|
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
|
||||||||||||||||||||||||||||||||||||||
(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
|
$ | 5,365 | $ | 286,473 | $ | 4,329 | $ | - | $ | 296,167 | $ | - | $ | 15,137 | $ | - | $ | 311,304 | |||||||||||||||||||||||
Notes, loans and leases payable
|
- | 708,294 | 709,680 | - | 1,417,974 | - | - | - | 1,417,974 | ||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 396,556 | - | - | 396,556 | 263,250 | 242,204 | - | 902,010 | ||||||||||||||||||||||||||||||||
Liabilities from investment contracts
|
- | - | - | - | - | - | 251,563 | - | 251,563 | ||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 6,552 | 2,408 | - | 8,960 | ||||||||||||||||||||||||||||||||
Deferred income
|
- | 26,129 | - | - | 26,129 | - | - | - | 26,129 | ||||||||||||||||||||||||||||||||
Deferred income taxes
|
274,622 | - | - | - | 274,622 | (29,520 | ) | 7,528 | (245 | ) |
(d)
|
252,385 | |||||||||||||||||||||||||||||
Related party liabilities
|
- | 888,735 | 205,148 | (1,091,082 | ) |
(c)
|
2,801 | 1,795 | 202 | (4,798 | ) |
(c)
|
- | ||||||||||||||||||||||||||||
Total liabilities
|
279,987 | 2,306,187 | 919,157 | (1,091,082 | ) | 2,414,249 | 242,077 | 519,042 | (5,043 | ) | 3,170,325 | ||||||||||||||||||||||||||||||
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
|
424,555 | 121,230 | 147,941 | (269,171 | ) |
(b)
|
424,555 | 89,620 | 26,271 | (123,187 | ) | (b,d | ) | 417,259 | |||||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(42,609 | ) | (62,897 | ) | - | 62,897 |
(b)
|
(42,609 | ) | 3,527 | 17,623 | (21,605 | ) | (b,d | ) | (43,064 | ) | ||||||||||||||||||||||||
Retained earnings (deficit)
|
1,129,622 | (387,255 | ) | (303,066 | ) | 690,321 |
(b)
|
1,129,622 | 61,945 | 146,368 | (208,096 | ) | (b,d | ) | 1,129,839 | ||||||||||||||||||||||||||
Cost of common shares in treasury, net
|
(525,653 | ) | - | - | - | (525,653 | ) | - | - | - | (525,653 | ) | |||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares
|
- | (3,673 | ) | - | - | (3,673 | ) | - | - | - | (3,673 | ) | |||||||||||||||||||||||||||||
Total stockholders' equity (deficit)
|
996,412 | (332,055 | ) | (155,124 | ) | 483,506 | 992,739 | 158,393 | 192,762 | (358,689 | ) | 985,205 | |||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 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
|
|||||||||||||||||||||||||||||||||||||||||
(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
|
||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 100,460 | $ | 107,241 | $ | 4 | $ | - | $ | 207,705 | $ | 22,126 | $ | 14,287 | $ | - | $ | 244,118 | ||||||||||||||||||||
Reinsurance recoverables and trade receivables, net
|
- | 17,797 | - | - | 17,797 | 168,119 | 12,367 | - | 198,283 | |||||||||||||||||||||||||||||
Notes and mortgage receivables, net
|
- | 379 | 1,082 | - | 1,461 | - | - | - | 1,461 | |||||||||||||||||||||||||||||
Inventories, net
|
- | 52,837 | - | - | 52,837 | - | - | - | 52,837 | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | 53,305 | 74 | - | 53,379 | - | - | - | 53,379 | |||||||||||||||||||||||||||||
Investments, fixed maturities and marketable equities
|
18,247 | - | - | - | 18,247 | 98,623 | 435,015 | (2,567 | ) |
(d)
|
549,318 | |||||||||||||||||||||||||||
Investments, other
|
- | 2,626 | 12,990 | - | 15,616 | 106,334 | 105,536 | - | 227,486 | |||||||||||||||||||||||||||||
Deferred policy acquisition costs, net
|
- | - | - | - | - | - | 39,194 | - | 39,194 | |||||||||||||||||||||||||||||
Other assets
|
37,800 | 79,228 | 27,407 | - | 144,435 | 912 | 517 | - | 145,864 | |||||||||||||||||||||||||||||
Related party assets
|
1,176,096 | 247,074 | 8 | (1,118,983 | ) |
(c)
|
304,195 | 2,446 | - | (4,515 | ) |
(c)
|
302,126 | |||||||||||||||||||||||||
1,332,603 | 560,487 | 41,565 | (1,118,983 | ) | 815,672 | 398,560 | 606,916 | (7,082 | ) | 1,814,066 | ||||||||||||||||||||||||||||
Investment in subsidiaries
|
(279,582 | ) | - | - | 604,478 |
(b)
|
324,896 | - | - | (324,896 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property, plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 44,525 | 180,379 | - | 224,904 | - | - | - | 224,904 | |||||||||||||||||||||||||||||
Buildings and improvements
|
- | 157,073 | 813,864 | - | 970,937 | - | - | - | 970,937 | |||||||||||||||||||||||||||||
Furniture and equipment
|
248 | 304,926 | 18,160 | - | 323,334 | - | - | - | 323,334 | |||||||||||||||||||||||||||||
Rental trailers and other rental equipment
|
- | 244,131 | - | - | 244,131 | - | - | - | 244,131 | |||||||||||||||||||||||||||||
Rental trucks
|
- | 1,529,817 | - | - | 1,529,817 | - | - | - | 1,529,817 | |||||||||||||||||||||||||||||
248 | 2,280,472 | 1,012,403 | - | 3,293,123 | - | - | - | 3,293,123 | ||||||||||||||||||||||||||||||
Less: Accumulated depreciation
|
(216 | ) | (1,012,575 | ) | (331,944 | ) | - | (1,344,735 | ) | - | - | - | (1,344,735 | ) | ||||||||||||||||||||||||
Total property, plant and equipment
|
32 | 1,267,897 | 680,459 | - | 1,948,388 | - | - | - | 1,948,388 | |||||||||||||||||||||||||||||
Total assets
|
$ | 1,053,053 | $ | 1,828,384 | $ | 722,024 | $ | (514,505 | ) | $ | 3,088,956 | $ | 398,560 | $ | 606,916 | $ | (331,978 | ) | $ | 3,762,454 | ||||||||||||||||||
(a) Balances as of December 31, 2009
|
||||||||||||||||||||||||||||||||||||||
(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
|
|||||||||||||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
|||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
$ | 12,496 | $ | 275,150 | $ | 4,212 | $ | - | $ | 291,858 | $ | - | $ | 4,199 | $ | - | $ | 296,057 | |||||||||||||||||||||||
Notes, loans and leases payable
|
- | 508,930 | 838,705 | - | 1,347,635 | - | - | - | 1,347,635 | ||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 385,520 | - | - | 385,520 | 272,438 | 158,951 | - | 816,909 | ||||||||||||||||||||||||||||||||
