|
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
|
||
6 – 35
|
||
Item 2.
|
36 – 53
|
|
Item 3.
|
53 – 54
|
|
Item 4.
|
54
|
|
PART II OTHER INFORMATION
|
||
Item 1.
|
55
|
|
Item 1A.
|
55
|
|
Item 2.
|
55
|
|
Item 3.
|
55
|
|
Item 4.
|
55
|
|
Item 5.
|
55
|
|
Item 6.
|
55 – 56
|
September 30,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 329,830 | $ | 244,118 | ||||
Reinsurance recoverables and trade receivables, net
|
204,274 | 198,283 | ||||||
Notes and mortgage receivables, net
|
1,344 | 1,461 | ||||||
Inventories, net
|
55,659 | 52,837 | ||||||
Prepaid expenses
|
48,404 | 53,379 | ||||||
Investments, fixed maturities and marketable equities
|
643,351 | 549,318 | ||||||
Investments, other
|
159,795 | 227,486 | ||||||
Deferred policy acquisition costs, net
|
37,255 | 39,194 | ||||||
Other assets
|
145,304 | 145,864 | ||||||
Related party assets
|
294,733 | 302,126 | ||||||
1,919,949 | 1,814,066 | |||||||
Property, plant and equipment, at cost:
|
||||||||
Land
|
226,238 | 224,904 | ||||||
Buildings and improvements
|
1,006,101 | 970,937 | ||||||
Furniture and equipment
|
330,786 | 323,334 | ||||||
Rental trailers and other rental equipment
|
242,455 | 244,131 | ||||||
Rental trucks
|
1,559,732 | 1,529,817 | ||||||
3,365,312 | 3,293,123 | |||||||
Less: Accumulated depreciation
|
(1,345,861 | ) | (1,344,735 | ) | ||||
Total property, plant and equipment
|
2,019,451 | 1,948,388 | ||||||
Total assets
|
$ | 3,939,400 | $ | 3,762,454 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 328,761 | $ | 296,057 | ||||
Notes, loans and leases payable
|
1,278,555 | 1,347,635 | ||||||
Policy benefits and losses, claims and loss expenses payable
|
856,001 | 816,909 | ||||||
Liabilities from investment contracts
|
257,275 | 268,810 | ||||||
Other policyholders' funds and liabilities
|
6,624 | 8,155 | ||||||
Deferred income
|
27,596 | 25,207 | ||||||
Deferred income taxes
|
238,674 | 186,770 | ||||||
Total liabilities
|
2,993,486 | 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;
|
||||||||
5,796,000 and 5,992,800 shares issued and outstanding as of September 30 and March 31, 2010
|
- | - | ||||||
Series B preferred stock, with no par value, 100,000 shares authorized; none
|
||||||||
issued and outstanding as of September 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 September 30 and March 31, 2010
|
- | - | ||||||
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
|
||||||||
issued as of September 30 and March 31, 2010
|
10,497 | 10,497 | ||||||
Additional paid-in capital
|
416,326 | 419,811 | ||||||
Accumulated other comprehensive loss
|
(65,604 | ) | (56,207 | ) | ||||
Retained earnings
|
1,114,310 | 969,017 | ||||||
Cost of common shares in treasury, net (22,377,912 shares as of September 30 and March 31, 2010)
|
(525,653 | ) | (525,653 | ) | ||||
Unearned employee stock ownership plan shares
|
(3,962 | ) | (4,554 | ) | ||||
Total stockholders' equity
|
945,914 | 812,911 | ||||||
Total liabilities and stockholders' equity
|
$ | 3,939,400 | $ | 3,762,454 |
Quarter Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving equipment rentals
|
$ | 467,128 | $ | 427,203 | ||||
Self-storage revenues
|
30,647 | 27,412 | ||||||
Self-moving and self-storage products and service sales
|
56,821 | 55,522 | ||||||
Property management fees
|
4,580 | 4,478 | ||||||
Life insurance premiums
|
40,022 | 28,738 | ||||||
Property and casualty insurance premiums
|
8,300 | 7,046 | ||||||
Net investment and interest income
|
12,874 | 12,539 | ||||||
Other revenue
|
16,604 | 10,986 | ||||||
Total revenues
|
