|
R
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
|
£
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
Commission
File Number
|
Registrant,
State of Incorporation,
Address and Telephone
Number
|
I.R.S.
Employer
Identification No.
|
1-11255
|
AMERCO
|
88-0106815
|
(A
Nevada Corporation)
|
||
1325
Airmotive Way, Ste. 100
|
||
Reno,
Nevada 89502-3239
|
||
Telephone
(775) 688-6300
|
||
Page No.
|
||
PART
I FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
6 –
36
|
||
Item
2.
|
37
– 54
|
|
Item
3.
|
55
|
|
Item
4.
|
56
|
|
PART
II OTHER INFORMATION
|
||
Item
1.
|
57
|
|
Item
1A.
|
57
|
|
Item
2.
|
57
|
|
Item
3.
|
57
|
|
Item
4.
|
57
|
|
Item
5.
|
57
|
|
Item
6.
|
57
|
December
31,
|
March
31,
|
|||||||
2009
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 411,701 | $ | 240,587 | ||||
Reinsurance
recoverables and trade receivables, net
|
203,230 | 213,853 | ||||||
Notes
and mortgage receivables, net
|
3,590 | 2,931 | ||||||
Inventories,
net
|
57,683 | 70,749 | ||||||
Prepaid
expenses
|
52,823 | 54,201 | ||||||
Investments,
fixed maturities and marketable equities
|
552,672 | 519,631 | ||||||
Investments,
other
|
213,871 | 227,022 | ||||||
Deferred
policy acquisition costs, net
|
36,544 | 44,993 | ||||||
Other
assets
|
174,453 | 133,644 | ||||||
Related
party assets
|
294,767 | 303,534 | ||||||
2,001,334 | 1,811,145 | |||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
224,154 | 212,744 | ||||||
Buildings
and improvements
|
957,212 | 920,294 | ||||||
Furniture
and equipment
|
327,787 | 333,314 | ||||||
Rental
trailers and other rental equipment
|
242,008 | 214,988 | ||||||
Rental
trucks
|
1,555,880 | 1,666,151 | ||||||
3,307,041 | 3,347,491 | |||||||
Less:
Accumulated depreciation
|
(1,338,686 | ) | (1,333,563 | ) | ||||
Total
property, plant and equipment
|
1,968,355 | 2,013,928 | ||||||
Total
assets
|
$ | 3,969,689 | $ | 3,825,073 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ | 280,704 | $ | 329,227 | ||||
Notes,
loans and leases payable
|
1,537,903 | 1,546,490 | ||||||
Policy
benefits and losses, claims and loss expenses payable
|
808,782 | 779,309 | ||||||
Liabilities
from investment contracts
|
272,654 | 303,332 | ||||||
Other
policyholders' funds and liabilities
|
10,631 | 11,961 | ||||||
Deferred
income
|
25,210 | 24,612 | ||||||
Deferred
income taxes
|
212,692 | 112,513 | ||||||
Total
liabilities
|
3,148,576 | 3,107,444 | ||||||
Commitments
and contingencies (notes 4, 8, 9 and 10)
|
||||||||
Stockholders'
equity:
|
||||||||
Series
preferred stock, with or without par value, 50,000,000 shares
authorized:
|
||||||||
Series
A preferred stock, with no par value, 6,100,000 shares
authorized;
|
||||||||
6,020,000
and 6,100,000 shares issued and outstanding as of December 31 and March
31, 2009
|
- | - | ||||||
Series
B preferred stock, with no par value, 100,000 shares authorized;
none
|
||||||||
issued
and outstanding as of December 31 and March 31, 2009
|
- | - | ||||||
Series
common stock, with or without par value, 150,000,000 shares
authorized:
|
||||||||
Series
A common stock of $0.25 par value, 10,000,000 shares
authorized;
|
||||||||
none
issued and outstanding as of December 31 and March 31,
2009
|
- | - | ||||||
Common
