty insurance
|
|||||||
Revenues
|
41,417
|
114,941
|
|||||
Earnings
(loss) from operations
|
(14,814
|
)
|
(35,950
|
)
|
|||
Life
insurance
|
|||||||
Revenues
|
159,484
|
177,812
|
|||||
Earnings
(loss) from operations
|
2,065
|
11,253
|
|||||
SAC
Holdings
|
|||||||
Revenues
|
43,172
|
218,955
|
|||||
Earnings
(loss) from operations
|
10,466
|
64,693
|
|||||
Eliminations
|
|||||||
Revenues
|
(27,619
|
)
|
(104,586
|
)
|
|||
Earnings
(loss) from operations
|
3,294
|
(6,674
|
)
|
||||
Consolidated
Results
|
|||||||
Revenues
|
2,008,121
|
2,175,994
|
|||||
Earnings
(loss) from operations
|
166,996
|
126,915
|
|||||
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,503,569
|
$
|
1,437,895
|
|||
Self-storage
revenues
|
103,250
|
96,202
|
|||||
Self-moving
and self-storage product and service sales
|
207,119
|
191,078
|
|||||
Property
management fees
|
23,988
|
14,434
|
|||||
Net
investment and interest income
|
30,025
|
29,902
|
|||||
Other
revenue
|
32,517
|
22,156
|
|||||
Moving
and Storage revenue
|
$
|
1,900,468
|
$
|
1,791,667
|
|||
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands, except occupancy rate)
|
|||||||
Room
count as of March 31
|
123
|
127
|
|||||
Square
footage as of March 31
|
9,592
|
10,003
|
|||||
Average
number of rooms occupied
|
107
|
108
|
|||||
Average
occupancy rate based on room count
|
87.9
|
%
|
82.4
|
%
|
|||
Average
square footage occupied
|
8,516
|
8,514
|
|||||
Year
Ended March 31,
|
|||||||
2005
|
2004
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,437,895
|
$
|
1,381,208
|
|||
Self-storage
revenues
|
96,202
|
121,204
|
|||||
Self-moving
and self-storage product and service sales
|
191,078
|
182,388
|
|||||
Property
management fees
|
14,434
|
12,974
|
|||||
Net
investment and interest income
|
29,902
|
38,459
|
|||||
Other
revenue
|
22,156
|
32,639
|
|||||
Moving
and Storage revenue
|
$
|
1,791,667
|
$
|
1,768,872
|
|||
Year
Ended March 31,
|
|||||||
2005
|
2004
|
||||||
(In
thousands, except occupancy rate)
|
|||||||
Room
count as of March 31
|
127
|
175
|
|||||
Square
footage as of March 31
|
10,003
|
14,206
|
|||||
Average
number of rooms occupied
|
108
|
130
|
|||||
Average
occupancy rate based on room count
|
82.4
|
%
|
75.3
|
%
|
|||
Average
square footage occupied
|
8,514
|
10,463
|
|||||
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,503,569
|
$
|
1,437,895
|
|||
Self-storage
revenues
|
101,437
|
94,431
|
|||||
Self-moving
and self-storage product and service sales
|
207,119
|
191,078
|
|||||
Property
management fees
|
23,988
|
14,434
|
|||||
Net
investment and interest income
|
24,894
|
22,030
|
|||||
Other
revenue
|
36,926
|
27,489
|
|||||
U-Haul
International, Inc. revenue
|
$
|
1,897,933
|
$
|
1,787,357
|
|||
Year
Ended March 31,
|
|||||||
2005
|
2004
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
1,437,895
|
$
|
1,380,991
|
|||
Self-storage
revenues
|
94,431
|
118,335
|
|||||
Self-moving
and self-storage product and service sales
|
191,078
|
182,327
|
|||||
Property
management fees
|
14,434
|
12,974
|
|||||
Net
investment and interest income
|
22,030
|
21,504
|
|||||
Other
revenue
|
27,489
|
35,580
|
|||||
U-Haul
International, Inc. revenue
|
$
|
1,787,357
|
$
|
1,751,711
|
|||
Unpaid
Loss and Loss Adjustment Expenses
|
||||||||||||||||||||||||||||||||||
December
31,
|
||||||||||||||||||||||||||||||||||
1995
|
1996
|
1997
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||
Unpaid
Loss and Loss Adjustment Expenses
|
$
|
341,981
|
$
|
332,674
|
$
|
384,816
|
$
|
344,748
|
$
|
334,858
|
$
|
382,651
|
$
|
448,987
|
$
|
399,447
|
$
|
416,259
|
$
|
380,875
|
$
|
346,928
|
||||||||||||
Paid
(Cumulative) as of:
|
||||||||||||||||||||||||||||||||||
One
year later
|
89,041
|
89,336
|
103,752
|
82,936
|
117,025
|
130,471
|
130,070
|
100,851
|
73,384
|
44,679
|
-
|
|||||||||||||||||||||||
Two
years later
|
150,001