Liabilities from investment contracts
|
- | - | - | - | - | - | 268,810 | - | 268,810 | ||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 5,609 | 2,546 | - | 8,155 | ||||||||||||||||||||||||||||||||
Deferred income
|
- | 25,207 | - | - | 25,207 | - | - | - | 25,207 | ||||||||||||||||||||||||||||||||
Deferred income taxes
|
220,659 | - | - | - | 220,659 | (32,819 | ) | (936 | ) | (134 | ) |
(d)
|
186,770 | ||||||||||||||||||||||||||||
Related party liabilities
|
- | 1,081,278 | 40,438 | (1,118,983 | ) |
(c)
|
2,733 | 1,655 | 127 | (4,515 | ) |
(c)
|
- | ||||||||||||||||||||||||||||
Total liabilities
|
233,155 | 2,276,085 | 883,355 | (1,118,983 | ) | 2,273,612 | 246,883 | 433,697 | (4,649 | ) | 2,949,543 | ||||||||||||||||||||||||||||||
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
|
422,384 | 121,230 | 147,941 | (269,171 | ) |
(b)
|
422,384 | 89,620 | 26,271 | (118,464 | ) | (b,d | ) | 419,811 | |||||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(55,959 | ) | (62,138 | ) | - | 62,138 |
(b)
|
(55,959 | ) | 242 | 5,625 | (6,115 | ) | (b,d | ) | (56,207 | ) | ||||||||||||||||||||||||
Retained earnings (deficit)
|
968,629 | (502,779 | ) | (309,273 | ) | 812,052 |
(b)
|
968,629 | 58,514 | 138,823 | (196,949 | ) | (b,d | ) | 969,017 | ||||||||||||||||||||||||||
Cost of common shares in treasury, net
|
(525,653 | ) | - | - | - | (525,653 | ) | - | - | - | (525,653 | ) | |||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares
|
- | (4,554 | ) | - | - | (4,554 | ) | - | - | - | (4,554 | ) | |||||||||||||||||||||||||||||
Total stockholders' equity (deficit)
|
819,898 | (447,701 | ) | (161,331 | ) | 604,478 | 815,344 | 151,677 | 173,219 | (327,329 | ) | 812,911 | |||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,053,053 | $ | 1,828,384 | $ | 722,024 | $ | (514,505 | ) | $ | 3,088,956 | $ | 398,560 | $ | 606,916 | $ | (331,978 | ) | $ | 3,762,454 | |||||||||||||||||||||
(a) Balances as of December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||||
(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)
|
||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 343,506 | $ | - | $ | - | $ | 343,506 | $ | - | $ | - | $ | (553 | ) |
(c)
|
$ | 342,953 | ||||||||||||||||||||
Self-storage revenues
|
- | 30,270 | 368 | - | 30,638 | - | - | - | 30,638 | |||||||||||||||||||||||||||||||
Self-moving and self-storage products and service sales
|
- | 41,533 | - | - | 41,533 | - | - | - | 41,533 | |||||||||||||||||||||||||||||||
Property management fees
|
- | 5,129 | - | - | 5,129 | - | - | - | 5,129 | |||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 74,306 | - | 74,306 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 8,998 | - | - | 8,998 | |||||||||||||||||||||||||||||||
Net investment and interest income
|
1,360 | 5,222 | - | - | 6,582 | 2,119 | 4,971 | (459 | ) | (b,e) | 13,213 | |||||||||||||||||||||||||||||
Other revenue
|
- | 14,389 | 19,586 | (21,017 | ) |
(b)
|
12,958 | - | 581 | (327 | ) |
(b)
|
13,212 | |||||||||||||||||||||||||||
Total revenues
|
1,360 | 440,049 | 19,954 | (21,017 | ) | 440,346 | 11,117 | 79,858 | (1,339 | ) | 529,982 | |||||||||||||||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||||||||||
Operating expenses
|
1,711 | 259,383 | 2,259 | (21,017 | ) |
(b)
|
242,336 | 3,986 | 7,536 | (872 | ) | (b,c) | 252,986 | |||||||||||||||||||||||||||
Commission expenses
|
- | 42,367 | - | - | 42,367 | - | - | - | 42,367 | |||||||||||||||||||||||||||||||
Cost of sales
|
- | 22,586 | - | - | 22,586 | - | - | - | 22,586 | |||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 5,255 | 65,057 | - | 70,312 | |||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 2,480 | - | 2,480 | |||||||||||||||||||||||||||||||
Lease expense
|
22 | 37,436 | 6 | - | 37,464 | - | - | (305 | ) |
(b)
|
37,159 | |||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
3 | 47,166 | 3,646 | - | 50,815 | - | - | - | 50,815 | |||||||||||||||||||||||||||||||
Total costs and expenses
|
1,736 | 408,938 | 5,911 | (21,017 | ) | 395,568 | 9,241 | 75,073 | (1,177 | ) | 478,705 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
5,645 | - | - | (1,268 | ) |
(d)
|
4,377 | - | - | (4,377 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings from operations
|
5,269 | 31,111 | 14,043 | (1,268 | ) | 49,155 | 1,876 | 4,785 | (4,539 | ) | 51,277 | |||||||||||||||||||||||||||||
Interest income (expense)
|
21,544 | (32,056 | ) | (11,724 | ) | - | (22,236 | ) | - | - | - | (22,236 | ) | |||||||||||||||||||||||||||
Pretax earnings (loss)
|
26,813 | (945 | ) | 2,319 | (1,268 | ) | 26,919 | 1,876 | 4,785 | (4,539 | ) | 29,041 | ||||||||||||||||||||||||||||
Income tax benefit (expense)
|
(8,043 | ) | 981 | (1,087 | ) | - | (8,149 | ) | (658 | ) | (1,626 | ) | - | (10,433 | ) | |||||||||||||||||||||||||
Net earnings
|
18,770 | 36 | 1,232 | (1,268 | ) | 18,770 | 1,218 | 3,159 | (4,539 | ) | 18,608 | |||||||||||||||||||||||||||||
Loss of carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(3,241 | ) | - | - | - | (3,241 | ) | - | - | 162 |
(e)
|
(3,079 | ) | |||||||||||||||||||||||||||
Earnings available to common shareholders
|
$ | 15,529 | $ | 36 | $ | 1,232 | $ | (1,268 | ) | $ | 15,529 | $ | 1,218 | $ | 3,159 | $ | (4,377 | ) | $ | 15,529 | ||||||||||||||||||||
(a) Balances for the quarter ended September 30, 2010
|
||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||
(d) Eliminate equity in earnings of subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
(e) Eliminate preferred stock dividends paid to affiliates
|
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)
|
||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 321,784 | $ | - | $ | - | $ | 321,784 | $ | - | $ | - | $ | (509 | ) |
(c)
|
$ | 321,275 | ||||||||||||||||||||
Self-storage revenues
|
