|
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 - 31
|
||
Item 2.
|
32 - 45
|
|
Item 3.
|
46
|
|
Item 4.
|
46 - 47
|
|
PART II OTHER INFORMATION
|
||
Item 1.
|
47
|
|
Item 1A.
|
47
|
|
Item 2.
|
47
|
|
Item 3.
|
48
|
|
Item 4.
|
48
|
|
Item 5.
|
48
|
|
Item 6.
|
48
|
June 30,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 288,114 | $ | 244,118 | ||||
Reinsurance recoverables and trade receivables, net
|
213,656 | 198,283 | ||||||
Notes and mortgage receivables, net
|
1,227 | 1,461 | ||||||
Inventories, net
|
55,626 | 52,837 | ||||||
Prepaid expenses
|
55,710 | 53,379 | ||||||
Investments, fixed maturities and marketable equities
|
593,562 | 549,318 | ||||||
Investments, other
|
192,724 | 227,486 | ||||||
Deferred policy acquisition costs, net
|
38,905 | 39,194 | ||||||
Other assets
|
146,993 | 145,864 | ||||||
Related party assets
|
296,601 | 302,126 | ||||||
1,883,118 | 1,814,066 | |||||||
Property, plant and equipment, at cost:
|
||||||||
Land
|
223,753 | 224,904 | ||||||
Buildings and improvements
|
992,336 | 970,937 | ||||||
Furniture and equipment
|
324,988 | 323,334 | ||||||
Rental trailers and other rental equipment
|
242,451 | 244,131 | ||||||
Rental trucks
|
1,562,423 | 1,529,817 | ||||||
3,345,951 | 3,293,123 | |||||||
Less: Accumulated depreciation
|
(1,349,529 | ) | (1,344,735 | ) | ||||
Total property, plant and equipment
|
1,996,422 | 1,948,388 | ||||||
Total assets
|
$ | 3,879,540 | $ | 3,762,454 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 338,794 | $ | 296,057 | ||||
Notes, loans and leases payable
|
1,338,636 | 1,347,635 | ||||||
Policy benefits and losses, claims and loss expenses payable
|
826,189 | 816,909 | ||||||
Liabilities from investment contracts
|
263,142 | 268,810 | ||||||
Other policyholders' funds and liabilities
|
8,055 | 8,155 | ||||||
Deferred income
|
31,889 | 25,207 | ||||||
Deferred income taxes
|
207,727 | 186,770 | ||||||
Total liabilities
|
3,014,432 | 2,949,543 | ||||||
Commitments and contingencies (notes 4, 8, 9 and 10)
|
||||||||
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;
|
||||||||
5,934,000 and 5,992,800 shares issued and outstanding as of June 30 and March 31, 2010
|
- | - | ||||||
Series B preferred stock, with no par value, 100,000 shares authorized; none
|
||||||||
issued and outstanding as of June 30 and March 31, 2010
|
- | - | ||||||
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 June 30 and March 31, 2010
|
- | - | ||||||
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
|
||||||||
issued as of June 30 and March 31, 2010
|
10,497 | 10,497 | ||||||
Additional paid-in capital
|
418,899 | 419,811 | ||||||
Accumulated other comprehensive loss
|
(66,708 | ) | (56,207 | ) | ||||
Retained earnings
|
1,032,332 | 969,017 | ||||||
Cost of common shares in treasury, net (22,377,912 shares as of June 30 and March 31, 2010)
|
(525,653 | ) | (525,653 | ) | ||||
Unearned employee stock ownership plan shares
|
(4,259 | ) | (4,554 | ) | ||||
Total stockholders' equity
|
865,108 | 812,911 | ||||||
Total liabilities and stockholders' equity
|
$ | 3,879,540 | $ | 3,762,454 |
Quarter Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving equipment rentals
|
$ | 419,463 | $ | 372,941 | ||||
Self-storage revenues
|
28,227 | 27,004 | ||||||
