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
|
||
Page
No.
|
||
PART
I FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
-
29
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
30
- 45
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
46
|
Item
4.
|
Controls
and Procedures
|
47
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
48
|
Item
1A.
|
Risk
Factors
|
48
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
48
|
Item
3.
|
Defaults
Upon Senior Securities
|
48
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
48
|
Item
5.
|
Other
Information
|
49
|
Item
6.
|
Exhibits
|
49
|
June
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
241,858
|
$
|
155,459
|
|||
Reinsurance
recoverables and trade receivables, net
|
215,861
|
230,179
|
|||||
Notes
and mortgage receivables, net
|
2,140
|
2,532
|
|||||
Inventories,
net
|
68,226
|
64,919
|
|||||
Prepaid
expenses
|
58,473
|
53,262
|
|||||
Investments,
fixed maturities and marketable equities
|
695,923
|
695,958
|
|||||
Investments,
other
|
184,566
|
209,361
|
|||||
Deferred
policy acquisition costs, net
|
52,470
|
47,821
|
|||||
Other
assets
|
99,978
|
102,094
|
|||||
Related
party assets
|
252,679
|
270,468
|
|||||
1,872,174
|
1,832,053
|
||||||
Property,
plant and equipment, at cost:
|
|||||||
Land
|
186,252
|
175,785
|
|||||
Buildings
and improvements
|
760,659
|
739,603
|
|||||
Furniture
and equipment
|
285,178
|
281,371
|
|||||
Rental
trailers and other rental equipment
|
201,129
|
201,273
|
|||||
Rental
trucks
|
1,401,701
|
1,331,891
|
|||||
SAC
Holding II - property, plant and equipment
|
79,542
|
79,217
|
|||||
2,914,461
|
2,809,140
|
||||||
Less:
Accumulated depreciation
|
(1,277,521
|
)
|
(1,273,975
|
)
|
|||
Total
property, plant and equipment
|
1,636,940
|
1,535,165
|
|||||
Total
assets
|
$
|
3,509,114
|
$
|
3,367,218
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
254,604
|
$
|
235,878
|
|||
AMERCO's
notes and loans payable
|
1,045,638
|
965,634
|
|||||
SAC
Holding II notes and loans payable, non-recourse to AMERCO
|
75,918
|
76,232
|
|||||
Policy
benefits and losses, claims and loss expenses payable
|
794,572
|
800,413
|
|||||
Liabilities
from investment contracts
|
432,557
|
449,149
|
|||||
Other
policyholders' funds and liabilities
|
6,580
|
7,705
|
|||||
Deferred
income
|
23,632
|
21,346
|
|||||
Deferred
income taxes
|
118,097
|
108,092
|
|||||
Related
party liabilities
|
3,400
|
7,165
|
|||||
Total
liabilities
|
2,754,998
|
2,671,614
|
|||||
Commitments
and contingencies (notes 3, 6 and 7)
|
|||||||
Stockholders'
equity:
|
|||||||
Series
preferred stock, with or without par value, 50,000,000 shares
authorized:
|
|||||||
Series
A preferred stock, with no par value, 6,100,000 shares
authorized;
|
|||||||
6,100,000
shares issued and outstanding as of June 30 and March 31, 2006
|
-
|
-
|
|||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
|||||||
issued
and outstanding as of June 30 and March 31, 2006
|
-
|
-
|
|||||
Series
common stock, with or without par value, 150,000,000 shares
authorized:
|
|||||||
Series
A common stock of $0.25 par value, 10,000,000 shares
authorized;
|
|||||||
3,716,181
shares issued as of June 30 and March 31, 2006
