|
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 - 38
|
||
Item 2.
|
39 - 57
|
|
Item 3.
|
57 - 58
|
|
Item 4.
|
58 - 59
|
|
PART II OTHER INFORMATION
|
||
Item 1.
|
59
|
|
Item 1A.
|
59
|
|
Item 2.
|
59
|
|
Item 3.
|
59
|
|
Item 4.
|
59
|
|
Item 5.
|
59
|
|
Item 6.
|
59
|
December 31,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 405,318 | $ | 244,118 | ||||
Reinsurance recoverables and trade receivables, net
|
232,815 | 198,283 | ||||||
Notes and mortgage receivables, net
|
3,795 | 1,461 | ||||||
Inventories, net
|
60,375 | 52,837 | ||||||
Prepaid expenses
|
43,596 | 53,379 | ||||||
Investments, fixed maturities and marketable equities
|
650,492 | 549,318 | ||||||
Investments, other
|
198,913 | 227,486 | ||||||
Deferred policy acquisition costs, net
|
48,249 | 39,194 | ||||||
Other assets
|
193,000 | 145,864 | ||||||
Related party assets
|
297,386 | 302,126 | ||||||
2,133,939 | 1,814,066 | |||||||
Property, plant and equipment, at cost:
|
||||||||
Land
|
235,033 | 224,904 | ||||||
Buildings and improvements
|
1,013,373 | 970,937 | ||||||
Furniture and equipment
|
318,203 | 323,334 | ||||||
Rental trailers and other rental equipment
|
247,549 | 244,131 | ||||||
Rental trucks
|
1,550,106 | 1,529,817 | ||||||
3,364,264 | 3,293,123 | |||||||
Less: Accumulated depreciation
|
(1,342,673 | ) | (1,344,735 | ) | ||||
Total property, plant and equipment
|
2,021,591 | 1,948,388 | ||||||
Total assets
|
$ | 4,155,530 | $ | 3,762,454 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 311,304 | $ | 296,057 | ||||
Notes, loans and leases payable
|
1,417,974 | 1,347,635 | ||||||
Policy benefits and losses, claims and loss expenses payable
|
902,010 | 816,909 | ||||||
Liabilities from investment contracts
|
251,563 | 268,810 | ||||||
Other policyholders' funds and liabilities
|
8,960 | 8,155 | ||||||
Deferred income
|
26,129 | 25,207 | ||||||
Deferred income taxes
|
252,385 | 186,770 | ||||||
Total liabilities
|
3,170,325 | 2,949,543 | ||||||
Commitments and contingencies (notes 4, 9, 10 and 11)
|
||||||||
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 December 31 and March 31, 2010
|
- | - | ||||||
Series B preferred stock, with no par value, 100,000 shares authorized; none
|
||||||||
issued and outstanding as of December 31 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 December 31 and March 31, 2010
|
- | - | ||||||
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
|
||||||||
issued as of December 31 and March 31, 2010
|
10,497 | 10,497 | ||||||
Additional paid-in capital
|
417,259 | 419,811 | ||||||
Accumulated other comprehensive loss
|
(43,064 | ) | (56,207 | ) | ||||
Retained earnings
|
1,129,839 | 969,017 | ||||||
Cost of common shares in treasury, net (22,377,912 shares as of December 31 and March 31, 2010)
|
(525,653 | ) | (525,653 | ) | ||||
Unearned employee stock ownership plan shares
|
(3,673 | ) | (4,554 | ) | ||||
Total stockholders' equity
|
985,205 | 812,911 | ||||||
Total liabilities and stockholders' equity
|
$ | 4,155,530 | $ | 3,762,454 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving equipment rentals
|
$ | 342,953 | $ | 321,275 | ||||
Self-storage revenues
|
30,638 | 27,931 | ||||||
Self-moving and self-storage products and service sales
|
41,533 | 41,077 | ||||||
Property management fees
|
5,129 | 5,504 | ||||||
Life insurance premiums
|
74,306 | 39,011 | ||||||
Property and casualty insurance premiums
|
8,998 | 7,810 | ||||||
Net investment and interest income
|
13,213 | 12,689 | ||||||
Other revenue
|
13,212 | 8,331 | ||||||
Total revenues
|
529,982 | 463,628 | ||||||