Self-moving and self-storage products and service sales
|
63,290 | 57,822 | ||||||
Property management fees
|
4,536 | 4,450 | ||||||
Life insurance premiums
|
37,803 | 27,604 | ||||||
Property and casualty insurance premiums
|
6,179 | 6,215 | ||||||
Net investment and interest income
|
13,355 | 13,680 | ||||||
Other revenue
|
13,094 | 10,943 | ||||||
Total revenues
|
585,947 | 520,659 | ||||||
Costs and expenses:
|
||||||||
Operating expenses
|
253,134 | 258,501 | ||||||
Commission expenses
|
52,169 | 44,411 | ||||||
Cost of sales
|
31,665 | 30,450 | ||||||
Benefits and losses
|
35,422 | 27,694 | ||||||
Amortization of deferred policy acquisition costs
|
2,193 | 1,917 | ||||||
Lease expense
|
38,666 | 39,273 | ||||||
Depreciation, net of (gains) losses on disposals
|
44,589 | 59,217 | ||||||
Total costs and expenses
|
457,838 | 461,463 | ||||||
Earnings from operations
|
128,109 | 59,196 | ||||||
Interest expense
|
(21,464 | ) | (23,221 | ) | ||||
Pretax earnings
|
106,645 | 35,975 | ||||||
Income tax expense
|
(40,143 | ) | (13,543 | ) | ||||
Net earnings
|
66,502 | 22,432 | ||||||
Excess (loss) of carrying amount of preferred stock over consideration paid
|
(31 | ) | 323 | |||||
Less: Preferred stock dividends
|
(3,156 | ) | (3,241 | ) | ||||
Earnings available to common shareholders
|
$ | 63,315 | $ | 19,514 | ||||
Basic and diluted earnings per common share
|
$ | 3.26 | $ | 1.01 | ||||
Weighted average common shares outstanding: Basic and diluted
|
19,414,815 | 19,369,591 |
Pre-tax
|
Tax
|
Net
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Quarter Ended June 30, 2010
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 106,645 | $ | (40,143 | ) | $ | 66,502 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
(3,876 | ) | - | (3,876 | ) | |||||||
Unrealized gain on investments
|
1,188 | (322 | ) | 866 | ||||||||
Change in fair value of cash flow hedges
|
(12,083 | ) | 4,592 | (7,491 | ) | |||||||
Total comprehensive income
|
$ | 91,874 | $ | (35,873 | ) | $ | 56,001 |
Pre-tax
|
Tax
|
Net
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Quarter Ended June 30, 2009
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 35,975 | $ | (13,543 | ) | $ | 22,432 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
4,229 | - | 4,229 | |||||||||
Unrealized loss on investments
|
(5,182 | ) | 1,809 | (3,373 | ) | |||||||
Change in fair value of cash flow hedges
|
22,369 | (8,500 | ) | 13,869 | ||||||||
Total comprehensive income
|
$ | 57,391 | $ | (20,234 | ) | $ | 37,157 |
Quarter Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Cash flow from operating activities:
|
||||||||
Net earnings
|
$ | 66,502 | $ | 22,432 | ||||
Adjustments to reconcile net earnings to the cash provided by operations:
|
||||||||
Depreciation
|
52,977 | 57,879 | ||||||
Amortization of deferred policy acquisition costs
|
2,193 | 1,917 | ||||||
Change in allowance for losses on trade receivables
|
(28 | ) | 13 | |||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | |||||
Change in allowance for inventory reserves
|
494 | 754 | ||||||
Net (gain) loss on sale of real and personal property
|
(8,388 | ) | 1,338 | |||||
Net gain on sale of investments
|
(1,015 | ) | (625 | ) | ||||
Deferred income taxes
|
25,230 | 5,328 | ||||||
Net change in other operating assets and liabilities:
|
||||||||
Reinsurance recoverables and trade receivables
|
(15,345 | ) | (11,890 | ) | ||||
Inventories
|
(3,283 | ) | 5,807 | |||||
Prepaid expenses
|
(2,331 | ) | (6,838 | ) | ||||
Capitalization of deferred policy acquisition costs
|
(3,663 | ) | (3,063 | ) | ||||
Other assets
|
(1,043 | ) | (1,631 | ) | ||||
Related party assets
|
4,691 | 7,792 | ||||||
Accounts payable and accrued expenses
|
38,968 | 6,962 | ||||||
Policy benefits and losses, claims and loss expenses payable
|
10,240 | 6,367 | ||||||
Other policyholders' funds and liabilities
|
(100 | ) | (2,021 | ) | ||||
Deferred income
|
6,727 | 4,050 | ||||||
Related party liabilities
|
791 | (343 | ) | |||||
Net cash provided by operating activities
|
173,617 | 94,222 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of:
|
||||||||
Property, plant and equipment
|
(138,902 | ) | (123,546 | ) | ||||
Short term investments
|
(51,827 | ) | (51,535 | ) | ||||
Fixed maturities investments
|
(66,227 | ) | (33,647 | ) | ||||
Equity securities
|
(6,225 | ) | - | |||||
Preferred stock
|
(3,475 | ) | (882 | ) | ||||
Real estate
|
(134 | ) | (293 | ) | ||||
Mortgage loans
|
(51 | ) | (288 | ) | ||||
Proceeds from sale of:
|
||||||||
Property, plant and equipment
|
47,225 | 38,088 | ||||||
Short term investments
|
84,427 | 60,778 | ||||||
Fixed maturities investments
|
33,701 | 40,572 | ||||||
Equity securities
|
133 | - | ||||||
Real estate
|
1,588 | 12 | ||||||
Mortgage loans
|
721 | 735 | ||||||
Payments from notes and mortgage receivables
|
234 | 497 | ||||||
Net cash used by investing activities
|
(98,812 | ) | (69,509 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings from credit facilities
|
91,957 | 13,478 | ||||||
Principal repayments on credit facilities
|
(106,679 | ) | (37,757 | ) | ||||
Debt issuance costs
|
(89 | ) | (277 | ) | ||||
Capital lease payments
|
(6,951 | ) | (329 | ) | ||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
295 | 264 | ||||||
Preferred stock dividends paid
|
(3,156 | ) | (3,241 | ) | ||||
Investment contract deposits
|
3,018 | 2,829 | ||||||
Investment contract withdrawals
|
(8,685 | ) | (13,500 | ) | ||||
Net cash used by financing activities
|
(30,290 | ) | (38,533 | ) | ||||
Effects of exchange rate on cash
|
(519 | ) | (50 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
43,996 | (13,870 | ) | |||||
Cash and cash equivalents at the beginning of period
|
244,118 | 240,587 | ||||||
Cash and cash equivalents at the end of period
|
$ | 288,114 | $ | 226,717 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses More than 12 Months
|
Gross
Unrealized
Losses Less than 12 Months
|
Estimated
Market
Value
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||
U.S. treasury securities and government obligations
|
$ | 75,475 | $ | 2,071 | $ | (48 | ) | $ | (98 | ) | $ | 77,400 | ||||||||
U.S. government agency mortgage-backed securities
|
82,534 | 4,929 | (2 | ) | (43 | ) | 87,418 | |||||||||||||
Obligations of states and political subdivisions
|
18,960 | 341 | (1,072 | ) | (79 | ) | 18,150 | |||||||||||||
Corporate securities
|
348,660 | 16,321 | (1,169 | ) | (624 | ) | 363,188 | |||||||||||||
Mortgage-backed securities
|
8,647 | 235 | (381 | ) | (19 | ) | 8,482 | |||||||||||||
Redeemable preferred stocks
|
