R
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ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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£
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Page
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PART I
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Item 1.
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2 – 7
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Item 1A.
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7 – 11
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Item 1B.
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11
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Item 2.
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11
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Item 3.
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12 – 13
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Item 4.
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13
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PART II
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Item 5.
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13 – 15
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Item 6.
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16
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Item 7.
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17 – 37
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Item 7A.
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37 – 38
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Item 8.
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38
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Item 9.
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39
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Item 9A.
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39 – 41
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Item 9B.
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42
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PART III
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Item 10.
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42
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Item 11.
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42
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Item 12.
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42
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Item 13.
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42
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Item 14.
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42
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PART IV
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Item 15.
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43 – 51
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·
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Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
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·
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Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
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·
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Life Insurance, comprised of Oxford and its subsidiaries.
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·
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require us to allocate a considerable portion of cash flows from operations to debt service payments;
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·
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limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
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·
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limit our ability to obtain additional financing; and
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·
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place us at a disadvantage compared to our competitors who may have less debt.
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Year Ended March 31,
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||||||||||||||||
2011
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2010
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|||||||||||||||
High
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Low
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High
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Low
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|||||||||||||
First quarter
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$ | 64.42 | $ | 43.43 | $ | 46.48 | $ | 30.59 | ||||||||
Second quarter
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$ | 83.83 | $ | 53.04 | $ | 50.20 | $ | 34.13 | ||||||||
Third quarter
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$ | 109.11 | $ | 76.02 | $ | 55.41 | $ | 40.71 | ||||||||
Fourth quarter
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$ | 104.00 | $ | 86.29 | $ | 56.88 | $ | 35.59 |
·
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Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
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·
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Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
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·
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Life Insurance, comprised of Oxford and its subsidiaries.
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Year Ended March 31,
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||||||||
2011
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2010
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|||||||
(In thousands)
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||||||||
Self-moving equipment rentals
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$ | 1,547,015 | $ | 1,419,726 | ||||
Self-storage revenues
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120,698 | 110,369 | ||||||
Self-moving and self-storage products and service sales
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205,570 | 198,785 | ||||||
Property management fees
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22,132 | 21,632 | ||||||
Life insurance premiums
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206,992 | 134,345 | ||||||
Property and casualty insurance premiums
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30,704 | 27,625 | ||||||
Net investment and interest income
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52,661 | 49,989 | ||||||
Other revenue
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55,503 | 39,534 | ||||||
Consolidated revenue
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$ | 2,241,275 | $ | 2,002,005 |
Year Ended March 31,
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||||||||
2011
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2010
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|||||||
(In thousands)
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||||||||
Moving and storage
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||||||||
Revenues
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$ | 1,977,826 | $ | 1,816,322 | ||||
Earnings from operations
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370,100 | 185,329 | ||||||
Property and casualty insurance
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||||||||
Revenues
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38,663 | 34,390 | ||||||
Earnings from operations
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5,638 | 6,279 | ||||||
Life insurance
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||||||||
Revenues
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229,911 | 155,725 | ||||||
Earnings from operations
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17,435 | 16,858 | ||||||
Eliminations
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||||||||
Revenues
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(5,125 | ) | (4,432 | ) | ||||
Earnings from operations
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(15,478 | ) | (14,929 | ) | ||||
Consolidated Results
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||||||||
Revenues
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2,241,275 | 2,002,005 | ||||||
Earnings from operations
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377,695 | 193,537 |
Year Ended March 31,
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||||||||
2010
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2009
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(In thousands)
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||||||||
Self-moving equipment rentals
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$ | 1,419,726 | $ | 1,423,022 | ||||
Self-storage revenues
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110,369 | 110,548 | ||||||
Self-moving and self-storage products and service sales
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198,785 | 199,394 | ||||||
Property management fees
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21,632 | 23,192 | ||||||
Life insurance premiums
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134,345 | 109,572 | ||||||
Property and casualty insurance premiums
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27,625 | 28,337 | ||||||
Net investment and interest income
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49,989 | 58,021 | ||||||
Other revenue
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39,534 | 40,180 | ||||||
Consolidated revenue
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$ | 2,002,005 | $ | 1,992,266 |
Year Ended March 31,
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||||||||
2010
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2009
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(In thousands)
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Moving and storage
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Revenues
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$ | 1,816,322 | $ | 1,823,049 | ||||
Earnings from operations
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185,329 | 112,080 | ||||||
Property and casualty insurance
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||||||||
Revenues
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34,390 | 37,419 | ||||||
Earnings from operations
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6,279 | 7,505 | ||||||
Life insurance
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||||||||
Revenues
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155,725 | 135,056 | ||||||
Earnings from operations
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16,858 | 17,748 | ||||||
Eliminations
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||||||||
Revenues
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(4,432 | ) | (3,258 | ) | ||||
Earnings from operations
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(14,929 | ) | (16,285 | ) | ||||
Consolidated Results
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||||||||
Revenues
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2,002,005 | 1,992,266 | ||||||
Earnings from operations
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193,537 | 121,048 |
Year Ended March 31,
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||||||||
2011
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2010
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(In thousands)
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Self-moving equipment rentals
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$ | 1,549,058 | $ | 1,421,331 | ||||
Self-storage revenues
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120,698 | 110,369 | ||||||
Self-moving and self-storage products and service sales
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205,570 | 198,785 | ||||||
Property management fees
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22,132 | 21,632 | ||||||
Net investment and interest income
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25,702 | 26,055 | ||||||
Other revenue
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54,666 | 38,150 | ||||||
Moving and Storage revenue
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$ | 1,977,826 | $ | 1,816,322 |
Year Ended March 31,
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||||||||
2011
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2010
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(In thousands, except occupancy rate)
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Room count as of March 31
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153 | 144 | ||||||
Square footage as of March 31
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12,534 | 11,713 | ||||||
Average number of rooms occupied
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113 | 106 | ||||||
Average occupancy rate based on room count
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75.8 | % | 75.2 | % | ||||
Average square footage occupied
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9,437 | 8,827 |
Year Ended March 31,
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2010
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2009
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(In thousands)
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Self-moving equipment rentals
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$ | 1,421,331 | $ | 1,423,330 | ||||
Self-storage revenues
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110,369 | 110,548 | ||||||
Self-moving and self-storage products and service sales
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198,785 | 199,394 | ||||||
Property management fees
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21,632 | 23,192 | ||||||
Net investment and interest income
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26,055 | 29,865 | ||||||
Other revenue
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38,150 | 36,720 | ||||||
Moving and Storage revenue
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$ | 1,816,322 | $ | 1,823,049 |
Year Ended March 31,
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||||||||
2010
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2009
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(In thousands, except occupancy rate)
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||||||||
Room count as of March 31
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144 | 138 | ||||||
Square footage as of March 31
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11,713 | 11,131 | ||||||
Average number of rooms occupied
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106 | 106 | ||||||
Average occupancy rate based on room count
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75.2 | % | 78.9 | % | ||||
Average square footage occupied
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8,827 | 8,745 |
Years Ended March 31,
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||||||||||||
2011
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2010
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2009
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(In thousands)
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Net cash provided by operating activities
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$ | 572,794 | $ | 401,348 | $ | 274,426 | ||||||
Net cash used by investing activities
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(380,988 | ) | (117,978 | ) | (221,192 | ) | ||||||
Net cash used by financing activities
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(60,699 | ) | (282,483 | ) | (17,832 | ) | ||||||
Effects of exchange rate on cash
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271 | 2,644 | (1,437 | ) | ||||||||
Net cash flow
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131,378 | 3,531 | 33,965 | |||||||||
Cash at the beginning of the period
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244,118 | 240,587 | 206,622 | |||||||||
Cash at the end of the period
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$ | 375,496 | $ | 244,118 | $ | 240,587 |
Payment due by Period (as of March 31, 2011)
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||||||||||||||||||||
Contractual Obligations
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Total
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Prior to
03/31/12
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04/01/12
03/31/14
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04/01/14
03/31/16
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April 1, 2016
and Thereafter
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(In thousands)
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Notes, loans and leases payable - Principal
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$ | 1,397,842 | $ | 147,859 | $ | 412,309 | $ | 535,072 | $ | 302,602 | ||||||||||
Notes, loans and leases payable - Interest
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302,717 | 79,168 | 124,427 | 75,172 | 23,950 | |||||||||||||||
Revolving credit agreements - Principal
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- | - | - | - | - | |||||||||||||||
Revolving credit agreements - Interest
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- | - | - | - | - | |||||||||||||||
Operating leases
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566,344 | 152,934 | 248,059 | 148,586 | 16,765 | |||||||||||||||
Property and casualty obligations (a)
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109,040 | 12,130 | 13,643 | 10,491 | 72,776 | |||||||||||||||
Life, health and annuity obligations (b)
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1,833,002 | 133,845 | 246,126 | 204,869 | 1,248,162 | |||||||||||||||
Self insurance accruals (c)
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397,381 | 110,493 | 169,106 | 78,605 | 39,177 | |||||||||||||||
Post retirement benefit liability
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9,971 | 596 | 1,485 | 1,922 | 5,968 | |||||||||||||||
Total contractual obligations
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$ | 4,616,297 | $ | 637,025 | $ | 1,215,155 | $ | 1,054,717 | $ | 1,709,400 |
Quarter Ended
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||||||||||||||||
March 31,
2011
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December 31,
2010
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September 30,
2010
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June 30,
2010
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(In thousands, except for share and per share data)
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Total revenues
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$ | 488,370 | $ | 529,982 | $ | 636,976 | $ | 585,947 | ||||||||
Earnings from operations
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40,188 | 51,277 | 158,121 | 128,109 | ||||||||||||
Net earnings
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13,246 | 18,608 | 85,219 | 66,502 | ||||||||||||
Earnings available to common
shareholders
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10,163 | 15,529 | 81,978 | 63,315 | ||||||||||||
Basic and diluted earings
per common share
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$ | 0.52 | $ | 0.80 | $ | 4.22 | $ | 3.26 | ||||||||
Weighted average common shares
outstanding: basic and diluted
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19,449,243 | 19,439,622 | 19,427,595 | 19,414,815 |
Quarter Ended
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||||||||||||||||
March 31,
2010
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December 31,
2009
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September 30,
2009
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June 30,
2009
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(In thousands, except for share and per share data)
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Total revenues
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$ | 443,794 | $ | 463,628 | $ | 573,924 | $ | 520,659 | ||||||||
Earnings from operations
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9,965 | 28,558 | 95,818 | 59,196 | ||||||||||||
Net earnings (loss)
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(5,020 | ) | 3,520 | 44,691 | 22,432 | |||||||||||
Earnings (loss) available to common
shareholders
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(8,211 | ) | 325 | 41,527 | 19,514 | |||||||||||
Basic and diluted earings (loss)
per common share
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$ | (0.43 | ) | $ | 0.02 | $ | 2.14 | $ | 1.01 | |||||||
Weighted average common shares
outstanding: basic and diluted
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19,402,035 | 19,393,306 | 19,382,101 | 19,369,591 |
Page
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Financial Statements:
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Report of Independent Registered Public Accounting Firm
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F-1
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Consolidated Balance Sheets - March 31, 2011 and 2010
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F-2
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Consolidated Statements of Operations - Years Ended March 31, 2011, 2010, and 2009
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F-3
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Consolidated Statements of Changes in Stockholders' Equity - Years Ended March 31, 2011, 2010, and 2009
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F-4
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Consolidated Statement of Comprehensive Income (Loss) - Years Ended March 31, 2011, 2010 and 2009
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F-5
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Consolidated Statement of Cash Flows - Years Ended March 31, 2011, 2010 and 2009
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F-6
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Notes to Consolidated Financial Statements
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F-7 - F-54
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Financial Statement Schedules required to be filed by Item 8:
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Schedule I - Condensed Financial Information of AMERCO
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F-55 - F-58
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Schedule II - AMERCO and Consolidated Subsidiaries Valuation and Qualifying Accounts
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F-59
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Schedule V - AMERCO and Consolidated Subsidiaries Supplemental Information (Concerning Property-Casualty Insurance Operations)
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F-60
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Exhibit
Number
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Description
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Page or Method of Filing
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3.1 |
Restated Articles of Incorporation of AMERCO
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Incorporated by reference to AMERCO’s Registration Statement on form S-4 filed March 30, 2004, file no. 1-11255
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3.2 |
Restated Bylaws of AMERCO
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Incorporated by reference to AMERCO’s Current Report on Form 8-K filed on September 10, 2010, file no. 1-11255
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4.1 |
Termination of Rights Agreement, dated as of March 5, 2008
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 11, 2008, file no. 1-11255
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4.2 |
U-Haul Investors Club Base Indenture, dated February 12, 2011 by and between AMERCO and U. S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255
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4.3 |
First Supplemental Indenture, dated February 17, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255
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4.4 |
Second Supplemental Indenture, dated February 17, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255
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4.5 |
Third Supplemental Indenture, dated March 1, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 4, 2011, file no. 1-11255
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Exhibit
Number
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Description
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Page or Method of Filing
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4.6 |
Fourth Supplemental Indenture, dated March 15, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 22, 2011, file no. 1-11255
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4.7 |
Fifth Supplemental Indenture, dated March 15, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 22, 2011, file no. 1-11255
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4.8 |
Sixth Supplemental Indenture, dated March 29, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 1, 2011, file no. 1-11255
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4.9 |
Seventh Supplemental Indenture, dated March 29, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 1, 2011, file no. 1-11255
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4.10 |
Ninth Supplemental Indenture, dated April 19, 2011, by and between AMERCO and U.S. Bank National Association
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Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 22, 2011, file no. 1-11255
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10.1 |
SAC Participation and Subordination Agreement, dated as of March 15, 2004 among SAC Holding Corporation, SAC Holding II Corporation, AMERCO, U-Haul International, Inc., and Law Debenture Trust Company of New York
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Incorporated by reference to AMERCO’s Current Report on Form 8-K filed on March 26, 2004, file no. 1-11255
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10.2 |
U-Haul Dealership Contract
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year end March 31, 1993, file no. 1-11255
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10.3 |
Share Repurchase and Registration Rights Agreement with Paul F. Shoen
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1993, file no. 1-11255
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10.4 |
ESOP Loan Credit Agreement
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1990, file no. 1-11255
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10.5 |
ESOP Loan Agreement
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1990, file no. 1-11255
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10.6 |
Trust Agreement for the AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1990, file no. 1-11255
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10.7 |
Amended Indemnification Agreement
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1990, file no. 1-11255
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10.8 |
Indemnification Trust Agreement
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1990, file no. 1-11255
|
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10.9 |
Management Agreement between Four SAC Self-Storage Corporation and subsidiaries of AMERCO
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1997, file no. 1-11255
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10.10 |
Management Agreement between Five SAC Self-Storage Corporation and subsidiaries of AMERCO
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Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 1999, file no. 1-11255
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Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
10.11 |
Management Agreement between Eighteen SAC Self-Storage Corporation and U-Haul
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Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
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10.12 |
Management Agreement between Nineteen SAC Self-Storage Limited Partnership and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.13 |
Management Agreement between Twenty SAC Self-Storage Corporation and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.14 |
Management Agreement between Twenty-One SAC Self-Storage Corporation and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.15 |
Management Agreement between Twenty-Two SAC Self-Storage Corporation and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.16 |
Management Agreement between Twenty-Three SAC Self-Storage Corporation and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.17 |
Management Agreement between Twenty-Four SAC Self-Storage Limited Partnership and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.18 |
Management Agreement between Twenty-Five SAC Self-Storage Limited Partnership and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.19 |
Management Agreement between Twenty-Six SAC Self-Storage Limited Partnership and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.20 |
Management Agreement between Twenty-Seven SAC Self-Storage Limited Partnership and U-Haul
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002, file no. 1-11255
|
||
10.21 |
Amended and Restated Promissory Note between SAC Holding Corporation and U-Haul International, Inc. (in an aggregate principal amount up to $47,500,000)
|
Incorporated by reference to AMERCO’s Form S-4 Registration Statement filed on March 30, 2004, no. 333-114042
|
||
10.22 |
Amended and Restated Promissory Note between SAC Holding Corporation and U-Haul International, Inc. (in an aggregate principal amount up to $76,000,000)
|
Incorporated by reference to AMERCO’s Form S-4 Registration Statement filed on March 30, 2004, no. 333-114042
|
||
10.23 |
Property Management Agreement
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2004, file no. 1-11255
|
Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
10.24 |
Property Management Agreements among Three-A through Three-D SAC Self-Storage Limited Partnership and the subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, file no. 1-11255
|
||
10.25 |
U-Haul Dealership Contract between U-Haul Leasing & Sales Co., and U-Haul Moving Partners, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, file no. 1-11255
|
||
10.26 |
Property Management Agreement between Mercury Partners, LP, Mercury 99, LLC and U-Haul Self-Storage Management (WPC), Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, file no. 1-11255
|
||
10.27 |
Property Management Agreement between Three-SAC Self-Storage Corporation and U-Haul Co. (Canada), Ltd.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, file no. 1-11255
|
||
10.28 |
Property Management Agreement among subsidiaries of U-Haul International and Galaxy Storage Two, L.P.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2004, file no. 1-11255
|
||
10.29 |
Merrill Lynch Commitment Letter (re first mortgage loan)
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 13, 2005, file no. 1-11255
|
||
10.30 |
Morgan Stanley Commitment Letter
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 13, 2005, file no. 1-11255
|
||
10.31 |
Merrill Lynch Commitment Letter (re loan to Amerco Real Estate Company)
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 13, 2005, file no. 1-11255
|
||
10.32 |
Amended and Restated Credit Agreement, dated June 8, 2005, among Amerco Real Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and Merrill Lynch Commercial Finance Corp.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.33 |
Security Agreement dated June 8, 2005, by Amerco Real Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and the Marketing Grantors named therein in favor of Merrill Lynch Commercial Finance Corp.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.34 |
Guarantee, dated June 8, 2005, by U-Haul International, Inc. in favor of Merrill Lynch Commercial Finance Corp.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.35 |
Promissory Note, dated June 8, 2005 by Amerco Real Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc. and U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.36 |
Form of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated June 8, 2005 in favor of Morgan Stanley Mortgage Capital Inc.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
10.37 |
Form of Promissory Note, dated June 8, 2005, in favor of Morgan Stanley Mortgage Capital Inc.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.38 |
Form of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending, Inc.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.39 |
Form of Promissory Note, dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending, Inc.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005, file no. 1-11255
|
||
10.40 |
Property Management Agreement between Subsidiaries of U-Haul and Five SAC RW MS, LLC., dated August 17, 2005.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, file no. 1-11255
|
||
10.41 |
Credit agreement, dated November 10, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. and Merrill Lynch Commercial Finance Corporation.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed November 17, 2005, file no. 1-11255
|
||
10.42 |
Property Management Agreement between Subsidiaries of U-Haul and Five SAC 905, LLC., dated September 23, 2005.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, file no. 1-11255
|
||
10.43 |
Property Management Agreements between Subsidiaries of U-Haul and subsidiaries of PM Partners, LP, dated June 25, 2005.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.44 |
Promissory note, dated December 1, 2005, by Private Mini Storage Realty, LP in favor of AMERCO.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.45 |
Promissory note dated December 1, 2005 by PMSI Investments, LP in favor of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.46 |
Property Management Agreements between Subsidiaries of U-Haul and subsidiaries of PM Preferred Properties, LP., dated June 25, 2005
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.47 |
Credit Agreement executed June 7, 2006, among U-Haul Leasing & Sales Co., U-Haul Co. of Arizona and U-Haul International, Inc. and BTMU Capital Corporation.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.48 |
Security and Collateral Agreement executed June 7, 2006, by U-Haul International, Inc., U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, BTMU Capital Corporation, and Orange Truck Trust 2006
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.49 |
Guarantee executed June 7, 2006, made by U-Haul International, Inc. and AMERCO in favor of BTMU Capital Corp. and Orange Truck Trust 2006.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.50 |
First Amendment to Security Agreement (New Truck Term Loan Facility) executed June 7, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc., in favor of Merrill Lynch Commercial Finance Corp.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.51 |
Credit Agreement dated June 6, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc., and HVB
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
10.52 |
Security Agreement dated June 6, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc. in favor of HVB
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.53 |
Guarantee dated June 6, 2006, made by U-Haul International, Inc. in favor of HVB
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255
|
||
10.54 |
Stockholder Agreement dated June 30, 2006 between Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donovan, as Trustee, and Southwest Fiduciary, Inc., as Trustee
|
Incorporated by reference to Exhibit 99.2, filed with the Schedule 13-D, filed on July 13, 2006, file number 5-39669
|
||
10.55 |
Amendment No. 1 to the Amended and Restated Credit Agreement and Security Agreement, dated as of August 18, 2006, to the Amended and Restated Credit Agreement, dated as of June 8, 2005, among Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and the Marketing Grantors named therein in favor of Merrill Lynch Commercial Financial Corp.