stock of $0.25 par value, 150,000,000 shares authorized;
41,985,700
|
||||||||
issued
as of December 31 and March 31, 2009
|
10,497 | 10,497 | ||||||
Additional
paid-in capital
|
420,082 | 420,588 | ||||||
Accumulated
other comprehensive loss
|
(56,188 | ) | (98,000 | ) | ||||
Retained
earnings
|
977,228 | 915,862 | ||||||
Cost
of common shares in treasury, net (22,377,912 shares as of December 31 and
March 31, 2009)
|
(525,653 | ) | (525,653 | ) | ||||
Unearned
employee stock ownership plan shares
|
(4,853 | ) | (5,665 | ) | ||||
Total
stockholders' equity
|
821,113 | 717,629 | ||||||
Total
liabilities and stockholders' equity
|
$ | 3,969,689 | $ | 3,825,073 |
Quarter
Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ | 321,275 | $ | 311,557 | ||||
Self-storage
revenues
|
27,931 | 27,397 | ||||||
Self-moving
and self-storage products and service sales
|
41,077 | 38,663 | ||||||
Property
management fees
|
5,504 | 6,059 | ||||||
Life
insurance premiums
|
39,011 | 27,509 | ||||||
Property
and casualty insurance premiums
|
7,810 | 8,129 | ||||||
Net
investment and interest income
|
12,689 | 14,913 | ||||||
Other
revenue
|
8,331 | 8,357 | ||||||
Total
revenues
|
463,628 | 442,584 | ||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
244,713 | 261,724 | ||||||
Commission
expenses
|
37,974 | 36,664 | ||||||
Cost
of sales
|
20,797 | 23,229 | ||||||
Benefits
and losses
|
33,959 | 24,831 | ||||||
Amortization
of deferred policy acquisition costs
|
2,154 | 2,743 | ||||||
Lease
expense
|
38,447 | 38,719 | ||||||
Depreciation,
net of (gains) losses on disposals
|
57,026 | 68,675 | ||||||
Total
costs and expenses
|
435,070 | 456,585 | ||||||
Earnings
(loss) from operations
|
28,558 | (14,001 | ) | |||||
Interest
expense
|
(23,517 | ) | (26,000 | ) | ||||
Pretax
earnings (loss)
|
5,041 | (40,001 | ) | |||||
Income
tax benefit (expense)
|
(1,521 | ) | 15,049 | |||||
Net
earnings (loss)
|
3,520 | (24,952 | ) | |||||
Excess
carrying amount of preferred stock over consideration paid
|
10 | - | ||||||
Less:
Preferred stock dividends
|
(3,205 | ) | (3,241 | ) | ||||
Earnings
(loss) available to common shareholders
|
$ | 325 | $ | (28,193 | ) | |||
Basic
and diluted earnings (loss) per common share
|
$ | 0.02 | $ | (1.46 | ) | |||
Weighted
average common shares outstanding: Basic and diluted
|
19,393,306 | 19,347,660 |
Nine
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
Revenues:
|
||||||||
Self-moving
equipment rentals
|
$ | 1,121,419 | $ | 1,140,830 | ||||
Self-storage
revenues
|
82,347 | 82,849 | ||||||
Self-moving
and self-storage products and service sales
|
154,421 | 159,515 | ||||||
Property
management fees
|
14,432 | 15,496 | ||||||
Life
insurance premiums
|
95,353 | 81,525 | ||||||
Property
and casualty insurance premiums
|
21,071 | 21,612 | ||||||
Net
investment and interest income
|
38,908 | 44,492 | ||||||
Other
revenue
|
30,260 | 30,554 | ||||||
Total
revenues
|
1,558,211 | 1,576,873 | ||||||
Costs
and expenses:
|
||||||||
Operating
expenses
|
776,944 | 800,527 | ||||||
Commission
expenses
|
133,483 | 138,711 | ||||||
Cost
of sales
|
79,606 | 90,856 | ||||||
Benefits
and losses
|
87,460 | 74,577 | ||||||
Amortization
of deferred policy acquisition costs
|
6,367 | 7,169 | ||||||
Lease
expense