636,976 | 573,924 | ||||||
Costs and expenses:
|
||||||||
Operating expenses
|
270,259 | 273,730 | ||||||
Commission expenses
|
57,613 | 51,098 | ||||||
Cost of sales
|
29,603 | 28,359 | ||||||
Benefits and losses
|
37,383 | 25,807 | ||||||
Amortization of deferred policy acquisition costs
|
1,876 | 2,296 | ||||||
Lease expense
|
37,964 | 40,026 | ||||||
Depreciation, net of (gains) losses on disposals
|
44,157 | 56,790 | ||||||
Total costs and expenses
|
478,855 | 478,106 | ||||||
Earnings from operations
|
158,121 | 95,818 | ||||||
Interest expense
|
(21,788 | ) | (23,938 | ) | ||||
Pretax earnings
|
136,333 | 71,880 | ||||||
Income tax expense
|
(51,114 | ) | (27,189 | ) | ||||
Net earnings
|
85,219 | 44,691 | ||||||
Excess (loss) of carrying amount of preferred stock over consideration paid
|
(140 | ) | 48 | |||||
Less: Preferred stock dividends
|
(3,101 | ) | (3,212 | ) | ||||
Earnings available to common shareholders
|
$ | 81,978 | $ | 41,527 | ||||
Basic and diluted earnings per common share
|
$ | 4.22 | $ | 2.14 | ||||
Weighted average common shares outstanding: Basic and diluted
|
19,427,595 | 19,382,101 |
Six Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving equipment rentals
|
$ | 886,591 | $ | 800,144 | ||||
Self-storage revenues
|
58,874 | 54,416 | ||||||
Self-moving and self-storage products and service sales
|
120,111 | 113,344 | ||||||
Property management fees
|
9,116 | 8,928 | ||||||
Life insurance premiums
|
77,825 | 56,342 | ||||||
Property and casualty insurance premiums
|
14,479 | 13,261 | ||||||
Net investment and interest income
|
26,229 | 26,219 | ||||||
Other revenue
|
29,698 | 21,929 | ||||||
Total revenues
|
1,222,923 | 1,094,583 | ||||||
Costs and expenses:
|
||||||||
Operating expenses
|
523,393 | 532,231 | ||||||
Commission expenses
|
109,782 | 95,509 | ||||||
Cost of sales
|
61,268 | 58,809 | ||||||
Benefits and losses
|
72,805 | 53,501 | ||||||
Amortization of deferred policy acquisition costs
|
4,069 | 4,213 | ||||||
Lease expense
|
76,630 | 79,299 | ||||||
Depreciation, net of (gains) losses on disposals
|
88,746 | 116,007 | ||||||
Total costs and expenses
|
936,693 | 939,569 | ||||||
Earnings from operations
|
286,230 | 155,014 | ||||||
Interest expense
|
(43,252 | ) | (47,159 | ) | ||||
Pretax earnings
|
242,978 | 107,855 | ||||||
Income tax expense
|
(91,257 | ) | (40,732 | ) | ||||
Net earnings
|
151,721 | 67,123 | ||||||
Excess (loss) of carrying amount of preferred stock over consideration paid
|
(171 | ) | 371 | |||||
Less: Preferred stock dividends
|
(6,257 | ) | (6,453 | ) | ||||
Earnings available to common shareholders
|
$ | 145,293 | $ | 61,041 | ||||
Basic and diluted earnings per common share
|
$ | 7.48 | $ | 3.15 | ||||
Weighted average common shares outstanding: Basic and diluted
|
19,421,205 | 19,375,846 |
Quarter Ended September 30, 2010
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 136,333 | $ | (51,114 | ) | $ | 85,219 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
2,097 | - | 2,097 | |||||||||
Unrealized gain on investments
|
5,575 | (1,927 | ) | 3,648 | ||||||||
Change in fair value of cash flow hedges
|
(7,485 | ) | 2,844 | (4,641 | ) | |||||||
Total comprehensive income
|
$ | 136,520 | $ | (50,197 | ) | $ | 86,323 |
Quarter Ended September 30, 2009
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 71,880 | $ | (27,189 | ) | $ | 44,691 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
5,674 | - | 5,674 | |||||||||
Unrealized gain on investments
|
12,790 | (4,471 | ) | 8,319 | ||||||||
Change in fair value of cash flow hedges
