|
R
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934.
|
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934.
|
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
|
||||
Page
No.
|
||
PART
I FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
–
32
|
||
Item
2.
|
33
– 51
|
|
Item
3.
|
52
|
|
Item
4.
|
52
– 53
|
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
53
|
|
Item
1A.
|
53
|
|
Item
2.
|
53
|
|
Item
3.
|
54
|
|
Item
4.
|
54
|
|
Item
5.
|
54
|
|
Item
6.
|
55
- 56
|
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
203,344
|
$ |
75,272
|
||||
Reinsurance
recoverables and trade receivables, net
|
189,869
|
184,617
|
||||||
Notes
and mortgage receivables, net
|
1,862
|
1,669
|
||||||
Inventories,
net
|
62,983
|
67,023
|
||||||
Prepaid
expenses
|
47,487
|
52,080
|
||||||
Investments,
fixed maturities and marketable equities
|
656,912
|
681,801
|
||||||
Investments,
other
|
166,650
|
178,699
|
||||||
Deferred
policy acquisition costs, net
|
43,887
|
44,514
|
||||||
Other
assets
|
231,506
|
95,123
|
||||||
Related
party assets
|
205,849
|
245,179
|
||||||
1,810,349
|
1,625,977
|
|||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
206,780
|
202,917
|
||||||
Buildings
and improvements
|
834,331
|
802,289
|
||||||
Furniture
and equipment
|
313,303
|
301,751
|
||||||
Rental
trailers and other rental equipment
|
206,599
|
200,208
|
||||||
Rental
trucks
|
1,736,826
|
1,604,123
|
||||||
SAC
Holding II - property, plant and equipment
|
81,385
|
80,349
|
||||||
3,379,224
|
3,191,637
|
|||||||
Less:
Accumulated depreciation
|
(1,310,726 | ) | (1,294,566 | ) | ||||
Total
property, plant and equipment
|
2,068,498
|
1,897,071
|
||||||
Total
assets
|
$ |
3,878,847
|
$ |
3,523,048
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ |
264,876
|
$ |
251,197
|
||||
AMERCO's
notes and loans payable
|
1,452,042
|
1,181,165
|
||||||
SAC
Holding II notes and loans payable, non-recourse to AMERCO
|
74,197
|
74,887
|
||||||
Policy
benefits and losses, claims and loss expenses payable
|
773,250
|
768,751
|
||||||
Liabilities
from investment contracts
|
361,380
|
386,640
|
||||||
Other
policyholders' funds and liabilities
|
10,774
|
10,563
|
||||||
Deferred
income
|
14,935
|
16,478
|
||||||
Deferred
income taxes
|
137,676
|
113,170
|
||||||
Related
party liabilities
|
2,008
|
2,099
|
||||||
Total
liabilities
|
3,091,138
|
2,804,950
|
||||||
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 September 30 and March 31,
2007
|
-
|
-
|
||||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
||||||||
issued
and outstanding as of September 30 and March 31, 2007
|
-
|
-
|
||||||
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;
|
||||||||
none
issued and outstanding as of September 30 and March 31,
2007
|
-
|
-
|
||||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
41,985,700
|
||||||||
issued
as of September 30 and March 31, 2007
|
10,497
|
10,497
|
||||||
Additional
paid-in capital
|
376,661
|
375,412
|
||||||
Accumulated
other comprehensive loss
|
(32,628 | ) | (41,779 | ) | ||||
Retained
earnings
|
941,870
|
849,300
|
||||||
Cost
of common shares in treasury, net (21,926,386 shares as of
|
||||||||
September
30, 2007 and 21,440,387 as of March 31, 2007)
|
(501,165 | ) | (467,198 | ) | ||||
Unearned
employee stock ownership plan shares
|
(7,526 | ) | (8,134 | ) | ||||
Total
stockholders' equity
|
787,709
|
718,098
|
||||||
Total
liabilities and stockholders' equity
|
$ |
3,878,847