|
117,746 | 111,803 | ||||||
Depreciation,
net of (gains) losses on disposals
|
173,033 | 200,047 | ||||||
Total
costs and expenses
|
1,374,639 | 1,423,690 | ||||||
Earnings
from operations
|
183,572 | 153,183 | ||||||
Interest
expense
|
(70,676 | ) | (74,774 | ) | ||||
Pretax
earnings
|
112,896 | 78,409 | ||||||
Income
tax expense
|
(42,253 | ) | (29,711 | ) | ||||
Net
earnings
|
70,643 | 48,698 | ||||||
Excess
carrying amount of preferred stock over consideration paid
|
381 | - | ||||||
Less:
Preferred stock dividends
|
(9,658 | ) | (9,723 | ) | ||||
Earnings
available to common shareholders
|
$ | 61,366 | $ | 38,975 | ||||
Basic
and diluted earnings per common share
|
$ | 3.17 | $ | 2.01 | ||||
Weighted
average common shares outstanding: Basic and diluted
|
19,381,579 | 19,347,302 |
Quarter
Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Comprehensive
income (loss):
|
||||||||
Net
earnings (loss)
|
$ | 3,520 | $ | (24,952 | ) | |||
Other
comprehensive income (loss), net of tax:
|
||||||||
Foreign
currency translation
|
1,830 | (11,178 | ) | |||||
Unrealized
gain (loss) on investments
|
8,506 | (6,444 | ) | |||||
Change
in fair value of cash flow hedges
|
6,103 | (32,661 | ) | |||||
Total
comprehensive income (loss)
|
$ | 19,959 | $ | (75,235 | ) |
Nine
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Comprehensive
income:
|
||||||||
Net
earnings
|
$ | 70,643 | $ | 48,698 | ||||
Other
comprehensive income (loss), net of tax:
|
||||||||
Foreign
currency translation
|
11,733 | (13,471 | ) | |||||
Unrealized
gain (loss) on investments
|
13,452 | (10,118 | ) | |||||
Change
in fair value of cash flow hedges
|
16,627 | (21,234 | ) | |||||
Total
comprehensive income
|
$ | 112,455 | $ | 3,875 |
Nine
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
earnings
|
$ | 70,643 | $ | 48,698 | ||||
Adjustments
to reconcile net earnings to cash provided by operations:
|
||||||||
Depreciation
|
174,539 | 185,027 | ||||||
Amortization
of deferred policy acquisition costs
|
6,367 | 7,169 | ||||||
Change
in allowance for losses on trade receivables
|
139 | (138 | ) | |||||
Change
in allowance for losses on mortgage notes
|
(6 | ) | (308 | ) | ||||
Change
in allowance for inventory reserves
|
2,422 | 1,488 | ||||||
Net
(gain) loss on sale of real and personal property
|
(1,506 | ) | 15,020 | |||||
Net
(gain) loss on sale of investments
|
(850 | ) | 153 | |||||
Deferred
income taxes
|
39,767 | 22,108 | ||||||
Net
change in other operating assets and liabilities:
|
||||||||
Reinsurance
recoverables and trade receivables
|
10,478 | (6,351 | ) | |||||
Inventories
|
10,644 | (11,573 | ) | |||||
Prepaid
expenses
|
1,378 | 6,726 | ||||||
Capitalization
of deferred policy acquisition costs
|
(10,383 | ) | (7,509 | ) | ||||
Other
assets
|
4,535 | (4,280 | ) | |||||
Related
party assets
|
2,152 | 3,786 | ||||||
Accounts
payable and accrued expenses
|
(22,754 | ) | (6,924 | ) | ||||
Policy
benefits and losses, claims and loss expenses payable
|
27,010 | (3,770 | ) | |||||
Other
policyholders' funds and liabilities
|
(1,329 | ) | (2,599 | ) | ||||
Deferred
income
|
418 | 10,675 | ||||||
Related
party liabilities
|
(976 | ) | (4,493 | ) | ||||
Net
cash provided by operating activities
|