Costs and expenses:
|
||||||||
Operating expenses
|
252,986 | 244,713 | ||||||
Commission expenses
|
42,367 | 37,974 | ||||||
Cost of sales
|
22,586 | 20,797 | ||||||
Benefits and losses
|
70,312 | 33,959 | ||||||
Amortization of deferred policy acquisition costs
|
2,480 | 2,154 | ||||||
Lease expense
|
37,159 | 38,447 | ||||||
Depreciation, net of (gains) losses on disposals (($1,655) and $266, respectively)
|
50,815 | 57,026 | ||||||
Total costs and expenses
|
478,705 | 435,070 | ||||||
Earnings from operations
|
51,277 | 28,558 | ||||||
Interest expense
|
(22,236 | ) | (23,517 | ) | ||||
Pretax earnings
|
29,041 | 5,041 | ||||||
Income tax expense
|
(10,433 | ) | (1,521 | ) | ||||
Net earnings
|
18,608 | 3,520 | ||||||
Excess of carrying amount of preferred stock over consideration paid
|
- | 10 | ||||||
Less: Preferred stock dividends
|
(3,079 | ) | (3,205 | ) | ||||
Earnings available to common shareholders
|
$ | 15,529 | $ | 325 | ||||
Basic and diluted earnings per common share
|
$ | 0.80 | $ | 0.02 | ||||
Weighted average common shares outstanding: Basic and diluted
|
19,439,622 | 19,393,306 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving equipment rentals
|
$ | 1,229,544 | $ | 1,121,419 | ||||
Self-storage revenues
|
89,512 | 82,347 | ||||||
Self-moving and self-storage products and service sales
|
161,644 | 154,421 | ||||||
Property management fees
|
14,245 | 14,432 | ||||||
Life insurance premiums
|
152,131 | 95,353 | ||||||
Property and casualty insurance premiums
|
23,477 | 21,071 | ||||||
Net investment and interest income
|
39,442 | 38,908 | ||||||
Other revenue
|
42,910 | 30,260 | ||||||
Total revenues
|
1,752,905 | 1,558,211 | ||||||
Costs and expenses:
|
||||||||
Operating expenses
|
776,379 | 776,944 | ||||||
Commission expenses
|
152,149 | 133,483 | ||||||
Cost of sales
|
83,854 | 79,606 | ||||||
Benefits and losses
|
143,117 | 87,460 | ||||||
Amortization of deferred policy acquisition costs
|
6,549 | 6,367 | ||||||
Lease expense
|
113,789 | 117,746 | ||||||
Depreciation, net of (gains) on disposals (($18,964) and ($1,506), respectively)
|
139,561 | 173,033 | ||||||
Total costs and expenses
|
1,415,398 | 1,374,639 | ||||||
Earnings from operations
|
337,507 | 183,572 | ||||||
Interest expense
|
(65,488 | ) | (70,676 | ) | ||||
Pretax earnings
|
272,019 | 112,896 | ||||||
Income tax expense
|
(101,690 | ) | (42,253 | ) | ||||
Net earnings
|
170,329 | 70,643 | ||||||
Excess (loss) of carrying amount of preferred stock over consideration paid
|
(171 | ) | 381 | |||||
Less: Preferred stock dividends
|
(9,336 | ) | (9,658 | ) | ||||
Earnings available to common shareholders
|
$ | 160,822 | $ | 61,366 | ||||
Basic and diluted earnings per common share
|
$ | 8.28 | $ | 3.17 | ||||
Weighted average common shares outstanding: Basic and diluted
|
19,427,294 | 19,381,579 |
Quarter Ended December 31, 2010
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 29,041 | $ | (10,433 | ) | $ | 18,608 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
3,317 | - | 3,317 | |||||||||
Unrealized gain on investments
|
14,537 | (5,149 | ) | 9,388 | ||||||||
Change in fair value of cash flow hedges
|
15,862 | (6,027 | ) | 9,835 | ||||||||
Total comprehensive income
|
$ | 62,757 | $ | (21,609 | ) | $ | 41,148 |
Quarter Ended December 31, 2009
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 5,041 | $ | (1,521 | ) | $ | 3,520 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
1,830 | - | 1,830 | |||||||||
Unrealized gain on investments
|
13,205 | (4,699 | ) | 8,506 | ||||||||