|
929
|
929
|
|||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
|
|||||||
38,269,518
issued as of June 30 and March 31, 2006
|
9,568
|
9,568
|
|||||
Additional
paid-in capital
|
373,151
|
367,655
|
|||||
Accumulated
other comprehensive loss
|
(28,351
|
)
|
(28,902
|
)
|
|||
Retained
earnings
|
825,964
|
773,784
|
|||||
Cost
of common shares in treasury, net (20,701,096 shares as of
|
|||||||
June
30 and March 31, 2006)
|
(418,092
|
)
|
(418,092
|
)
|
|||
Unearned
employee stock ownership plan shares
|
(9,053
|
)
|
(9,338
|
)
|
|||
Total
stockholders' equity
|
754,116
|
695,604
|
|||||
Total
liabilities and stockholders' equity
|
$
|
3,509,114
|
$
|
3,367,218
|
|||
Quarter
Ended June 30,
|
||||||||||
2006
|
2005
|
|||||||||
(Unaudited)
|
||||||||||
(In thousands, except share and per share amounts)
|
||||||||||
Revenues:
|
||||||||||
Self-moving
equipment rentals
|
$
|
407,234
|
$
|
401,260
|
||||||
Self-storage
revenues
|
30,431
|
28,768
|
||||||||
Self-moving
and self-storage products and service sales
|
67,451
|
66,563
|
||||||||
Property
management fees
|
3,847
|
4,440
|
||||||||
Life
insurance premiums
|
30,919
|
29,589
|
||||||||
Property
and casualty insurance premiums
|
5,382
|
4,824
|
||||||||
Net
investment and interest income
|
13,830
|
13,714
|
||||||||
Other
revenue
|
7,933
|
10,300
|
||||||||
Total
revenues
|
567,027
|
559,458
|
||||||||
Costs
and expenses:
|
||||||||||
Operating
expenses
|
261,379
|
266,792
|
||||||||
Commission
expenses
|
49,536
|
48,018
|
||||||||
Cost
of sales
|
32,316
|
31,044
|
||||||||
Benefits
and losses
|
30,606
|
27,314
|
||||||||
Amortization
of deferred policy acquisition costs
|
5,626
|
6,198
|
||||||||
Lease
expense
|
37,727
|
33,295
|
||||||||
Depreciation,
net of (gains) losses on disposals
|
39,671
|
34,237
|
||||||||
Total
costs and expenses
|
456,861
|
446,898
|
||||||||
Earnings
from operations
|
110,166
|
112,560
|
||||||||
Interest
expense
|
(18,462
|
)
|
(19,636
|
)
|
||||||
Fees
on early extinguishment of debt
|
-
|
(35,627
|
)
|
|||||||
Pretax
earnings
|
91,704
|
57,297
|
||||||||
Income
tax expense
|
(36,283
|
)
|
(22,235
|
)
|
||||||
Net
earnings
|
55,421
|
35,062
|
||||||||
Less:
Preferred stock dividends
|
(3,241
|
)
|
(3,241
|
)
|
||||||
Earnings
available to common shareholders
|
$
|
52,180
|
$
|
31,821
|
||||||
Basic
and diluted earnings per common share
|
$
|
2.50
|
$
|
1.53
|
||||||
Weighted
average common shares outstanding:
|
||||||||||
Basic
and diluted
|
20,897,688
|
20,836,458
|
||||||||
Quarter
Ended June 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Comprehensive
income:
|
|||||||
Net
earnings
|
$
|
55,421
|
$
|
35,062
|
|||
Other
comprehensive income (loss), net of tax:
|
|||||||
Foreign
currency translation
|
1,922
|
(1,970
|
)
|
||||
Unrealized
loss on investments, net
|
(2,586
|
)
|
(5,540
|
)
|
|||
Fair
market value of cash flow hedges
|
1,215
|
(409
|
)
|
||||
Total
comprehensive income
|
$
|
55,972
|
$
|
27,143
|
|||
Quarter
Ended June 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Cash
flow from operating activities:
|
|||||||
Net
earnings
|
$
|
55,421
|
$
|
35,062
|
|||
Depreciation
|
40,666
|
30,925
|
|||||
Amortization