|
Incorporated by reference to AMERCO’s Current Report on Form 8-K filed August 23, 2006, file no. 1-11255
|
||
10.56 |
Stockholder Agreement dated March 9, 2007 between Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donovan, as Trustee, and Adagio Trust Company, as Trustee
|
Incorporated by reference to Exhibit 99.2, filed with the Schedule 13-D, filed on March 9, 2007, file number 5-39669
|
||
10.57 |
Amended and Restated Credit Agreement, dated as of March 12, 2007, to the Credit Agreement, dated as of June 28, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. and Merrill Lynch Commercial Finance Corporation.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255
|
||
10.58 |
Amended and Restated Security Agreement, dated as of March 12, 2007, to the Security Agreement, dated June 28, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. in favor of Merrill Lynch Commercial Finance Corporation.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255
|
||
10.59 |
2007-1 BOX TRUCK BASE INDENTURE, dated as of June 1, 2007, among U-HAUL S FLEET, LLC, 2007 TM-1, LLC, 2007 DC-1, LLC, and 2007 EL-1, LLC and U.S. BANK NATIONAL ASSOCIATION.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255
|
||
10.60 |
SCHEDULE I TO 2007-1 BOX TRUCK BASE INDENTURE, dated as of June 1, 2007.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255
|
||
10.61 |
SERIES 2007-1 SUPPLEMENT, dated as of June 1, 2007, among U-HAUL S FLEET, LLC, 2007 TM-1, LLC, 2007 DC-1, LLC, and 2007 EL-1, LLC, and U.S. BANK NATIONAL ASSOCIATION, to the 2007-1 Box Truck Base Indenture.
|
Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255
|
||
10.62 |
Amended and restated Property Management Agreement among Six-A SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
10.63 |
Amended and restated Property Management Agreement among Six-B SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.64 |
Amended and restated Property Management Agreement among Six-C SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.65 |
Amended and restated Property Management Agreement among Eight SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.66 |
Amended and restated Property Management Agreement among Nine SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.67 |
Amended and restated Property Management Agreement among Ten SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.68 |
Amended and restated Property Management Agreement among Eleven SAC Self-Storage Corporation and Eleven SAC Self-Storage Odenton, Inc. and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.69 |
Amended and restated Property Management Agreement among Twelve SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.70 |
Amended and restated Property Management Agreement among Thirteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.71 |
Amended and restated Property Management Agreement among Fourteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.72 |
Amended and restated Property Management Agreement among Fifteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.73 |
Amended and restated Property Management Agreement among Sixteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.74 |
Amended and restated Property Management Agreement among Seventeen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
||
10.75 |
Promissory Note. SAC Holding Corporation, a Nevada corporation ("Borrower"), pay to U-Haul International, Inc., a Nevada corporation
|
Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255
|
Exhibit
Number
|
Description
|
Page or Method of Filing
|
||
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
|
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands, except share data)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 375,496 | $ | 244,118 | ||||
Reinsurance recoverables and trade receivables, net
|
205,371 | 198,283 | ||||||
Inventories, net
|
59,942 | 52,837 | ||||||
Prepaid expenses
|
57,624 | 53,379 | ||||||
Investments, fixed maturities and marketable equities
|
659,809 | 549,318 | ||||||
Investments, other
|
201,868 | 227,486 | ||||||
Deferred policy acquisition costs, net
|
52,870 | 39,194 | ||||||
Other assets
|
166,633 | 147,325 | ||||||
Related party assets
|
301,968 | 302,126 | ||||||
2,081,581 | 1,814,066 | |||||||
Property, plant and equipment, at cost:
|
||||||||
Land
|
239,177 | 224,904 | ||||||
Buildings and improvements
|
1,024,669 | 970,937 | ||||||
Furniture and equipment
|
310,671 | 323,334 | ||||||
Rental trailers and other rental equipment
|
249,700 | 244,131 | ||||||
Rental trucks
|
1,611,763 | 1,529,817 | ||||||
3,435,980 | 3,293,123 | |||||||
Less: Accumulated depreciation
|
(1,341,407 | ) | (1,344,735 | ) | ||||
Total property, plant and equipment
|
2,094,573 | 1,948,388 | ||||||
Total assets
|
$ | 4,176,154 | $ | 3,762,454 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 304,006 | $ | 296,057 | ||||
Notes, loans and leases payable
|
1,397,842 | 1,347,635 | ||||||
Policy benefits and losses, claims and loss expenses payable
|
927,376 | 816,909 | ||||||
Liabilities from investment contracts
|
246,717 | 268,810 | ||||||
Other policyholders' funds and liabilities
|
8,727 | 8,155 | ||||||
Deferred income
|
27,209 | 25,207 | ||||||
Deferred income taxes
|
271,257 | 186,770 | ||||||
Total liabilities
|
3,183,134 | 2,949,543 | ||||||
Commitments and contingencies (notes 9, 17, 18, 19 and 20)
|
||||||||
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;
|
||||||||
5,791,700 and 5,992,800 shares issued and outstanding as of March 31, 2011 and 2010
|
- | - | ||||||
Series B preferred stock, with no par value, 100,000 shares authorized; none
|
||||||||
issued and outstanding as of March 31, 2011 and 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 as of March 31, 2011 and 2010
|
- | - | ||||||
Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700
|
||||||||
issued as of March 31, 2011 and 2010
|
10,497 | 10,497 | ||||||
Additional paid-in capital
|
418,023 | 419,811 | ||||||
Accumulated other comprehensive loss
|
(46,467 | ) | (56,207 | ) | ||||
Retained earnings
|
1,140,002 | 969,017 | ||||||
Cost of common shares in treasury, net (22,377,912 shares as of March 31, 2011 and 2010)
|
(525,653 | ) | (525,653 | ) | ||||
Unearned employee stock ownership plan shares
|
(3,382 | ) | (4,554 | ) | ||||
Total stockholders' equity
|
993,020 | 812,911 | ||||||
Total liabilities and stockholders' equity
|
$ | 4,176,154 | $ | 3,762,454 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands, except share and per share data)
|
||||||||||||
Revenues:
|
||||||||||||
Self-moving equipment rentals
|
$ | 1,547,015 | $ | 1,419,726 | $ | 1,423,022 | ||||||
Self-storage revenues
|
120,698 | 110,369 | 110,548 | |||||||||
Self-moving and self-storage products and service sales
|
205,570 | 198,785 | 199,394 | |||||||||
Property management fees
|
22,132 | 21,632 | 23,192 | |||||||||
Life insurance premiums
|
206,992 | 134,345 | 109,572 | |||||||||
Property and casualty insurance premiums
|
30,704 | 27,625 | 28,337 | |||||||||
Net investment and interest income
|
52,661 | 49,989 | 58,021 | |||||||||
Other revenue
|
55,503 | 39,534 | 40,180 | |||||||||
Total revenues
|
2,241,275 | 2,002,005 | 1,992,266 | |||||||||
Costs and expenses:
|
||||||||||||
Operating expenses
|
1,026,577 | 1,022,061 | 1,057,880 | |||||||||
Commission expenses
|
190,981 | 169,104 | 171,303 | |||||||||
Cost of sales
|
106,024 | 104,049 | 114,387 | |||||||||
Benefits and losses
|
190,429 | 121,105 | 97,617 | |||||||||
Amortization of deferred policy acquisition costs
|
9,494 | 7,569 | 12,394 | |||||||||
Lease expense
|
150,809 | 156,951 | 152,424 | |||||||||
Depreciation, net of (gains) losses on disposals (($23,058), ($1,960) and $16,644, respectively)
|
189,266 | 227,629 | 265,213 | |||||||||
Total costs and expenses
|
1,863,580 | 1,808,468 | 1,871,218 | |||||||||
Earnings from operations
|
377,695 | 193,537 | 121,048 | |||||||||
Interest expense
|
(88,381 | ) | (93,347 | ) | (98,470 | ) | ||||||
Pretax earnings
|
289,314 | 100,190 | 22,578 | |||||||||
Income tax expense
|
(105,739 | ) | (34,567 | ) | (9,168 | ) | ||||||
Net earnings
|
183,575 | 65,623 | 13,410 | |||||||||
Excess (loss) of carrying amount of preferred stock over consideration paid
|
(178 | ) | 388 | - | ||||||||
Less: Preferred stock dividends
|
(12,412 | ) | (12,856 | ) | (12,963 | ) | ||||||
Earnings available to common shareholders
|
$ | 170,985 | $ | 53,155 | $ | 447 | ||||||
Basic and diluted earnings per common share
|
$ | 8.80 | $ | 2.74 | $ | 0.02 | ||||||
Weighted average common shares outstanding: Basic and diluted
|
19,432,781 | 19,386,791 | 19,350,041 |
Description
|
Common Stock, $0.25 Par Value
|
Additional Paid-In Capital
|
Accumulated Other Comprehensive
Income (Loss)
|
Retained Earnings
|
Less: Treasury Stock
|
Less: Unearned Employee Stock Ownership Plan Shares
|
Total Stockholders' Equity
|
|||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance as of March 31, 2008
|
$ | 10,497 | $ | 419,370 | $ | (55,279 | ) | $ | 915,415 | $ | (524,677 | ) | $ | (6,895 | ) | $ | 758,431 | |||||||||||
Increase in market value of released ESOP shares and release of unearned ESOP shares
|
- | 1,218 | - | - | - | 1,230 | 2,448 | |||||||||||||||||||||
Foreign currency translation
|
- | - | (16,030 | ) | - | - | - | (16,030 | ) | |||||||||||||||||||
Unrealized loss on investments, net of tax
|
- | - | (8,914 | ) | - | - | - | (8,914 | ) | |||||||||||||||||||
Fair market value of cash flow hedges, net of tax
|
- | - | (17,833 | ) | - | - | - | (17,833 | ) | |||||||||||||||||||
Adjustment to post retirement benefit obligation
|
- | - | 56 | - | - | - | 56 | |||||||||||||||||||||
Net earnings
|
- | - | - | 13,410 | - | - | 13,410 | |||||||||||||||||||||
Preferred stock dividends: Series A ($2.13 per share for fiscal 2009)
|
- | - | - | (12,963 | ) | - | - | (12,963 | ) | |||||||||||||||||||
Treasury stock
|
- | - | - | - | (976 | ) | - | (976 | ) | |||||||||||||||||||
Net activity
|
- | 1,218 | (42,721 | ) | 447 | (976 | ) | 1,230 | (40,802 | ) | ||||||||||||||||||
Balance as of March 31, 2009
|
$ | 10,497 | $ | 420,588 | $ | (98,000 | ) | $ | 915,862 | $ | (525,653 | ) | $ | (5,665 | ) | $ | 717,629 | |||||||||||
Increase in market value of released ESOP shares and release of unearned ESOP shares
|
- | 1,336 | - | - | - | 1,111 | 2,447 | |||||||||||||||||||||
Foreign currency translation
|
- | - | 14,471 | - | - | - | 14,471 | |||||||||||||||||||||
Unrealized gain on investments, net of tax
|
- | - | 13,254 | - | - | - | 13,254 | |||||||||||||||||||||
Fair market value of cash flow hedges, net of tax
|
- | - | 14,478 | - | - | - | 14,478 | |||||||||||||||||||||
Adjustment to post retirement benefit obligation
|
- | - | (410 | ) | - | - | - | (410 | ) | |||||||||||||||||||
Net earnings
|
- | - | - | 65,623 | - | - | 65,623 | |||||||||||||||||||||
Excess of carrying amount of preferred stock over consideration paid
|
- | - | - | 388 | - | - | 388 | |||||||||||||||||||||
Preferred stock dividends: Series A ($2.13 per share for fiscal 2010)
|
- | - | - | (12,856 | ) | - | - | (12,856 | ) | |||||||||||||||||||
Contribution to related party
|
- | (2,113 | ) | - | - | - | - | (2,113 | ) | |||||||||||||||||||
Net activity
|
- | (777 | ) | 41,793 | 53,155 | - | 1,111 | 95,282 | ||||||||||||||||||||
Balance as of March 31, 2010
|
$ | 10,497 | $ | 419,811 | $ | (56,207 | ) | $ | 969,017 | $ | (525,653 | ) | $ | (4,554 | ) | $ | 812,911 | |||||||||||
Increase in market value of released ESOP shares and release of unearned ESOP shares
|
- | 3,038 | - | - | - | 1,172 | 4,210 | |||||||||||||||||||||
Foreign currency translation
|
- | - | 3,114 | - | - | - | 3,114 | |||||||||||||||||||||
Unrealized gain on investments, net of tax
|
- | - | 4,930 | - | - | - | 4,930 | |||||||||||||||||||||
Fair market value of cash flow hedges, net of tax
|
- | - | 1,495 | - | - | - | 1,495 | |||||||||||||||||||||
Adjustment to post retirement benefit obligation
|
- | - | 201 | - | - | - | 201 | |||||||||||||||||||||
Net earnings
|
- | - | - | 183,575 | - | - | 183,575 | |||||||||||||||||||||
Loss of carrying amount of preferred stock over consideration paid
|
- | - | - | (178 | ) | - | - | (178 | ) | |||||||||||||||||||
Preferred stock dividends: Series A ($2.13 per share for fiscal 2011)
|
- | - | - | (12,412 | ) | - | - | (12,412 | ) | |||||||||||||||||||
Contribution to related party
|
- | (4,826 | ) | - | - | - | - | (4,826 | ) | |||||||||||||||||||
Net activity
|
- | (1,788 | ) | 9,740 | 170,985 | - | 1,172 | 180,109 | ||||||||||||||||||||
Balance as of March 31, 2011
|
$ | 10,497 | $ | 418,023 | $ | (46,467 | ) | $ | 1,140,002 | $ | (525,653 | ) | $ | (3,382 | ) | $ | 993,020 |
Fiscal Year Ended March 31, 2011
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Comprehensive income (loss):
|
||||||||||||
Net earnings
|
$ | 289,314 | $ | (105,739 | ) | $ | 183,575 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
3,114 | - | 3,114 | |||||||||
Unrealized gain on investments
|
7,468 | (2,538 | ) | 4,930 | ||||||||
Change in fair value of cash flow hedges
|
2,411 | (916 | ) | 1,495 | ||||||||
Postretirement benefit obligation gain
|
324 | (123 | ) | 201 | ||||||||
Total comprehensive income (loss)
|
$ | 302,631 | $ | (109,316 | ) | $ | 193,315 |
Fiscal Year Ended March 31, 2010
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Comprehensive income (loss):
|
||||||||||||
Net earnings
|
$ | 100,190 | $ | (34,567 | ) | $ | 65,623 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
14,471 | - | 14,471 | |||||||||
Unrealized gain on investments
|
20,546 | (7,292 | ) | 13,254 | ||||||||
Change in fair value of cash flow hedges
|
23,352 | (8,874 | ) | 14,478 | ||||||||
Postretirement benefit obligation loss
|
(661 | ) | 251 | (410 | ) | |||||||
Total comprehensive income (loss)
|
$ | 157,898 | $ | (50,482 | ) | $ | 107,416 |
Fiscal Year Ended March 31, 2009
|
Pre-tax
|
Tax
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Comprehensive income (loss):
|
||||||||||||
Net earnings
|
$ | 22,578 | $ | (9,168 | ) | $ | 13,410 | |||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
(16,030 | ) | - | (16,030 | ) | |||||||
Unrealized loss on investments
|
(13,712 | ) | 4,798 | (8,914 | ) | |||||||
Change in fair value of cash flow hedges
|
(28,763 | ) | 10,930 | (17,833 | ) | |||||||
Postretirement benefit obligation gain
|
92 | (36 | ) | 56 | ||||||||
Total comprehensive income (loss)
|
$ | (35,835 | ) | $ | 6,524 | $ | (29,311 | ) |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net earnings
|
$ | 183,575 | $ | 65,623 | $ | 13,410 | ||||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||||||
Depreciation
|
212,324 | 229,589 | 248,569 | |||||||||
Amortization of deferred policy acquisition costs
|
9,494 | 7,569 | 12,394 | |||||||||