Change in fair value of cash flow hedges
|
9,842 | (3,739 | ) | 6,103 | ||||||||
Total comprehensive income
|
$ | 29,918 | $ | (9,959 | ) | $ | 19,959 |
Nine Months Ended December 31, 2010
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 272,019 | $ | (101,690 | ) | $ | 170,329 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
1,538 | - | 1,538 | |||||||||
Unrealized gain on investments
|
21,300 | (7,398 | ) | 13,902 | ||||||||
Change in fair value of cash flow hedges
|
(3,706 | ) | 1,409 | (2,297 | ) | |||||||
Total comprehensive income
|
$ | 291,151 | $ | (107,679 | ) | $ | 183,472 |
Nine Months Ended December 31, 2009
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Comprehensive income:
|
||||||||||||
Net earnings
|
$ | 112,896 | $ | (42,253 | ) | $ | 70,643 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
11,733 | - | 11,733 | |||||||||
Unrealized gain on investments
|
20,813 | (7,361 | ) | 13,452 | ||||||||
Change in fair value of cash flow hedges
|
26,816 | (10,189 | ) | 16,627 | ||||||||
Total comprehensive income
|
$ | 172,258 | $ | (59,803 | ) | $ | 112,455 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Cash flow from operating activities:
|
||||||||
Net earnings
|
$ | 170,329 | $ | 70,643 | ||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
158,525 | 174,539 | ||||||
Amortization of deferred policy acquisition costs
|
6,549 | 6,367 | ||||||
Change in allowance for losses on trade receivables
|
26 | 139 | ||||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | |||||
Change in allowance for inventory reserves
|
1,271 | 2,422 | ||||||
Net gain on sale of real and personal property
|
(18,964 | ) | (1,506 | ) | ||||
Net gain on sale of investments
|
(1,546 | ) | (850 | ) | ||||
Deferred income taxes
|
59,628 | 39,767 | ||||||
Net change in other operating assets and liabilities:
|
||||||||
Reinsurance recoverables and trade receivables
|
(34,547 | ) | 10,478 | |||||
Inventories
|
(8,809 | ) | 10,644 | |||||
Prepaid expenses
|
9,784 | 1,543 | ||||||
Capitalization of deferred policy acquisition costs
|
(20,584 | ) | (10,383 | ) | ||||
Other assets
|
42,564 | 4,370 | ||||||
Related party assets
|
1,136 | 2,152 | ||||||
Accounts payable and accrued expenses
|
14,633 | (22,754 | ) | |||||
Policy benefits and losses, claims and loss expenses payable
|
84,779 | 27,010 | ||||||
Other policyholders' funds and liabilities
|
804 | (1,329 | ) | |||||
Deferred income
|
903 | 418 | ||||||
Related party liabilities
|
273 | (976 | ) | |||||
Net cash provided by operating activities
|
466,754 | 312,688 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of:
|
||||||||
Property, plant and equipment
|
(337,510 | ) | (201,180 | ) | ||||
Short term investments
|
(172,451 | ) | (206,681 | ) | ||||
Fixed maturities investments
|
(155,242 | ) | (129,401 | ) | ||||
Equity securities
|
(11,247 | ) | - | |||||
Preferred stock
|
(11,391 | ) | (1,539 | ) | ||||
Real estate
|
(145 | ) | (457 | ) | ||||
Mortgage loans
|
(23,391 | ) | (2,213 | ) | ||||
Proceeds from sale of:
|
||||||||
Property, plant and equipment
|
149,351 | 119,110 | ||||||
Short term investments
|
213,172 | 216,932 | ||||||
Fixed maturities investments
|
97,015 | 127,244 | ||||||
Equity securities
|
1,198 | - | ||||||
Preferred stock
|
- | 2,236 | ||||||
Real estate
|
190 | 53 | ||||||
Mortgage loans
|
8,797 | 4,728 | ||||||
Payments from notes and mortgage receivables
|
65 | 131 | ||||||
Net cash used by investing activities
|
(241,589 | ) | (71,037 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings from credit facilities
|
306,687 | 63,093 | ||||||