of deferred policy acquisition costs
|
5,626
|
6,677
|
|||||
Change
in provision for losses on trade receivables
|
(32
|
)
|
(601
|
)
|
|||
Change
in provision for losses on mortgage notes
|
(10
|
)
|
-
|
||||
Net
(gain) loss on sale of real and personal property
|
(995
|
)
|
3,312
|
||||
Net
(gain) loss on sale of investments
|
553
|
(1,453
|
)
|
||||
Write-off
of unamortized debt issuance costs
|
-
|
13,629
|
|||||
Deferred
income taxes
|
14,253
|
12,788
|
|||||
Net
change in other operating assets and liabilities:
|
|||||||
Reinsurance
recoverables and trade receivables
|
17,780
|
(2,287
|
)
|
||||
Inventories
|
(3,201
|
)
|
(2,246
|
)
|
|||
Prepaid
expenses
|
(3,079
|
)
|
(816
|
)
|
|||
Capitalization
of deferred policy acquisition costs
|
(2,386
|
)
|
(2,508
|
)
|
|||
Other
assets
|
2,132
|
(29,461
|
)
|
||||
Related
party assets
|
28,624
|
(13,813
|
)
|
||||
Accounts
payable and accrued expenses
|
14,561
|
10,510
|
|||||
Policy
benefits and losses, claims and loss expenses payable
|
(14,610
|
)
|
2,907
|
||||
Other
policyholders' funds and liabilities
|
(1,273
|
)
|
(13,528
|
)
|
|||
Deferred
income
|
2,257
|
3,721
|
|||||
Related
party liabilities
|
(6,083
|
)
|
(1,119
|
)
|
|||
Net
cash provided by operating activities
|
150,204
|
51,699
|
|||||
Cash
flows from investing activities:
|
|||||||
Purchases
of:
|
|||||||
Property,
plant and equipment
|
(166,999
|
)
|
(75,437
|
)
|
|||
Short
term investments
|
(53,131
|
)
|
(55,390
|
)
|
|||
Fixed
maturities investments
|
(32,272
|
)
|
(84,217
|
)
|
|||
Mortgage
loans
|
(7,305
|
)
|
(1,250
|
)
|
|||
Proceeds
from sale of:
|
|||||||
Property,
plant and equipment
|
28,692
|
15,145
|
|||||
Short
term investments
|
82,228
|
94,728
|
|||||
Fixed
maturities investments
|
21,852
|
60,793
|
|||||
Cash
received in excess of purchase for company acquired
|
1,233
|
-
|
|||||
Equity
securities
|
-
|
5,759
|
|||||
Preferred
stock
|
125
|
417
|
|||||
Other
asset investments, net
|
-
|
872
|
|||||
Real
estate
|
877
|
693
|
|||||
Mortgage
loans
|
2,086
|
3,034
|
|||||
Payments
from notes and mortgage receivables
|
403
|
71
|
|||||
Net
cash used by investing activities
|
(122,211
|
)
|
(34,782
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Borrowings
from credit facilities
|
87,376
|
1,034,188
|
|||||
Principal
repayments on credit facilities
|
(8,136
|
)
|
(860,563
|
)
|
|||
Debt
issuance costs
|
(1,437
|
)
|
-
|
||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
285
|
438
|
|||||
Preferred
stock dividends paid
|
(3,241
|
)
|
(3,241
|
)
|
|||
Investment
contract deposits
|
4,251
|
5,670
|
|||||
Investment
contract withdrawals
|
(20,843
|
)
|
(17,896
|
)
|
|||
Net
cash provided by financing activities
|
58,255
|
158,596
|
|||||
Effects
of exchange rate on cash
|
151
|
(1,970
|
)
|
||||
Increase
in cash equivalents
|
86,399
|
173,543
|
|||||
Cash
and cash equivalents at the beginning of period
|
155,459
|
55,955
|
|||||
Cash
and cash equivalents at the end of period
|
$
|
241,858
|
$
|
229,498
|
|||
Quarter
Ended June 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
Basic
and diluted earnings per common share
|
$
|
2.50
|
$
|
1.53
|
|||
Weighted
average common share outstanding:
|
|||||||
Basic