Change in allowance for losses on trade receivables
|
28 | (163 | ) | (17 | ) | |||||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | (309 | ) | |||||||
Change in allowance for inventory reserves
|
(674 | ) | 1,153 | 792 | ||||||||
Net (gain) loss on sale of real and personal property
|
(23,058 | ) | (1,960 | ) | 16,644 | |||||||
Net (gain) loss on sale of investments
|
(1,135 | ) | 332 | 64 | ||||||||
Deferred income taxes
|
80,898 | 15,497 | 7,941 | |||||||||
Net change in other operating assets and liabilities:
|
||||||||||||
Reinsurance recoverables and trade receivables
|
(7,113 | ) | 15,715 | (11,069 | ) | |||||||
Inventories
|
(6,431 | ) | 16,759 | (6,192 | ) | |||||||
Prepaid expenses
|
(4,244 | ) | 822 | 2,428 | ||||||||
Capitalization of deferred policy acquisition costs
|
(25,239 | ) | (13,934 | ) | (10,906 | ) | ||||||
Other assets
|
29,522 | 34,626 | (4,797 | ) | ||||||||
Related party assets
|
(87 | ) | 2,369 | 4,577 | ||||||||
Accounts payable and accrued expenses
|
12,547 | (3,096 | ) | (1,821 | ) | |||||||
Policy benefits and losses, claims and loss expenses payable
|
109,599 | 34,589 | (7,620 | ) | ||||||||
Other policyholders' funds and liabilities
|
572 | (3,805 | ) | 1,493 | ||||||||
Deferred income
|
1,967 | 396 | 13,037 | |||||||||
Related party liabilities
|
249 | (727 | ) | (4,192 | ) | |||||||
Net cash provided by operating activities
|
572,794 | 401,348 | 274,426 | |||||||||
Cash flow from investing activities:
|
||||||||||||
Purchase of:
|
||||||||||||
Property, plant and equipment
|
(480,418 | ) | (259,491 | ) | (396,690 | ) | ||||||
Short term investments
|
(260,766 | ) | (322,666 | ) | (320,922 | ) | ||||||
Fixed maturity investments
|
(215,931 | ) | (149,746 | ) | (143,665 | ) | ||||||
Equity securities
|
(11,550 | ) | (17,815 | ) | (1 | ) | ||||||
Preferred stock
|
(14,352 | ) | (2,185 | ) | (2,000 | ) | ||||||
Real estate
|
(193 | ) | (2,310 | ) | (614 | ) | ||||||
Mortgage loans
|
(38,558 | ) | (1,501 | ) | (24,699 | ) | ||||||
Other investments
|
(2,000 | ) | - | - | ||||||||
Proceeds from sales of:
|
||||||||||||
Property, plant and equipment
|
180,411 | 142,869 | 128,188 | |||||||||
Short term investments
|
310,195 | 319,258 | 298,982 | |||||||||
Fixed maturity investments
|
131,981 | 163,654 | 234,317 | |||||||||
Equity securities
|
1,198 | - | 28 | |||||||||
Preferred stock
|
1,914 | 5,077 | - | |||||||||
Real estate
|
1,925 | 771 | - | |||||||||
Mortgage loans
|
15,156 | 6,107 | 5,884 | |||||||||
Net cash used by investing activities
|
(380,988 | ) | (117,978 | ) | (221,192 | ) | ||||||
Cash flow from financing activities:
|
||||||||||||
Borrowings from credit facilities
|
321,862 | 72,153 | 180,331 | |||||||||
Principal repayments on credit facilities
|
(288,882 | ) | (301,966 | ) | (148,398 | ) | ||||||
Debt issuance costs
|
(1,987 | ) | (2,345 | ) | (414 | ) | ||||||
Capital lease payments
|
(11,522 | ) | (4,057 | ) | (776 | ) | ||||||
Leveraged Employee Stock Ownership Plan - Repayment from loan
|
1,172 | 1,111 | 1,230 | |||||||||
Treasury stock repurchases
|
- | - | (976 | ) | ||||||||
Securitization deposits
|
(46,838 | ) | - | - | ||||||||
Preferred stock dividends paid
|
(12,412 | ) | (12,856 | ) | (12,963 | ) | ||||||
Investment contract deposits
|
11,138 | 12,712 | 17,739 | |||||||||
Investment contract withdrawals
|
(33,230 | ) | (47,235 | ) | (53,605 | ) | ||||||
Net cash used by financing activities
|
(60,699 | ) | (282,483 | ) | (17,832 | ) | ||||||
Effects of exchange rate on cash
|
271 | 2,644 | (1,437 | ) | ||||||||
Increase in cash and cash equivalents
|
131,378 | 3,531 | 33,965 | |||||||||
Cash and cash equivalents at the beginning of period
|
244,118 | 240,587 | 206,622 | |||||||||
Cash and cash equivalents at the end of period
|
$ | 375,496 | $ | 244,118 | $ | 240,587 |
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Truck and trailer parts and accessories (a)
|
$ | 53,212 | $ | 46,304 | ||||
Hitches and towing components (b)
|
12,797 | 13,644 | ||||||
Moving supplies and propane (b)
|
7,822 | 7,452 | ||||||
Subtotal
|
73,831 | 67,400 | ||||||
Less: LIFO reserves
|
(13,294 | ) | (11,963 | ) | ||||
Less: excess and obsolete reserves
|
(595 | ) | (2,600 | ) | ||||
Total
|
$ | 59,942 | $ | 52,837 | ||||
(a) Primarily held for internal usage, including equipment manufacturing and repair
|
||||||||
(b) Primarily held for retail sales
|
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Reinsurance recoverable
|
$ | 168,507 | $ | 163,687 | ||||
Trade accounts receivable
|
19,615 | 18,034 | ||||||
Paid losses recoverable
|
1,048 | 3,087 | ||||||
Accrued investment income
|
7,963 | 6,818 | ||||||
Premiums and agents' balances
|
1,297 | 1,401 | ||||||
Independent dealer receivable
|
424 | 562 | ||||||
Other receivable
|
7,853 | 6,002 | ||||||
206,707 | 199,591 | |||||||
Less: Allowance for doubtful accounts
|
(1,336 | ) | (1,308 | ) | ||||
$ | 205,371 | $ | 198,283 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses More than 12 Months
|
Gross
Unrealized
Losses Less than 12 Months
|
Estimated
Market
Value
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
U.S. treasury securities and government obligations
|
$ | 34,522 | $ | 2,021 | $ | (20 | ) | $ | (4 | ) | $ | 36,519 | ||||||||
U.S. government agency mortgage-backed securities
|
74,721 | 6,208 | - | (4 | ) | 80,925 | ||||||||||||||
Obligations of states and political subdivisions
|
79,020 | 1,203 | (389 | ) | (3,113 | ) | 76,721 | |||||||||||||
Corporate securities
|
389,167 | 21,559 | (794 | ) | (1,177 | ) | 408,755 | |||||||||||||
Mortgage-backed securities
|
6,740 | 223 | (108 | ) | (7 | ) | 6,848 | |||||||||||||
Redeemable preferred stocks
|
31,190 | 1,910 | (934 | ) | (86 | ) | 32,080 | |||||||||||||
Common stocks
|
28,293 | 8,153 | (108 | ) | (10,380 | ) | 25,958 | |||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,190 | ) | (807 | ) | - | - | (7,997 | ) | ||||||||||||
$ | 636,463 | $ | 40,470 | $ | (2,353 | ) | $ | (14,771 | ) | $ | 659,809 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses More than 12 Months
|
Gross
Unrealized
Losses Less than 12 Months
|
Estimated
Market
Value
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
U.S. treasury securities and government obligations
|
$ | 44,573 | $ | 1,712 | $ | - | $ | (147 | ) | $ | 46,138 | |||||||||
U.S. government agency mortgage-backed securities
|
91,858 | 4,534 | (1 | ) | (36 | ) | 96,355 | |||||||||||||
Obligations of states and political subdivisions
|
18,932 | 323 | (846 | ) | (398 | ) | 18,011 | |||||||||||||
Corporate securities
|
336,525 | 13,362 | (1,733 | ) | (780 | ) | 347,374 | |||||||||||||
Mortgage-backed securities
|
9,250 | 142 | (530 | ) | - | 8,862 | ||||||||||||||
Redeemable preferred stocks
|
18,723 | 965 | (2,893 | ) | (20 | ) | 16,775 | |||||||||||||
Common stocks
|
17,840 | 534 | (4 | ) | - | 18,370 | ||||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(2,185 | ) | (382 | ) | - | - | (2,567 | ) | ||||||||||||
$ | 535,516 | $ | 21,190 | $ | (6,007 | ) | $ | (1,381 | ) | $ | 549,318 |
Credit Loss
|
||||
(In thousands)
|
||||
Balance at March 31, 2010
|
$ | 552 | ||
Additions:
|
||||
Other-than-temporary impairment not previously recognized
|
- | |||
Balance at March 31, 2011
|
$ | 552 |
March 31, 2011
|
March 31, 2010
|
|||||||||||||||
Amortized
Cost
|
Estimated
Market
Value
|
Amortized
Cost
|
Estimated
Market
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Due in one year or less
|
$ | 45,149 | $ | 45,760 | $ | 36,384 | $ | 36,804 | ||||||||
Due after one year through five years
|
153,389 | 161,685 | 153,816 | 160,329 | ||||||||||||
Due after five years through ten years
|
128,973 | 136,343 | 105,491 | 109,591 | ||||||||||||
Due after ten years
|
249,919 | 259,132 | 196,197 | 201,154 | ||||||||||||
577,430 | 602,920 | 491,888 | 507,878 | |||||||||||||
Mortgage backed securities
|
6,740 | 6,848 | 9,250 | 8,862 | ||||||||||||
Redeemable preferred stocks
|
31,190 | 32,080 | 18,723 | 16,775 | ||||||||||||
Equity securities
|
28,293 | 25,958 | 17,840 | 18,370 | ||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,190 | ) | (7,997 | ) | (2,185 | ) | (2,567 | ) | ||||||||
$ | 636,463 | $ | 659,809 | $ | 535,516 | $ | 549,318 |
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Short-term investments
|
$ | 77,745 | $ | 127,385 | ||||
Mortgage loans, net
|
79,635 | 72,438 | ||||||
Real estate
|
18,777 | 17,621 | ||||||
Policy loans
|
4,404 | 4,190 | ||||||
Other equity investments
|
21,307 | 5,852 | ||||||
$ | 201,868 | $ | 227,486 |
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Deposits
|
$ | 103,191 | $ | 47,323 | ||||
Income taxes recoverable
|
2,850 | 37,790 | ||||||
Cash surrender value of life insurance policies
|
28,784 | 27,825 | ||||||
Deferred charges
|
13,076 | 15,330 | ||||||
Excess of loss reinsurance recoverable
|
15,000 | 15,000 | ||||||
Other
|
3,732 | 2,596 | ||||||
$ | 166,633 | $ | 145,864 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Fixed maturities
|
$ | 32,782 | $ | 31,234 | $ | 38,553 | ||||||
Real estate
|
361 | (56 | ) | (99 | ) | |||||||
Insurance policy loans
|
259 | 262 | 236 | |||||||||
Mortgage loans
|
5,249 | 5,226 | 4,962 | |||||||||
Short-term, amounts held by ceding reinsurers, net and other investments
|
749 | 1,110 | 3,539 | |||||||||
Investment income
|
39,400 | 37,776 | 47,191 | |||||||||
Less: investment expenses
|
(1,269 | ) | (1,020 | ) | (1,034 | ) | ||||||
Less: interest credited on annuity policies
|
(10,084 | ) | (11,000 | ) | (11,824 | ) | ||||||
Investment income - Related party
|
24,614 | 24,233 | 23,688 | |||||||||
Net investment and interest income
|
$ | 52,661 | $ | 49,989 | $ | 58,021 |
March 31,
|
||||||||||||||||
2011 Rate (a)
|
Maturities
|
2011
|
2010
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Real estate loan (amortizing term)
|
6.93 | % | 2018 | $ | 255,000 | $ | 265,000 | |||||||||
Real estate loan (revolving credit)
|
- | 2018 | - | 86,000 | ||||||||||||
Real estate loan (amortizing term)
|
5.00 | % | 2011 | 11,222 | 31,865 | |||||||||||
Senior mortgages
|
5.47% - 6.13 | % | 2015 - 2016 | 476,783 | 489,186 | |||||||||||
Working capital loan (revolving credit)
|
- | 2012 | - | 15,000 | ||||||||||||
Fleet loans (amortizing term)
|
4.78% - 7.95 | % | 2012 - 2017 | 325,591 | 276,222 | |||||||||||
Fleet loan (securitization)
|
4.90% - 5.56 | % | 2014 - 2017 | 271,290 | 143,170 | |||||||||||
Other obligations
|
3.25% - 9.50 | % | 2011 - 2018 | 57,956 | 41,192 | |||||||||||
Total notes, loans and leases payable
|
$ | 1,397,842 | $ | 1,347,635 | ||||||||||||
(a) Interest rate as of March 31, 2011, including the effect of applicable hedging instruments
|
March 31,
|
||||||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Notes, loans and leases payable, secured
|
$ | 147,859 | $ | 244,326 | $ | 167,983 | $ | 62,941 | $ | 472,131 | $ | 302,602 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Interest expense
|
$ | 60,701 | $ | 63,516 | $ | 76,670 | ||||||
Capitalized interest
|
(425 | ) | (609 | ) | (693 | ) | ||||||
Amortization of transaction costs
|
4,249 | 5,198 | 4,908 | |||||||||
Interest expense resulting from derivatives
|
23,856 | 25,242 | 17,585 | |||||||||
Total interest expense
|
$ | 88,381 | $ | 93,347 | $ | 98,470 |
Revolving Credit Activity
|
||||||||||||
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands, except interest rates)
|
||||||||||||
Weighted average interest rate during the year
|
1.75 | % | 1.79 | % | 3.67 | % | ||||||
Interest rate at year end
|
- | 1.74 | % | 2.29 | % | |||||||
Maximum amount outstanding during the year
|
$ | 111,000 | $ | 207,280 | $ | 212,280 | ||||||
Average amount outstanding during the year
|
$ | 36,942 | $ | 184,036 | $ | 177,520 | ||||||
Facility fees
|
$ | 227 | $ | 906 | $ | 622 |
Liability Derivative Fair Value as of
|
||||||||
March 31, 2011
|
March 31, 2010
|
|||||||
(In thousands)
|
||||||||
Interest rate contracts designated as hedging instruments
|
$ | 51,052 | $ | 54,239 |
The Effect of Interest Rate
|
||||||||
Contracts on the Statements of Operations
|
||||||||
March 31, 2011
|
March 31, 2010
|
|||||||
(In thousands)
|
||||||||
Loss recognized in income on interest rate contracts
|
$ | 23,856 | $ | 25,242 | ||||
Gain recognized in AOCI on interest rate contracts (effective portion)
|
$ | (2,411 | ) | $ | (23,352 | ) | ||
Loss reclassified from AOCI into income (effective portion)
|
$ | 24,632 | $ | 26,770 | ||||
Gain recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing)
|
$ | (775 | ) | $ | (1,528 | ) |
Foreign
Currency
Translation
|
Unrealized
Gain (Loss)
on Investments
|
Fair Market
Value of
Cash Flow
Hedge
|
Postretirement Benefit Obligation Gain (Loss)
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Balance at March 31, 2008
|
$ | (27,583 | ) | $ | 1,591 | $ | (30,578 | ) | $ | 1,291 | $ | (55,279 | ) | |||||||
Foreign currency translation
|
(16,030 | ) | - | - | - | (16,030 | ) | |||||||||||||
Unrealized loss on investments
|
- | (8,914 | ) | - | - | (8,914 | ) | |||||||||||||
Change in fair value of cash flow hedge
|
- | - | (17,833 | ) | - | (17,833 | ) | |||||||||||||
Change in postretirement benefit obligation
|
- | - | - | 56 | 56 | |||||||||||||||
Balance at March 31, 2009
|
(43,613 | ) | (7,323 | ) | (48,411 | ) | 1,347 | (98,000 | ) | |||||||||||
Foreign currency translation
|
14,471 | - | - | - | 14,471 | |||||||||||||||
Unrealized gain on investments
|
- | 13,254 | - | - | 13,254 | |||||||||||||||
Change in fair value of cash flow hedge
|
- | - | 14,478 | - | 14,478 | |||||||||||||||
Change in postretirement benefit obligation
|
- | - | - | (410 | ) | (410 | ) | |||||||||||||
Balance at March 31, 2010
|
(29,142 | ) | 5,931 | (33,933 | ) | 937 | (56,207 | ) | ||||||||||||
Foreign currency translation
|
3,114 | - | - | - | 3,114 | |||||||||||||||
Unrealized gain on investments
|
- | 4,930 | - | - | 4,930 | |||||||||||||||
Change in fair value of cash flow hedge
|
- | - | 1,495 | - | 1,495 | |||||||||||||||
Change in postretirement benefit obligation
|
- | - | - | 201 | 201 | |||||||||||||||
Balance at March 31, 2011
|
$ | (26,028 | ) | $ | 10,861 | $ | (32,438 | ) | $ | 1,138 | $ | (46,467 | ) |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Pretax earnings:
|
||||||||||||
U.S.
|
$ | 270,695 | $ | 89,350 | $ | 18,254 | ||||||
Non-U.S.
|
18,619 | 10,840 | 4,324 | |||||||||
Total pretax earnings
|
$ | 289,314 | $ | 100,190 | $ | 22,578 | ||||||
Current provision (benefit)
|
||||||||||||
Federal
|
$ | 14,784 | $ | (23,965 | ) | $ | 5,202 | |||||
State
|
7,475 | 1,965 | 1,436 | |||||||||
Non-U.S.
|
3,861 | 34 | (31 | ) | ||||||||
26,120 | (21,966 | ) | 6,607 | |||||||||
Deferred provision (benefit)
|
||||||||||||
Federal
|
70,653 | 53,174 | 149 | |||||||||
State
|
7,300 | 3,472 | 1,387 | |||||||||
Non-U.S.