|
(5,395 | ) | 2,050 | (3,345 | ) | |||||||
Total comprehensive income
|
$ | 84,949 | $ | (29,610 | ) | $ | 55,339 |
Six Months Ended September 30, 2010
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 242,978 | $ | (91,257 | ) | $ | 151,721 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
(1,779 | ) | - | (1,779 | ) | |||||||
Unrealized gain on investments
|
6,763 | (2,249 | ) | 4,514 | ||||||||
Change in fair value of cash flow hedges
|
(19,568 | ) | 7,436 | (12,132 | ) | |||||||
Total comprehensive income
|
$ | 228,394 | $ | (86,070 | ) | $ | 142,324 |
Six Months Ended September 30, 2009
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 107,855 | $ | (40,732 | ) | $ | 67,123 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
9,903 | - | 9,903 | |||||||||
Unrealized gain on investments
|
7,608 | (2,662 | ) | 4,946 | ||||||||
Change in fair value of cash flow hedges
|
16,974 | (6,450 | ) | 10,524 | ||||||||
Total comprehensive income
|
$ | 142,340 | $ | (49,844 | ) | $ | 92,496 |
Six Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Cash flow from operating activities:
|
||||||||
Net earnings
|
$ | 151,721 | $ | 67,123 | ||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
106,055 | 117,779 | ||||||
Amortization of deferred policy acquisition costs
|
4,069 | 4,213 | ||||||
Change in allowance for losses on trade receivables
|
(24 | ) | 397 | |||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | |||||
Change in allowance for inventory reserves
|
840 | 1,344 | ||||||
Net gain on sale of real and personal property
|
(17,309 | ) | (1,772 | ) | ||||
Net gain on sale of investments
|
(1,329 | ) | (401 | ) | ||||
Deferred income taxes
|
57,091 | 40,431 | ||||||
Net change in other operating assets and liabilities:
|
||||||||
Reinsurance recoverables and trade receivables
|
(5,969 | ) | 11,917 | |||||
Inventories
|
(3,662 | ) | 7,334 | |||||
Prepaid expenses
|
4,975 | (2,928 | ) | |||||
Capitalization of deferred policy acquisition costs
|
(7,377 | ) | (6,533 | ) | ||||
Other assets
|
649 | 6,998 | ||||||
Related party assets
|
6,710 | 7,481 | ||||||
Accounts payable and accrued expenses
|
20,102 | (5,893 | ) | |||||
Policy benefits and losses, claims and loss expenses payable
|
39,452 | 11,991 | ||||||
Other policyholders' funds and liabilities
|
(1,531 | ) | (3,311 | ) | ||||
Deferred income
|
2,399 | (1,946 | ) | |||||
Related party liabilities
|
693 | (551 | ) | |||||
Net cash provided by operating activities
|
357,555 | 253,667 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of:
|
||||||||
Property, plant and equipment
|
(274,240 | ) | (175,827 | ) | ||||
Short term investments
|
(109,785 | ) | (144,306 | ) | ||||
Fixed maturities investments
|
(122,504 | ) | (77,106 | ) | ||||
Equity securities
|
(9,043 | ) | - | |||||
Preferred stock
|
(11,902 | ) | - | |||||
Real estate
|
(1,784 | ) | (466 | ) | ||||
Mortgage loans
|
(1,308 | ) | (525 | ) | ||||
Proceeds from sale of:
|
||||||||
Property, plant and equipment
|
122,157 | 88,942 | ||||||
Short term investments
|
178,461 | 159,307 | ||||||
Fixed maturities investments
|
56,841 | 83,667 | ||||||
Equity securities
|
133 | - | ||||||
Preferred stock
|
- | 2,236 | ||||||
Real estate
|
683 | - | ||||||
Mortgage loans
|
1,421 | 4,053 | ||||||
Payments from notes and mortgage receivables
|
117 | 464 | ||||||
Net cash used by investing activities
|
(170,753 | ) | (59,561 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings from credit facilities
|
134,556 | 51,921 | ||||||
Principal repayments on credit facilities
|