- | 27,578 | 353 | - | 27,931 | - | - | - | 27,931 | |||||||||||||||||||||||||||||||
Self-moving and self-storage products and service sales
|
- | 41,077 | - | - | 41,077 | - | - | - | 41,077 | |||||||||||||||||||||||||||||||
Property management fees
|
- | 5,504 | - | - | 5,504 | - | - | - | 5,504 | |||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 39,011 | - | 39,011 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 7,810 | - | - | 7,810 | |||||||||||||||||||||||||||||||
Net investment and interest income
|
1,101 | 5,307 | - | - | 6,408 | 1,832 | 4,781 | (332 | ) | (b,e) | 12,689 | |||||||||||||||||||||||||||||
Other revenue
|
- | 9,724 | 18,740 | (20,199 | ) |
(b)
|
8,265 | - | 597 | (531 | ) |
(b)
|
8,331 | |||||||||||||||||||||||||||
Total revenues
|
1,101 | 410,974 | 19,093 | (20,199 | ) | 410,969 | 9,642 | 44,389 | (1,372 | ) | 463,628 | |||||||||||||||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||||||||||
Operating expenses
|
1,631 | 251,253 | 2,239 | (20,199 | ) |
(b)
|
234,924 | 4,003 | 6,817 | (1,031 | ) | (b,c) | 244,713 | |||||||||||||||||||||||||||
Commission expenses
|
- | 37,974 | - | - | 37,974 | - | - | - | 37,974 | |||||||||||||||||||||||||||||||
Cost of sales
|
- | 20,797 | - | - | 20,797 | - | - | - | 20,797 | |||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 4,003 | 29,956 | - | 33,959 | |||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 2,154 | - | 2,154 | |||||||||||||||||||||||||||||||
Lease expense
|
24 | 38,727 | 1 | - | 38,752 | - | - | (305 | ) |
(b)
|
38,447 | |||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
4 | 53,894 | 3,128 | - | 57,026 | - | - | - | 57,026 | |||||||||||||||||||||||||||||||
Total costs and expenses
|
1,659 | 402,645 | 5,368 | (20,199 | ) | 389,473 | 8,006 | 38,927 | (1,336 | ) | 435,070 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
(11,780 | ) | - | - | 16,410 |
(d)
|
4,630 | - | - | (4,630 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings (loss) from operations
|
(12,338 | ) | 8,329 | 13,725 | 16,410 | 26,126 | 1,636 | 5,462 | (4,666 | ) | 28,558 | |||||||||||||||||||||||||||||
Interest income (expense)
|
24,573 | (39,719 | ) | (8,371 | ) | - | (23,517 | ) | - | - | - | (23,517 | ) | |||||||||||||||||||||||||||
Pretax earnings (loss)
|
12,235 | (31,390 | ) | 5,354 | 16,410 | 2,609 | 1,636 | 5,462 | (4,666 | ) | 5,041 | |||||||||||||||||||||||||||||
Income tax benefit (expense)
|
(8,679 | ) | 11,776 | (2,150 | ) | - | 947 | (572 | ) | (1,896 | ) | - | (1,521 | ) | ||||||||||||||||||||||||||
Net earnings (loss)
|
3,556 | (19,614 | ) | 3,204 | 16,410 | 3,556 | 1,064 | 3,566 | (4,666 | ) | 3,520 | |||||||||||||||||||||||||||||
Excess carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | 10 | 10 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(3,241 | ) | - | - | - | (3,241 | ) | - | - | 36 |
(e)
|
(3,205 | ) | |||||||||||||||||||||||||||
Earnings (loss) available to common shareholders
|
$ | 315 | $ | (19,614 | ) | $ | 3,204 | $ | 16,410 | $ | 315 | $ | 1,064 | $ | 3,566 | $ | (4,620 | ) | $ | 325 | ||||||||||||||||||||
(a) Balances for the quarter ended September 30, 2009
|
||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||
(d) Eliminate equity in earnings of subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
(e) Eliminate preferred stock dividends paid to affiliate
|
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)
|
||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 1,231,183 | $ | - | $ | - | $ | 1,231,183 | $ | - | $ | - | $ | (1,639 | ) |
(c)
|
$ | 1,229,544 | ||||||||||||||||||||
Self-storage revenues
|
- | 88,467 | 1,045 | - | 89,512 | - | - | - | 89,512 | |||||||||||||||||||||||||||||||
Self-moving and self-storage products and service sales
|
- | 161,644 | - | - | 161,644 | - | - | - | 161,644 | |||||||||||||||||||||||||||||||
Property management fees
|
- | 14,245 | - | - | 14,245 | - | - | - | 14,245 | |||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 152,131 | - | 152,131 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 23,477 | - | - | 23,477 | |||||||||||||||||||||||||||||||
Net investment and interest income
|
3,854 | 15,443 | - | - | 19,297 | 6,130 | 15,292 | (1,277 | ) | (b,e) | 39,442 | |||||||||||||||||||||||||||||
Other revenue
|
20 | 46,402 | 58,244 | (62,411 | ) |
(b)
|
42,255 | - | 1,676 | (1,021 | ) |
(b)
|
42,910 | |||||||||||||||||||||||||||
Total revenues
|
3,874 | 1,557,384 | 59,289 | (62,411 | ) | 1,558,136 | 29,607 | 169,099 | (3,937 | ) | 1,752,905 | |||||||||||||||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||||||||||
Operating expenses
|
5,606 | 796,765 | 6,850 | (62,411 | ) |
(b)
|
746,810 | 10,958 | 21,246 | (2,635 | ) | (b,c) | 776,379 | |||||||||||||||||||||||||||
Commission expenses
|
- | 152,149 | - | - | 152,149 | - | - | - | 152,149 | |||||||||||||||||||||||||||||||
Cost of sales
|
- | 83,854 | - | - | 83,854 | - | - | - | 83,854 | |||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 13,369 | 129,748 | - | 143,117 | |||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 6,549 | - | 6,549 | |||||||||||||||||||||||||||||||
Lease expense
|
69 | 114,623 | 12 | - | 114,704 | - | - | (915 | ) |
(b)
|
113,789 | |||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
7 | 130,744 | 8,810 | - | 139,561 | - | - | - | 139,561 | |||||||||||||||||||||||||||||||
Total costs and expenses
|
5,682 | 1,278,135 | 15,672 | (62,411 | ) | 1,237,078 | 24,327 | 157,543 | (3,550 | ) | 1,415,398 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
132,707 | - | - | (121,731 | ) |
(d)
|
10,976 | - | - | (10,976 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings from operations
|
130,899 | 279,249 | 43,617 | (121,731 | ) | 332,034 | 5,280 | 11,556 | (11,363 | ) | 337,507 | |||||||||||||||||||||||||||||
Interest income (expense)
|
63,112 | (96,008 | ) | (32,592 | ) | - | (65,488 | ) | - | - | - | (65,488 | ) | |||||||||||||||||||||||||||