312,688 | 252,905 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of:
|
||||||||
Property,
plant and equipment
|
(212,859 | ) | (316,970 | ) | ||||
Short
term investments
|
(206,681 | ) | (253,786 | ) | ||||
Fixed
maturities investments
|
(129,401 | ) | (126,375 | ) | ||||
Preferred
stock
|
(1,539 | ) | (2,000 | ) | ||||
Real
estate
|
(457 | ) | (412 | ) | ||||
Mortgage
loans
|
(2,213 | ) | (12,146 | ) | ||||
Proceeds
from sale of:
|
||||||||
Property,
plant and equipment
|
130,789 | 106,435 | ||||||
Short
term investments
|
216,932 | 244,399 | ||||||
Fixed
maturities investments
|
127,244 | 195,451 | ||||||
Equity
securities
|
- | 28 | ||||||
Preferred
stock
|
2,236 | - | ||||||
Real
estate
|
53 | 704 | ||||||
Mortgage
loans
|
4,728 | 5,165 | ||||||
Payments
from notes and mortgage receivables
|
131 | 816 | ||||||
Net
cash used by investing activities
|
(71,037 | ) | (158,691 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings
from credit facilities
|
63,093 | 165,330 | ||||||
Principal
repayments on credit facilities
|
(98,877 | ) | (117,207 | ) | ||||
Debt
issuance costs
|
(2,325 | ) | (360 | ) | ||||
Capital
lease payments
|
(2,519 | ) | (561 | ) | ||||
Leveraged
Employee Stock Ownership Plan - repayments from loan
|
812 | 951 | ||||||
Repurchase
of stock
|
- | (963 | ) | |||||
Preferred
stock dividends paid
|
(9,658 | ) | (9,723 | ) | ||||
Dividend
from related party
|
7,764 | - | ||||||
Investment
contract deposits
|
8,230 | 14,460 | ||||||
Investment
contract withdrawals
|
(38,908 | ) | (39,867 | ) | ||||
Net
cash provided (used) by financing activities
|
(72,388 | ) | 12,060 | |||||
Effects
of exchange rate on cash
|
1,851 | (1,379 | ) | |||||
Increase
in cash and cash equivalents
|
171,114 | 104,895 | ||||||
Cash
and cash equivalents at the beginning of period
|
240,587 | 206,622 | ||||||
Cash
and cash equivalents at the end of period
|
$ | 411,701 | $ | 311,517 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
More than 12 Months
|
Gross
Unrealized
Losses
Less than 12 Months
|
Estimated
Market
Value
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
U.S.
treasury securities and government obligations
|
$ | 55,208 | $ | 2,543 | $ | (13 | ) | $ | (51 | ) | $ | 57,687 | ||||||||
U.S.
government agency mortgage-backed securities
|
92,611 | 5,814 | - | - | 98,425 | |||||||||||||||
Obligations
of states and political subdivisions
|
16,141 | 325 | (253 | ) | (655 | ) | 15,558 | |||||||||||||
Corporate
securities
|
344,814 | 15,421 | (4,470 | ) | (542 | ) | 355,223 | |||||||||||||
Mortgage-backed
securities
|
10,323 | 166 | (911 | ) | (13 | ) | 9,565 | |||||||||||||
Redeemable
preferred stocks
|
20,658 | 864 | (3,447 | ) | - | 18,075 | ||||||||||||||
Common
stocks
|
70 | - | - | (57 | ) | 13 | ||||||||||||||
Less:
Preferred stock of AMERCO held by RepWest
|
(1,539 | ) | (335 | ) | - | - | (1,874 | ) | ||||||||||||
$ | 538,286 | $ | 24,798 | $ | (9,094 | ) | $ | (1,318 | ) | $ | 552,672 |
Credit
Loss
|
||||
(Unaudited)
|
||||
(In
thousands)
|
||||
Balance
at March 31, 2009
|
$ | - | ||
Additions:
|
||||
Other-than-temporary
impairment not previously recognized
|
322 | |||
Balance
at June 30, 2009
|
322 | |||
Additions:
|
||||
Other-than-temporary
impairment not previously recognized