and diluted
|
20,897,688
|
20,836,458
|
|||||
June
30,
|
March
31,
|
||||||||||||
2006
Rate (a)
|
Maturities
|
2006
|
2006
|
||||||||||
(Unaudited)
|
|||||||||||||
(In
thousands)
|
|||||||||||||
Real
estate loan (floating)
|
7.17
|
%
|
2010
|
$
|
242,585
|
$
|
242,585
|
||||||
Senior
mortgages
|
5.47%-5.75
|
%
|
2015
|
529,347
|
531,309
|
||||||||
Mezzanine
loan (floating)
|
10.76
|
%
|
2007
|
18,983
|
19,393
|
||||||||
Fleet
loans (amortizing term)
|
6.92
|
%
|
2012-2013
|
164,723
|
82,347
|
||||||||
Fleet
loan (revolving credit)
|
6.92
|
%
|
2010
|
90,000
|
90,000
|
||||||||
Construction
loan (revolving credit)
|
-
|
2009
|
-
|
-
|
|||||||||
Total
AMERCO notes and loans payable
|
$
|
1,045,638
|
$
|
965,634
|
|||||||||
(a)
Interest rate as of June 30, 2006
|
|||||||||||||
Year
Ending June 30,
|
|||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
||||||||||||||
(Unaudited)
|
|||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||
Notes
payable, secured
|
$
|
43,496
|
$
|
26,087
|
$
|
27,762
|
$
|
69,547
|
$
|
395,775
|
$
|
482,971
|
|||||||
June
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Notes
payable, secured, 7.87% interest rate, due 2027
|
$
|
75,918
|
$
|
76,232
|
|||
Year
Ending June 30,
|
|||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
||||||||||||||
(Unaudited)
|
|||||||||||||||||||
(In
thousands)
|
|||||||||||||||||||
Notes
payable, secured
|
$
|
1,339
|
$
|
1,467
|
$
|
1,688
|
$
|
1,826
|
$
|
1,975
|
$
|
67,623
|
|||||||
Quarter
Ended June 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Interest
expense
|
$
|
16,557
|
$
|
18,101
|
|||
Capitalized
interest
|
(42
|
)
|
(44
|
)
|
|||
Amortization
of transaction costs
|
1,298
|
-
|
|||||
Interest
expense (income) resulting from derivatives
|
(863
|
)
|
42
|
||||
Write-off
of transaction costs related to early extinguishment of
debt
|
-
|
14,384
|
|||||
Fees
on early extinguishment of debt
|
-
|
21,243
|
|||||
Total
AMERCO interest expense
|
16,950
|
53,726
|
|||||
SAC
Holding II interest expense
|
3,394
|
3,130
|
|||||
Less:
Intercompany transactions
|
1,882
|
1,593
|
|||||
Total
SAC Holding II interest expense
|
1,512
|
1,537
|
|||||
Total
|
$
|
18,462
|
$
|
55,263
|
|||
Revolving
Credit Activity
|
|||||||
Quarter
Ended June 30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
(In
thousands, except interest rates)
|
|||||||
Weighted
average interest rate during the quarter
|
6.74
|
%
|
6.64
|
%
|
|||
Interest
rate at the end of the quarter
|
6.92
|
%
|
N/A
|
||||
Maximum
amount outstanding during the quarter
|
$
|
90,000
|
$
|
158,012
|
|||
Average
amount outstanding during the quarter (a)
|
$
|
90,000
|
$
|
124,186
|
|||
(a)
Amount for June 30, 2005 is prior to the June 8, 2005
refinancing
|
Foreign
Currency Translation
|
Unrealized
Gain (Loss) on Investments
|
Fair
Market Value of Cash Flow Hedge
|
Accumulated
Other Comprehensive Income (Loss)
|
||||||||||
(Unaudited)
|
|||||||||||||
(In
thousands)
|
|||||||||||||
Balance
at March 31, 2006
|
$
|
(34,247
|
)
|
$
|
717
|
$
|
4,628
|
$
|
(28,902
|
)
|
|||
Foreign
currency translation
|
1,922
|
-
|
-
|
1,922
|
|||||||||
Unrealized
loss on investments
|
-
|
(2,586
|
)
|
-
|
(2,586
|
)
|
|||||||
Change