Principal repayments on credit facilities
|
(248,884 | ) | (98,877 | ) | ||||
Debt issuance costs
|
(1,987 | ) | (2,325 | ) | ||||
Capital lease payments
|
(9,852 | ) | (2,519 | ) | ||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
881 | 812 | ||||||
Securitizaton deposits
|
(87,710 | ) | - | |||||
Preferred stock dividends paid
|
(9,336 | ) | (9,658 | ) | ||||
Dividend from related party
|
3,303 | 7,764 | ||||||
Investment contract deposits
|
8,503 | 8,230 | ||||||
Investment contract withdrawals
|
(25,749 | ) | (38,908 | ) | ||||
Net cash used by financing activities
|
(64,144 | ) | (72,388 | ) | ||||
Effects of exchange rate on cash
|
179 | 1,851 | ||||||
Increase in cash and cash equivalents
|
161,200 | 171,114 | ||||||
Cash and cash equivalents at the beginning of period
|
244,118 | 240,587 | ||||||
Cash and cash equivalents at the end of period
|
$ | 405,318 | $ | 411,701 |
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
|
$ | 47,484 | $ | 3,104 | $ | (22 | ) | $ | - | $ | 50,566 | |||||||||
U.S. government agency mortgage-backed securities
|
77,968 | 7,589 | (2 | ) | (1 | ) | 85,554 | |||||||||||||
Obligations of states and political subdivisions
|
44,449 | 1,415 | (278 | ) | (1,033 | ) | 44,553 | |||||||||||||
Corporate securities
|
382,375 | 31,870 | (619 | ) | (71 | ) | 413,555 | |||||||||||||
Mortgage-backed securities
|
7,152 | 255 | (237 | ) | - | 7,170 | ||||||||||||||
Redeemable preferred stocks
|
30,116 | 2,037 | (1,311 | ) | - | 30,842 | ||||||||||||||
Common stocks
|
28,494 | 6,193 | - | (8,656 | ) | 26,031 | ||||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,079 | ) | (700 | ) | - | - | (7,779 | ) | ||||||||||||
$ | 610,959 | $ | 51,763 | $ | (2,469 | ) | $ | (9,761 | ) | $ | 650,492 |
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 | |||
Additions:
|
||||
Other-than-temporary impairment not previously recognized
|
- | |||
Balance at December 31, 2010
|
$ | 552 |
Amortized
Cost
|
Estimated
Market
Value
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Due in one year or less
|
$ | 40,730 | $ | 41,381 | ||||
Due after one year through five years
|
165,750 | 176,120 | ||||||
Due after five years through ten years
|
118,348 | 130,038 | ||||||
Due after ten years
|
227,448 | 246,689 | ||||||
552,276 | 594,228 | |||||||
Mortgage backed securities
|
7,152 | 7,170 | ||||||
Redeemable preferred stocks
|
30,116 | 30,842 | ||||||
Equity securities
|
28,494 | 26,031 | ||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,079 | ) | (7,779 | ) | ||||
$ | 610,959 | $ | 650,492 |
December 31,
|
March 31,
|
|||||||||||||||
2011 Rate (a)
|
Maturities
|
2010
|
2010
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Real estate loan (amortizing term)
|
6.93 | % | 2018 | $ | 257,500 | $ | 265,000 | |||||||||
Real estate loan (revolving credit)
|
- | 2018 | - | 86,000 | ||||||||||||
Real estate loan (amortizing term)
|
5.00 | % | 2011 | 11,288 | 31,865 | |||||||||||
Senior mortgages
|
5.47% - 6.13 | % | 2015 - 2016 | 479,918 | 489,186 | |||||||||||
Working capital loan (revolving credit)
|
- | 2011 | - | 15,000 | ||||||||||||
Fleet loans (amortizing term)
|
4.78% - 7.95 | % | 2012 - 2017 | 337,491 | 276,222 | |||||||||||
Fleet loans (securitization)
|
4.90% - 5.56 | % | 2014 - 2017 | 276,293 | 143,170 | |||||||||||
Other obligations
|
3.25% - 9.50 | % | 2011 - 2017 | 55,484 | 41,192 | |||||||||||
Total notes, loans and leases payable
|
$ | 1,417,974 | $ | 1,347,635 | ||||||||||||
(
a) Interest rate as of December 31, 2010, including the effect of applicable hedging instruments.