|
1,666 | (113 | ) | 1,025 | ||||||||
79,619 | 56,533 | 2,561 | ||||||||||
Provision for income tax expense
|
$ | 105,739 | $ | 34,567 | $ | 9,168 | ||||||
Income taxes paid (net of income tax refunds received)
|
$ | 14,265 | $ | 1,558 | $ | 2,037 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In percentages)
|
||||||||||||
Statutory federal income tax rate
|
35.00 | % | 35.00 | % | 35.00 | % | ||||||
Increase (reduction) in rate resulting from:
|
||||||||||||
State taxes, net of federal benefit
|
3.24 | % | 3.50 | % | 8.17 | % | ||||||
Foreign rate differential
|
(0.34 | )% | (1.17 | )% | (2.30 | )% | ||||||
Federal tax credits
|
(0.18 | )% | (0.46 | )% | (2.10 | )% | ||||||
Interest on deferred tax
|
0.13 | % | 0.52 | % | 2.86 | % | ||||||
Dividend received deduction
|
(0.08 | )% | (0.09 | )% | - | % | ||||||
Change in valuation allowance
|
- | % | (2.70 | )% | - | % | ||||||
Other
|
(1.22 | )% | (0.10 | )% | (1.02 | )% | ||||||
Actual tax expense of operations
|
36.55 | % | 34.50 | % | 40.61 | % |
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Deferred tax assets:
|
||||||||
Net operating loss and credit carry forwards
|
$ | 3,559 | $ | 2,637 | ||||
Accrued expenses
|
132,140 | 127,785 | ||||||
Policy benefit and losses, claims and loss expenses payable, net
|
10,355 | 14,420 | ||||||
Unrealized gains
|
8,834 | 14,818 | ||||||
Other
|
583 | - | ||||||
Total deferred tax assets
|
$ | 155,471 | $ | 159,660 | ||||
Deferred tax liabilities:
|
||||||||
Property, plant and equipment
|
$ | 421,521 | $ | 340,641 | ||||
Deferred policy acquisition costs
|
5,207 | 5,673 | ||||||
Other
|
- | 116 | ||||||
Total deferred tax liabilities
|
426,728 | 346,430 | ||||||
Net deferred tax liability
|
$ | 271,257 | $ | 186,770 |
Unrecognized Tax Benefits
|
||||
(In thousands)
|
||||
Unrecognized tax benefits as of March 31, 2010
|
$ | 8,290 | ||
Additions based on tax positions related to the current year
|
1,873 | |||
Reductions for tax positions of prior years
|
(642 | ) | ||
Settlements
|
(18 | ) | ||
Unrecognized tax benefits as of March 31, 2011
|
$ | 9,503 |
Outstanding as of |
Interest Payments
|
|||||||||||||||
Financing Date
|
March 31,
2011
|
2011
|
2010
|
2009
|
||||||||||||
(In thousands)
|
||||||||||||||||
June, 1991
|
$ | 5,026 | $ | 386 | $ | 443 | $ | 560 | ||||||||
March, 1999
|
- | - | 1 | 2 | ||||||||||||
February, 2000
|
- | 6 | 12 | 19 | ||||||||||||
April, 2001
|
87 | 9 | 8 | 7 | ||||||||||||
July, 2009
|
316 | 5 | - | - |
Years Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Allocated shares
|
1,387 | 1,431 | ||||||
Unreleased shares
|
194 | 269 | ||||||
Fair value of unreleased shares
|
$ | 16,252 | $ | 12,114 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Service cost for benefits earned during the period
|
$ | 462 | $ | 420 | $ | 411 | ||||||
Interest cost on accumulated postretirement benefit
|
567 | 603 | 537 | |||||||||
Other components
|
(39 | ) | (104 | ) | (93 | ) | ||||||
Net periodic postretirement benefit cost
|
$ | 990 | $ | 919 | $ | 855 |
Years Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Beginning of year
|
$ | 10,787 | $ | 9,563 | ||||
Service cost for benefits earned during the period
|
462 | 420 | ||||||
Interest cost on accumulated post retirement benefit
|
567 | 603 | ||||||
Net benefit payments and expense
|
(350 | ) | (356 | ) | ||||
Actuarial loss (gain)
|
(363 | ) | 557 | |||||
Accumulated postretirement benefit obligation
|
11,103 | 10,787 | ||||||
Current liabilities
|
596 | 589 | ||||||
Non-current liabilities
|
10,507 | 10,198 | ||||||
Total post retirement benefit liability recognized in statement of financial position
|
11,103 | 10,787 | ||||||
Components included in accumulated other comprehensive income:
|
||||||||
Unrecognized net gain
|
1,871 | 1,547 | ||||||
Cumulative net periodic benefit cost (in excess of employer contribution)
|
$ | 12,974 | $ | 12,334 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In percentages)
|
||||||||||||
Accumulated postretirement benefit obligation
|
5.00 | % | 5.41 | % | 6.50 | % |
Future Net Benefit Payments
|
||||
(In thousands)
|
||||
Year-ended:
|
||||
2012
|
$ | 596 | ||
2013
|
690 | |||
2014
|
795 | |||
2015
|
903 | |||
2016
|
1,019 | |||
2017 through 2021
|
5,968 | |||
Total
|
$ | 9,971 |
Total
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Significant Other Observable Inputs (Level 2)
|
Significant Unobservable Inputs (Level 3)
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Short-term investments
|
$ | 379,521 | $ | 379,521 | $ | - | $ | - | ||||||||
Fixed maturities - available for sale
|
609,767 | 484,921 | 123,469 | 1,377 | ||||||||||||
Preferred stock
|
32,081 | 32,081 | - | - | ||||||||||||
Common stock
|
25,958 | 25,958 | - | - | ||||||||||||
Less: Preferred stock of AMERCO held by subsidiaries
|
(7,997 | ) | (7,997 | ) | - | - | ||||||||||
Total
|
$ | 1,039,330 | $ | 914,484 | $ | 123,469 | $ | 1,377 | ||||||||
Liabilities
|
||||||||||||||||
Guaranteed residual values of TRAC leases
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Derivatives
|
51,052 | - | 51,052 | - | ||||||||||||
Other obligations
|
174 | - | - | 174 | ||||||||||||
Total
|
$ | 51,226 | $ | - | $ | 51,052 | $ | 174 |
Fixed Maturities
|
||||||||||||
Auction Rate Securities
|
Asset Backed Securities
|
Total
|
||||||||||
(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 - Auction Rate Securities loss (unrealized)
|
(24 | ) | - | (24 | ) | |||||||
Fixed Maturities - Asset Backed Securities gain (unrealized)
|
- | 315 | 315 | |||||||||
Fixed Maturities - Asset Backed Securities loss (unrealized)
|
- | (202 | ) | (202 | ) | |||||||
Securities called at par
|
(1,694 | ) | (95 | ) | (1,789 | ) | ||||||
Securities OTTI loss (realized)
|
- | (256 | ) | (256 | ) | |||||||
Balance at March 31, 2011
|
$ | - | $ | 1,377 | $ | 1,377 |
(a)
|
Reflects the transfer of asset backed securities for which no meaningful market rate bids are currently available. The valuation of these assets was based on a pricing matrix system as determined by the custodian of these securities.
|
Other Obligations
|
||||
(In thousands)
|
||||
Balance at March 31, 2010
|
$ | - | ||
Issuance of U-Haul Investors Club Securities
|
174 | |||
Balance at March 31, 2011
|
$ | 174 |
Direct
Amount (a)
|
Ceded to
Other
Companies
|
Assumed
from Other
Companies
|
Net
Amount (a)
|
Percentage of
Amount
Assumed to Net
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Year ended December 31, 2010
|
||||||||||||||||||||
Life insurance in force
|
$ | 668,740 | $ | 3,567 | $ | 884,932 | $ | 1,550,105 | 57 | % | ||||||||||
Premiums earned:
|
||||||||||||||||||||
Life
|
$ | 77,721 | $ | - | $ | 37,300 | $ | 115,021 | 32 | % | ||||||||||
Accident and health
|
88,441 | 575 | 3,815 | 91,681 | 4 | % | ||||||||||||||
Annuity
|
- | - | 290 | 290 | 100 | % | ||||||||||||||
Property and casualty
|
28,179 | 68 | 2,593 | 30,704 | 8 | % | ||||||||||||||
Total
|
$ | 194,341 | $ | 643 | $ | 43,998 | $ | 237,696 | ||||||||||||
Year ended December 31, 2009
|
||||||||||||||||||||
Life insurance in force
|
$ | 543,236 | $ | 4,100 | $ | 943,371 | $ | 1,482,507 | 64 | % | ||||||||||
Premiums earned:
|
||||||||||||||||||||
Life
|
$ | 49,335 | $ | 37 | $ | 5,108 | $ | 54,406 | 9 | % | ||||||||||
Accident and health
|
74,271 | (803 | ) | 4,582 | 79,656 | 6 | % | |||||||||||||
Annuity
|
140 | - | 143 | 283 | 51 | % | ||||||||||||||
Property and casualty
|
23,260 | 13 | 4,378 | 27,625 | 16 | % | ||||||||||||||
Total
|
$ | 147,006 | $ | (753 | ) | $ | 14,211 | $ | 161,970 | |||||||||||
Year ended December 31, 2008
|
||||||||||||||||||||
Life insurance in force
|
$ | 387,783 | $ | 4,499 | $ | 1,147,982 | $ | 1,531,266 | 75 | % | ||||||||||
Premiums earned:
|
||||||||||||||||||||
Life
|
$ | 16,240 | $ | 36 | $ | 5,020 | $ | 21,224 | 24 | % | ||||||||||
Accident and health
|
81,241 | 1,066 | 4,581 | 84,756 | 5 | % | ||||||||||||||
Annuity
|
1,436 | - | 2,156 | 3,592 | 60 | % | ||||||||||||||
Property and casualty
|
19,253 | 83 | 9,167 | 28,337 | 32 | % | ||||||||||||||
Total
|
$ | 118,170 | $ | 1,185 | $ | 20,924 | $ | 137,909 |
Years Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
Unpaid losses and loss adjustment expense
|
$ | 276,355 | $ | 271,677 | ||||
Reinsurance losses payable
|
367 | 759 | ||||||
Unearned premiums
|
4 | 2 | ||||||
Total
|
$ | 276,726 | $ | 272,438 |
Years Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
(In thousands)
|
||||||||||||
Balance at January 1
|
$ | 271,677 | $ | 287,501 | $ | 288,410 | ||||||
Less: reinsurance recoverable
|
162,711 | 173,098 | 164,181 | |||||||||
Net balance at January 1
|
108,966 | 114,403 | 124,229 | |||||||||
Incurred related to:
|
||||||||||||
Current year
|
9,453 | 8,043 | 8,497 | |||||||||
Prior years
|
7,832 | 6,516 | 9,384 | |||||||||
Total incurred
|
17,285 | 14,559 | 17,881 | |||||||||
Paid related to:
|
||||||||||||
Current year
|
4,971 | 3,974 | 5,006 | |||||||||
Prior years
|
12,240 | 16,022 | 22,701 | |||||||||
Total paid
|
17,211 | 19,996 | 27,707 | |||||||||
Net balance at December 31
|
109,040 | 108,966 | 114,403 | |||||||||
Plus: reinsurance recoverable
|
167,315 | 162,711 | 173,098 | |||||||||
Balance at December 31
|
$ | 276,355 | $ | 271,677 | $ | 287,501 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Lease expense
|
$ | 150,809 | $ | 156,951 | $ | 152,424 |
Property,
Plant and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Year-ended March 31:
|
||||||||||||
2012
|
$ | 14,859 | $ | 105,364 | $ | 120,223 | ||||||
2013
|
13,959 | 91,722 | 105,681 | |||||||||
2014
|
12,889 | 73,914 | 86,803 | |||||||||
2015
|
2,761 | 50,252 | 53,013 | |||||||||
2016
|
622 | 22,254 | 22,876 | |||||||||
Thereafter
|
5,387 | 4,772 | 10,159 | |||||||||
Total
|
$ | 50,477 | $ | 348,278 | $ | 398,755 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
U-Haul interest income revenue from SAC Holdings
|
$ | 19,163 | $ | 18,900 | $ | 18,375 | ||||||
U-Haul interest income revenue from Private Mini
|
5,451 | 5,333 | 5,313 | |||||||||
U-Haul management fee revenue from SAC Holdings
|
16,873 | 16,321 | 17,241 | |||||||||
U-Haul management fee revenue from Private Mini
|
2,174 | 2,202 | 2,260 | |||||||||
U-Haul management fee revenue from Mercury
|
3,085 | 3,109 | 3,691 | |||||||||
$ | 46,746 | $ | 45,865 | $ | 46,880 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
U-Haul lease expenses to SAC Holdings
|
$ | 2,491 | $ | 2,446 | $ | 2,418 | ||||||
U-Haul commission expenses to SAC Holdings
|
34,858 | 32,621 | 32,837 | |||||||||
U-Haul commission expenses to Private Mini
|
2,399 | 2,116 | 1,825 | |||||||||
$ | 39,748 | $ | 37,183 | $ | 37,080 |
March 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
U-Haul notes, receivables and interest from Private Mini
|
$ | 69,201 | $ | 69,867 | ||||
U-Haul notes receivable from SAC Holdings
|
196,191 | 196,903 | ||||||
U-Haul interest receivable from SAC Holdings
|
17,096 | 13,775 | ||||||
U-Haul receivable from SAC Holdings
|
16,346 | 15,780 | ||||||
U-Haul receivable from Mercury
|
3,534 | 6,138 | ||||||
Other (a)
|
(400 | ) | (337 | ) | ||||
$ | 301,968 | $ | 302,126 |
(a)
|
Timing differences for intercompany balances with insurance subsidiaries.
|
Years Ended December 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
(In thousands)
|
||||||||||||
Repwest:
|
||||||||||||
Audited statutory net income
|
$ | 6,946 | $ | 6,016 | $ | 6,724 | ||||||
Audited statutory capital and surplus
|
125,102 | 118,447 | 103,842 | |||||||||
NAFCIC*:
|
||||||||||||
Audited statutory net income (loss)
|
- | (6 | ) | 13 | ||||||||
Audited statutory capital and surplus
|
- | 3,019 | 3,025 | |||||||||
ARCOA**:
|
||||||||||||
Audited statutory net income (loss)
|
(773 | ) | 96 | (29 | ) | |||||||
Audited statutory capital and surplus
|
2,769 | 3,566 | 3,471 | |||||||||
Oxford:
|
||||||||||||
Audited statutory net income
|
4,640 | 3,277 | 9,789 | |||||||||
Audited statutory capital and surplus
|
129,173 | 133,867 | 129,702 | |||||||||
CFLIC:
|
||||||||||||
Audited statutory net income
|
4,347 | 6,439 | 4,712 | |||||||||
Audited statutory capital and surplus
|
32,799 | 39,784 | 34,357 | |||||||||
NAI:
|
||||||||||||
Audited statutory net income (loss)
|
(857 | ) | 847 | 1,663 | ||||||||
Audited statutory capital and surplus
|
11,265 | 9,301 | 10,340 | |||||||||
DGLIC:
|
||||||||||||
Audited statutory net income
|
796 | 347 | 299 | |||||||||
Audited statutory capital and surplus
|
5,966 | 5,115 | 4,528 | |||||||||
* Dissolved in August 2010.