|
$ |
3,523,048
|
||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ |
439,801
|
$ |
445,720
|
||||
Self-storage
revenues
|
33,088
|
32,416
|
||||||
Self-moving
and self-storage products and service sales
|
62,495
|
61,916
|
||||||
Property
management fees
|
3,993
|
3,986
|
||||||
Life
insurance premiums
|
27,937
|
31,120
|
||||||
Property
and casualty insurance premiums
|
7,332
|
6,470
|
||||||
Net
investment and interest income
|
16,419
|
15,626
|
||||||
Other
revenue
|
9,492
|
8,999
|
||||||
Total
revenues
|
600,557
|
606,253
|
||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
284,990
|
280,808
|
||||||
Commission
expenses
|
53,437
|
53,605
|
||||||
Cost
of sales
|
33,943
|
31,448
|
||||||
Benefits
and losses
|
25,592
|
28,842
|
||||||
Amortization
of deferred policy acquisition costs
|
3,266
|
4,825
|
||||||
Lease
expense
|
34,457
|
37,385
|
||||||
Depreciation,
net of (gains) losses on disposals
|
55,746
|
43,087
|
||||||
Total
costs and expenses
|
491,431
|
480,000
|
||||||
Earnings
from operations
|
109,126
|
126,253
|
||||||
Interest
expense
|
(27,495 | ) | (21,063 | ) | ||||
Amortization
of fees on early extinguishment of debt
|
-
|
(6,969 | ) | |||||
Pretax
earnings
|
81,631
|
98,221
|
||||||
Income
tax expense
|
(31,157 | ) | (37,730 | ) | ||||
Net
earnings
|
50,474
|
60,491
|
||||||
Less:
Preferred stock dividends
|
(3,241 | ) | (3,241 | ) | ||||
Earnings
available to common shareholders
|
$ |
47,233
|
$ |
57,250
|
||||
Basic
and diluted earnings per common share
|
$ |
2.39
|
$ |
2.74
|
||||
Weighted
average common shares outstanding: Basic and diluted
|
19,733,755
|
20,910,204
|
||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ |
835,878
|
$ |
852,954
|
||||
Self-storage
revenues
|
65,124
|
62,847
|
||||||
Self-moving
and self-storage products and service sales
|
131,209
|
129,367
|
||||||
Property
management fees
|
7,940
|
7,833
|
||||||
Life
insurance premiums
|
57,124
|
62,039
|
||||||
Property
and casualty insurance premiums
|
13,248
|
11,852
|
||||||
Net
investment and interest income
|
30,788
|
29,101
|
||||||
Other
revenue
|
17,404
|
16,932
|
||||||
Total
revenues
|
1,158,715
|
1,172,925
|
||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
558,321
|
542,187
|
||||||
Commission
expenses
|
101,360
|
103,141
|
||||||
Cost
of sales
|
68,591
|
63,764
|
||||||
Benefits
and losses
|
54,869
|
59,448
|
||||||
Amortization
of deferred policy acquisition costs
|
7,183
|
10,451
|
||||||
Lease
expense
|
67,195
|
74,757
|
||||||
Depreciation,
net of (gains) losses on disposals
|
100,011
|
82,758
|
||||||
Total
costs and expenses
|
957,530
|
936,506
|
||||||
Earnings
from operations
|
201,185
|
236,419
|
||||||
Interest
expense
|
(51,266 | ) | (39,525 | ) | ||||
Amortization
of fees on early extinguishment of debt
|
-
|
(6,969 | ) | |||||
Pretax
earnings
|
149,919
|
189,925
|
||||||
Income
tax expense
|
(57,693 | ) | (74,013 | ) | ||||
Net
earnings
|
92,226
|
115,912
|
||||||
Less:
Preferred stock dividends
|
(6,482 | ) | (6,482 | ) | ||||
Earnings
available to common shareholders
|
$ |
85,744
|
$ |
109,430
|
||||
Basic
and diluted earnings per common share
|
$ |
4.32
|
$ |
5.23
|
||||
Weighted
average common shares outstanding: Basic and diluted
|
19,850,874
|
20,903,946
|
||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
earnings
|
$ |
92,226
|
$ |
115,912
|
||||
Adjustments
to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
113,194
|
86,545
|
||||||