|
Year Ended December 31,
|
||||||||||||||||||||||||
2011
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Notes, loans and leases payable, secured
|
$ | 134,453 | $ | 259,338 | $ | 79,194 | $ | 161,793 | $ | 474,670 | $ | 308,526 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest expense
|
$ | 15,453 | $ | 16,135 | ||||
Capitalized interest
|
(80 | ) | (166 | ) | ||||
Amortization of transaction costs
|
1,046 | 1,269 | ||||||
Interest expense resulting from derivatives
|
5,817 | 6,279 | ||||||
Total interest expense
|
$ | 22,236 | $ | 23,517 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest expense
|
$ | 44,464 | $ | 48,411 | ||||
Capitalized interest
|
(349 | ) | (459 | ) | ||||
Amortization of transaction costs
|
3,200 | 3,678 | ||||||
Interest expense resulting from derivatives
|
18,173 | 19,046 | ||||||
Total interest expense
|
$ | 65,488 | $ | 70,676 |
Revolving Credit Activity
|
||||||||
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except interest rates)
|
||||||||
Weighted average interest rate during the quarter
|
1.69 | % | 1.75 | % | ||||
Interest rate at the end of the quarter
|
0.00 | % | 1.75 | % | ||||
Maximum amount outstanding during the quarter
|
$ | 15,000 | $ | 195,000 | ||||
Average amount outstanding during the quarter
|
$ | 14,185 | $ | 195,000 | ||||
Facility fees
|
$ | 57 | $ | 229 |
Revolving Credit Activity
|
||||||||
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except interest rates)
|
||||||||
Weighted average interest rate during the first nine months
|
1.77 | % | 1.81 | % | ||||
Interest rate at the end of the first nine months
|
0.00 | % | 1.75 | % | ||||
Maximum amount outstanding during the first nine months
|
$ | 111,000 | $ | 207,280 | ||||
Average amount outstanding during the first nine months
|
$ | 44,396 | $ | 195,386 | ||||
Facility fees
|
$ | 170 | $ | 709 |
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), (b)
|
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
|
||||||||
December 31, 2010
|
March 31, 2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Interest rate contracts designated as hedging instruments
|
$ | 57,421 | $ | 54,239 |
The Effect of Interest Rate
|
||||||||
Contracts on the Statements of Operations
|
||||||||
December 31, 2010
|
December 31, 2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Loss recognized in income on interest rate contracts
|
$ | 18,173 | $ | 19,046 | ||||
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)
|
$ | 3,706 | $ | (26,816 | ) | |||
Loss reclassified from AOCI into income (effective portion)
|
$ | 18,697 | $ | 20,320 | ||||
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)
|
$ | (524 | ) | $ | (1,274 | ) |
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
|
1,538 | - | - | - | 1,538 | |||||||||||||||
Unrealized gain on investments
|
- | 13,902 | - | - | 13,902 | |||||||||||||||
Change in fair value of cash flow hedges
|
- | - | (2,297 | ) | - | (2,297 | ) | |||||||||||||
Balance at December 31, 2010
|
$ | (27,604 | ) | $ | 19,833 | $ | (36,230 | ) | $ | 937 | $ | (43,064 | ) |
Property,
Plant and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Year-ended December 31:
|
||||||||||||
2011
|
$ | 14,909 | $ | 110,773 | $ | 125,682 | ||||||
2012
|
14,100 | 96,142 | 110,242 | |||||||||
2013
|
13,089 | 78,409 | 91,498 | |||||||||
2014
|
5,793 | 54,810 | 60,603 | |||||||||
2015
|
642 | 30,586 | 31,228 | |||||||||
Thereafter
|
5,498 | 6,196 | 11,694 | |||||||||
Total
|
$ | 54,031 | $ | 376,916 | $ | 430,947 | ||||||
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul interest income revenue from SAC Holdings
|
$ | 4,832 | $ | 4,775 | ||||
U-Haul interest income revenue from Private Mini
|
1,372 | 1,342 | ||||||
U-Haul management fee revenue from SAC Holdings
|
3,261 | 3,187 | ||||||
U-Haul management fee revenue from Private Mini
|
544 | 548 | ||||||
U-Haul management fee revenue from Mercury
|
1,324 | 1,769 | ||||||
$ | 11,333 | $ | 11,621 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul interest income revenue from SAC Holdings
|
$ | 14,417 | $ | 14,207 | ||||
U-Haul interest income revenue from Private Mini
|
4,111 | 3,978 | ||||||
U-Haul management fee revenue from SAC Holdings