|
||||||||||||
** Commenced business in June 2008.
|
United States
|
Canada
|
Consolidated
|
||||||||||
(All amounts are in thousands U.S. $'s)
|
||||||||||||
Fiscal Year Ended March 31, 2011
|
||||||||||||
Total revenues
|
$ | 2,110,513 | $ | 130,762 | $ | 2,241,275 | ||||||
Depreciation and amortization, net of (gains) losses on disposal
|
192,328 | 6,432 | 198,760 | |||||||||
Interest expense
|
87,717 | 664 | 88,381 | |||||||||
Pretax earnings
|
270,695 | 18,619 | 289,314 | |||||||||
Income tax expense
|
100,212 | 5,527 | 105,739 | |||||||||
Identifiable assets
|
4,046,369 | 129,785 | 4,176,154 |
United States
|
Canada
|
Consolidated
|
||||||||||
(All amounts are in thousands U.S. $'s)
|
||||||||||||
Fiscal Year Ended March 31, 2010
|
||||||||||||
Total revenues
|
$ | 1,886,990 | $ | 115,015 | $ | 2,002,005 | ||||||
Depreciation and amortization, net of (gains) losses on disposal
|
229,136 | 6,062 | 235,198 | |||||||||
Interest expense
|
92,756 | 591 | 93,347 | |||||||||
Pretax earnings
|
89,350 | 10,840 | 100,190 | |||||||||
Income tax expense (benefit)
|
34,646 | (79 | ) | 34,567 | ||||||||
Identifiable assets
|
3,646,684 | 115,770 | 3,762,454 |
United States
|
Canada
|
Consolidated
|
||||||||||
(All amounts are in thousands U.S. $'s)
|
||||||||||||
Fiscal Year Ended March 31, 2009
|
||||||||||||
Total revenues
|
$ | 1,881,635 | $ | 110,631 | $ | 1,992,266 | ||||||
Depreciation and amortization, net of (gains) losses on disposal
|
269,658 | 7,949 | 277,607 | |||||||||
Interest expense
|
97,863 | 607 | 98,470 | |||||||||
Pretax earnings
|
18,254 | 4,324 | 22,578 | |||||||||
Income tax expense
|
8,174 | 994 | 9,168 | |||||||||
Identifiable assets
|
3,733,302 | 91,771 | 3,825,073 |
|
AMERCO’s three reportable segments are:
|
·
|
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,
|
·
|
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
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 250,104 | $ | 72,634 | $ | 757 | $ | - | $ | 323,495 | $ | 14,700 | $ | 37,301 | $ | - | $ | 375,496 | ||||||||||||||||||
Reinsurance recoverables and trade receivables, net
|
- | 19,210 | - | - | 19,210 | 173,256 | 12,905 | - | 205,371 | |||||||||||||||||||||||||||
Inventories, net
|
- | 59,942 | - | - | 59,942 | - | - | - | 59,942 | |||||||||||||||||||||||||||
Prepaid expenses
|
15,966 | 41,533 | 125 | - | 57,624 | - | - | - | 57,624 | |||||||||||||||||||||||||||
Investments, fixed maturities and marketable equities
|
22,946 | - | - | - | 22,946 | 126,240 | 518,620 | (7,997 | ) |
(d)
|
659,809 | |||||||||||||||||||||||||
Investments, other
|
- | 10,385 | 18,605 | - | 28,990 | 90,615 | 82,263 | - | 201,868 | |||||||||||||||||||||||||||
Deferred policy acquisition costs, net
|
- | - | - | - | - | - | 52,870 | - | 52,870 | |||||||||||||||||||||||||||
Other assets
|
2,863 | 134,330 | 28,251 | - | 165,444 | 877 | 312 | - | 166,633 | |||||||||||||||||||||||||||
Related party assets
|
1,146,296 | 247,024 | 72 | (1,089,457 | ) |
(c)
|
303,935 | 2,801 | - | (4,768 | ) |
(c)
|
301,968 | |||||||||||||||||||||||
1,438,175 | 585,058 | 47,810 | (1,089,457 | ) | 981,586 | 408,489 | 704,271 | (12,765 | ) | 2,081,581 | ||||||||||||||||||||||||||
Investment in subsidiaries
|
(138,714 | ) | - | - | 482,025 |
(b)
|
343,311 | - | - | (343,311 | ) |
(b)
|
- | |||||||||||||||||||||||
Property, plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||
Land
|
- | 46,651 | 192,526 | - | 239,177 | - | - | - | 239,177 | |||||||||||||||||||||||||||
Buildings and improvements
|
- | 150,585 | 874,084 | - | 1,024,669 | - | - | - | 1,024,669 | |||||||||||||||||||||||||||
Furniture and equipment
|
203 | 292,242 | 18,226 | - | 310,671 | - | - | - | 310,671 | |||||||||||||||||||||||||||
Rental trailers and other rental equipment
|
- | 249,700 | - | - | 249,700 | - | - | - | 249,700 | |||||||||||||||||||||||||||
Rental trucks
|
- | 1,611,763 | - | - | 1,611,763 | - | - | - | 1,611,763 | |||||||||||||||||||||||||||
203 | 2,350,941 | 1,084,836 | - | 3,435,980 | - | - | - | 3,435,980 | ||||||||||||||||||||||||||||
Less: Accumulated depreciation
|
(176 | ) | (996,192 | ) | (345,039 | ) | - | (1,341,407 | ) | - | - | - | (1,341,407 | ) | ||||||||||||||||||||||
Total property, plant and equipment
|
27 | 1,354,749 | 739,797 | - | 2,094,573 | - | - | - | 2,094,573 | |||||||||||||||||||||||||||
Total assets
|
$ | 1,299,488 | $ | 1,939,807 | $ | 787,607 | $ | (607,432 | ) | $ | 3,419,470 | $ | 408,489 | $ | 704,271 | $ | (356,076 | ) | $ | 4,176,154 | ||||||||||||||||
(a) Balances as of December 31, 2010
|
||||||||||||||||||||||||||||||||||||
(b) Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany preferred stock investment
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Eliminations
|
Moving & Storage
Consolidated
|
Property & Casualty Insurance (a)
|
Life
Insurance (a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
$ | 854 | $ | 294,387 | $ | 3,729 | $ | - | $ | 298,970 | $ | - | $ | 5,036 | $ | - | $ | 304,006 | ||||||||||||||||||||||
Notes, loans and leases payable
|
- | 693,801 | 704,041 | - | 1,397,842 | - | - | - | 1,397,842 | |||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 397,381 | - | - | 397,381 | 276,726 | 253,269 | - | 927,376 | |||||||||||||||||||||||||||||||
Liabilities from investment contracts
|
- | - | - | - | - | - | 246,717 | - | 246,717 | |||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 4,820 | 3,907 | - | 8,727 | |||||||||||||||||||||||||||||||
Deferred income
|
- | 27,209 | - | - | 27,209 | - | - | - | 27,209 | |||||||||||||||||||||||||||||||
Deferred income taxes
|
294,518 | - | - | - | 294,518 | (29,519 | ) | 6,541 | (283 | ) |
(d)
|
271,257 | ||||||||||||||||||||||||||||
Related party liabilities
|
- | 858,655 | 233,618 | (1,089,457 | ) |
(c)
|
2,816 | 1,816 | 136 | (4,768 | ) |
(c)
|
- | |||||||||||||||||||||||||||
Total liabilities
|
295,372 | 2,271,433 | 941,388 | (1,089,457 | ) | 2,418,736 | 253,843 | 515,606 | (5,051 | ) | 3,183,134 | |||||||||||||||||||||||||||||
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
|
425,422 | 121,230 | 147,941 | (269,171 | ) |
(b)
|
425,422 | 89,620 | 26,271 | (123,290 | ) | (b,d | ) | 418,023 | ||||||||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(45,942 | ) | (57,328 | ) | - | 57,328 |
(b)
|
(45,942 | ) | 2,707 | 9,951 | (13,183 | ) | (b,d | ) | (46,467 | ) | |||||||||||||||||||||||
Retained earnings (deficit)
|
1,139,792 | (392,686 | ) | (301,723 | ) | 694,409 |
(b)
|
1,139,792 | 59,018 | 149,943 | (208,751 | ) | (b,d | ) | 1,140,002 | |||||||||||||||||||||||||
Cost of common shares in treasury, net
|
(525,653 | ) | - | - | - | (525,653 | ) | - | - | - | (525,653 | ) | ||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares
|
- | (3,382 | ) | - | - | (3,382 | ) | - | - | - | (3,382 | ) | ||||||||||||||||||||||||||||
Total stockholders' equity (deficit)
|
1,004,116 | (331,626 | ) | (153,781 | ) | 482,025 | 1,000,734 | 154,646 | 188,665 | (351,025 | ) | 993,020 | ||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,299,488 | $ | 1,939,807 | $ | 787,607 | $ | (607,432 | ) | $ | 3,419,470 | $ | 408,489 | $ | 704,271 | $ | (356,076 | ) | $ | 4,176,154 | ||||||||||||||||||||
(a) Balances as of December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||
(b) Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany preferred stock investment
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Eliminations
|
Moving & Storage
Consolidated
|
Property & Casualty Insurance (a)
|
Life
Insurance (a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
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 | 79,607 | 28,489 | - | 145,896 | 912 | 517 | - | 147,325 | |||||||||||||||||||||||||||
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 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 | $ | ,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)
|
||||||||||||||||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 1,549,058 | $ | - | $ | - | $ | 1,549,058 | $ | - | $ | - | $ | (2,043 | ) |
(c)
|
$ | 1,547,015 | ||||||||||||||||||||
Self-storage revenues
|
- | 119,359 | 1,339 | - | 120,698 | - | - | - | 120,698 | |||||||||||||||||||||||||||||||
Self-moving & self-storage products & service sales
|
- | 205,570 | - | - | 205,570 | - | - | - | 205,570 | |||||||||||||||||||||||||||||||
Property management fees
|
- | 22,132 | - | - | 22,132 | - | - | - | 22,132 | |||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 206,992 | - | 206,992 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 30,704 | - | - | 30,704 | |||||||||||||||||||||||||||||||
Net investment and interest income
|
5,140 | 20,562 | - | - | 25,702 | 7,959 | 20,738 | (1,738 | ) | (b,e | ) | 52,661 | ||||||||||||||||||||||||||||
Other revenue
|
20 | 60,230 | 77,947 | (83,531 | ) |
(b)
|
54,666 | - | 2,181 | (1,344 | ) |
(b)
|
55,503 | |||||||||||||||||||||||||||
Total revenues
|
5,160 | 1,976,911 | 79,286 | (83,531 | ) | 1,977,826 | 38,663 | 229,911 | (5,125 | ) | 2,241,275 | |||||||||||||||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||||||||||||||
Operating expenses
|
7,489 | 1,050,921 | 9,473 | (83,531 | ) |
(b)
|
984,352 | 15,824 | 29,754 | (3,353 | ) | (b,c | ) | 1,026,577 | ||||||||||||||||||||||||||
Commission expenses
|
- | 190,981 | - | - | 190,981 | - | - | - | 190,981 | |||||||||||||||||||||||||||||||
Cost of sales
|
- | 106,024 | - | - | 106,024 | - | - | - | 106,024 | |||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 17,201 | 173,228 | - | 190,429 | |||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 9,494 | - | 9,494 | |||||||||||||||||||||||||||||||
Lease expense
|
90 | 151,918 | 22 | - | 152,030 | - | - | (1,221 | ) |
(b)
|
150,809 | |||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
9 | 177,116 | 12,141 | - | 189,266 | - | - | - | 189,266 | |||||||||||||||||||||||||||||||
Total costs and expenses
|
7,588 | 1,676,960 | 21,636 | (83,531 | ) | 1,622,653 | 33,025 | 212,476 | (4,574 | ) | 1,863,580 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
132,570 | - | - | (117,643 | ) |
(d)
|
14,927 | - | - | (14,927 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings from operations
|
130,142 | 299,951 | 57,650 | (117,643 | ) | 370,100 | 5,638 | 17,435 | (15,478 | ) | 377,695 | |||||||||||||||||||||||||||||
Interest income (expense)
|
85,584 | (129,516 | ) | (44,449 | ) | - | (88,381 | ) | - | - | - | (88,381 | ) | |||||||||||||||||||||||||||
Pretax earnings
|
215,726 | 170,435 | 13,201 | (117,643 | ) | 281,719 | 5,638 | 17,435 | (15,478 | ) | 289,314 | |||||||||||||||||||||||||||||
Income tax expense
|
(31,600 | ) | (60,342 | ) | (5,651 | ) | - | (97,593 | ) | (1,831 | ) | (6,315 | ) | - | (105,739 | ) | ||||||||||||||||||||||||
Net earnings
|
184,126 | 110,093 | 7,550 | (117,643 | ) | 184,126 | 3,807 | 11,120 | (15,478 | ) | 183,575 | |||||||||||||||||||||||||||||
Loss of carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | (178 | ) | (178 | ) | |||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | 551 |
(e)
|
(12,412 | ) | |||||||||||||||||||||||||||
Earnings available to common shareholders
|
$ | 171,163 | $ | 110,093 | $ | 7,550 | $ | (117,643 | ) | $ | 171,163 | $ | 3,807 | $ | 11,120 | $ | (15,105 | ) | $ | 170,985 | ||||||||||||||||||||
(a) Balances for the year ended December 31, 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
|
|||||||||||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||||||||||||
Revenues:
|
|||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 1,421,331 | $ | - | $ | - | $ | 1,421,331 | $ | - | $ | - | $ | (1,605 | ) |
(c)
|
$ | 1,419,726 | |||||||||||||||||||
Self-storage revenues
|
- | 109,047 | 1,322 | - | 110,369 | - | - | - | 110,369 | ||||||||||||||||||||||||||||||
Self-moving & self-storage products & service sales
|
- | 198,785 | - | - | 198,785 | - | - | - | 198,785 | ||||||||||||||||||||||||||||||
Property management fees
|
- | 21,632 | - | - | 21,632 | - | - | - | 21,632 | ||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 134,345 | - | 134,345 | ||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 27,625 | - | - | 27,625 | ||||||||||||||||||||||||||||||
Net investment and interest income
|
4,390 | 21,665 | - | - | 26,055 | 6,765 | 18,463 | (1,294 | ) | (b,e | ) | 49,989 | |||||||||||||||||||||||||||
Other revenue
|
- | 43,836 | 74,481 | (80,167 | ) |
(b)
|
38,150 | - | 2,917 | (1,533 | ) |
(b)
|
39,534 | ||||||||||||||||||||||||||
Total revenues
|
4,390 | 1,816,296 | 75,803 | (80,167 | ) | 1,816,322 | 34,390 | 155,725 | (4,432 | ) | 2,002,005 | ||||||||||||||||||||||||||||
Costs and expenses:
|
|||||||||||||||||||||||||||||||||||||||
Operating expenses
|
8,120 | 1,050,844 | 8,064 | (80,167 | ) |
(b)
|
986,861 | 13,552 | 24,752 | (3,104 | ) | (b,c | ) | 1,022,061 | |||||||||||||||||||||||||
Commission expenses
|
- | 169,104 | - | - | 169,104 | - | - | - | 169,104 | ||||||||||||||||||||||||||||||
Cost of sales
|
- | 104,049 | - | - | 104,049 | - | - | - | 104,049 | ||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 14,559 | 106,546 | - | 121,105 | ||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 7,569 | - | 7,569 | ||||||||||||||||||||||||||||||
Lease expense
|
85 | 158,079 | 8 | - | 158,172 | - | - | (1,221 | ) |
(b)
|
156,951 | ||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
17 | 214,625 | 12,987 | - | 227,629 | - | - | - | 227,629 | ||||||||||||||||||||||||||||||
Total costs and expenses
|
8,222 | 1,696,701 | 21,059 | (80,167 | ) | 1,645,815 | 28,111 | 138,867 | (4,325 | ) | 1,808,468 | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
7,208 | - | - | 7,614 |
(d)
|
14,822 | - | - | (14,822 | ) |
(d)
|
- | |||||||||||||||||||||||||||
Earnings from operations
|
3,376 | 119,595 | 54,744 | 7,614 | 185,329 | 6,279 | 16,858 | (14,929 | ) | 193,537 | |||||||||||||||||||||||||||||
Interest income (expense)
|
96,274 | (155,519 | ) | (34,102 | ) | - | (93,347 | ) | - | - | - | (93,347 | ) | ||||||||||||||||||||||||||
Pretax earnings (loss)
|
99,650 | (35,924 | ) | 20,642 | 7,614 | 91,982 | 6,279 | 16,858 | (14,929 | ) | 100,190 | ||||||||||||||||||||||||||||
Income tax benefit (expense)
|
(33,920 | ) | 16,368 | (8,700 | ) | - | (26,252 | ) | (1,796 | ) | (6,519 | ) | - | (34,567 | ) | ||||||||||||||||||||||||
Net earnings (loss)
|
65,730 | (19,556 | ) | 11,942 | 7,614 | 65,730 | 4,483 | 10,339 | (14,929 | ) | 65,623 | ||||||||||||||||||||||||||||
Excess of carrying amount of preferred stock over consideration paid
|
- | - | - | - | - | - | - | 388 | 388 | ||||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | 107 |
(e)
|
(12,856 | ) | ||||||||||||||||||||||||||
Earnings (loss) available to common shareholders
|
$ | 52,767 | $ | (19,556 | ) | $ | 11,942 | $ | 7,614 | $ | 52,767 | $ | 4,483 | $ | 10,339 | $ | (14,434 | ) | $ | 53,155 | |||||||||||||||||||
(a) Balances for the year ended December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
|||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
|||||||||||||||||||||||||||||||||||||||
(d) Eliminate equity in earnings of subsidiaries
|
|||||||||||||||||||||||||||||||||||||||
(e) Elimination of preferred stock dividend 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
|
|||||||||||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||||||||||||
Revenues:
|
|||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals
|
$ | - | $ | 1,423,330 | $ | - | $ | - | $ | 1,423,330 | $ | - | $ | - | $ | (308 | ) |
(c)
|
$ | 1,423,022 | |||||||||||||||||||
Self-storage revenues
|
- | 108,859 | 1,689 | - | 110,548 | - | - | - | 110,548 | ||||||||||||||||||||||||||||||
Self-moving & self-storage products & service sales
|
- | 199,394 | - | - | 199,394 | - | - | - | 199,394 | ||||||||||||||||||||||||||||||
Property management fees
|
- | 23,192 | - | - | 23,192 | - | - | - | 23,192 | ||||||||||||||||||||||||||||||
Life insurance premiums
|
- | - | - | - | - | - | 109,572 | - | 109,572 | ||||||||||||||||||||||||||||||
Property and casualty insurance premiums
|
- | - | - | - | - | 28,337 | - | - | 28,337 | ||||||||||||||||||||||||||||||
Net investment and interest income
|
4,389 | 25,441 | 35 | - | 29,865 | 9,082 | 20,402 | (1,328 | ) | (b,d) | 58,021 | ||||||||||||||||||||||||||||
Other revenue
|
- | 42,379 | 70,949 | (76,608 | ) |
(b)
|
36,720 | - | 5,082 | (1,622 | ) |
(b)
|
40,180 | ||||||||||||||||||||||||||
Total revenues
|
4,389 | 1,822,595 | 72,673 | (76,608 | ) | 1,823,049 | 37,419 | 135,056 | (3,258 | ) | 1,992,266 | ||||||||||||||||||||||||||||
Costs and expenses:
|
|||||||||||||||||||||||||||||||||||||||
Operating expenses
|
8,873 | 1,080,255 | 10,166 | (76,608 | ) |
(b)
|
1,022,686 | 15,863 | 21,348 | (2,017 | ) | (b,c,d | ) | 1,057,880 | |||||||||||||||||||||||||
Commission expenses
|
- | 171,303 | - | - | 171,303 | - | - | - | 171,303 | ||||||||||||||||||||||||||||||
Cost of sales
|
- | 114,387 | - | - | 114,387 | - | - | - | 114,387 | ||||||||||||||||||||||||||||||
Benefits and losses
|
- | - | - | - | - | 14,029 | 83,588 | - | 97,617 | ||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | 22 | 12,372 | - | 12,394 | ||||||||||||||||||||||||||||||
Lease expense
|