Pretax earnings
|
194,011 | 183,241 | 11,025 | (121,731 | ) | 266,546 | 5,280 | 11,556 | (11,363 | ) | 272,019 | |||||||||||||||||||||||||||||
Income tax expense
|
(23,295 | ) | (67,717 | ) | (4,818 | ) | - | (95,830 | ) | (1,849 | ) | (4,011 | ) | - | (101,690 | ) | ||||||||||||||||||||||||
Net earnings
|
170,716 | 115,524 | 6,207 | (121,731 | ) | 170,716 | 3,431 | 7,545 | (11,363 | ) | 170,329 | |||||||||||||||||||||||||||||
Loss of carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | (171 | ) | (171 | ) | |||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | 387 |
(e)
|
(9,336 | ) | |||||||||||||||||||||||||||
Earnings available to common shareholders
|
$ | 160,993 | $ | 115,524 | $ | 6,207 | $ | (121,731 | ) | $ | 160,993 | $ | 3,431 | $ | 7,545 | $ | (11,147 | ) | $ | 160,822 | ||||||||||||||||||||
(a) Balances for the nine months ended September 30, 2010
|
||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||
(d) Eliminate equity in earnings of subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
(e) Eliminate preferred stock dividends paid to affiliates
|
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)
|
||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 1,122,676 | $ | - | $ | - | $ | 1,122,676 | $ | - | $ | - | $ | (1,257 | ) |
(c)
|
$ | 1,121,419 | ||||||||||||||||||||
Self-storage revenues
|
- | 81,337 | 1,010 | - | 82,347 | - | - | - | 82,347 | |||||||||||||||||||||||||||||||
Self-moving and self-storage products and service sales
|
- | 154,421 | - | - | 154,421 | - | - | - | 154,421 | |||||||||||||||||||||||||||||||
Property management fees
|
- | 14,432 | - | - | 14,432 | - | - | - | 14,432 | |||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 95,353 | - | 95,353 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 21,071 | - | - | 21,071 | |||||||||||||||||||||||||||||||
Net investment and interest income
|
3,253 | 16,585 | - | - | 19,838 | 5,481 | 14,543 | (954 | ) | (b,e) | 38,908 | |||||||||||||||||||||||||||||
Other revenue
|
- | 33,624 | 55,481 | (59,765 | ) |
(b)
|
29,340 | - | 2,100 | (1,180 | ) |
(b)
|
30,260 | |||||||||||||||||||||||||||
Total revenues
|
3,253 | 1,423,075 | 56,491 | (59,765 | ) | 1,423,054 | 26,552 | 111,996 | (3,391 | ) | 1,558,211 | |||||||||||||||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||||||||||
Operating expenses
|
6,341 | 798,359 | 6,436 | (59,765 | ) |
(b)
|
751,371 | 10,882 | 17,102 | (2,411 | ) | (b,c) | 776,944 | |||||||||||||||||||||||||||
Commission expenses
|
- | 133,483 | - | - | 133,483 | - | - | - | 133,483 | |||||||||||||||||||||||||||||||
Cost of sales
|
- | 79,606 | - | - | 79,606 | - | - | - | 79,606 | |||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 10,984 | 76,476 | - | 87,460 | |||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 6,367 | - | 6,367 | |||||||||||||||||||||||||||||||
Lease expense
|
60 | 118,595 | 6 | - | 118,661 | - | - | (915 | ) |
(b)
|
117,746 | |||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
13 | 163,358 | 9,662 | - | 173,033 | - | - | - | 173,033 | |||||||||||||||||||||||||||||||
Total costs and expenses
|
6,414 | 1,293,401 | 16,104 | (59,765 | ) | 1,256,154 | 21,866 | 99,945 | (3,326 | ) | 1,374,639 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
27,522 | - | - | (16,630 | ) |
(d)
|
10,892 | - | - | (10,892 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings from operations
|
24,361 | 129,674 | 40,387 | (16,630 | ) | 177,792 | 4,686 | 12,051 | (10,957 | ) | 183,572 | |||||||||||||||||||||||||||||
Interest income (expense)
|
72,094 | (117,429 | ) | (25,341 | ) | - | (70,676 | ) | - | - | - | (70,676 | ) | |||||||||||||||||||||||||||
Pretax earnings
|
96,455 | 12,245 | 15,046 | (16,630 | ) | 107,116 | 4,686 | 12,051 | (10,957 | ) | 112,896 | |||||||||||||||||||||||||||||
Income tax expense
|
(25,747 | ) | (4,303 | ) | (6,358 | ) | - | (36,408 | ) | (1,640 | ) | (4,205 | ) | - | (42,253 | ) | ||||||||||||||||||||||||
Net earnings
|
70,708 | 7,942 | 8,688 | (16,630 | ) | 70,708 | 3,046 | 7,846 | (10,957 | ) | 70,643 | |||||||||||||||||||||||||||||
Excess carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | 381 | 381 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | 65 |
(e)
|
(9,658 | ) | |||||||||||||||||||||||||||
Earnings available to common shareholders
|
$ | 60,985 | $ | 7,942 | $ | 8,688 | $ | (16,630 | ) | $ | 60,985 | $ | 3,046 | $ | 7,846 | $ | (10,511 | ) | $ | 61,366 | ||||||||||||||||||||
(a) Balances for the nine months ended September 30, 2009
|
||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
||||||||||||||||||||||||||||||||||||||||
(d) Eliminate equity in earnings of subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
(e) Eliminate preferred stock dividends paid to affiliate
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
Cash flows from operating activities:
|
(In thousands)
|
|||||||||||||||||||||||||||||||||||
Net earnings
|
$ | 170,716 | $ | 115,524 | $ | 6,207 | $ | (121,731 | ) | $ | 170,716 | $ | 3,431 | $ | 7,545 | $ | (11,363 | ) | $ | 170,329 | ||||||||||||||||
Earnings from consolidated entities
|
(132,707 | ) | - | - | 121,731 | (10,976 | ) | - | - | 10,976 | - | |||||||||||||||||||||||||
Adjustments to reconcile net earnings to the cash provided by operations:
|
||||||||||||||||||||||||||||||||||||
Depreciation
|
7 | 148,525 | 9,993 | - | 158,525 | - | - | - | 158,525 | |||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 6,549 | - | 6,549 | |||||||||||||||||||||||||||
Change in allowance for losses on trade receivables
|
- | 25 | - | - | 25 | - | 1 | - | 26 | |||||||||||||||||||||||||||
Change in allowance for losses on mortgage notes
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Change in allowance for inventory reserve
|
- | 1,271 | - | - | 1,271 | - | - | - | 1,271 | |||||||||||||||||||||||||||