22,198 | 1,267 | (1,539 | ) | (21 | ) | 21,905 | |||||||||||||
Common stocks
|
24,472 | 450 | - | (3,741 | ) | 21,181 | ||||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(3,628 | ) | (534 | ) | - | - | (4,162 | ) | ||||||||||||
$ | 577,318 | $ | 25,080 | $ | (4,211 | ) | $ | (4,625 | ) | $ | 593,562 |
Credit Loss
|
||||
(Unaudited)
|
||||
(In thousands)
|
||||
Balance at March 31, 2010
|
$ | 552 | ||
Other-than-temporary impairment not previously recognized
|
- | |||
Balance at June 30, 2010
|
$ | 552 |
June 30, 2010
|
||||||||
Amortized
Cost
|
Estimated
Market
Value
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Due in one year or less
|
$ | 38,810 | $ | 39,717 | ||||
Due after one year through five years
|
165,687 | 173,065 | ||||||
Due after five years through ten years
|
119,014 | 123,910 | ||||||
Due after ten years
|
202,118 | 209,464 | ||||||
525,629 | 546,156 | |||||||
Mortgage backed securities
|
8,647 | 8,482 | ||||||
Redeemable preferred stocks
|
22,198 | 21,905 | ||||||
Equity securities
|
24,472 | 21,181 | ||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(3,628 | ) | (4,162 | ) | ||||
$ | 577,318 | $ | 593,562 |
June 30,
|
March 31,
|
|||||||||||||||
2011 Rate (a)
|
Maturities
|
2010
|
2010
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Real estate loan (amortizing term)
|
6.93 | % | 2018 | $ | 262,500 | $ | 265,000 | |||||||||
Real estate loan (revolving credit)
|
1.85 | % | 2018 | 60,000 | 86,000 | |||||||||||
Real estate loan (amortizing term)
|
5.00 | % | 2011 | 11,486 | 31,865 | |||||||||||
Senior mortgages
|
5.47% - 6.13 | % | 2015 - 2016 | 485,670 | 489,186 | |||||||||||
Working capital loan (revolving credit)
|
- | 2011 | - | 15,000 | ||||||||||||
Fleet loans (amortizing term)
|
4.78% - 7.95 | % | 2012 - 2017 | 328,741 | 276,222 | |||||||||||
Fleet loans (securitization)
|
5.56 | % | 2014 | 136,622 | 143,170 | |||||||||||
Other obligations
|
3.25% - 9.50 | % | 2011 - 2017 | 53,617 | 41,192 | |||||||||||
Total notes, loans and leases payable
|
$ | 1,338,636 | $ | 1,347,635 | ||||||||||||
(a) Interest rate as of June 30, 2010, including the effect of applicable hedging instruments.
|
Year Ending June 30,
|
||||||||||||||||||||||||
2011
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Notes, loans and leases payable, secured
|
$ | 100,597 | $ | 138,206 | $ | 161,141 | $ | 156,496 | $ | 54,728 | $ | 727,468 |
Quarter Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest expense
|
$ | 14,425 | $ | 16,059 | ||||
Capitalized interest
|
(147 | ) | (151 | ) | ||||
Amortization of transaction costs
|
1,105 | 1,185 | ||||||
Interest expense resulting from derivatives
|
6,081 | 6,128 | ||||||
Total interest expense
|
$ | 21,464 | $ | 23,221 |
Original variable rate debt amount
|
Agreement Date
|
Effective Date
|
Expiration Date
|
Designated cash flow hedge date
|
|||||||
(Unaudited)
|
|||||||||||
(In millions)
|
|||||||||||
$ | 142.3 |
(a), (b)
|
11/15/2005
|
5/10/2006
|
4/10/2012
|
5/31/2006
|
|||||
50.0 |
(a)
|
6/21/2006
|
7/10/2006
|
7/10/2013
|
6/9/2006
|
||||||
144.9 |
(a), (b)
|
6/9/2006
|
10/10/2006
|
10/10/2012
|
6/9/2006
|
||||||
300.0 |
(a)
|
8/16/2006
|
8/18/2006
|
8/10/2018
|
8/4/2006
|
||||||
30.0 |
(a)
|
2/9/2007
|
2/12/2007
|
2/10/2014
|
2/9/2007
|
||||||
20.0 |
(a)
|
3/8/2007
|
3/12/2007
|
3/10/2014
|