in fair market value of cash flow hedge
|
-
|
-
|
1,215
|
1,215
|
|||||||||
Balance
at June 30, 2006
|
$
|
(32,325
|
)
|
$
|
(1,869
|
)
|
$
|
5,843
|
$
|
(28,351
|
)
|
||
Property,
Plant
and
Equipment
|
Rental
Equipment
|
Total
|
||||||||
(Unaudited)
|
||||||||||
(In
thousands)
|
||||||||||
Year-ended
June 30:
|
||||||||||
2007
|
$
|
11,727
|
$
|
122,646
|
$
|
134,373
|
||||
2008
|
11,433
|
91,144
|
102,577
|
|||||||
2009
|
11,188
|
75,847
|
87,035
|
|||||||
2010
|
10,750
|
61,439
|
72,189
|
|||||||
2011
|
10,596
|
41,795
|
52,391
|
|||||||
Thereafter
|
32,726
|
36,723
|
69,449
|
|||||||
Total
|
$
|
88,420
|
$
|
429,594
|
$
|
518,014
|
||||
June
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
Private
Mini notes, receivables and interest
|
$
|
72,696
|
$
|
74,427
|
|||
Oxford
note receivable from SAC Holding Corporation
|
5,040
|
5,040
|
|||||
U-Haul
notes receivable from SAC Holding Coporation
|
123,578
|
123,578
|
|||||
U-Haul
interest receivable from SAC Holding Corporation
|
20,944
|
42,189
|
|||||
U-Haul
receivable from SAC Holding Corporation
|
14,137
|
5,688
|
|||||
SAC
Holding II receivable from parent
|
-
|
2,900
|
|||||
U-Haul
receivable from Mercury
|
2,888
|
2,342
|
|||||
Oxford
and RepWest investment in Securespace
|
11,634
|
11,585
|
|||||
Other
|
1,762
|
2,719
|
|||||
$
|
252,679
|
$
|
270,468
|
||||
June
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
(Unaudited)
|
|||||||
(In
thousands)
|
|||||||
SAC
Holding II payable to affiliate
|
$
|
3,400
|
$
|
7,165
|
|||
(a)
|
Moving
and Storage Operations, comprised of AMERCO, U-Haul, and Real Estate
and
the subsidiaries of U-Haul and Real
Estate
|
(b)
|
RepWest
and its wholly-owned subsidiary
|
(c)
|
Oxford
and its wholly-owned subsidiaries
|
(d)
|
SAC
Holding II and its subsidiaries
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$
|
9
|
$
|
228,493
|
$
|
757
|
$
|
-
|
$
|
229,259
|
$
|
4,711
|
$
|
7,888
|
$
|
-
|
$
|
241,858
|
$
|
-
|
$
|
-
|
$
|
241,858
|
||||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
18,440
|
24
|
-
|
18,464
|
181,014
|
16,383
|
-
|
215,861
|
-
|
-
|
215,861
|
||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,389
|
751
|
-
|
2,140
|
-
|
-
|
-
|
2,140
|
-
|
-
|
2,140
|
||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
66,933
|
-
|
-
|
66,933
|
-
|
-
|
-
|
66,933
|
1,293
|
-
|
68,226
|
||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
1,082
|
57,378
|
-
|
-
|
58,460
|
-
|
-
|
-
|
58,460
|
13
|
-
|
58,473
|
||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
122,239
|
573,684
|
-
|
695,923
|
-
|
-
|
695,923
|
||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
1,314
|
6,976
|
-
|
8,290
|
101,680
|
74,596
|
-
|
184,566
|
-
|
-
|
184,566
|
||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
1,182
|
51,288
|
-
|
52,470
|
-
|
-
|
52,470
|
||||||||||||||||||||||||||||||||||
Other
assets
|
5
|
55,156
|
38,352
|
-
|
93,513
|
1,732
|
480
|
-
|
95,725
|
4,253
|
-
|
99,978
|
||||||||||||||||||||||||||||||||||
Related
party assets
|
1,250,081
|
243,066
|
12,611
|
(1,178,220
|
)
|
(d
|
)
|
327,538
|
19,924
|
10,916
|
(26,636
|
)
|
(d
|
)
|
331,742
|
-
|
(79,063
|
)
|
(d
|
)
|
252,679
|
|||||||||||||||||||||||||