Net gain on sale of real and personal property
|
- | (17,781 | ) | (1,183 | ) | - | (18,964 | ) | - | - | - | (18,964 | ) | |||||||||||||||||||||||
Net (gain) loss on sale of investments
|
(65 | ) | - | - | - | (65 | ) | 3 | (1,484 | ) | - | (1,546 | ) | |||||||||||||||||||||||
Deferred income taxes
|
56,093 | - | - | - | 56,093 | 1,532 | 2,003 | - | 59,628 | |||||||||||||||||||||||||||
Net change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
- | (3,592 | ) | - | - | (3,592 | ) | 8,491 | (39,446 | ) | - | (34,547 | ) | |||||||||||||||||||||||
Inventories
|
- | (8,809 | ) | - | - | (8,809 | ) | - | - | - | (8,809 | ) | ||||||||||||||||||||||||
Prepaid expenses
|
- | 10,343 | (559 | ) | - | 9,784 | - | - | - | 9,784 | ||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
- | - | - | - | - | - | (20,584 | ) | - | (20,584 | ) | |||||||||||||||||||||||||
Other assets
|
37,392 | 3,303 | 1,126 | - | 41,821 | 490 | 253 | - | 42,564 | |||||||||||||||||||||||||||
Related party assets
|
271 | 1,263 | (57 | ) | - | 1,477 | (341 | ) | - | - | 1,136 | |||||||||||||||||||||||||
Accounts payable and accrued expenses
|
(4,960 | ) | 7,110 | 119 | - | 2,269 | - | 12,364 | - | 14,633 | ||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 10,713 | - | - | 10,713 | (9,188 | ) | 83,254 | - | 84,779 | ||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 943 | (139 | ) | - | 804 | ||||||||||||||||||||||||||
Deferred income
|
- | 903 | - | - | 903 | - | - | - | 903 | |||||||||||||||||||||||||||
Related party liabilities
|
- | 68 | - | - | 68 | 130 | 75 | - | 273 | |||||||||||||||||||||||||||
Net cash provided (used) by operating activities
|
126,747 | 268,866 | 15,646 | - | 411,259 | 5,491 | 50,391 | (387 | ) | 466,754 | ||||||||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||||||||||||||
Purchases of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
(6 | ) | (287,877 | ) | (49,627 | ) | - | (337,510 | ) | - | - | - | (337,510 | ) | ||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | (60,650 | ) | (111,801 | ) | - | (172,451 | ) | ||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | (26,515 | ) | (128,727 | ) | - | (155,242 | ) | ||||||||||||||||||||||||
Equity securities
|
(7,950 | ) | - | - | - | (7,950 | ) | (3,297 | ) | - | - | (11,247 | ) | |||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | (8,794 | ) | (2,597 | ) | - | (11,391 | ) | ||||||||||||||||||||||||
Real estate
|
- | - | - | - | - | (63 | ) | (82 | ) | - | (145 | ) | ||||||||||||||||||||||||
Mortgage loans
|
- | (3,911 | ) | (5,394 | ) | - | (9,305 | ) | (13,188 | ) | (4,788 | ) | 3,890 | (23,391 | ) | |||||||||||||||||||||
Proceeds from sales of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
- | 147,985 | 1,366 | - | 149,351 | - | - | - | 149,351 | |||||||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | 83,326 | 129,846 | - | 213,172 | |||||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | 16,720 | 80,295 | - | 97,015 | |||||||||||||||||||||||||||
Equity securities
|
1,065 | - | - | - | 1,065 | 133 | - | - | 1,198 | |||||||||||||||||||||||||||
Real estate
|
- | - | 82 | - | 82 | 108 | - | - | 190 | |||||||||||||||||||||||||||
Mortgage loans
|
- | 1,551 | 2,995 | - | 4,546 | 6,057 | 2,084 | (3,890 | ) | 8,797 | ||||||||||||||||||||||||||
Payments from notes and mortgage receivables
|
- | 65 | - | - | 65 | - | - | - | 65 | |||||||||||||||||||||||||||
Net cash provided (used) by investing activities
|
(6,891 | ) | (142,187 | ) | (50,578 | ) | - | (199,656 | ) | (6,163 | ) | (35,770 | ) | - | (241,589 | ) | ||||||||||||||||||||
(page 1 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended September 30, 2010
|
Moving & Storage
|
AMERCO Legal Group | ||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
|||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash flows from financing activities:
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
- | 257,553 | 49,134 | - | 306,687 | - | - | - | 306,687 | ||||||||||||||||||||||||||||
Principal repayments on credit facilities
|
- | (70,724 | ) | (178,160 | ) | - | (248,884 | ) | - | - | - | (248,884 | ) | ||||||||||||||||||||||||
Debt issuance costs
|
- | (1,987 | ) | - | - | (1,987 | ) | - | - | - | (1,987 | ) | |||||||||||||||||||||||||
Capital lease payments
|
- | (9,852 | ) | - | - | (9,852 | ) | - | - | - | (9,852 | ) | |||||||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
- | 881 | - | - | 881 | - | - | - | 881 | ||||||||||||||||||||||||||||
Securitization deposits
|
- | (87,710 | ) | - | (87,710 | ) | - | - | - | (87,710 | ) | ||||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
26,495 | (191,205 | ) | 164,710 | - | - | - | - | - | - | |||||||||||||||||||||||||||
Preferred stock dividends paid
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | 387 |
(b)
|
(9,336 | ) | ||||||||||||||||||||||||
Dividend from related party
|
3,303 | - | - | 3,303 | - | - | - | 3,303 | |||||||||||||||||||||||||||||
Investment contract deposits
|
- | - | - | - | - | - | 8,503 | - | 8,503 | ||||||||||||||||||||||||||||
Investment contract withdrawals
|
- | - | - | - | - | - | (25,749 | ) | - | (25,749 | ) | ||||||||||||||||||||||||||
Net cash provided (used) by financing activities
|
20,075 | (103,044 | ) | 35,684 | - | (47,285 | ) | - | (17,246 | ) | 387 | (64,144 | ) | ||||||||||||||||||||||||
Effects of exchange rate on cash
|
- | 179 | - | - | 179 | - | - | - | 179 | ||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
139,931 | 23,814 | 752 | - | 164,497 | (672 | ) | (2,625 | ) | - | 161,200 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period
|
100,460 | 107,241 | 4 | - | 207,705 | 22,126 | 14,287 | - | 244,118 | ||||||||||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 240,391 | $ | 131,055 | $ | 756 | $ | - | $ | 372,202 | $ | 21,454 | $ | 11,662 | $ | - | $ | 405,318 | |||||||||||||||||||