3/8/2007
|
||||||
20.0 |
(a)
|
3/8/2007
|
3/12/2007
|
3/10/2014
|
3/8/2007
|
||||||
19.3 |
(a), (b)
|
4/8/2008
|
8/15/2008
|
6/15/2015
|
3/31/2008
|
||||||
19.0 |
(a)
|
8/27/2008
|
8/29/2008
|
7/10/2015
|
4/10/2008
|
||||||
30.0 |
(a)
|
9/24/2008
|
9/30/2008
|
9/10/2015
|
9/24/2008
|
||||||
15.0 |
(a), (b)
|
3/24/2009
|
3/30/2009
|
4/15/2016
|
3/25/2009
|
||||||
(a) interest rate swap agreement
|
|||||||||||
(b) forward swap
|
Liability Derivatives
|
|||
Fair Value as of
|
|||
June 30, 2010
|
March 31, 2010
|
||
(Unaudited)
|
|||
(In thousands)
|
|||
Interest rate contracts designated as hedging instruments
|
$66,142 | $54,239 |
The Effect of Interest Rate Contracts on the Statement of Operations
|
||||||||
June 30, 2010
|
June 30, 2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Loss recognized in income on interest rate contracts
|
$ | 6,081 | $ | 6,128 | ||||
Loss recognized in AOCI on interest rate contracts (effective portion)
|
$ | 12,083 | $ | 22,368 | ||||
Loss reclassified from AOCI into income (effective portion)
|
$ | 6,260 | $ | 6,783 | ||||
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)
|
$ | (179 | ) | $ | 655 |
Revolving Credit Activity
|
||||||||
Quarter Ended June 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except interest rates)
|
||||||||
Weighted average interest rate during the quarter
|
1.80 | % | 1.90 | % | ||||
Interest rate at the end of the quarter
|
1.85 | % | 1.83 | % | ||||
Maximum amount outstanding during the quarter
|
$ | 111,000 | $ | 207,280 | ||||
Average amount outstanding during the quarter
|
$ | 85,648 | $ | 205,232 | ||||
Facility fees
|
$ | 56 | $ | 242 |
Foreign Currency Translation
|
Unrealized Gain on Investments
|
Fair Market Value of Cash Flow Hedges
|
Postretirement Benefit Obligation Gain
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Balance at March 31, 2010
|
$ | (29,142 | ) | $ | 5,931 | $ | (33,933 | ) | $ | 937 | $ | (56,207 | ) | |||||||
Foreign currency translation
|
(3,876 | ) | - | - | - | (3,876 | ) | |||||||||||||
Unrealized gain on investments
|
- | 866 | - | - | 866 | |||||||||||||||
Change in fair value of cash flow hedges
|
- | - | (7,491 | ) | - | (7,491 | ) | |||||||||||||
Balance at June 30, 2010
|
$ | (33,018 | ) | $ | 6,797 | $ | (41,424 | ) | $ | 937 | $ | (66,708 | ) |
Property,
Plant and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Year-ended June 30:
|
||||||||||||
2011
|
$ | 15,076 | $ | 116,061 | $ | 131,137 | ||||||
2012
|
14,134 | 101,436 | 115,570 | |||||||||
2013
|
13,637 | 84,443 | 98,080 | |||||||||
2014
|
11,824 | 67,352 | 79,176 | |||||||||
2015
|
721 | 43,574 | 44,295 | |||||||||
Thereafter
|
5,818 | 13,020 | 18,838 | |||||||||
Total
|
$ | 61,210 | $ | 425,886 | $ | 487,096 |
June 30,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul notes, receivables and interest from Private Mini
|
$ | 69,236 | $ | 69,867 | ||||
U-Haul notes receivable from SAC Holdings
|
196,741 | 196,903 | ||||||
U-Haul interest receivable from SAC Holdings
|
15,200 | 13,775 | ||||||
U-Haul receivable from SAC Holdings
|
11,202 | 15,780 | ||||||
U-Haul receivable from Mercury
|
4,421 | 6,138 | ||||||
Other (a)
|
(199 | ) | (337 | ) | ||||
$ | 296,601 | $ | 302,126 | |||||
(a) Timing differences for intercompany balances with insurance subsidiaries.