91 | 153,534 | 7 | - | 153,632 | - | - | (1,208 | ) |
(b)
|
152,424 | ||||||||||||||||||||||||||||
Depreciation, net of (gains) losses on disposals
|
18 | 254,960 | 10,235 | - | 265,213 | - | - | - | 265,213 | ||||||||||||||||||||||||||||||
Total costs and expenses
|
8,982 | 1,774,439 | 20,408 | (76,608 | ) | 1,727,221 | 29,914 | 117,308 | (3,225 | ) | 1,871,218 | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries
|
(41,557 | ) | - | - | 57,809 |
(e)
|
16,252 | - | - | (16,252 | ) |
(e)
|
- | ||||||||||||||||||||||||||
Earnings (loss) from operations
|
(46,150 | ) | 48,156 | 52,265 | 57,809 | 112,080 | 7,505 | 17,748 | (16,285 | ) | 121,048 | ||||||||||||||||||||||||||||
Interest income (expense)
|
92,854 | (151,163 | ) | (40,194 | ) | - | (98,503 | ) | - | - | 33 |
(d)
|
(98,470 | ) | |||||||||||||||||||||||||
Pretax earnings (loss)
|
46,704 | (103,007 | ) | 12,071 | 57,809 | 13,577 | 7,505 | 17,748 | (16,252 | ) | 22,578 | ||||||||||||||||||||||||||||
Income tax benefit (expense)
|
(33,294 | ) | 38,827 | (5,700 | ) | - | (167 | ) | (2,494 | ) | (6,507 | ) | - | (9,168 | ) | ||||||||||||||||||||||||
Net earnings (loss)
|
13,410 | (64,180 | ) | 6,371 | 57,809 | 13,410 | 5,011 | 11,241 | (16,252 | ) | 13,410 | ||||||||||||||||||||||||||||
Less: Preferred stock dividends
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | - | (12,963 | ) | |||||||||||||||||||||||||||
Earnings (loss) available to common shareholders
|
$ | 447 | $ | (64,180 | ) | $ | 6,371 | $ | 57,809 | $ | 447 | $ | 5,011 | $ | 11,241 | $ | (16,252 | ) | $ | 447 | |||||||||||||||||||
(a) Balances for the year ended December 31, 2008
|
|||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income
|
|||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums
|
|||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany interest on debt
|
|||||||||||||||||||||||||||||||||||||||
(e) Eliminate equity in earnings of subsidiaries
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||||||||||||||||||
Net earnings
|
$ | 184,126 | $ | 110,093 | $ | 7,550 | $ | (117,643 | ) | $ | 184,126 | $ | 3,807 | $ | 11,120 | $ | (15,478 | ) | $ | 183,575 | ||||||||||||||||
Earnings from consolidated subsidiaries
|
(132,570 | ) | - | - | 117,643 | (14,927 | ) | - | - | 14,927 | - | |||||||||||||||||||||||||
Adjustments to reconcile net earnings to the cash provided by operations:
|
||||||||||||||||||||||||||||||||||||
Depreciation
|
9 | 198,991 | 13,324 | - | 212,324 | - | - | - | 212,324 | |||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 9,494 | - | 9,494 | |||||||||||||||||||||||||||
Change in allowance for losses on trade receivables
|
- | 30 | - | - | 30 | - | (2 | ) | - | 28 | ||||||||||||||||||||||||||
Change in allowance for losses on mortgage notes
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Change in allowance for inventory reserve
|
- | (674 | ) | - | - | (674 | ) | - | - | - | (674 | ) | ||||||||||||||||||||||||
Net gain on sale of real and personal property
|
- | (21,875 | ) | (1,183 | ) | - | (23,058 | ) | - | - | - | (23,058 | ) | |||||||||||||||||||||||
Net (gain) loss on sale of investments
|
(65 | ) | (11 | ) | - | - | (76 | ) | 285 | (1,344 | ) | - | (1,135 | ) | ||||||||||||||||||||||
Deferred income taxes
|
73,790 | - | - | - | 73,790 | 1,960 | 5,148 | - | 80,898 | |||||||||||||||||||||||||||
Net change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
- | (1,443 | ) | - | - | (1,443 | ) | (5,137 | ) | (533 | ) | - | (7,113 | ) | ||||||||||||||||||||||
Inventories
|
- | (6,431 | ) | - | - | (6,431 | ) | - | - | - | (6,431 | ) | ||||||||||||||||||||||||
Prepaid expenses
|
(15,966 | ) | 11,773 | (51 | ) | - | (4,244 | ) | - | - | - | (4,244 | ) | |||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
- | - | - | - | - | - | (25,239 | ) | - | (25,239 | ) | |||||||||||||||||||||||||
Other assets
|
34,937 | (5,888 | ) | 238 | - | 29,287 | 30 | 205 | - | 29,522 | ||||||||||||||||||||||||||
Related party assets
|
273 | 55 | (64 | ) | - | 264 | (351 | ) | - | - | (87 | ) | ||||||||||||||||||||||||
Accounts payable and accrued expenses
|
(8,603 | ) | 18,923 | (486 | ) | - | 9,834 | - | 2,713 | - | 12,547 | |||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 10,994 | - | - | 10,994 | 4,288 | 94,317 | - | 109,599 | |||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | (789 | ) | 1,361 | - | 572 | ||||||||||||||||||||||||||
Deferred income
|
- | 1,967 | - | - | 1,967 | - | - | - | 1,967 | |||||||||||||||||||||||||||
Related party liabilities
|
- | 83 | - | - | 83 | 157 | 9 | - | 249 | |||||||||||||||||||||||||||
Net cash provided (used) by operating activities
|
135,931 | 316,587 | 19,328 | - | 471,846 | 4,250 | 97,249 | (551 | ) | 572,794 | ||||||||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||||||||||||||
Purchases of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
(5 | ) | (407,526 | ) | (72,887 | ) | - | (480,418 | ) | - | - | - | (480,418 | ) | ||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | (76,381 | ) | (184,385 | ) | - | (260,766 | ) | ||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | (34,580 | ) | (181,351 | ) | - | (215,931 | ) | ||||||||||||||||||||||||
Equity securities
|
(8,253 | ) | - | - | - | (8,253 | ) | (3,297 | ) | - | - | (11,550 | ) | |||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | (11,644 | ) | (2,708 | ) | - | (14,352 | ) | ||||||||||||||||||||||||
Real estate
|
- | - | - | - | - | (76 | ) | (117 | ) | - | (193 | ) | ||||||||||||||||||||||||
Mortgage loans
|
- | (13,117 | ) | (8,692 | ) | - | (21,809 | ) | (13,244 | ) | (7,395 | ) | 3,890 | (38,558 | ) | |||||||||||||||||||||
Other investments
|
- | - | - | - | - | - | (2,000 | ) | - | (2,000 | ) | |||||||||||||||||||||||||
Proceeds from sales of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
- | 179,043 | 1,368 | - | 180,411 | - | - | - | 180,411 | |||||||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | 99,112 | 211,083 | - | 310,195 | |||||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | 23,275 | 108,706 | - | 131,981 | |||||||||||||||||||||||||||
Equity securities
|
1,065 | - | - | - | 1,065 | 133 | - | - | 1,198 | |||||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | 1,914 | - | - | 1,914 | |||||||||||||||||||||||||||
Real estate
|
- | - | 125 | - | 125 | 309 | 1,491 | - | 1,925 | |||||||||||||||||||||||||||
Mortgage loans
|
- | 5,412 | 2,995 | - | 8,407 | 6,106 | 4,533 | (3,890 | ) | 15,156 | ||||||||||||||||||||||||||
Net cash provided (used) by investing activities
|
(7,193 | ) | (236,188 | ) | (77,091 | ) | - | (320,472 | ) | (8,373 | ) | (52,143 | ) | - | (380,988 | ) | ||||||||||||||||||||
(page 1 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 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
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
- | 257,728 | 64,134 | - | 321,862 | - | - | - | 321,862 | |||||||||||||||||||||||||||
Principal repayments on credit facilities
|
- | (90,084 | ) | (198,798 | ) | - | (288,882 | ) | - | - | - | (288,882 | ) | |||||||||||||||||||||||
Debt issuance costs
|
- | (1,987 | ) | - | - | (1,987 | ) | - | - | - | (1,987 | ) | ||||||||||||||||||||||||
Capital lease payments
|
- | (11,522 | ) | - | - | (11,522 | ) | - | - | - | (11,522 | ) | ||||||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
- | 1,172 | - | - | 1,172 | - | - | - | 1,172 | |||||||||||||||||||||||||||
Securitization deposits
|
- | (46,838 | ) | - | - | (46,838 | ) | - | - | - | (46,838 | ) | ||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
30,566 | (223,746 | ) | 193,180 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Preferred stock dividends paid
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | 551 |
(b)
|
(12,412 | ) | |||||||||||||||||||||||
Dividend from (to) related party
|
3,303 | - | - | - | 3,303 | (3,303 | ) | - | - | - | ||||||||||||||||||||||||||
Investment contract deposits
|
- | - | - | - | - | - | 11,138 | - | 11,138 | |||||||||||||||||||||||||||
Investment contract withdrawals
|
- | - | - | - | - | - | (33,230 | ) | - | (33,230 | ) | |||||||||||||||||||||||||
Net cash provided (used) by financing activities
|
20,906 | (115,277 | ) | 58,516 | - | (35,855 | ) | (3,303 | ) | (22,092 | ) | 551 | (60,699 | ) | ||||||||||||||||||||||
Effects of exchange rate on cash
|
- | 271 | - | - | 271 | - | - | - | 271 | |||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
149,644 | (34,607 | ) | 753 | - | 115,790 | (7,426 | ) | 23,014 | - | 131,378 | |||||||||||||||||||||||||
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
|
$ | 250,104 | $ | 72,634 | $ | 757 | $ | - | $ | 323,495 | $ | 14,700 | $ | 37,301 | $ | - | $ | 375,496 | ||||||||||||||||||
(page 2 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 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
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||||||||||||||||||
Net earnings (loss)
|
$ | 65,730 | $ | (19,556 | ) | $ | 11,942 | $ | 7,614 | $ | 65,730 | $ | 4,483 | $ | 10,339 | $ | (14,929 | ) | $ | 65,623 | ||||||||||||||||
Earnings from consolidated subsidiaries
|
(7,208 | ) | - | - | (7,614 | ) | (14,822 | ) | - | - | 14,822 | - | ||||||||||||||||||||||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||||||||||||||||||||||||||||||
Depreciation
|
17 | 216,685 | 12,887 | - | 229,589 | - | - | - | 229,589 | |||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | - | 7,569 | - | 7,569 | |||||||||||||||||||||||||||
Change in allowance for losses on trade receivables
|
- | (158 | ) | - | - | (158 | ) | - | (5 | ) | - | (163 | ) | |||||||||||||||||||||||
Change in allowance for losses on mortgage notes
|
- | (6 | ) | - | - | (6 | ) | - | - | - | (6 | ) | ||||||||||||||||||||||||
Change in allowance for inventory reserve
|
- | 1,153 | - | - | 1,153 | - | - | - | 1,153 | |||||||||||||||||||||||||||
Net (gain) loss on sale of real and personal property
|
- | (2,060 | ) | 100 | - | (1,960 | ) | - | - | - | (1,960 | ) | ||||||||||||||||||||||||
Net loss on sale of investments
|
- | - | - | - | - | 710 | (378 | ) | - | 332 | ||||||||||||||||||||||||||
Deferred income taxes
|
7,828 | - | - | - | 7,828 | 1,876 | 5,793 | - | 15,497 | |||||||||||||||||||||||||||
Net change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
- | 625 | 31 | - | 656 | 16,793 | (1,734 | ) | - | 15,715 | ||||||||||||||||||||||||||
Inventories
|
- | 16,759 | - | - | 16,759 | - | - | - | 16,759 | |||||||||||||||||||||||||||
Prepaid expenses
|
1,129 | (304 | ) | (3 | ) | - | 822 | - | - | - | 822 | |||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
- | - | - | - | - | - | (13,934 | ) | - | (13,934 | ) | |||||||||||||||||||||||||
Other assets
|
5,187 | 28,076 | 1,573 | - | 34,836 | (65 | ) | (145 | ) | - | 34,626 | |||||||||||||||||||||||||
Related party assets
|
665 | 899 | 34 | - | 1,598 | 771 | - | - | 2,369 | |||||||||||||||||||||||||||
Accounts payable and accrued expenses
|
11,604 | (7,188 | ) | (3,305 | ) | - | 1,111 | - | (4,207 | ) | - | (3,096 | ) | |||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 24,228 | - | - | 24,228 | (16,011 | ) | 26,372 | - | 34,589 | ||||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | (4,167 | ) | 362 | - | (3,805 | ) | |||||||||||||||||||||||||
Deferred income
|
- | 396 | - | - | 396 | - | - | - | 396 | |||||||||||||||||||||||||||
Related party liabilities
|
- | (62 | ) | - | - | (62 | ) | (742 | ) | 77 | - | (727 | ) | |||||||||||||||||||||||
Net cash provided (used) by operating activities
|
84,952 | 259,487 | 23,259 | - | 367,698 | 3,648 | 30,109 | (107 | ) | 401,348 | ||||||||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||||||||||||||
Purchases of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
(3 | ) | (233,136 | ) | (26,352 | ) | - | (259,491 | ) | - | - | - | (259,491 | ) | ||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | (130,977 | ) | (191,689 | ) | - | (322,666 | ) | ||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | (37,071 | ) | (112,675 | ) | - | (149,746 | ) | ||||||||||||||||||||||||
Equity securities
|
(17,745 | ) | - | - | - | (17,745 | ) | (70 | ) | - | - | (17,815 | ) | |||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | (2,185 | ) | - | - | (2,185 | ) | |||||||||||||||||||||||||
Real estate
|
- | (1,752 | ) | - | - | (1,752 | ) | - | (558 | ) | - | (2,310 | ) | |||||||||||||||||||||||
Mortgage loans
|
- | - | - | - | - | (1,364 | ) | (137 | ) | - | (1,501 | ) | ||||||||||||||||||||||||
Proceeds from sales of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
- | 141,788 | 1,081 | - | 142,869 | - | - | - | 142,869 | |||||||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | 139,593 | 179,665 | - | 319,258 | |||||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | 31,719 | 131,935 | - | 163,654 | |||||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | 4,061 | 1,016 | - | 5,077 | |||||||||||||||||||||||||||
Real estate
|
- | - | 707 | - | 707 | 64 | - | - | 771 | |||||||||||||||||||||||||||
Mortgage loans
|
- | - | - | - | - | 75 | 6,032 | - | 6,107 | |||||||||||||||||||||||||||
Net cash provided (used) by investing activities
|
(17,748 | ) | (93,100 | ) | (24,564 | ) | - | (135,412 | ) | 3,845 | 13,589 | - | (117,978 | ) | ||||||||||||||||||||||
(page 1 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 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
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
- | 42,794 | 29,359 | - | 72,153 | - | - | - | 72,153 | |||||||||||||||||||||||||||
Principal repayments on credit facilities
|
- | (187,410 | ) | (114,556 | ) | - | (301,966 | ) | - | - | - | (301,966 | ) | |||||||||||||||||||||||
Debt issuance costs
|
- | (2,129 | ) | (216 | ) | - | (2,345 | ) | - | - | - | (2,345 | ) | |||||||||||||||||||||||
Capital lease payments
|
- | (4,057 | ) | - | - | (4,057 | ) | - | - | - | (4,057 | ) | ||||||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
- | 1,111 | - | - | 1,111 | - | - | - | 1,111 | |||||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
38,417 | (125,139 | ) | 86,722 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Preferred stock dividends paid
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | 107 |
(b)
|
(12,856 | ) | |||||||||||||||||||||||
Dividend from (to) related party
|
7,764 | 7,764 | (4,564 | ) | (3,200 | ) | - | |||||||||||||||||||||||||||||
Investment contract deposits
|
- | - | - | - | - | - | 12,712 | - | 12,712 | |||||||||||||||||||||||||||
Investment contract withdrawals
|
- | - | - | - | - | - | (47,235 | ) | - | (47,235 | ) | |||||||||||||||||||||||||
Net cash provided (used) by financing activities
|
33,218 | (274,830 | ) | 1,309 | - | (240,303 | ) | (4,564 | ) | (37,723 | ) | 107 | (282,483 | ) | ||||||||||||||||||||||
Effects of exchange rate on cash
|
- | 2,644 | - | - | 2,644 | - | - | - | 2,644 | |||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
100,422 | (105,799 | ) | 4 | - | (5,373 | ) | 2,929 | 5,975 | - | 3,531 | |||||||||||||||||||||||||
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
|
$ | 100,460 | $ | 107,241 | $ | 4 | $ | - | $ | 207,705 | $ | 22,126 | $ | 14,287 | $ | - | $ | 244,118 | ||||||||||||||||||
(page 2 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 2009
|
||||||||||||||||||||||||||||||||||||
(b) 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
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||||||||||||||||||
Net earnings (loss)
|
$ | 13,410 | $ | (64,180 | ) | $ | 6,371 | $ | 57,809 | $ | 13,410 | $ | 5,011 | $ | 11,241 | $ | (16,252 | ) | $ | 13,410 | ||||||||||||||||
Earnings from consolidated subsidiaries
|
41,557 | - | - | (57,809 | ) | (16,252 | ) | - | - | 16,252 | - | |||||||||||||||||||||||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||||||||||||||||||||||||||||||
Depreciation
|
18 | 235,916 | 12,635 | - | 248,569 | - | - | - | 248,569 | |||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs
|
- | - | - | - | - | 22 | 12,372 | - | 12,394 | |||||||||||||||||||||||||||
Change in allowance for losses on trade receivables
|
- | (118 | ) | - | - | (118 | ) | - | 101 | - | (17 | ) | ||||||||||||||||||||||||
Change in allowance for losses on mortgage notes
|
- | (309 | ) | - | - | (309 | ) | - | - | - | (309 | ) | ||||||||||||||||||||||||
Change in allowance for inventory reserves
|
- | 792 | - | - | 792 | - | - | - | 792 | |||||||||||||||||||||||||||
Net (gain) loss on sale of real and personal property
|
- | 19,044 | (2,400 | ) | - | 16,644 | - | - | - | 16,644 | ||||||||||||||||||||||||||
Net (gain) loss on sale of investments
|
- | - | - | - | - | 110 | (46 | ) | - | 64 | ||||||||||||||||||||||||||
Deferred income taxes
|
4,353 | - | - | - | 4,353 | 1,992 | 1,596 | - | 7,941 | |||||||||||||||||||||||||||
Net change in other operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||
Reinsurance recoverables and trade receivables
|
- | 2,383 | 4 | - | 2,387 | (12,958 | ) | (498 | ) | - | (11,069 | ) | ||||||||||||||||||||||||
Inventories
|
- | (6,192 | ) | - | - | (6,192 | ) | - | - | - | (6,192 | ) | ||||||||||||||||||||||||
Prepaid expenses
|