(page 2 of 2)
|
|||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended September 30, 2010
|
|||||||||||||||||||||||||||||||||||||
(b) Eliminate preferred stock dividends paid to affiliates
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
Cash flows from operating activities:
|
(In thousands)
|
|||||||||||||||||||||||||||||||||||
Net earnings
|
$ | 70,708 | $ | 7,942 | $ | 8,688 | $ | (16,630 | ) | $ | 70,708 | $ | 3,046 | $ | 7,846 | $ | (10,957 | ) | $ | 70,643 | ||||||||||||||||
Earnings from consolidated entities
|
(27,522 | ) | - | - | 16,630 | (10,892 | ) | - | - | 10,892 | - | |||||||||||||||||||||||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||||||||||||||||||||||||||||||
Depreciation
|
13 | 164,901 | 9,625 | - | 174,539 | - | - | - | 174,539 | |||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 6,367 | - | 6,367 | |||||||||||||||||||||||||||
Change in allowance for losses on trade receivables
|
- | 141 | - | - | 141 | - | (2 | ) | - | 139 | ||||||||||||||||||||||||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | - | - | (6 | ) | - | - | - | (6 | ) | ||||||||||||||||||||||||
Change in allowance for inventory reserve
|
- | 2,422 | - | - | 2,422 | - | - | - | 2,422 | |||||||||||||||||||||||||||
Net (gain) loss on sale of real and personal property
|
- | (1,543 | ) | 37 | - | (1,506 | ) | - | - | - | (1,506 | ) | ||||||||||||||||||||||||
Net (gain) loss on sale of investments
|
- | - | - | - | - | 40 | (890 | ) | - | (850 | ) | |||||||||||||||||||||||||
Deferred income taxes
|
35,517 | - | - | - | 35,517 | 1,441 | 2,809 | - | 39,767 | |||||||||||||||||||||||||||
Net change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
- | (262 | ) | 7 | - | (255 | ) | 14,208 | (3,475 | ) | - | 10,478 | ||||||||||||||||||||||||
Inventories
|
- | 10,644 | - | - | 10,644 | - | - | - | 10,644 | |||||||||||||||||||||||||||
Prepaid expenses
|
664 | 1,210 | (331 | ) | - | 1,543 | - | - | - | 1,543 | ||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
- | - | - | - | - | - | (10,383 | ) | - | (10,383 | ) | |||||||||||||||||||||||||
Other assets
|
(7 | ) | 3,060 | 1,223 | - | 4,276 | 266 | (172 | ) | - | 4,370 | |||||||||||||||||||||||||
Related party assets
|
483 | 1,118 | (25 | ) | - | 1,576 | 576 | - | - | 2,152 | ||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
(170 | ) | (27,130 | ) | (2,514 | ) | - | (29,814 | ) | - | 7,060 | - | (22,754 | ) | ||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 24,659 | - | - | 24,659 | (14,956 | ) | 17,307 | - | 27,010 | ||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | (1,318 | ) | (11 | ) | - | (1,329 | ) | ||||||||||||||||||||||||
Deferred income
|
- | 418 | - | - | 418 | - | - | - | 418 | |||||||||||||||||||||||||||
Related party liabilities
|
- | (349 | ) | - | - | (349 | ) | (685 | ) | 58 | - | (976 | ) | |||||||||||||||||||||||
Net cash provided (used) by operating activities
|
79,686 | 187,225 | 16,710 | - | 283,621 | 2,618 | 26,514 | (65 | ) | 312,688 | ||||||||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||||||||||||||
Purchases of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
(3 | ) | (186,259 | ) | (14,918 | ) | - | (201,180 | ) | - | - | - | (201,180 | ) | ||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | (67,823 | ) | (138,858 | ) | - | (206,681 | ) | ||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | (30,302 | ) | (99,099 | ) | - | (129,401 | ) | ||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | (1,539 | ) | - | - | (1,539 | ) | |||||||||||||||||||||||||
Real estate
|
- | (204 | ) | (253 | ) | - | (457 | ) | - | - | - | (457 | ) | |||||||||||||||||||||||
Mortgage loans
|
- | (467 | ) | (317 | ) | - | (784 | ) | (1,311 | ) | (118 | ) | - | (2,213 | ) | |||||||||||||||||||||
Proceeds from sales of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
- | 118,030 | 1,080 | - | 119,110 | - | - | - | 119,110 | |||||||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | 76,703 | 140,229 | - | 216,932 | |||||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | 22,959 | 104,285 | - | 127,244 | |||||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | 1,724 | 512 | - | 2,236 | |||||||||||||||||||||||||||
Real estate
|
- | - | - | - | - | 53 | - | - | 53 | |||||||||||||||||||||||||||
Mortgage loans
|
- | - | - | - | - | 51 | 4,677 | - | 4,728 | |||||||||||||||||||||||||||
Payments from notes and mortgage receivables
|
- | 131 | - | - | 131 | - | - | - | 131 | |||||||||||||||||||||||||||
Net cash provided (used) by investing activities
|
(3 | ) | (68,769 | ) | (14,408 | ) | - | (83,180 | ) | 515 | 11,628 | - | (71,037 | ) | ||||||||||||||||||||||
(page 1 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended September 30, 2009
|
Moving & Storage
|
AMERCO Legal Group | ||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
|||||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||||||||||||
Cash flows from financing activities:
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
- | 33,734 | 29,359 | - | 63,093 | - | - | - | 63,093 | ||||||||||||||||||||||||||||
Principal repayments on credit facilities
|
- | (80,241 | ) | (18,636 | ) | - | (98,877 | ) | - | - | - | (98,877 | ) | ||||||||||||||||||||||||
Debt issuance costs
|
- | (2,109 | ) | (216 | ) | - | (2,325 | ) | - | - | - | (2,325 | ) | ||||||||||||||||||||||||
Capital lease payments
|
- | (2,519 | ) | - | - | (2,519 | ) | - | - | - | (2,519 | ) | |||||||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
- | 812 | - | - | 812 | - | - | - | 812 | ||||||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
(77,318 | ) | 90,124 | (12,806 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
Preferred stock dividends paid
|
(9,723 | ) | - | - | - | (9,723 | ) | - | - | 65 |
(b)
|