|
·
|
Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
|
·
|
Property and Casualty Insurance, comprised of RepWest and its subsidiaries and ARCOA, and
|
·
|
Life Insurance, comprised of Oxford and its subsidiaries.
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Eliminations
|
Moving & Storage
Consolidated
|
Property & Casualty Insurance (a)
|
Life
Insurance (a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 132,490 | $ | 122,283 | $ | 3 | $ | - | $ | 254,776 | $ | 20,388 | $ | 12,950 | $ | - | $ | 288,114 | ||||||||||||||||||||
Reinsurance recoverables and trade receivables, net
|
- | 28,440 | - | - | 28,440 | 166,450 | 18,766 | - | 213,656 | |||||||||||||||||||||||||||||
Notes and mortgage receivables, net
|
- | 357 | 870 | - | 1,227 | - | - | - | 1,227 | |||||||||||||||||||||||||||||
Inventories, net
|
- | 55,626 | - | - | 55,626 | - | - | - | 55,626 | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | 55,684 | 26 | - | 55,710 | - | - | - | 55,710 | |||||||||||||||||||||||||||||
Investments, fixed maturities and marketable equities
|
19,720 | - | - | - | 19,720 | 108,331 | 469,673 | (4,162 | ) |
(d)
|
593,562 | |||||||||||||||||||||||||||
Investments, other
|
- | 1,120 | 12,908 | - | 14,028 | 98,490 | 80,206 | - | 192,724 | |||||||||||||||||||||||||||||
Deferred policy acquisition costs, net
|
- | - | - | - | - | - | 38,905 | - | 38,905 | |||||||||||||||||||||||||||||
Other assets
|
37,797 | 80,950 | 26,999 | - | 145,746 | 782 | 465 | - | 146,993 | |||||||||||||||||||||||||||||
Related party assets
|
1,172,454 | 242,197 | 25 | (1,115,514 | ) |
(c)
|
299,162 | 2,734 | - | (5,295 | ) |
(c)
|
296,601 | |||||||||||||||||||||||||
1,362,461 | 586,657 | 40,831 | (1,115,514 | ) | 874,435 | 397,175 | 620,965 | (9,457 | ) | 1,883,118 | ||||||||||||||||||||||||||||
Investment in subsidiaries
|
(234,014 | ) | - | - | 564,949 |
(b)
|
330,935 | - | - | (330,935 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property, plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 43,450 | 180,303 | - | 223,753 | - | - | - | 223,753 | |||||||||||||||||||||||||||||
Buildings and improvements
|
1 | 164,488 | 827,847 | - | 992,336 | - | - | - | 992,336 | |||||||||||||||||||||||||||||
Furniture and equipment
|
246 | 306,574 | 18,168 | - | 324,988 | - | - | - | 324,988 | |||||||||||||||||||||||||||||
Rental trailers and other rental equipment
|
- | 242,451 | - | - | 242,451 | - | - | - | 242,451 | |||||||||||||||||||||||||||||
Rental trucks
|
- | 1,562,423 | - | - | 1,562,423 | - | - | - | 1,562,423 | |||||||||||||||||||||||||||||
247 | 2,319,386 | 1,026,318 | - | 3,345,951 | - | - | - | 3,345,951 | ||||||||||||||||||||||||||||||
Less: Accumulated depreciation
|
(215 | ) | (1,014,230 | ) | (335,084 | ) | - | (1,349,529 | ) | - | - | - | (1,349,529 | ) | ||||||||||||||||||||||||
Total property, plant and equipment
|
32 | 1,305,156 | 691,234 | - | 1,996,422 | - | - | - | 1,996,422 | |||||||||||||||||||||||||||||
Total assets
|