|
230 | |||
Balance
at September 30, 2009
|
$ | 552 | ||
Amortized
Cost
|
Estimated
Market
Value
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Due
in one year or less
|
$ | 36,389 | $ | 36,348 | ||||
Due
after one year through five years
|
158,054 | 164,237 | ||||||
Due
after five years through ten years
|
100,481 | 105,618 | ||||||
After
ten years
|
213,850 | 220,690 | ||||||
508,774 | 526,893 | |||||||
Mortgage
backed securities
|
10,323 | 9,565 | ||||||
Redeemable
preferred stocks
|
20,658 | 18,075 | ||||||
Equity
securities
|
70 | 13 | ||||||
Less:
Preferred stock of AMERCO held by RepWest
|
(1,539 | ) | (1,874 | ) | ||||
$ | 538,286 | $ | 552,672 |
December
31,
|
March
31,
|
|||||||||||||||
2010
Rate (a)
|
Maturities
|
2009
|
2009
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||
Real
estate loan (amortizing term)
|
6.93 | % | 2018 | $ | 267,500 | $ | 275,000 | |||||||||
Real
estate loan (revolving credit)
|
1.74 | % | 2018 | 170,000 | 170,000 | |||||||||||
Real
estate loan (amortizing term) (b)
|
5.00 | % | 2010 | 32,047 | 37,280 | |||||||||||
Senior
mortgages
|
5.47% - 6.13 | % | 2015-2016 | 492,075 | 496,156 | |||||||||||
Working
capital loan (revolving credit)
|
1.78 | % | 2011 | 25,000 | - | |||||||||||
Fleet
loans (amortizing term)
|
4.87% - 7.95 | % | 2012-2016 | 279,889 | 299,505 | |||||||||||
Fleet
loans (securitization)
|
5.40% - 5.56 | % | 2010-2014 | 232,651 | 256,690 | |||||||||||
Other
obligations
|
5.64% - 9.50 | % | 2010-2016 | 38,741 | 11,859 | |||||||||||
Total
notes, loans and leases payable
|
$ | 1,537,903 | $ | 1,546,490 | ||||||||||||
(a)
Interest rate as of December 31, 2009, including the effect of applicable
hedging instruments.
|
||||||||||||||||
(b)
Revolving credit loan for March 31, 2009 was modified to an amortizing
term loan in June 2009.
|
Year
Ending December 31,
|
||||||||||||||||||||||||
2010
|
2011
|
2012
|
2013
|
2014
|
Thereafter
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Notes,
loans and leases payable, secured
|
$ | 202,463 | $ | 115,513 | $ | 158,670 | $ | 56,409 | $ | 153,284 | $ | 851,564 | ||||||||||||
Quarter
Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ | 16,135 | $ | 20,641 | ||||
Capitalized
interest
|
(166 | ) | (292 | ) | ||||
Amortization
of transaction costs
|
1,269 | 1,207 | ||||||
Interest
expense resulting from derivatives
|
6,279 | 4,444 | ||||||
Total
interest expense
|
$ | 23,517 | $ | 26,000 |
Nine
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
expense
|
$ | 48,411 | $ | 60,230 | ||||
Capitalized
interest
|
(459 | ) | (537 | ) | ||||
Amortization
of transaction costs
|
3,678 | 3,717 | ||||||
Interest
expense resulting from derivatives
|
19,046 | 11,364 | ||||||
Total
interest expense
|
$ | 70,676 | $ | 74,774 |
Original
variable rate debt amount
|
Agreement
Date
|
Effective
Date
|
Expiration
Date
|
Designated
cash flow hedge date
|
|||||||
(Unaudited)
|
|||||||||||
(In
millions)
|
|||||||||||
$ | 100.0 |
(a),
(c)
|
6/2/2005
|
6/8/2005
|
6/8/2010
|
7/1/2005
|
|||||
142.3 |
(a),
(b)
|
11/15/2005
|
5/10/2006
|
4/10/2012
|
5/31/2006
|
||||||
50.0 |
(a)
|
6/21/2006
|
7/10/2006
|
7/10/2013
|
6/9/2006
|
||||||
144.9 |
(a),
(b)
|
6/9/2006
|
10/10/2006
|
10/10/2012
|