Amortization
of deferred policy acquisition costs
|
7,183
|
10,451
|
||||||
Change
in provision for (gain) loss on trade receivables
|
87
|
(11 | ) | |||||
Change
in provision for gain on mortgage notes
|
(19 | ) | (20 | ) | ||||
Change
in provision for inventory reserves
|
1,281
|
-
|
||||||
Net
gain on sale of real and personal property
|
(13,183 | ) | (3,787 | ) | ||||
Net
loss on sale of investments
|
149
|
891
|
||||||
Write-off
of unamortized debt issuance costs
|
-
|
6,969
|
||||||
Deferred
income taxes
|
33,966
|
27,677
|
||||||
Net
change in other operating assets and liabilities:
|
||||||||
Reinsurance
recoverables and trade receivables
|
(5,154 | ) |
18,383
|
|||||
Inventories
|
3,181
|
(8,357 | ) | |||||
Prepaid
expenses
|
4,120
|
(2,962 | ) | |||||
Capitalization
of deferred policy acquisition costs
|
(2,539 | ) | (3,166 | ) | ||||
Other
assets
|
(10,373 | ) | (95 | ) | ||||
Related
party assets
|
41,881
|
12,899
|
||||||
Accounts
payable and accrued expenses
|
13,497
|
7,380
|
||||||
Policy
benefits and losses, claims and loss expenses payable
|
5,066
|
(8,420 | ) | |||||
Other
policyholders' funds and liabilities
|
211
|
1,577
|
||||||
Deferred
income
|
(1,673 | ) |
530
|
|||||
Related
party liabilities
|
(3,411 | ) | (10,016 | ) | ||||
Net
cash provided by operating activities
|
279,690
|
252,380
|
||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of:
|
||||||||
Property,
plant and equipment
|
(360,511 | ) | (378,605 | ) | ||||
Short
term investments
|
(128,627 | ) | (103,999 | ) | ||||
Fixed
maturities investments
|
(45,622 | ) | (59,033 | ) | ||||
Real
estate
|
(3,441 | ) |
-
|
|||||
Mortgage
loans
|
(4,895 | ) | (8,855 | ) | ||||
Proceeds
from sale of:
|
||||||||
Property,
plant and equipment
|
100,660
|
57,204
|
||||||
Short
term investments
|
144,814
|
145,044
|
||||||
Fixed
maturities investments
|
61,206
|
52,056
|
||||||
Cash
received in excess of purchase for company acquired
|
-
|
1,235
|
||||||
Equity
securities
|
46
|
-
|
||||||
Preferred
stock
|
2,625
|
125
|
||||||
Real
estate
|
153
|
10,113
|
||||||
Mortgage
loans
|
4,043
|
4,182
|
||||||
Payments
from notes and mortgage receivables
|
367
|
293
|
||||||
Net
cash used by investing activities
|
(229,182 | ) | (280,240 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings
from credit facilities
|
447,620
|
276,744
|
||||||
Principal
repayments on credit facilities
|
(179,043 | ) | (39,614 | ) | ||||
Debt
issuance costs
|
(9,850 | ) | (539 | ) | ||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
608
|
608
|
||||||
Treasury
stock repurchases
|
(33,966 | ) |
-
|
|||||
Securitization
deposits
|
(116,176 | ) |
-
|
|||||
Preferred
stock dividends paid
|
(6,482 | ) | (6,482 | ) | ||||
Investment
contract deposits
|
8,772
|
8,444
|
||||||
Investment
contract withdrawals
|
(34,032 | ) | (40,275 | ) | ||||
Net
cash provided by financing activities
|
77,451
|
198,886
|
||||||
Effects
of exchange rate on cash
|
113
|
131
|
||||||
Increase
in cash equivalents
|
128,072
|
171,157
|
||||||
Cash
and cash equivalents at the beginning of period
|
75,272
|
155,459
|
||||||
Cash
and cash equivalents at the end of period
|
$ |
203,344
|
$ |
326,616
|
September
30,
|
March
31,
|
|||||||||||||||
2008
Rate (a)
|
Maturities
|
2007
|
2007
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||
Real
estate loan (amortizing term)
|
6.93 | % |
2018
|
$ |
290,000
|
$ |
295,000
|
|||||||||
Real
estate loan (revolving credit)
|
-
|