|
161,613
|
174,867
|
164,318
|
186,193
|
203,605
|
209,525
|
164,255
|
114,426
|
-
|
-
|
|||||||||||||||||||||||
Three
years later
|
195,855
|
208,168
|
216,966
|
218,819
|
232,883
|
255,996
|
266,483
|
201,346
|
-
|
-
|
-
|
|||||||||||||||||||||||
Four
years later
|
226,815
|
232,726
|
246,819
|
255,134
|
264,517
|
299,681
|
295,268
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Five
years later
|
243,855
|
250,312
|
269,425
|
274,819
|
295,997
|
320,629
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Six
years later
|
254,204
|
263,645
|
282,598
|
297,354
|
314,281
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Seven
years later
|
264,120
|
274,249
|
300,814
|
311,963
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Eight
years later
|
273,205
|
289,614
|
314,322
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Nine
years later
|
286,708
|
298,449
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Ten
years later
|
294,806
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Reserved
Re-estimated as of:
|
||||||||||||||||||||||||||||||||||
One
year later
|
353,508
|
354,776
|
357,733
|
339,602
|
383,264
|
433,222
|
454,510
|
471,029
|
447,524
|
388,859
|
||||||||||||||||||||||||
Two
years later
|
369,852
|
342,164
|
361,306
|
371,431
|
432,714
|
454,926
|
523,624
|
480,713
|
456,171
|
-
|
||||||||||||||||||||||||
Three
years later
|
328,445
|
346,578
|
369,598
|
429,598
|
437,712
|
517,361
|
500,566
|
521,319
|
-
|
-
|
||||||||||||||||||||||||
Four
years later
|
331,897
|
349,810
|
398,899
|
413,476
|
480,200
|
543,554
|
571,045
|
-
|
-
|
-
|
||||||||||||||||||||||||
Five
years later
|
339,665
|
376,142
|
398,184
|
443,696
|
524,548
|
558,765
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Six
years later
|
347,664
|
369,320
|
428,031
|
477,975
|
520,675
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Seven
years later
|
344,451
|
396,197
|
450,728
|
485,228
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Eight
years later
|
360,149
|
423,928
|
461,082
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Nine
years later
|
378,778
|
418,177
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Ten
years later
|
364,992
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Cumulative
Redundancy (Deficiency)
|
$
|
(23,011
|
)
|
$
|
(85,503
|
)
|
$
|
(76,266
|
)
|
$
|
(140,480
|
)
|
$
|
(185,817
|
)
|
$
|
(176,114
|
)
|
$
|
(122,058
|
)
|
$
|
(121,872
|
)
|
$
|
(39,912
|
)
|
$
|
(7,984
|
)
|
||||
Retro
Premium Recoverable
|
623
|
1,582
|
3,037
|
(1,879
|
)
|
6,797
|
5,613
|
21,756
|
7,036
|
374
|
2,233
|
|||||||||||||||||||||||
Re-estimated
Reserve: Amount (Cumulative)
|
$
|
(22,388
|
)
|
$
|
(83,921
|
)
|
(73,229
|
)
|
$
|
(142,359
|
)
|
$
|
(179,020
|
)
|
$
|
(170,501
|
)
|
$
|
(100,302
|
)
|
$
|
(114,836
|
)
|
$
|
(39,538
|
)
|
$
|
(5,751
|
)
|
|||||
Year
Ended December 31,
|
||||||||||
2005
|
2004
|
2003
|
||||||||
(In
thousands)
|
||||||||||
Balance
at January 1
|
$
|
380,875
|
$
|
416,259
|
$
|
399,447
|
||||
Less:
reinsurance recoverable
|
189,472
|
177,635
|
146,622
|
|||||||
Net
balance at January 1
|
191,403
|
238,624
|
252,825
|
|||||||
Incurred
related to:
|
||||||||||
Current
year
|
6,429
|
17,960
|
56,454
|
|||||||
Prior
years
|
16,161
|
21,773
|
53,127
|
|||||||
Total
incurred
|
22,590
|
39,733
|
109,581
|
|||||||
Paid
related to:
|
||||||||||
Current
year
|
3,774
|
13,570
|
22,931
|
|||||||
Prior
years
|
44,679
|
73,384
|
100,851
|
|||||||
Total
paid
|
48,453
|
86,954
|
123,782
|
|||||||
Net
balance at December 31
|
165,540
|
191,403
|
238,624
|
|||||||
Plus:
reinsurance recoverable
|
181,388
|
189,472
|
177,635
|
|||||||
Balance
at December 31
|
$
|
346,928
|
$
|
380,875
|
$
|
416,259
|
||||
Year
Ended March 31,
|
|||||||
2006
|
2005
|
||||||
(In
thousands)
|
|||||||
Self-moving
equipment rentals
|
$
|
9,498
|
$
|
9,008
|