6/9/2006
|
||||||
300.0 |
(a)
|
8/16/2006
|
8/18/2006
|
8/10/2018
|
8/4/2006
|
||||||
30.0 |
(a)
|
2/9/2007
|
2/12/2007
|
2/10/2014
|
2/9/2007
|
||||||
20.0 |
(a)
|
3/8/2007
|
3/12/2007
|
3/10/2014
|
3/8/2007
|
||||||
20.0 |
(a)
|
3/8/2007
|
3/12/2007
|
3/10/2014
|
3/8/2007
|
||||||
19.3 |
(a),
(b)
|
4/8/2008
|
8/15/2008
|
6/15/2015
|
3/31/2008
|
||||||
19.0 |
(a)
|
8/27/2008
|
8/29/2008
|
7/10/2015
|
4/10/2008
|
||||||
30.0 |
(a)
|
9/24/2008
|
9/30/2008
|
9/10/2015
|
9/24/2008
|
||||||
15.0 |
(a),
(b)
|
3/24/2009
|
3/30/2009
|
4/15/2016
|
3/25/2009
|
||||||
(a)
interest rate swap agreement
|
|||||||||||
(b)
forward swap
|
|||||||||||
(c)
terminated swap on August 18, 2006
|
Liability
Derivatives
|
||||||||
Fair
Value as of
|
||||||||
December
31, 2009
|
March
31, 2009
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Interest
rate contracts designated as hedging instruments
|
$ | 51,028 | $ | 79,118 |
The
Effect of Interest Rate Contracts on the Statement of
Operations
|
December
31, 2009
|
|||
(Unaudited)
|
||||
(In
thousands)
|
||||
Loss
recognized in income on interest rate contracts
|
$ | 19,046 | ||
Gain
recognized in AOCI on interest rate contracts (effective
portion)
|
$ | 26,816 | ||
Loss
reclassified from AOCI into income (effective portion)
|
$ | 20,320 | ||
Gain
recognized in income on interest rate contracts (ineffective portion and
amount excluded from effectiveness testing)
|
$ | 1,274 |
Revolving
Credit Activity
|
||||||||
Quarter
Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the quarter
|
1.75 | % | 4.19 | % | ||||
Interest
rate at the end of the quarter
|
1.75 | % | 3.34 | % | ||||
Maximum
amount outstanding during the quarter
|
$ | 195,000 | $ | 212,280 | ||||
Average
amount outstanding during the quarter
|
$ | 195,000 | $ | 204,672 | ||||
Facility
fees
|
$ | 229 | $ | 225 |
Revolving
Credit Activity
|
||||||||
Nine
Months Ended December 31,
|
||||||||
2009
|
2008
|
|||||||
(Unaudited)
|
||||||||
(In
thousands, except interest rates)
|
||||||||
Weighted
average interest rate during the first nine months
|
1.81 | % | 4.15 | % | ||||
Interest
rate at the end of the first nine months
|
1.75 | % | 3.34 | % | ||||
Maximum
amount outstanding during the first nine months
|
$ | 207,280 | $ | 212,280 | ||||
Average
amount outstanding during the first nine months
|
$ | 195,386 | $ | 167,672 | ||||
Facility
fees
|
$ | 709 | $ | 397 |
Foreign
Currency Translation
|
Unrealized
Gain (Loss) on Investments
|
Fair
Market Value of Cash Flow Hedges
|
Postretirement
Benefit Obligation Gain
|
Accumulated
Other Comprehensive Income (Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Balance
at March 31, 2009
|
$ | (43,613 | ) | $ | (7,323 | ) | $ | (48,411 | ) | $ | 1,347 | $ | (98,000 | ) | ||||||
Foreign
currency translation
|
11,733 | - | - | - | 11,733 | |||||||||||||||
Unrealized
gain on investments
|
- | 13,452 | - | - | 13,452 | |||||||||||||||
Change
in fair value of cash flow hedges
|
- | - | 16,627 | - | 16,627 | |||||||||||||||
Balance
at December 31, 2009
|
$ | (31,880 | ) | $ | 6,129 | $ | (31,784 | ) | $ | 1,347 | $ | (56,188 | ) |
Property,
Plant
and
Equipment
|
Rental
Equipment
|
Total
|
||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
Year-ended