2018
|
-
|
-
|
||||||||||||
Senior
mortgages
|
5.19%-5.75 | % |
2015
|
519,990
|
521,332
|
|||||||||||
Construction
loan (revolving credit)
|
7.32 | % |
2009
|
21,700
|
-
|
|||||||||||
Working
capital loan (revolving credit)
|
-
|
2008
|
-
|
-
|
||||||||||||
Fleet
loans (amortizing term)
|
6.11%-7.42 | % |
2012-2014
|
322,143
|
364,833
|
|||||||||||
Fleet
loans (securitization)
|
5.40%-5.56 | % |
2010-2014
|
298,209
|
-
|
|||||||||||
Fleet
loan (revolving credit)
|
-
|
2011
|
-
|
-
|
||||||||||||
Total
AMERCO notes and loans payable
|
$ |
1,452,042
|
$ |
1,181,165
|
||||||||||||
(a)
Interest rate as of September 30, 2007, including the effect of applicable
hedging instruments
|
Year
Ending September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes
payable, secured
|
$ |
110,829
|
$ |
125,323
|
$ |
159,029
|
$ |
63,355
|
$ |
141,671
|
$ |
851,835
|
||||||||||||
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Notes
payable, secured, 7.87% interest rate, due 2027
|
$ |
74,197
|
$ |
74,887
|
||||
Year
Ending September 30,
|
||||||||||||||||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes
payable, secured
|
$ |
1,499
|
$ |
1,640
|
$ |
1,776
|
$ |
1,923
|
$ |
2,067
|
$ |
65,292
|
||||||||||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ |
25,373
|
$ |
19,331
|
||||
Capitalized
interest
|
(322 | ) | (129 | ) | ||||
Amortization
of transaction costs
|
1,514
|
1,076
|
||||||
Interest
income resulting from derivatives
|
(568 | ) | (738 | ) | ||||
Amortization
of transaction costs related to early extinguishment of
debt
|
-
|
6,969
|
||||||
Total
AMERCO interest expense
|
25,997
|
26,509
|
||||||
SAC
Holding II interest expense
|
3,236
|
3,206
|
||||||
Less:
Intercompany transactions
|
1,738
|
1,683
|
||||||
Total
SAC Holding II interest expense
|
1,498
|
1,523
|
||||||
Total
|
$ |
27,495
|
$ |
28,032
|
||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ |
47,496
|
$ |
35,888
|
||||
Capitalized
interest
|
(605 | ) | (171 | ) | ||||
Amortization
of transaction costs
|
2,395
|
2,374
|
||||||
Interest
income resulting from derivatives
|
(1,021 | ) | (1,601 | ) | ||||
Amortization
of transaction costs related to early extinguishment of
debt
|
-
|
6,969
|
||||||
Total
AMERCO interest expense
|
48,265
|
43,459
|
||||||
SAC
Holding II interest expense
|
6,467
|
6,600
|
||||||
Less:
Intercompany transactions
|
3,466
|
3,565
|
||||||
Total
SAC Holding II interest expense
|
3,001
|
3,035
|
||||||
Total
|
$ |
51,266
|
$ |
46,494
|
||||
Revolving
Credit Activity
|
||||||||
Quarter
Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the quarter
|
6.87 | % | 6.85 | % | ||||
Interest
rate at the end of the quarter
|
7.32 | % | 6.82 | % | ||||
Maximum
amount outstanding during the quarter
|
$ |
121,700
|
$ |
90,000
|
||||
Average
amount outstanding during the quarter
|
$ |
98,874
|
$ |
90,000
|
||||
Facility
fees
|
$ |
65
|
$ |
57
|
||||
Revolving
Credit Activity
|
||||||||
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the first six months
|
6.80 | % | 7.35 | % | ||||
Interest
rate at the end of the first six months
|
7.32 | % | 6.82 | % | ||||
Maximum
amount outstanding during the first six months
|
$ |
138,700
|
$ |
90,000
|
||||
Average
amount outstanding during the first six months
|
$ |
100,065
|
$ |
90,000
|
||||
Facility
fees
|
$ |
134
|
$ |
114
|
||||
Foreign
Currency
Translation
|
Unrealized
Gain
(Loss) on
Investments
|
Fair
Market
Value
of Cash
Flow
Hedge
|
FASB
Statement
No.