(209,420 | ) | (72,695 | ) | ||||
Debt issuance costs
|
(89 | ) | (277 | ) | ||||
Capital lease payments
|
(8,369 | ) | (1,168 | ) | ||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
592 | 533 | ||||||
Preferred stock dividends paid
|
(6,257 | ) | (6,453 | ) | ||||
Investment contract deposits
|
5,875 | 5,564 | ||||||
Investment contract withdrawals
|
(17,409 | ) | (28,417 | ) | ||||
Net cash used by financing activities
|
(100,521 | ) | (50,992 | ) | ||||
Effects of exchange rate on cash
|
(569 | ) | 1,250 | |||||
Increase in cash and cash equivalents
|
85,712 | 144,364 | ||||||
Cash and cash equivalents at the beginning of period
|
244,118 | 240,587 | ||||||
Cash and cash equivalents at the end of period
|
$ | 329,830 | $ | 384,951 |
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
|
$ | 66,389 | $ | 2,947 | $ | (47 | ) | $ | - | $ | 69,289 | |||||||||
U.S. government agency mortgage-backed securities
|
79,258 | 6,935 | (3 | ) | (11 | ) | 86,179 | |||||||||||||
Obligations of states and political subdivisions
|
27,389 | 580 | (988 | ) | (942 | ) | 26,039 | |||||||||||||
Corporate securities
|
386,103 | 24,477 | (924 | ) | (792 | ) | 408,864 | |||||||||||||
Mortgage-backed securities
|
8,064 | 280 | (304 | ) | - | 8,040 | ||||||||||||||
Redeemable preferred stocks
|
30,626 | 1,139 | (1,924 | ) | (191 | ) | 29,650 | |||||||||||||
Common stocks
|
27,290 | 2,204 | - | (6,634 | ) | 22,860 | ||||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,079 | ) | (491 | ) | - | - | (7,570 | ) | ||||||||||||
$ | 618,040 | $ | 38,071 | $ | (4,190 | ) | $ | (8,570 | ) | $ | 643,351 |
Credit Loss
|
||||
(Unaudited)
|
||||
(In thousands)
|
||||
Balance at March 31, 2010
|
$ | 552 | ||
Additions:
|
||||
Other-than-temporary impairment not previously recognized
|
- | |||
Balance at June 30, 2010
|
$ | 552 | ||
Additions:
|
||||
Other-than-temporary impairment not previously recognized
|
- | |||
Balance at September 30, 2010
|
$ | 552 |
Amortized
Cost
|
Estimated
Market
Value
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Due in one year or less
|
$ | 42,570 | $ | 43,308 | ||||
Due after one year through five years
|
177,498 | 185,834 | ||||||
Due after five years through ten years
|
125,538 | 133,933 | ||||||
Due after ten years
|
213,533 | 227,296 | ||||||
559,139 | 590,371 | |||||||
Mortgage backed securities
|
8,064 | 8,040 | ||||||
Redeemable preferred stocks
|
30,626 | 29,650 | ||||||
Equity securities
|
27,290 | 22,860 | ||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,079 | ) | (7,570 | ) | ||||
$ | 618,040 | $ | 643,351 |
September 30,
|
March 31,
|
|||||||||||||||
2011 Rate (a)
|
Maturities
|
2010
|
2010
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Real estate loan (amortizing term)
|
6.93 | % | 2018 | $ | 260,000 | $ | 265,000 | |||||||||
Real estate loan (revolving credit)
|
- | 2018 | - | 86,000 | ||||||||||||
Real estate loan (amortizing term)
|
5.00 | % | 2011 | 11,420 | 31,865 | |||||||||||
Senior mortgages
|
5.47% - 6.13 | % | 2015 - 2016 | 482,823 | 489,186 | |||||||||||
Working capital loan (revolving credit)
|
- | 2011 | - | 15,000 | ||||||||||||
Fleet loans (amortizing term)
|
4.78% - 7.95 | % | 2012 - 2017 | 345,810 | 276,222 | |||||||||||
Fleet loans (securitization)
|
5.56 | % | 2014 | 127,267 | 143,170 | |||||||||||
Other obligations
|
3.25% - 9.50 | % | 2011 - 2017 | 51,235 | 41,192 | |||||||||||
Total notes, loans and leases payable
|
$ | 1,278,555 | $ | 1,347,635 | ||||||||||||
(a) Interest rate as of September 30, 2010, including the effect of applicable hedging instruments.