1,251,177
|
672,169
|
59,471
|
(1,178,220
|
)
|
804,597
|
432,482
|
735,235
|
(26,636
|
)
|
1,945,678
|
5,559
|
(79,063
|
)
|
1,872,174
|
||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(218,301
|
)
|
-
|
-
|
482,768
|
(c
|
)
|
264,467
|
-
|
-
|
(264,467
|
)
|
(c
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(9,346
|
)
|
-
|
-
|
-
|
(9,346
|
)
|
-
|
-
|
-
|
(9,346
|
)
|
-
|
9,346
|
(c
|
)
|
-
|
|||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(227,647
|
)
|
-
|
-
|
482,768
|
255,121
|
-
|
-
|
(264,467
|
)
|
(9,346
|
)
|
-
|
9,346
|
-
|
|||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
29,655
|
156,597
|
-
|
186,252
|
-
|
-
|
-
|
186,252
|
-
|
-
|
186,252
|
||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
85,262
|
675,397
|
-
|
760,659
|
-
|
-
|
-
|
760,659
|
-
|
-
|
760,659
|
||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
2,591
|
264,687
|
17,900
|
-
|
285,178
|
-
|
-
|
-
|
285,178
|
-
|
-
|
285,178
|
||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
201,129
|
-
|
-
|
201,129
|
-
|
-
|
-
|
201,129
|
-
|
-
|
201,129
|
||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,401,701
|
-
|
-
|
1,401,701
|
-
|
-
|
-
|
1,401,701
|
-
|
-
|
1,401,701
|
||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
153,754
|
(74,212
|
)
|
(e
|
)
|
79,542
|
|||||||||||||||||||||||||||||||
2,591
|
1,982,434
|
849,894
|
-
|
2,834,919
|
-
|
-
|
-
|
2,834,919
|
153,754
|
(74,212
|
)
|
2,914,461
|
||||||||||||||||||||||||||||||||||
Less:
Accumulated depreciation
|
(395
|
)
|
(987,953
|
)
|
(288,324
|
)
|
-
|
(1,276,672
|
)
|
-
|
-
|
-
|
(1,276,672
|
)
|
(10,654
|
)
|
9,805
|
(e
|
)
|
(1,277,521
|
)
|
|||||||||||||||||||||||||
Total
property, plant and equipment
|
2,196
|
994,481
|
561,570
|
-
|
1,558,247
|
-
|
-
|
-
|
1,558,247
|
143,100
|
(64,407
|
)
|
1,636,940
|
|||||||||||||||||||||||||||||||||
Total
assets
|
$
|
1,025,726
|
$
|
1,666,650
|
$
|
621,041
|
$
|
(695,452
|
)
|
$
|
2,617,965
|
$
|
432,482
|
$
|
735,235
|
$
|
(291,103
|
)
|
$
|
3,494,579
|
$
|
148,659
|
$
|
(134,124
|
)
|
$
|
3,509,114
|
|||||||||||||||||||
(a)
Balances as of March 31, 2006
|
||||||||||||||||||||||||||||||||||||||||||||||
(b)
Included in this caption is land of $57,169, buildings and improvements
of
$96,173, and furniture and equipment of $412
|
||||||||||||||||||||||||||||||||||||||||||||||
(c)
Eliminate investment in subsidiaries and SAC Holding II
|
||||||||||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||||||||
(e)
Eliminate gain on sale of property from U-Haul to SAC Holding
II
|
Moving
& Storage
|
AMERCO
Legal Group
|
AMERCO
as Consolidated
|
||||||||||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
30,010
|
$
|
214,630
|
$
|
3,889
|
$
|
-
|
$
|
248,529
|
$
|
-
|
$
|
4,601
|
$
|
-
|
$
|
253,130
|
$
|
1,474
|
$
|
-
|
$
|
254,604
|
||||||||||||||||||||||
AMERCO's
notes and loans payable
|
-
|
294,826
|
750,812
|
-
|
1,045,638
|
-
|
-
|
-
|
1,045,638
|
-
|
-
|
1,045,638
|
||||||||||||||||||||||||||||||||||
SAC
Holding II notes and loans
payable,
non-recourse to AMERCO
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
75,918
|
-
|
75,918
|
||||||||||||||||||||||||||||||||||
Policy
benefits and losses,
claims
|