158
Adjustment
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Balance
at March 31, 2007
|
$ | (36,166 | ) | $ | (355 | ) | $ | (5,105 | ) | $ | (153 | ) | $ | (41,779 | ) | |||||
Foreign
currency translation
|
11,879
|
-
|
-
|
-
|
11,879
|
|||||||||||||||
Unrealized
loss on investments
|
-
|
(1,287 | ) |
-
|
-
|
(1,287 | ) | |||||||||||||
Change
in fair market value of cash flow hedge
|
-
|
-
|
(1,441 | ) |
-
|
(1,441 | ) | |||||||||||||
Balance
at September 30, 2007
|
$ | (24,287 | ) | $ | (1,642 | ) | $ | (6,546 | ) | $ | (153 | ) | $ | (32,628 | ) | |||||
Property,
Plant
and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Year-ended
September 30:
|
||||||||||||
2008
|
$ |
12,458
|
$ |
116,904
|
$ |
129,362
|
||||||
2009
|
12,134
|
102,248
|
114,382
|
|||||||||
2010
|
11,723
|
84,057
|
95,780
|
|||||||||
2011
|
11,601
|
67,796
|
79,397
|
|||||||||
2012
|
10,928
|
53,883
|
64,811
|
|||||||||
Thereafter
|
22,593
|
52,125
|
74,718
|
|||||||||
Total
|
$ |
81,437
|
$ |
477,013
|
$ |
558,450
|
||||||
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Private
Mini notes, receivables and interest
|
$ |
71,566
|
$ |
71,785
|
||||
Oxford
note receivable from SAC Holding Corporation
|
-
|
5,040
|
||||||
U-Haul
notes receivable from SAC Holding Coporation
|
123,340
|
123,578
|
||||||
U-Haul
interest receivable from SAC Holding Corporation
|
3,441
|
23,361
|
||||||
U-Haul
receivable from SAC Holding Corporation
|
9,233
|
16,596
|
||||||
U-Haul
receivable from Mercury
|
2,405
|
4,278
|
||||||
Other
(a)
|
(4,136 | ) |
541
|
|||||
$ |
205,849
|
$ |
245,179
|
|||||
(a)
The current period credit balance resulted from a timing difference
between Oxford and AMERCO for a
|
||||||||
partial
repayment of an intercompany note. This will reverse in our December
31,
2007 financial statements.
|
September
30,
|
March
31,
|
|||||||
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
SAC
Holding II payable to affiliate
|
$ |
2,008
|
$ |
2,099
|
||||
|
(a)
|
Moving
and Storage, comprised of AMERCO, U-Haul, and Real Estate and the
subsidiaries of U-Haul and Real
Estate
|
|
(b)
|
Property
and Casualty Insurance, comprised of RepWest and its wholly-owned
subsidiary
|
|
(c)
|
Life
Insurance, comprised of 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
|
$ |
31
|
$ |
182,197
|
$ |
2,995
|
$ |
-
|
$ |
185,223
|
$ |
4,459
|
$ |
13,662
|
$ |
-
|
$ |
203,344
|
$ |
-
|
$ |
-
|
$ |
203,344
|
|||||||||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
-
|
25,255
|
25
|
-
|
25,280
|
154,004
|
10,585
|
-
|
189,869
|
-
|
-
|
189,869
|
|||||||||||||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
-
|
1,307
|
555
|
-
|
1,862
|
-
|
-
|
-
|
1,862
|
-
|
-
|
1,862
|
|||||||||||||||||||||||||||||||||||||||
Inventories,
net
|
-
|
61,644
|
-
|
-
|
61,644
|
-
|
-
|
-
|
61,644
|
1,339
|
-
|
62,983
|
|||||||||||||||||||||||||||||||||||||||
Prepaid
expenses
|
-
|
47,169
|
44
|
-
|
47,213
|
-
|
-
|
-
|
47,213
|
274
|
-
|
47,487
|
|||||||||||||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
-
|
-
|