|
Year Ending September 30,
|
||||||||||||||||||||||||
2011
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Notes, loans and leases payable, secured
|
$ | 98,380 | $ | 162,003 | $ | 161,140 | $ | 147,804 | $ | 450,220 | $ | 259,008 |
Quarter Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest expense
|
$ | 14,586 | $ | 16,217 | ||||
Capitalized interest
|
(122 | ) | (142 | ) | ||||
Amortization of transaction costs
|
1,049 | 1,224 | ||||||
Interest expense resulting from derivatives
|
6,275 | 6,639 | ||||||
Total interest expense
|
$ | 21,788 | $ | 23,938 |
Six Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest expense
|
$ | 29,011 | $ | 32,276 | ||||
Capitalized interest
|
(269 | ) | (293 | ) | ||||
Amortization of transaction costs
|
2,154 | 2,409 | ||||||
Interest expense resulting from derivatives
|
12,356 | 12,767 | ||||||
Total interest expense
|
$ | 43,252 | $ | 47,159 |
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
|
||||||
14.7 |
(a)
|
7/6/2010
|
8/15/2010
|
7/15/2017
|
7/6/2010
|
||||||
(a) interest rate swap agreement
|
|||||||||||
(b) forward swap
|
Liability Derivatives Fair Value as of
|
||||||||
September 30, 2010
|
March 31, 2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest rate contracts designated as hedging instruments
|
$ | 73,654 | $ | 54,239 |
The Effect of Interest Rate Contracts on the Statements of Operations
|
||||||||
September 30, 2010
|
September 30, 2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Loss recognized in income on interest rate contracts
|
$ | 12,356 | $ | 12,767 | ||||
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)
|
$ | 19,568 | $ | (16,973 | ) | |||
Loss reclassified from AOCI into income (effective portion)
|
$ | 12,509 | $ | 13,602 | ||||
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)
|
$ | (153 | ) | $ | (835 | ) |
Revolving Credit Activity
|
||||||||
Quarter Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except interest rates)
|
||||||||
Weighted average interest rate during the quarter
|
1.82 | % | 1.78 | % | ||||
Interest rate at the end of the quarter
|
- | 1.75 | % | |||||
Maximum amount outstanding during the quarter
|
$ | 75,000 | $ | 195,000 | ||||
Average amount outstanding during the quarter
|
$ | 33,804 | $ | 186,033 | ||||
Facility fees
|
$ | 57 | $ | 238 |
Revolving Credit Activity
|
||||||||
Six Months Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except interest rates)
|
||||||||
Weighted average interest rate during the first six months
|
1.81 | % | 1.84 | % | ||||
Interest rate at the end of the first six months
|
- | 1.75 | % | |||||
Maximum amount outstanding during the first six months
|
$ | 111,000 | $ | 207,280 | ||||
Average amount outstanding during the first six months
|
$ | 59,585 | $ | 195,580 | ||||
Facility fees
|
$ | 113 | $ | 480 |
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
|
(1,779 | ) | - | - | - | (1,779 | ) | |||||||||||||
Unrealized gain on investments
|
- | 4,514 | - | - | 4,514 | |||||||||||||||
Change in fair value of cash flow hedges
|
- | - | (12,132 | ) | - | (12,132 | ) | |||||||||||||
Balance at September 30, 2010
|
$ | (30,921 | ) | $ | 10,445 | $ | (46,065 | ) | $ | 937 | $ | (65,604 | ) |
Property,
Plant and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Year-ended September 30:
|
||||||||||||
2011
|
$ | 14,800 | $ | 113,164 | $ | 127,964 | ||||||
2012
|
14,066 | 99,791 | 113,857 | |||||||||
2013
|
13,359 | 80,128 | 93,487 | |||||||||
2014
|
8,820 | 60,881 | 69,701 | |||||||||
2015
|
669 | 37,413 | 38,082 | |||||||||