$ | 1,128,479 | $ | 1,891,813 | $ | 732,065 | $ | (550,565 | ) | $ | 3,201,792 | $ | 397,175 | $ | 620,965 | $ | (340,392 | ) | $ | 3,879,540 | ||||||||||||||||||
(a) Balances as of March 31, 2010
|
||||||||||||||||||||||||||||||||||||||
(b) Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany preferred stock investment
|
Moving & Storage
|
AMERCO Legal Group | ||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Eliminations
|
Moving & Storage
Consolidated
|
Property & Casualty Insurance (a)
|
Life
Insurance (a)
|
Eliminations
|
AMERCO
Consolidated
|
|||||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||||||||||||
Liabilities:
|
|||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
$ | 15,565 | $ | 312,247 | $ | 4,036 | $ | - | $ | 331,848 | $ | - | $ | 6,946 | $ | - | $ | 338,794 | |||||||||||||||||||||
Notes, loans and leases payable
|
- | 560,547 | 778,089 | - | 1,338,636 | - | - | - | 1,338,636 | ||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 387,202 | - | - | 387,202 | 267,752 | 171,235 | - | 826,189 | ||||||||||||||||||||||||||||||
Liabilities from investment contracts
|
- | - | - | - | - | - | 263,142 | - | 263,142 | ||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 6,200 | 1,855 | - | 8,055 | ||||||||||||||||||||||||||||||
Deferred income
|
- | 31,889 | - | - | 31,889 | - | - | - | 31,889 | ||||||||||||||||||||||||||||||
Deferred income taxes
|
239,573 | - | - | - | 239,573 | (32,066 | ) | 408 | (188 | ) |
(d)
|
207,727 | |||||||||||||||||||||||||||
Related party liabilities
|
- | 1,011,042 | 108,034 | (1,115,514 | ) |
(c)
|
3,562 | 1,606 | 127 | (5,295 | ) |
(c)
|
- | ||||||||||||||||||||||||||
Total liabilities
|
255,138 | 2,302,927 | 890,159 | (1,115,514 | ) | 2,332,710 | 243,492 | 443,713 | (5,483 | ) | 3,014,432 | ||||||||||||||||||||||||||||
Stockholders' equity:
|
|||||||||||||||||||||||||||||||||||||||
Series preferred stock:
|
|||||||||||||||||||||||||||||||||||||||
Series A preferred stock
|
- | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Series B preferred stock
|
- | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Series A common stock
|
- | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Common stock
|
10,497 | 540 | 1 | (541 | ) |
(b)
|
10,497 | 3,301 | 2,500 | (5,801 | ) |
(b)
|
10,497 | ||||||||||||||||||||||||||
Additional paid-in capital
|
422,883 | 121,230 | 147,941 | (269,171 | ) |
(b)
|
422,883 | 89,620 | 26,271 | (119,875 | ) | (b,d | ) | 418,899 | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(66,361 | ) | (73,505 | ) | - | 73,505 |
(b)
|
(66,361 | ) | 1,340 | 7,525 | (9,212 | ) | (b,d | ) | (66,708 | ) | ||||||||||||||||||||||
Retained earnings (deficit)
|
1,031,975 | (455,120 | ) | (306,036 | ) | 761,156 |
(b)
|
1,031,975 | 59,422 | 140,956 | (200,021 | ) | (b,d | ) | 1,032,332 | ||||||||||||||||||||||||
Cost of common shares in treasury, net
|
(525,653 | ) | - | - | - | (525,653 | ) | - | - | - | (525,653 | ) | |||||||||||||||||||||||||||
Unearned employee stock ownership plan shares
|
- |
|