-
|
-
|
-
|
151,662
|
505,250
|
-
|
656,912
|
-
|
-
|
656,912
|
|||||||||||||||||||||||||||||||||||||||
Investments,
other
|
-
|
966
|
13,917
|
-
|
14,883
|
71,784
|
79,983
|
-
|
166,650
|
-
|
-
|
166,650
|
|||||||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
-
|
-
|
-
|
-
|
-
|
76
|
43,811
|
-
|
43,887
|
-
|
-
|
43,887
|
|||||||||||||||||||||||||||||||||||||||
Other
assets
|
6
|
181,375
|
41,738
|
-
|
223,119
|
2,193
|
911
|
-
|
226,223
|
5,283
|
-
|
231,506
|
|||||||||||||||||||||||||||||||||||||||
Related
party assets
|
1,208,523
|
233,811
|
89
|
(1,146,512 | ) |
(d)
|
295,911
|
8,663
|
-
|
(17,962 | ) |
(d)
|
286,612
|
-
|
(80,763 | ) |
(d)
|
205,849
|
|||||||||||||||||||||||||||||||||
1,208,560
|
733,724
|
59,363
|
(1,146,512 | ) |
855,135
|
392,841
|
654,202
|
(17,962 | ) |
1,884,216
|
6,896
|
(80,763 | ) |
1,810,349
|
|||||||||||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(160,547 | ) |
-
|
-
|
444,861
|
(c)
|
284,314
|
-
|
-
|
(284,314 | ) |
(c)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Investment
in SAC Holding II
|
(8,901 | ) |
-
|
-
|
-
|
(8,901 | ) |
-
|
-
|
-
|
(8,901 | ) |
-
|
8,901
|
(c)
|
-
|
|||||||||||||||||||||||||||||||||||
Total
investment in subsidiaries and SAC Holding II
|
(169,448 | ) |
-
|
-
|
444,861
|
275,413
|
-
|
-
|
(284,314 | ) | (8,901 | ) |
-
|
8,901
|
-
|
||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Land
|
-
|
43,731
|
163,049
|
-
|
206,780
|
-
|
-
|
-
|
206,780
|
-
|
-
|
206,780
|
|||||||||||||||||||||||||||||||||||||||
Buildings
and improvements
|
-
|
112,781
|
721,550
|
-
|
834,331
|
-
|
-
|
-
|
834,331
|
-
|
-
|
834,331
|
|||||||||||||||||||||||||||||||||||||||
Furniture
and equipment
|
4,645
|
290,586
|
18,072
|
-
|
313,303
|
-
|
-
|
-
|
313,303
|
-
|
-
|
313,303
|
|||||||||||||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
-
|
206,599
|
-
|
-
|
206,599
|
-
|
-
|
-
|
206,599
|
-
|
-
|
206,599
|
|||||||||||||||||||||||||||||||||||||||
Rental
trucks
|
-
|
1,736,826
|
-
|
-
|
1,736,826
|
-
|
-
|
-
|
1,736,826
|
-
|
-
|
1,736,826
|
|||||||||||||||||||||||||||||||||||||||
SAC
Holding II - property, plant and equipment (b)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
155,597
|
(74,212 | ) |
(e)
|
81,385
|
|||||||||||||||||||||||||||||||||||||
4,645
|
2,390,523
|
902,671
|
-
|
3,297,839
|
-
|
-
|
-
|
3,297,839
|
155,597
|
(74,212 | ) |
3,379,224
|
|||||||||||||||||||||||||||||||||||||||
Less: Accumulated
depreciation
|
(950 | ) | (1,004,243 | ) | (302,187 | ) |
-
|
(1,307,380 | ) |
-
|
-
|
-
|
(1,307,380 | ) | (13,851 | ) |
10,505
|
(e)
|
(1,310,726 | ) | |||||||||||||||||||||||||||||||
Total
property, plant and equipment
|
3,695
|
1,386,280
|
600,484
|
-
|
1,990,459
|
-
|
-
|
-
|
1,990,459
|
141,746
|
(63,707 | ) |
2,068,498
|
||||||||||||||||||||||||||||||||||||||
Total
assets
|
$ |
1,042,807
|
$ |
2,120,004
|
$ |
659,847
|
$ | (701,651 | ) | $ |
3,121,007
|
$ |
392,841
|
$ |
654,202
|
$ | (302,276 | ) | $ |
3,865,774
|
$ |
148,642
|
$ | (135,569 | ) | $ |
3,878,847
|
||||||||||||||||||||||||