Thereafter
|
5,672 | 8,862 | 14,534 | |||||||||
Total
|
$ | 57,386 | $ | 400,239 | $ | 457,625 |
September 30,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul notes, receivables and interest from Private Mini
|
$ | 69,407 | $ | 69,867 | ||||
U-Haul notes receivable from SAC Holdings
|
196,575 | 196,903 | ||||||
U-Haul interest receivable from SAC Holdings
|
14,559 | 13,775 | ||||||
U-Haul receivable from SAC Holdings
|
11,224 | 15,780 | ||||||
U-Haul receivable from Mercury
|
2,607 | 6,138 | ||||||
Other (a)
|
361 | (337 | ) | |||||
$ | 294,733 | $ | 302,126 |
·
|
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
|
$ | 184,013 | $ | 102,102 | $ | 750 | $ | - | $ | 286,865 | $ | 29,108 | $ | 13,857 | $ | - | $ | 329,830 | ||||||||||||||||||||
Reinsurance recoverables and trade receivables, net
|
- | 20,229 | - | - | 20,229 | 171,711 | 12,334 | - | 204,274 | |||||||||||||||||||||||||||||
Notes and mortgage receivables, net
|
- | 335 | 1,009 | - | 1,344 | - | - | - | 1,344 | |||||||||||||||||||||||||||||
Inventories, net
|
- | 55,659 | - | - | 55,659 | - | - | - | 55,659 | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | 47,787 | 617 | - | 48,404 | - | - | - | 48,404 | |||||||||||||||||||||||||||||
Investments, fixed maturities and marketable equities
|
20,032 | - | - | - | 20,032 | 129,416 | 501,473 | (7,570 | ) |
(d)
|
643,351 | |||||||||||||||||||||||||||
Investments, other
|
- | 2,016 | 14,637 | - | 16,653 | 71,840 | 71,302 | - | 159,795 | |||||||||||||||||||||||||||||
Deferred policy acquisition costs, net
|
- | - | - | - | - | - | 37,255 | - | 37,255 | |||||||||||||||||||||||||||||
Other assets
|
37,798 | 79,963 | 26,635 | - | 144,396 | 598 | 310 | - | 145,304 | |||||||||||||||||||||||||||||
Related party assets
|
1,149,010 | 239,447 | 43 | (1,092,184 | ) |
(c)
|
296,316 | 3,564 | - | (5,147 | ) |
(c)
|
294,733 | |||||||||||||||||||||||||
1,390,853 | 547,538 | 43,691 | (1,092,184 | ) | 889,898 | 406,237 | 636,531 | (12,717 | ) | 1,919,949 | ||||||||||||||||||||||||||||
Investment in subsidiaries
|
(159,389 | ) | - | - | 497,926 |
(b)
|
338,537 | - | - | (338,537 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property, plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 44,696 | 181,542 | - | 226,238 | - | - | - | 226,238 | |||||||||||||||||||||||||||||
Buildings and improvements
|
1 | 171,011 | 835,089 | - | 1,006,101 | - | - | - | 1,006,101 | |||||||||||||||||||||||||||||
Furniture and equipment
|
245 | 312,351 | 18,190 | - | 330,786 | - | - | - | 330,786 | |||||||||||||||||||||||||||||
Rental trailers and other rental equipment
|
- | 242,455 | - | - | 242,455 | - | - | - | 242,455 | |||||||||||||||||||||||||||||
Rental trucks
|
- | 1,559,732 | - | - | 1,559,732 | - | - | - | 1,559,732 | |||||||||||||||||||||||||||||
246 | 2,330,245 | 1,034,821 | - | 3,365,312 | - | - | - | 3,365,312 | ||||||||||||||||||||||||||||||
Less: Accumulated depreciation
|
(218 | ) | (1,007,381 | ) | (338,262 | ) | - | (1,345,861 | ) | - | - | - | (1,345,861 | ) | ||||||||||||||||||||||||
Total property, plant and equipment
|
28 | 1,322,864 | 696,559 | - | 2,019,451 | - | - | - | 2,019,451 | |||||||||||||||||||||||||||||
Total assets
|
$ | 1,231,492 | $ | 1,870,402 | $ | 740,250 | $ | (594,258 | ) | $ | 3,247,886 | $ | 406,237 | $ | 636,531 | $ | (351,254 | ) | $ | 3,939,400 | ||||||||||||||||||
(a) Balances as of June 30, 2010
|
||||||||||||||||||||||||||||||||||||||
(b) Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany preferred stock investment
|
Moving & Storage
|
AMERCO |