(9,658 | ) | ||||||||||||||||||||||||
Dividend from related party
|
7,764 | - | - | - | 7,764 | - | - | - | 7,764 | ||||||||||||||||||||||||||||
Investment contract deposits
|
- | - | - | - | - | - | 8,230 | - | 8,230 | ||||||||||||||||||||||||||||
Investment contract withdrawals
|
- | - | - | - | - | - | (38,908 | ) | - | (38,908 | ) | ||||||||||||||||||||||||||
Net cash provided (used) by financing activities
|
(79,277 | ) | 39,801 | (2,299 | ) | - | (41,775 | ) | - | (30,678 | ) | 65 | (72,388 | ) | |||||||||||||||||||||||
Effects of exchange rate on cash
|
- | 1,851 | - | - | 1,851 | - | - | - | 1,851 | ||||||||||||||||||||||||||||
Increase in cash and cash equivalents
|
406 | 160,108 | 3 | - | 160,517 | 3,133 | 7,464 | - | 171,114 | ||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period
|
38 | 213,040 | - | - | 213,078 | 19,197 | 8,312 | - | 240,587 | ||||||||||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 444 | $ | 373,148 | $ | 3 | $ | - | $ | 373,595 | $ | 22,330 | $ | 15,776 | $ | - | $ | 411,701 | |||||||||||||||||||
(page 2 of 2)
|
|||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended September 30, 2009
|
|||||||||||||||||||||||||||||||||||||
(b) Eliminate preferred stock dividends paid to affiliate
|
United States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All amounts are in thousands of U.S. $'s)
|
||||||||||||
Quarter ended December 31, 2010
|
||||||||||||
Total revenues
|
$ | 500,861 | $ | 29,121 | $ | 529,982 | ||||||
Depreciation and amortization, net of (gains) losses on disposals
|
52,249 | 1,046 | 53,295 | |||||||||
Interest expense
|
22,077 | 159 | 22,236 | |||||||||
Pretax earnings
|
25,454 | 3,587 | 29,041 | |||||||||
Income tax expense
|
9,376 | 1,057 | 10,433 | |||||||||
Identifiable assets
|
4,032,253 | 123,277 | 4,155,530 | |||||||||
Quarter ended December 31, 2009
|
||||||||||||
Total revenues
|
$ | 437,238 | $ | 26,390 | $ | 463,628 | ||||||
Depreciation and amortization, net of (gains) losses on disposals
|
57,424 | 1,756 | 59,180 | |||||||||
Interest expense
|
23,362 | 155 | 23,517 | |||||||||
Pretax earnings
|
3,128 | 1,913 | 5,041 | |||||||||
Income tax expense
|
871 | 650 | 1,521 | |||||||||
Identifiable assets
|
3,856,048 | 113,641 | 3,969,689 |
United States
|
Canada
|
Consolidated
|
||||||||||
(Unaudited)
|
||||||||||||
(All amounts are in thousands of U.S. $'s)
|
||||||||||||
Nine months ended December 31, 2010
|
||||||||||||
Total revenues
|
$ | 1,646,681 | $ | 106,224 | $ | 1,752,905 | ||||||
Depreciation and amortization, net of (gains) losses on disposals
|
141,323 | 4,787 | 146,110 | |||||||||
Interest expense
|
64,988 | 500 | 65,488 | |||||||||
Pretax earnings
|
254,398 | 17,621 | 272,019 | |||||||||
Income tax expense
|
96,499 | 5,191 | 101,690 | |||||||||
Identifiable assets
|
4,032,253 | 123,277 | 4,155,530 | |||||||||
Nine months ended December 31, 2009
|
||||||||||||
Total revenues
|
$ | 1,464,746 | $ | 93,465 | $ | 1,558,211 | ||||||
Depreciation and amortization, net of (gains) losses on disposals
|
174,359 | 5,041 | 179,400 | |||||||||
Interest expense
|
70,227 | 449 | 70,676 | |||||||||
Pretax earnings
|
102,657 | 10,239 | 112,896 | |||||||||
Income tax expense
|
38,771 | 3,482 | 42,253 | |||||||||
Identifiable assets
|
3,856,048 | 113,641 | 3,969,689 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Service cost for benefits earned during the period
|
$ | 116 | $ | 105 | ||||
Interest cost on accumulated postretirement benefit
|
142 | 151 | ||||||
Other components
|
(10 | ) | (26 | ) | ||||
Net periodic postretirement benefit cost
|
$ | 248 | $ | 230 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Service cost for benefits earned during the period
|
$ | 346 | $ | 315 | ||||
Interest cost on accumulated postretirement benefit
|
426 | 452 | ||||||
Other components
|
(29 | ) | (78 | ) | ||||
Net periodic postretirement benefit cost
|
$ | 743 | $ | 689 |
Total
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Significant Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Short-term investments
|
$ | 440,249 | $ | 440,249 | $ | - | $ | - | ||||||||
Fixed maturities - available for sale
|
601,398 | 461,793 | 138,287 | 1,318 | ||||||||||||
Preferred stock
|
30,842 | 30,842 | - | - | ||||||||||||
Common stock
|
26,031 | 26,031 | - | - | ||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,779 | ) | (7,779 | ) | - | - | ||||||||||
Total
|
$ | 1,090,741 | $ | 951,136 | $ | 138,287 | $ | 1,318 | ||||||||
Liabilities
|
||||||||||||||||
Guaranteed residual values of TRAC leases
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Derivatives
|
57,421 | - | 57,421 | - | ||||||||||||
Total
|
$ | 57,421 | $ | - | $ | 57,421 | $ | - |
Fixed Maturities
|
||||||||||||
Auction Rate Securities
|
Asset Backed Securities
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In thousands)
|
||||||||||||
Balance at March 31, 2010
|
$ | 1,673 | $ | 1,615 | $ | 3,288 | ||||||
Transfers into Level 3 (a)
|
43 | - | 43 | |||||||||
Fixed Maturities - Auction Rate Securities gain (unrealized)
|
2 | - | 2 | |||||||||
Fixed Maturities - Asset Backed Securities loss (unrealized)
|
- | (160 | ) | (160 | ) | |||||||
Securities called at par
|
- | (95 | ) | (95 | ) | |||||||
Balance at June 30, 2010
|
$ | 1,718 | $ | 1,360 | $ | 3,078 | ||||||
Fixed Maturities - Auction Rate Securities loss (unrealized)
|
(24 | ) | - | (24 | ) | |||||||
Fixed Maturities - Asset Backed Securities loss (unrealized)
|
- | (40 | ) | (40 | ) | |||||||
Balance at September 30, 2010
|
$ | 1,694 | $ | 1,320 | $ | 3,014 | ||||||
Fixed Maturities - Asset Backed Securities loss (unrealized)
|
- | (2 | ) | (2 | ) | |||||||
Securities called at par
|
(1,694 | ) | - | (1,694 | ) | |||||||
Balance at December 31, 2010
|
$ | - | $ | 1,318 | $ | 1,318 |
·
|
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.