|
10,418 | 10,102 | ||||||
U-Haul management fee revenue from Private Mini
|
1,627 | 1,659 | ||||||
U-Haul management fee revenue from Mercury
|
2,199 | 2,671 | ||||||
$ | 32,772 | $ | 32,617 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul lease expenses to SAC Holdings
|
$ | 623 | $ | 615 | ||||
U-Haul commission expenses to SAC Holdings
|
7,676 | 7,417 | ||||||
U-Haul commission expenses to Private Mini
|
523 | 615 | ||||||
$ | 8,822 | $ | 8,647 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul lease expenses to SAC Holdings
|
$ | 1,868 | $ | 1,844 | ||||
U-Haul commission expenses to SAC Holdings
|
27,720 | 25,850 | ||||||
U-Haul commission expenses to Private Mini
|
1,862 | 1,655 | ||||||
$ | 31,450 | $ | 29,349 |
December 31,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
U-Haul notes, receivables and interest from Private Mini
|
$ | 72,146 | $ | 69,867 | ||||
U-Haul notes receivable from SAC Holdings
|
196,392 | 196,903 | ||||||
U-Haul interest receivable from SAC Holdings
|
15,958 | 13,775 | ||||||
U-Haul receivable from SAC Holdings
|
13,044 | 15,780 | ||||||
U-Haul receivable from Mercury
|
3,213 | 6,138 | ||||||
Other (a)
|
(3,367 | ) | (337 | ) | ||||
$ | 297,386 | $ | 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
|
$ | 240,391 | $ | 131,055 | $ | 756 | $ | - | $ | 372,202 | $ | 21,454 | $ | 11,662 | $ | - | $ | 405,318 | ||||||||||||||||||||
Reinsurance recoverables and trade receivables, net
|
- | 21,364 | - | - | 21,364 | 159,639 | 51,812 | - | 232,815 | |||||||||||||||||||||||||||||
Notes and mortgage receivables, net
|
- | 314 | 3,481 | - | 3,795 | - | - | - | 3,795 | |||||||||||||||||||||||||||||
Inventories, net
|
- | 60,375 | - | - | 60,375 | - | - | - | 60,375 | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | 42,963 | 633 | - | 43,596 | - | - | - | 43,596 | |||||||||||||||||||||||||||||
Investments, fixed maturities and marketable equities
|
23,302 | - | - | - | 23,302 | 125,423 | 509,546 | (7,779 | ) |
(d)
|
650,492 | |||||||||||||||||||||||||||
Investments, other
|
- | 4,986 | 12,908 | - | 17,894 | 90,748 | 90,271 | - | 198,913 | |||||||||||||||||||||||||||||
Deferred policy acquisition costs, net
|
- | - | - | - | - | - | 48,249 | - | 48,249 | |||||||||||||||||||||||||||||
Other assets
|
408 | 165,627 | 26,281 | - | 192,316 | 420 | 264 | - | 193,000 | |||||||||||||||||||||||||||||
Related party assets
|
1,147,921 | 245,797 | 65 | (1,091,082 | ) |
(c)
|
302,701 | 2,786 | - | (8,101 | ) |
(c)
|
297,386 | |||||||||||||||||||||||||
1,412,022 | 672,481 | 44,124 | (1,091,082 | ) | 1,037,545 | 400,470 | 711,804 | (15,880 | ) | 2,133,939 | ||||||||||||||||||||||||||||
Investment in subsidiaries
|
(135,654 | ) | - | - | 483,506 |
(b)
|
347,852 | - | - | (347,852 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property, plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 46,082 | 188,951 | - | 235,033 | - | - | - | 235,033 | |||||||||||||||||||||||||||||
Buildings and improvements
|
1 | 158,886 | 854,486 | - | 1,013,373 | - | - | - | 1,013,373 | |||||||||||||||||||||||||||||
Furniture and equipment
|
241 | 299,775 | 18,187 | - | 318,203 | - | - | - | 318,203 | |||||||||||||||||||||||||||||
Rental trailers and other rental equipment
|
- | 247,549 | - | - | 247,549 | - | - | - | 247,549 | |||||||||||||||||||||||||||||
Rental trucks
|
- | 1,550,106 | - | - | 1,550,106 | - | - | - | 1,550,106 | |||||||||||||||||||||||||||||
242 | 2,302,398 | 1,061,624 | - | 3,364,264 | - | - | - | 3,364,264 | ||||||||||||||||||||||||||||||
Less: Accumulated depreciation
|
(211 | ) | (1,000,747 | ) | (341,715 | ) | - | (1,342,673 | ) | - | - | - | (1,342,673 | ) | ||||||||||||||||||||||||
Total property, plant and equipment
|
31 | 1,301,651 | 719,909 | - | 2,021,591 | - | - | - | 2,021,591 | |||||||||||||||||||||||||||||
Total assets
|
$ | 1,276,399 | $ | 1,974,132 | $ | 764,033 | $ | (607,576 | ) | $ | 3,406,988 | $ | 400,470 | $ | 711,804 | $ | (363,732 | ) | $ | 4,155,530 | ||||||||||||||||||
(a) Balances as of September 30, 2010
|
||||||||||||||||||||||||||||||||||||||
(b) Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany receivables and payables
|