3,681 | (1,417 | ) | 164 | - | 2,428 | - | - | - | 2,428 | ||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs
|
- | - | - | - | - | 8 | (10,914 | ) | - | (10,906 | ) | |||||||||||||||||||||||||
Other assets
|
(302 | ) | (6,607 | ) | 1,630 | - | (5,279 | ) | 312 | 170 | - | (4,797 | ) | |||||||||||||||||||||||
Related party assets
|
3,857 | (3,071 | ) | (23 | ) | - | 763 | 3,814 | - | - | 4,577 | |||||||||||||||||||||||||
Accounts payable and accrued expenses
|
2,521 | (4,256 | ) | 416 | - | (1,319 | ) | - | (502 | ) | - | (1,821 | ) | |||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable
|
- | 417 | - | - | 417 | (2,869 | ) | (5,168 | ) | - | (7,620 | ) | ||||||||||||||||||||||||
Other policyholders' funds and liabilities
|
- | - | - | - | - | 2,922 | (1,429 | ) | - | 1,493 | ||||||||||||||||||||||||||
Deferred income
|
- | 13,037 | - | - | 13,037 | - | - | - | 13,037 | |||||||||||||||||||||||||||
Related party liabilities
|
- | (1,390 | ) | - | - | (1,390 | ) | 385 | (3,187 | ) | - | (4,192 | ) | |||||||||||||||||||||||
Net cash provided (used) by operating activities
|
69,095 | 184,049 | 18,797 | - | 271,941 | (1,251 | ) | 3,736 | - | 274,426 | ||||||||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||||||||||||||||||
Purchases of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
(1 | ) | (342,180 | ) | (54,509 | ) | - | (396,690 | ) | - | - | - | (396,690 | ) | ||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | (116,778 | ) | (204,144 | ) | - | (320,922 | ) | ||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | (15,321 | ) | (128,344 | ) | - | (143,665 | ) | ||||||||||||||||||||||||
Equity securities
|
- | - | - | - | - | - | (1 | ) | - | (1 | ) | |||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | - | (2,000 | ) | - | (2,000 | ) | |||||||||||||||||||||||||
Real estate
|
- | (36 | ) | (182 | ) | - | (218 | ) | (396 | ) | - | - | (614 | ) | ||||||||||||||||||||||
Mortgage loans
|
- | - | - | - | - | (12,187 | ) | (12,512 | ) | - | (24,699 | ) | ||||||||||||||||||||||||
Proceeds from sales of:
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
- | 124,892 | 3,296 | - | 128,188 | - | - | - | 128,188 | |||||||||||||||||||||||||||
Short term investments
|
- | - | - | - | - | 96,420 | 202,562 | - | 298,982 | |||||||||||||||||||||||||||
Fixed maturities investments
|
- | - | - | - | - | 63,871 | 170,446 | - | 234,317 | |||||||||||||||||||||||||||
Equity securities
|
- | - | - | - | - | - | 28 | - | 28 | |||||||||||||||||||||||||||
Preferred stock
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Real estate
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Mortgage loans
|
- | - | - | - | - | 1 | 5,883 | - | 5,884 | |||||||||||||||||||||||||||
Net cash provided (used) by investing activities
|
(1 | ) | (217,324 | ) | (51,395 | ) | - | (268,720 | ) | 15,610 | 31,918 | - | (221,192 | ) | ||||||||||||||||||||||
(page 1 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 2008
|
Moving & Storage
|
AMERCO Legal Group | |||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real Estate
|
Elimination
|
Moving & Storage
Consolidated
|
Property &
Casualty
Insurance (a)
|
Life
Insurance (a)
|
Elimination
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities
|
- | 98,099 | 82,232 | - | 180,331 | - | - | - | 180,331 | |||||||||||||||||||||||||||
Principal repayments on credit facilities
|
- | (115,923 | ) | (32,475 | ) | - | (148,398 | ) | - | - | - | (148,398 | ) | |||||||||||||||||||||||
Debt issuance costs
|
- | (360 | ) | (54 | ) | - | (414 | ) | - | - | - | (414 | ) | |||||||||||||||||||||||
Capital lease payments
|
- | (776 | ) | - | - | (776 | ) | - | - | - | (776 | ) | ||||||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan
|
- | 1,230 | - | - | 1,230 | - | - | - | 1,230 | |||||||||||||||||||||||||||
Treasury stock repurchase
|
(976 | ) | - | - | - | (976 | ) | - | - | - | (976 | ) | ||||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans
|
(57,157 | ) | 74,262 | (17,105 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||
Preferred stock dividends paid
|
(12,963 | ) | - | - | - | (12,963 | ) | - | - | - | (12,963 | ) | ||||||||||||||||||||||||
Net dividend from (to) related party
|
2,010 | - | - | - | 2,010 | (2,010 | ) | - | - | - | ||||||||||||||||||||||||||
Investment contract deposits
|
- | - | - | - | - | - | 17,739 | - | 17,739 | |||||||||||||||||||||||||||
Investment contract withdrawals
|
- | - | - | - | - | - | (53,605 | ) | - | (53,605 | ) | |||||||||||||||||||||||||
Net cash provided (used) by financing activities
|
(69,086 | ) | 56,532 | 32,598 | - | 20,044 | (2,010 | ) | (35,866 | ) | - | (17,832 | ) | |||||||||||||||||||||||
Effects of exchange rate on cash
|
- | (1,437 | ) | - | - | (1,437 | ) | - | - | - | (1,437 | ) | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
8 | 21,820 | - | - | 21,828 | 12,349 | (212 | ) | - | 33,965 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period
|
30 | 191,220 | - | - | 191,250 | 6,848 | 8,524 | - | 206,622 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 38 | $ | 213,040 | $ | - | $ | - | $ | 213,078 | $ | 19,197 | $ | 8,312 | $ | - | $ | 240,587 | ||||||||||||||||||
(page 2 of 2)
|
||||||||||||||||||||||||||||||||||||
(a) Balance for the period ended December 31, 2008
|
CONDENSED FINANCIAL INFORMATION OF AMERCO
|
BALANCE SHEETS
|
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands, except share and per share data)
|
||||||||||||
Revenues:
|
||||||||||||
Net interest income from subsidiaries
|
$ | 5,160 | $ | 4,390 | $ | 4,389 | ||||||
Expenses:
|
||||||||||||
Operating expenses
|
7,489 | 8,120 | 8,873 | |||||||||
Other expenses
|
99 | 102 | 109 | |||||||||
Total expenses
|
7,588 | 8,222 | 8,982 | |||||||||
Equity in earnings of subsidiaries
|
132,570 | 7,208 | (41,557 | ) | ||||||||
Interest income
|
85,584 | 96,274 | 92,854 | |||||||||
Pretax earnings
|
215,726 | 99,650 | 46,704 | |||||||||
Income tax expense
|
(31,600 | ) | (33,920 | ) | (33,294 | ) | ||||||
Net earnings
|
184,126 | 65,730 | 13,410 | |||||||||
Less: Preferred stock dividends
|
(12,963 | ) | (12,963 | ) | (12,963 | ) | ||||||
Earnings available to common shareholders
|
$ | 171,163 | $ | 52,767 | $ | 447 | ||||||
Basic and diluted earnings per common share
|
$ | 8.81 | $ | 2.72 | $ | 0.02 | ||||||
Weighted average common shares outstanding: Basic and diluted
|
19,432,781 | 19,386,791 | 19,350,041 |
Years Ended March 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net earnings
|
$ | 184,126 | $ | 65,730 | $ | 13,410 | ||||||
Change in investments in subsidiaries
|
(132,570 | ) | (7,208 | ) | 41,557 | |||||||
Adjustments to reconcile net earnings to cash provided by operations:
|
||||||||||||
Depreciation
|
9 | 17 | 18 | |||||||||
Net gain on sale of investments
|
(65 | ) | - | - | ||||||||
Deferred income taxes
|
73,790 | 7,828 | 4,353 | |||||||||
Net change in other operating assets and liabilities:
|
||||||||||||
Prepaid expenses
|
(15,966 | ) | 1,129 | 3,681 | ||||||||
Other assets
|
34,937 | 5,187 | (302 | ) | ||||||||
Related party assets
|
273 | 665 | 3,857 | |||||||||
Accounts payable and accrued expenses
|
(8,603 | ) | 11,604 | 2,521 | ||||||||
Related party liabilities
|
- | - | - | |||||||||
Net cash provided by operating activities
|
135,931 | 84,952 | 69,095 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Purchases of property, plant and equipment
|
(5 | ) | (3 | ) | (1 | ) | ||||||
Purchases of equity securities
|
(8,253 | ) | (17,745 | ) | - | |||||||
Proceeds of equity securities
|
1,065 | - | - | |||||||||
Net cash used by investing activities
|
(7,193 | ) | (17,748 | ) | (1 | ) | ||||||
Cash flows from financing activities:
|
||||||||||||
Treasury stock repurchases
|
- | - | (976 | ) | ||||||||
Proceeds from (repayments) of intercompany loans
|
30,566 | 38,417 | (57,157 | ) | ||||||||
Preferred stock dividends paid
|
(12,963 | ) | (12,963 | ) | (12,963 | ) | ||||||
Dividend from related party
|
3,303 | 7,764 | 2,010 | |||||||||
Net cash provided (used) by financing activities
|
20,906 | 33,218 | (69,086 | ) | ||||||||
Increase in cash and cash equivalents
|
149,644 | 100,422 | 8 | |||||||||
Cash and cash equivalents at beginning of period
|
100,460 | 38 | 30 | |||||||||
Cash and cash equivalents at end of period
|
$ | 250,104 | $ | 100,460 | $ | 38 |
Balance at Beginning of Year
|
Additions Charged to Costs and Expenses
|
Additions Charged to Other Accounts
|
Deductions
|
Balance at Year End
|
||||||||||||||||
Year ended March 31, 2011
|
(In thousands)
|
|||||||||||||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from trade receivable)
|
$ | 1,308 | $ | 2,611 | $ | - | $ | (2,583 | ) | $ | 1,336 | |||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from notes and mortgage receivable)
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Allowance for obsolescence
|
||||||||||||||||||||
(deducted from inventory)
|
$ | 2,600 | $ | - | $ | - | $ | (2,005 | ) | $ | 595 | |||||||||
Allowance for probable losses
|
||||||||||||||||||||
(deducted from mortgage loans)
|
$ | 370 | $ | - | $ | - | $ | - | $ | 370 | ||||||||||
Year ended March 31, 2010
|
||||||||||||||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from trade receivable)
|
$ | 1,471 | $ | 2,141 | $ | - | $ | (2,304 | ) | $ | 1,308 | |||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from notes and mortgage receivable)
|
$ | 6 | $ | - | $ | - | $ | (6 | ) | $ | - | |||||||||
Allowance for obsolescence
|
||||||||||||||||||||
(deducted from inventory)
|
$ | 941 | $ | 1,659 | $ | - | $ | - | $ | 2,600 | ||||||||||
Allowance for probable losses
|
||||||||||||||||||||
(deducted from mortgage loans)
|
$ | 621 | $ | - | $ | - | $ | (251 | ) | $ | 370 | |||||||||
Year ended March 31, 2009
|
||||||||||||||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from trade receivable)
|
$ | 1,488 | $ | 3,101 | $ | - | $ | (3,118 | ) | $ | 1,471 | |||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
(deducted from notes and mortgage receivable)
|
$ | 315 | $ | - | $ | - | $ | (309 | ) | $ | 6 | |||||||||
Allowance for obsolescence
|
||||||||||||||||||||
(deducted from inventory)
|
$ | 1,542 | $ | - | $ | - | $ | (601 | ) | $ | 941 | |||||||||
Allowance for probable losses
|
||||||||||||||||||||
(deducted from mortgage loans)
|
$ | 675 | $ | - | $ | - | $ | (54 | ) | $ | 621 |
Fiscal Year
|
Affiliation with Registrant
|
Deferred Policy Acquisition Cost
|
Reserves for Unpaid Claims and Adjustment Expenses
|
Discount if any, Deducted
|
Unearned Premiums
|
Net Earned Premiums (1)
|
Net Investment Income (2)
|
Claim and Claim Adjustment Expenses Incurred Related to Current Year
|
Claim and Claim Adjustment Expenses Incurred Related to Prior Year
|
Amortization of Deferred Policy Acquisition Costs
|
Paid Claims and Claim Adjustment Expense
|
Net Premiums Written (1)
|
||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
2011
|
Consolidated property
casualty entity
|
$ | - | $ | 276,355 | N/A | $ | 4 | $ | 30,704 | $ | 8,234 | $ | 9,453 | $ | 7,832 | $ | - | $ | 17,211 | $ | 30,706 | ||||||||||||||
2010
|
Consolidated property
casualty entity
|
- | 271,677 | N/A | 2 | 27,625 | 7,411 | 8,043 | 6,516 | - | 19,996 | 27,608 | ||||||||||||||||||||||||
2009
|
Consolidated property
casualty entity
|
- | 287,501 | N/A | 19 | 28,337 | 9,192 | 8,497 | 9,384 | 22 | 27,707 | 28,157 |
|
(1)
|
The earned and written premiums are reported net of intersegment transactions. There were no earned premiums eliminated for the years ended December 31, 2010, 2009 and 2008, respectively.
|
|
(2)
|
Net Investment Income excludes net realized losses on investments of $0.3 million, $0.6 million and $0.1 million for the years ended December 31, 2010, 2009 and 2008, respectively.
|
AMERCO
|
||
By:
|
/s/ Edward J. Shoen
|
|
Edward J. Shoen
|
||
President and Chairman of the Board
|
||
Dated: June 8, 2011
|
AMERCO
|
||
By:
|
/s/ Jason A. Berg
|
|
Jason A. Berg
|
||
Principal Financial Officer and Chief Accounting Officer
|
||
Dated: June 8, 2011
|
Signature
|
Title
|
Date
|
/s/ Edward J. Shoen
|
President and Chairman of the Board
(Principal Executive Officer)
|
June 8, 2011
|
Edward J. Shoen
|
||
/s/ Jason A. Berg
|
Chief Accounting Officer
(Principal Financial Officer)
|
June 8, 2011
|
Jason A. Berg
|
||
/s/ Charles J. Bayer
|
Director
|
June 8, 2011
|
Charles J. Bayer
|
||
/s/ John P. Brogan
|
Director
|
June 8, 2011
|
John P. Brogan
|
||
/s/ John M. Dodds
|
Director
|
June 8, 2011
|
John M. Dodds
|
||
/s/ Michael L. Gallagher
|
Director
|
June 8, 2011
|
Michael L. Gallagher
|
||
/s/ M. Frank Lyons
|
Director
|
June 8, 2011
|
M. Frank Lyons
|
||
/s/ Daniel R. Mullen
|
Director
|
June 8, 2011
|
Daniel R. Mullen
|
||
/s/ James P. Shoen
|
Director
|
June 8, 2011
|
James P. Shoen
|
BALANCED FUND -
|
50%
|
DIVERSIFIED EQUITY (LARGE-CAP) FUND -
|
30%
|
BOND FUND -
|
10%
|
INCOME FUND -
|
10%
|
5.5
|
PAYMENT OF EMPLOYER MATCHING CONTRIBUTIONS AND PROFIT SHARING CONTRIBUTIONS
.
|
8.3.
|
VALUATION AND ADJUSTMENT
.
|
9.2.
|
IN-SERVICE WITHDRAWALS FROM THE EMPLOYER MATCHING
CONTRIBUTION ACCOUNT AND THE PROFIT SHARING ACCOUNT
|
9.3.
|
WITHDRAWALS FROM THE PRE-TAX CONTRIBUTIONS AND ROLLOVER CONTRIBUTIONS ACCOUNTS
.
|
9.4.
|
WITHDRAWALS OF AMOUNTS CREDITED TO THE PROFIT SHARING ACCOUNTS AND EMPLOYER MATCHING CONTRIBUTIONS ACCOUNTS
.
|
10.1.
|
VESTING IN THE AFTER-TAX CONTRIBUTION ACCOUNT, PRE-TAX CONTRIBUTION ACCOUNT, EMPLOYER MATCHING CONTRIBUTION ACCOUNT AND ROLLOVER CONTRIBUTION ACCOUNT
.
|
10.2.
|
VESTING IN THE PROFIT SHARING ACCOUNT
.
|
10.3.
|
DETERMINATION OF VESTED INTEREST IN PROFIT SHARING ACCOUNT IN THE EVENT OF TERMINATION OF EMPLOYMENT
.
|
Years of
|
Vested
|
|
Continuous Service
|
Percentage of Account
|
|
Less than three
|
0%
|
|
Three but less than four
|
20%
|
|
Four but less than five
|
40%
|
|
Five but less than six
|
60%
|
|
Six but less than seven
|
80%
|
|
Seven or more
|
100%
|
Years of
|
Vested
|
|
Continuous Service
|
Percentage of Account
|
|
Less than two
|
0%
|
|
Two but less than three
|
20%
|
|
Three but less than four
|
40%
|
|
Four but less than five
|
60%
|
|
Five but less than six
|
80%
|
|
Six or more
|
100%
|
10.4.
|
RESTORATION OF FORFEITURES
.
|
11.1.
|
NORMAL AND LATE RETIREMENT
.
|
11.2.
|
DISABILITY RETIREMENT
.
|
11.3.
|
DEATH
.
|
|
(ii)
|
lineal descendants (including legally adopted children), per stirpes;
|
11.4.
|
OTHER SEPARATIONS FROM EMPLOYMENT
.
|
11.5.
|
TIME OF DISTRIBUTION OF BENEFITS
.
|
(3)
|
The term "distributee" shall include an Employee and a former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's
|
(4)
|
spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order are distributees with regard to the interest of a spouse or former spouse.
|
|
For distributions made after December 31, 2007, a participant may elect to roll over directly
|
|
an eligible rollover distribution to a Roth IRA described in Code §408A(b).
|
|
(1)
|
the specific reason or reasons for the Adverse Determination, including the identity of any medical or vocation experts whose advice was obtained in connection with the Adverse Determination, regardless of whether the advice was relied upon in making the Adverse Determination;
|
|
(2)
|
specific references to the pertinent Plan provisions on which the Adverse Determination is based;
|
|
(3)
|
a description of any additional material or information necessary for the claimant to perfect the claim and an explanation as to why such information is necessary;
|
|
(4)
|
an explanation of the Plan's review procedure and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of the Act following an adverse determination on review; and
|
|
(5)
|
(A) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the Adverse Determination, either a copy of the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline,
|
|
(1)
|
the specific reason or reasons for the decision;
|
|
(2)
|
specific references to the pertinent Plan provisions on which the decision is based;
|
|
(3)
|
a statement that the claimant is entitled to receive upon request, free of charge, reasonable access to and copies of, all materials and information relevant to the claim for benefits;
|
|
(4)
|
a statement of the plan’s voluntary arbitration procedures and the claimant’s right to bring a civil action under Section 502(a) of the Act; and
|
|
(5)
|
(A) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the decision, either a copy of the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the decision, will be provided to the claimant free of charge upon request; or
|
(i)
|
a statement that the decision whether to arbitrate a claim will have no effect on rights to any other benefits under the Plan;
|
(ii)
|
notice of the right to representation;
|
(iii)
|
notice of the right to bring a civil action in federal court under ERISA Section 502(a) in lieu of voluntary binding Arbitration;
|
(iv)
|
a statement that the Plan will not assert that failure exhaust administrative remedies in any federal court action in the event you the claimant elects not to pursue voluntary binding arbitration;
|
(v)
|
the applicable arbitration rules; and
|
(vi)
|
the arbitrator selection process.