|
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
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 | ||||||
Consolidated revenue
|
$ | 529,982 | $ | 463,628 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Moving and storage
|
||||||||
Revenues
|
$ | 440,346 | $ | 410,969 | ||||
Earnings from operations
|
49,155 | 26,126 | ||||||
Property and casualty insurance
|
||||||||
Revenues
|
11,117 | 9,642 | ||||||
Earnings from operations
|
1,876 | 1,636 | ||||||
Life insurance
|
||||||||
Revenues
|
79,858 | 44,389 | ||||||
Earnings from operations
|
4,785 | 5,462 | ||||||
Eliminations
|
||||||||
Revenues
|
(1,339 | ) | (1,372 | ) | ||||
Earnings from operations
|
(4,539 | ) | (4,666 | ) | ||||
Consolidated results
|
||||||||
Revenues
|
529,982 | 463,628 | ||||||
Earnings from operations
|
51,277 | 28,558 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Self-moving equipment rentals
|
$ | 343,506 | $ | 321,784 | ||||
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 | ||||||
Net investment and interest income
|
6,582 | 6,408 | ||||||
Other revenue
|
12,958 | 8,265 | ||||||
Moving and Storage revenue
|
$ | 440,346 | $ | 410,969 |
Quarter Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except occupancy rate)
|
||||||||
Room count as of December 31
|
150 | 143 | ||||||
Square footage as of December 31
|
12,254 | 11,625 | ||||||
Average number of rooms occupied
|
112 | 106 | ||||||
Average occupancy rate based on room count
|
75.3 | % | 74.1 | % | ||||
Average square footage occupied
|
9,447 | 8,799 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
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 | ||||||
Consolidated revenue
|
$ | 1,752,905 | $ | 1,558,211 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Moving and storage
|
||||||||
Revenues
|
$ | 1,558,136 | $ | 1,423,054 | ||||
Earnings from operations
|
332,034 | 177,792 | ||||||
Property and casualty insurance
|
||||||||
Revenues
|
29,607 | 26,552 | ||||||
Earnings from operations
|
5,280 | 4,686 | ||||||
Life insurance
|
||||||||
Revenues
|
169,099 | 111,996 | ||||||
Earnings from operations
|
11,556 | 12,051 | ||||||
Eliminations
|
||||||||
Revenues
|
(3,937 | ) | (3,391 | ) | ||||
Earnings from operations
|
(11,363 | ) | (10,957 | ) | ||||
Consolidated results
|
||||||||
Revenues
|
1,752,905 | 1,558,211 | ||||||
Earnings from operations
|
337,507 | 183,572 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Self-moving equipment rentals
|
$ | 1,231,183 | $ | 1,122,676 | ||||
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 | ||||||
Net investment and interest income
|
19,297 | 19,838 | ||||||
Other revenue
|
42,255 | 29,340 | ||||||
Moving and Storage revenue
|
$ | 1,558,136 | $ | 1,423,054 |
Nine Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In thousands, except occupancy rate)
|
||||||||
Room count as of December 31
|
150 | 143 | ||||||
Square footage as of December 31
|
12,254 | 11,625 | ||||||
Average number of rooms occupied
|
112 | 106 | ||||||
Average occupancy rate based on room count
|
76.3 | % | 75.7 | % | ||||
Average square footage occupied
|
9,415 | 8,824 |
Notional Amount
|
Fair Value
|
Effective Date
|
Expiration Date
|
Fixed Rate
|
Floating Rate
|
|||||||||
(Unaudited)
|
||||||||||||||
(In thousands)
|
||||||||||||||
$ | 59,721 |
(a), (b)
|
$ | (2,874 | ) |
5/10/2006
|
4/10/2012
|
5.06 | % |
1 Month LIBOR
|
||||
60,640 |
(a), (b)
|
(4,452 | ) |
10/10/2006
|
10/10/2012
|
5.57 | % |
1 Month LIBOR
|
||||||
20,949 |
(a)
|
(2,075 | ) |
7/10/2006
|
7/10/2013
|
5.67 | % |
1 Month LIBOR
|
||||||
256,667 |
(a)
|
(41,622 | ) |
8/18/2006
|
8/10/2018
|
5.43 | % |
1 Month LIBOR
|
||||||
13,500 |
(a)
|
(1,411 | ) |
2/12/2007
|
2/10/2014
|
5.24 | % |
1 Month LIBOR
|
||||||
9,094 |
(a)
|
(913 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1 Month LIBOR
|
||||||
9,100 |
(a)
|
(909 | ) |
3/12/2007
|
3/10/2014
|
4.99 | % |
1 Month LIBOR
|
||||||
11,500 |
(a), (b)
|
(707 | ) |
8/15/2008
|
6/15/2015
|
3.62 | % |
1 Month LIBOR
|
||||||
12,350 |
(a)
|
(883 | ) |
8/29/2008
|
7/10/2015
|
4.04 | % |
1 Month LIBOR
|
||||||
18,363 |
(a)
|
(1,427 | ) |
9/30/2008
|
9/10/2015
|
4.16 | % |
1 Month LIBOR
|
||||||
10,500 |
(a), (b)
|
(128 | ) |
3/30/2009
|
4/15/2016
|
2.24 | % |
1 Month LIBOR
|
||||||
13,751 |
(a), (b)
|
(20 | ) |
8/15/2010
|
7/15/2017
|
2.15 | % |
1 Month LIBOR
|
||||||
(a) interest rate swap agreement
|
||||||||||||||
(b) forward swap
|
Exhibit Number
|
Description
|
Page or Method of Filing
|
||
3.1
|
Restated Articles of Incorporation of AMERCO
|
Incorporated by reference to AMERCO’s Registration Statement on form S-4 filed March 30, 2004, file no. 1-11255
|
||
3.2
|
Restated By-Laws of AMERCO
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K filed on September 10, 2010, file no. 1-11255
|
||
31.1
|
Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO
|
Filed herewith
|
||
31.2
|
Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO
|
Filed herewith
|
||
32.1
|
Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Furnished herewith
|
||
32.2
|
Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Furnished herewith
|
1.
|
I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant’s, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of AMERCO (the “Registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
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4.
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The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant’s, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
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5.
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The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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