|
|
(1) during the determination year, or during the preceding Plan Year, is or was a 5% owner as described in Section 416 (i)(l) of the Code and the applicable regulations thereunder; or
|
|
(2) for the preceding year received compensation from the Employer in excess of $80,000. The $80,000 amount is adjusted at the same time and in the same manner as under Code section 415(d), except that the base period is the calendar year ending September 30, 1996.
|
6.2
|
DIVERSIFICATION
|
8.3.
|
VALUATION AND ADJUSTMENT
.
|
10.2.
|
VESTING IN THE ESOP ACCOUNT
.
|
10.3.
|
DETERMINATION OF VESTED INTEREST IN ESOP ACCOUNT A IN THE EVENT OF TERMINATION OF EMPLOYMENT
.
|
Years of
|
Vested
|
|
Continuous Service
|
Percentage of Account
|
|
Less than three
|
0%
|
|
Three but less than four
|
20%
|
|
Four but less than five
|
40%
|
|
Five but less than six
|
60%
|
|
Six but less than seven
|
80%
|
|
Seven or more
|
100%
|
Years of
|
Vested
|
|
Continuous Service
|
Percentage of Account
|
|
Less than two
|
0%
|
|
Two but less than three
|
20%
|
|
Three but less than four
|
40%
|
|
Four but less than five
|
60%
|
|
Five but less than six
|
80%
|
|
Six or more
|
100%
|
10.4.
|
RESTORATION OF FORFEITURES
.
|
11.1.
|
NORMAL AND LATE RETIREMENT
.
|
11.2.
|
DISABILITY RETIREMENT
.
|
11.3.
|
DEATH
.
|
|
(ii)
|
lineal descendants (including legally adopted children), per stirpes;
|
11.4.
|
OTHER SEPARATIONS FROM EMPLOYMENT
.
|
11.5.
|
TIME OF DISTRIBUTION OF BENEFITS
.
|
For distributions made after December 31, 2007, a Participant may elect to roll over directly an eligible rollover distribution to a Roth IRA described in Code §408A(b).
|
(a) For distributions after December 31, 2008, a non-spouse beneficiary who is a "designated beneficiary" under Code §401 (a)(9)(E) and the regulations thereunder, by a direct trustee-to-trustee transfer ("direct rollover"), may roll over all or any portion of his or her distribution to an individual retirement account the beneficiary establishes for purposes of receiving the distribution. In order to be able to roll over the distribution, the distribution otherwise must satisfy the definition of an eligible rollover distribution.
|
(b) Although a non-spouse beneficiary may roll over directly a distribution, any distribution made prior to January 1, 2010 is not subject to the direct rollover requirements of Code §401 (a)(31) (including Code §401 (a)(31)(B), the notice requirements of Code §402(f) or the mandatory withholding requirements of Code §3405(c)). If a non-spouse beneficiary receives a distribution from the Plan, the distribution is not eligible for a "60-day" rollover.
|
(c) If the Participant's named beneficiary is a trust, the Plan may make a direct rollover to an individual retirement account on behalf of the trust, provided the trust satisfies the requirements to be a designated beneficiary within the meaning of Code §401(a)(9)(E).
|
(d) A non-spouse beneficiary may not roll over an amount which is a required minimum distribution, as determined under applicable Treasury regulations and other Revenue Service guidance. If the Participant dies before his or her required beginning date and the non-spouse beneficiary rolls over to an IRA the maximum amount eligible for rollover, the beneficiary may elect to use either the 5-year rule or the life expectancy rule, pursuant to Treas. Reg. §1.401(a)(9)-3, A-4(c), in determining the required minimum distributions from the IRA that receives the non-spouse beneficiary's distribution.
|
|
(1)
|
the specific reason or reasons for the Adverse Determination, including the identity of any medical or vocation experts whose advice was obtained in connection with the Adverse Determination, regardless of whether the advice was relied upon in making the Adverse Determination;
|
|
(2)
|
specific references to the pertinent Plan provisions on which the Adverse Determination is based;
|
|
(3)
|
a description of any additional material or information necessary for the claimant to perfect the claim and an explanation as to why such information is necessary;
|
|
(4)
|
an explanation of the Plan's review procedure and the time limits applicable to such procedures, including a statement of the
|
|
(5)
|
(A) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the Adverse Determination, either a copy of the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the Adverse Determination, will be provided to the Participant free of charge upon request; or
|
|
(1)
|
request a full and fair review of the claim and the Adverse Determination upon written notice to the Advisory Committee;
|
|
(2)
|
request review of pertinent documents, records; and other information relevant to the claim
|
|
(3)
|
submit issues, written comments, documents, records and other information relevant to the claim.
|
|
(1)
|
the specific reason or reasons for the decision;
|
|
(2)
|
specific references to the pertinent Plan provisions on which the decision is based;
|
|
(3)
|
a statement that the claimant is entitled to receive upon request, free of charge, reasonable access to and copies of, all materials and information relevant to the claim for benefits;
|
|
(4)
|
a statement of the plan’s voluntary arbitration procedures and the claimant’s right to bring a civil action under Section 502(a) of the Act; and
|
|
(5)
|
(A) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the decision, either a copy of the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the decision, will be provided to the claimant free of charge upon request; or
|
|
(B) If the decision based on medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request.
|
(i)
|
a statement that the decision whether to arbitrate a claim will have no effect on rights to any other benefits under the Plan;
|
(ii)
|
notice of the right to representation;
|
(iii)
|
notice of the right to bring a civil action in federal court under ERISA Section 502(a) in lieu of voluntary binding Arbitration;
|
(iv)
|
a statement that the Plan will not assert that failure to exhaust administrative remedies in any federal court action in the event you the claimant elects not to pursue voluntary binding arbitration;
|
(v)
|
the applicable arbitration rules; and
|
(vi)
|
the arbitrator selection process.
|
CREDIT AGREEMENT
dated as of
April 29, 2011
by and between
AMERCO REAL ESTATE COMPANY and U-HAUL CO. OF FLORIDA,
collectively, as Borrower Sponsors
and
JPMORGAN CHASE BANK, N.A.,
as Lender
________________
|
ARTICLE I
Definitions
|
|||
SECTION 1.01.
|
Defined Terms
|
1
|
|
SECTION 1.02.
|
Terms Generally
|
7
|
|
SECTION 1.03.
|
Accounting Terms; GAAP
|
7
|
|
ARTICLE II
Borrowings
|
|||
SECTION 2.01.
|
Commitment
|
7
|
|
SECTION 2.02.
|
Loans and Borrowings
|
8
|
|
SECTION 2.03.
|
Requests for Borrowings
|
8
|
|
SECTION 2.04.
|
Funding of Borrowings
|
9
|
|
SECTION 2.05.
|
Commitment Fees
|
9
|
|
SECTION 2.06.
|
Termination of Commitments, Extension of Expiration Date
|
9
|
|
SECTION 2.07.
|
Repayment of Loans; Evidence of Debt
|
10
|
|
SECTION 2.08.
|
Prepayment of Loans
|
10
|
|
SECTION 2.09.
|
Fees
|
10
|
|
SECTION 2.10.
|
Interest
|
11
|
|
SECTION 2.11.
|
Alternate Rate of Interest
|
11
|
|
SECTION 2.12.
|
Increased Costs
|
11
|
|
SECTION 2.13.
|
Intentionally Omitted
|
12
|
|
SECTION 2.14.
|
Taxes
|
12
|
|
SECTION 2.15.
|
Payments Generally
|
12
|
|
SECTION 2.16.
|
Mitigation Obligations
|
13
|
|
ARTICLE III
Representations and Warranties
|
|||
SECTION 3.01.
|
Organization; Powers
|
13
|
|
SECTION 3.02.
|
Authorization; Enforceability
|
13
|
|
SECTION 3.03.
|
Governmental Approvals; No Conflicts
|
13
|
|
SECTION 3.04.
|
Properties
|
14
|
|
SECTION 3.05.
|
Compliance with Laws and Agreements
|
14
|
|
SECTION 3.06.
|
Investment Company Status
|
14
|
|
SECTION 3.07.
|
Taxes
|
14
|
|
SECTION 3.08.
|
Disclosure
|
14
|
|
ARTICLE IV
Conditions
|
|||
SECTION 4.01.
|
Effective Date
|
14
|
|
SECTION 4.02.
|
Each Credit Event
|
15
|
ARTICLE V
Affirmative Covenants
|
|||
SECTION 5.01.
|
Notices of Material Events
|
17
|
|
SECTION 5.02.
|
Existence; Conduct of Business
|
17
|
|
SECTION 5.03.
|
Maintenance of Properties; Insurance
|
17
|
|
SECTION 5.04.
|
Books and Records; Inspection Rights
|
19
|
|
SECTION 5.05.
|
Compliance with Laws
|
19
|
|
SECTION 5.06.
|
Use of Proceeds
|
19
|
|
SECTION 5.07
|
Financial Reporting
|
19
|
|
ARTICLE VI
Negative Covenants
|
|||
SECTION 6.01.
|
Equity Interests
|
20
|
|
SECTION 6.02.
|
Fundamental Changes
|
20
|
|
SECTION 6.03.
|
Government Regulation
|
20
|
|
ARTICLE VII
Defaults
|
|||
20
|
|||
ARTICLE VIII
Miscellaneous
|
|||
SECTION 8.01.
|
Notices
|
22
|
|
SECTION 8.02.
|
Waivers; Amendments
|
22
|
|
SECTION 8.03.
|
Expenses; Indemnity; Damage Waiver
|
23
|
|
SECTION 8.04.
|
Successors and Assigns
|
23
|
|
SECTION 8.05.
|
Survival
|
24
|
|
SECTION 8.06.
|
Counterparts; Integration; Effectiveness
|
24
|
|
SECTION 8.07.
|
Severability
|
24
|
|
SECTION 8.08.
|
Intentionally Omitted
|
24
|
|
SECTION 8.09.
|
Governing Law; Jurisdiction; Consent
to Service of Process
|
24
|
|
SECTION 8.10.
|
WAIVER OF JURY TRIAL
|
25
|
|
SECTION 8.11.
|
Headings
|
25
|
|
SECTION 8.12.
|
Confidentiality
|
25
|
|
SECTION 8.13.
|
Interest Rate Limitation
|
26
|
|
SECTION 8.14.
|
USA PATRIOT Act
|
26
|
|
SECTION 8.15.
|
Information
|
26
|
|
SECTION 8.16.
|
No Representation
|
26
|
Exhibit A – Form of Borrowing Request / Election Request
|
Exhibit B -- Form of Promissory Note
|
|
(a) the SPE Subsidiary shall fail to pay any principal of or interest on any Loan within five (5) Business Days of when the same shall become due and payable, whether as a regularly scheduled due date or a date fixed for prepayment or otherwise;
|
|
(b) any representation or warranty made or deemed made by or on behalf of the Borrower Sponsors or any Borrower Subsidiary in or in connection with this Credit Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Credit Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been materially incorrect when made or deemed made;
|
|
(c) a Borrower Sponsor shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02 or 5.06 or in Article VI;
|
|
(d) a Borrower Sponsor shall fail to observe or perform any covenant, condition or agreement contained in this Credit Agreement (other than those specified in any other clause of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from Lender to the Borrower Sponsor, provided, however, if such matter cannot reasonably be cured within such 30 day period and Borrower Sponsor commences curing such matter within such 30 day period, and thereafter diligently prosecutes such cure, such Borrower Sponsor shall have an additional 90 day period in which to cure such matter;
|
|
(e) if AMERCO, any subsidiary of AMERCO, any Borrower Sponsor, any SPE Subsidiary or any other Borrower Subsidiary, in each case that is not a that is not an Excluded Subsidiary, shall fail to make any payment (whether of principal or interest and regardless of
|
|
(f) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of AREC, UHC FL, any SPE Subsidiary or, with respect to any of the foregoing, any of its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for AREC, UHC FL, any SPE Subsidiary or, with respect to any of the foregoing, for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
|
|
(g) any of AREC, UHC FL or an SPE Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Borrower Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
|
|
(h) any Borrower Sponsor or any SPE Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; or
|
|
(i) one or more final, non-appealable judgments for the payment of money in an aggregate amount $15,000,000 or more above any applicable and undisputed insurance coverage shall be rendered against one or more of AREC, UHC FL or any SPE Subsidiary and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of AREC, UHC FL or any SPE Subsidiary to enforce any such judgment;
|
|
(i) if to a Borrower Sponsor, 1325 Airmotive Way, Suite 100, Reno, Nevada 89502, Attention of Kevin Harte, Telecopy No. 775-688-6338 (
Kevin_Harte@uhaul.com
);
|
|
with a copy to:
|
|
Amerco Real Estate Company, 2727 No. Central Avenue, Phoenix, Arizona 85004, Attention of Jennifer Settles, Telecopy No. 602-263-6173 (
Jennifer_Settles@uhaul.com
); and
|
|
(ii) if to Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 201 North Central Avenue, 21st Floor, Phoenix, Arizona 85001, Attention of Gene L. Coffman, Telecopy No. 602-221-1259 (
gene.l.coffman@chase.com
).
|
AREC 3, LLC
|
DE
|
AREC 4, LLC
|
DE
|
AREC 5, LLC
|
DE
|
AREC 6, LLC
|
DE
|
AREC 7, LLC
|
DE
|
AREC 8, LLC
|
DE
|
AREC 9, LLC
|
DE
|
AREC 10, LLC
|
DE
|
AREC 11, LLC
|
DE
|
AREC 12, LLC
|
DE
|
AREC 13, LLC
|
DE
|
AREC 14 2010, LLC
|
NV
|
AREC RW MS, LLC
|
DE
|
AREC 905, LLC
|
DE
|
Rainbow-Queen Properties, LLC
|
AZ
|
U-Haul International, Inc.
|
NV
|
United States
:
|
|
INW Company
|
WA
|
A & M Associates, Inc
|
AZ
|
Web Team Associates, Inc.
|
NV
|
EMove, Inc.
|
NV
|
U-Haul Business Consultants, Inc
|
AZ
|
U-Haul Leasing & Sales Co.
|
NV
|
RTAC, LLC
|
NV
|
U-Haul S Fleet, LLC
|
NV
|
2007 DC-1, LLC
|
NV
|
2007 EL-1, LLC
|
NV
|
2007 TM-1, LLC
|
NV
|
U-Haul R Fleet, LLC
|
NV
|
2010 BE-BP-2, LLC
|
NV
|
2010 U-Haul S. Fleet, LLC
|
NV
|
2010 TM-1, LLC
|
NV
|
2010 TT-1, LLC
|
NV
|
2010 DC-1, LLC
|
NV
|
U-Box, LLC
|
NV
|
U-Haul Moving Partners, Inc.
|
NV
|
U-Haul Self-Storage Corporation
|
NV
|
U-Haul Self-Storage Management (WPC), Inc.
|
NV
|
U-Haul Co. of Alaska
|
AK
|
U-Haul Co. of Alabama, Inc.
|
AL
|
U-Haul Co. of Arkansas
|
AR
|
U-Haul Co. of Arizona
|
AZ
|
U-Haul Titling, LLC
|
NV
|
2010 U-Haul Tilting 2, LLC
|
NV
|
2010 U-Haul Tilting 3, LLC
|
NV
|
U-Haul Co. of California
|
CA
|
U-Haul Co. of Colorado
|
CO
|
U-Haul Co. of Connecticut
|
CT
|
U-Haul Co. of District of Columbia, Inc.
|
DC
|
U-Haul Co. of Florida
|
FL
|
U-Haul Co. of Florida 905, LLC
|
DE
|
U-Haul Co. of Georgia
|
GA
|
U-Haul of Hawaii, Inc.
|
HI
|
U-Haul Co. of Iowa, Inc.
|
IA
|
U-Haul Co. of Idaho, Inc.
|
ID
|
U-Haul Co. of Illinois, Inc.
|
IL
|
U-Haul Co. of Indiana, Inc.
|
IN
|
U-Haul Co. of Kansas, Inc.
|
KS
|
U-Haul Co. of Kentucky
|
KY
|
U-Haul Co. of Louisiana
|
LA
|
U-Haul Co. of Massachusetts and Ohio, Inc.
|
MA
|
Collegeboxes, LLC
|
MA
|
U-Haul Co. of Maryland, Inc.
|
MD
|
U-Haul Co. of Maine, Inc.
|
ME
|
U-Haul Co. of Michigan
|
MI
|
U-Haul Co. of Minnesota
|
MN
|
U-Haul Company of Missouri
|
MO
|
U-Haul Co. of Mississippi
|
MS
|
U-Haul Co. of Montana, Inc.
|
MT
|
U-Haul Co. of North Carolina
|
NC
|
U-Haul Co. of North Dakota
|
ND
|
U-Haul Co. of Nebraska
|
NE
|
U-Haul Co. of New Hampshire, Inc.
|
NH
|
U-Haul Co. of New Jersey, Inc.
|
NJ
|
U-Haul Co. of New Mexico, Inc.
|
NM
|
U-Haul Co. of Nevada, Inc.
|
NV
|
U-Haul Co. of New York and Vermont, Inc.
|
NY
|
U-Haul Co. of Oklahoma, Inc.
|
OK
|
U-Haul Co. of Oregon
|
OR
|
U-Haul Co. of Pennsylvania
|
PA
|
U-Haul Co. of Rhode Island
|
RI
|
U-Haul Co. of South Carolina, Inc.
|
SC
|
U-Haul Co. of South Dakota, Inc.
|
SD
|
U-Haul Co. of Tennessee
|
TN
|
U-Haul Co. of Texas
|
TX
|
U-Haul Co. of Utah, Inc.
|
UT
|
U-Haul Co. of Virginia
|
VA
|
U-Haul Co. of Washington
|
WA
|
U-Haul Co. of Wisconsin, Inc.
|
WI
|
U-Haul Co. of West Virginia
|
WV
|
U-Haul Co. of Wyoming, Inc.
|
WY
|
1.
|
I have reviewed this annual report on Form 10-K 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.
|
|
Date: June 8, 2011
|
1.
|
I have reviewed this annual report on Form 10-K 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)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|