December 31:
|
||||||||||||
2010
|
$ | 15,533 | $ | 125,143 | $ | 140,676 | ||||||
2011
|
14,324 | 108,599 | 122,923 | |||||||||
2012
|
13,988 | 93,930 | 107,918 | |||||||||
2013
|
13,020 | 76,120 | 89,140 | |||||||||
2014
|
5,768 | 52,388 | 58,156 | |||||||||
Thereafter
|
6,136 | 32,340 | 38,476 | |||||||||
Total
|
$ | 68,769 | $ | 488,520 | $ | 557,289 |
December
31,
|
March
31,
|
|||||||
2009
|
2009
|
|||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
U-Haul
notes, receivables and interest from Private Mini
|
$ | 72,814 | $ | 70,584 | ||||
U-Haul
notes receivable from SAC Holdings
|
197,087 | 197,552 | ||||||
U-Haul
interest receivable from SAC Holdings
|
12,818 | 8,815 | ||||||
U-Haul
receivable from SAC Holdings
|
13,855 | 20,517 | ||||||
U-Haul
receivable from Mercury
|
5,874 | 6,264 | ||||||
Other
(a)
|
(7,681 | ) | (198 | ) | ||||
$ | 294,767 | $ | 303,534 |
|
(a)
|
Moving
and Storage, comprised of AMERCO, U-Haul, and Real Estate and the
subsidiaries of U-Haul and Real
Estate,
|
|
(b)
|
Property
and Casualty Insurance, comprised of RepWest and its subsidiaries and
ARCOA, and
|
|
(c)
|
Life
Insurance, comprised of Oxford and its
subsidiaries.
|
Moving
& Storage
|
AMERCO
Legal Group
|
|||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 444 | $ | 373,148 | $ | 3 | $ | - | $ | 373,595 | $ | 22,330 | $ | 15,776 | $ | - | $ | 411,701 | ||||||||||||||||||||
Reinsurance
recoverables and trade receivables, net
|
- | 18,385 | 24 | - | 18,409 | 170,704 | 14,117 | - | 203,230 | |||||||||||||||||||||||||||||
Notes
and mortgage receivables, net
|
- | 2,234 | 1,356 | - | 3,590 | - | - | - | 3,590 | |||||||||||||||||||||||||||||
Inventories,
net
|
- | 57,683 | - | - | 57,683 | - | - | - | 57,683 | |||||||||||||||||||||||||||||
Prepaid
expenses
|
466 | 51,952 | 405 | - | 52,823 | - | - | - | 52,823 | |||||||||||||||||||||||||||||
Investments,
fixed maturities and marketable equities
|
- | - | - | - | - | 101,947 | 452,599 | (1,874 | ) |
(d)
|
552,672 | |||||||||||||||||||||||||||
Investments,
other
|
- | 1,078 | 13,950 | - | 15,028 | 106,052 | 92,791 | - | 213,871 | |||||||||||||||||||||||||||||
Deferred
policy acquisition costs, net
|
- | - | - | - | - | - | 36,544 | - | 36,544 | |||||||||||||||||||||||||||||
Other
assets
|
42,993 | 102,537 | 27,797 | - | 173,327 | 581 | 545 | - | 174,453 | |||||||||||||||||||||||||||||
Related
party assets
|
1,293,580 | 246,866 | 59,157 | (1,295,376 | ) |
(c)
|
304,227 | 2,643 | - | (12,103 | ) |
(c)
|
294,767 | |||||||||||||||||||||||||
1,337,483 | 853,883 | 102,692 | (1,295,376 | ) | 998,682 | 404,257 | 612,372 | (13,977 | ) | 2,001,334 | ||||||||||||||||||||||||||||
Investment
in subsidiaries
|
(258,967 | ) | - | - | 580,413 |
(b)
|
321,446 | - | - | (321,446 | ) |
(b)
|
- | |||||||||||||||||||||||||
Property,
plant and equipment, at cost:
|
||||||||||||||||||||||||||||||||||||||
Land
|
- | 43,775 | 180,379 | - | 224,154 | - | - | - | 224,154 | |||||||||||||||||||||||||||||
Buildings
and improvements
|
- | 154,686 | 802,526 | - | 957,212 | - | - | - | 957,212 | |||||||||||||||||||||||||||||
Furniture
and equipment
|
251 | 309,392 | 18,144 | - | 327,787 | - | - | - | 327,787 | |||||||||||||||||||||||||||||
Rental
trailers and other rental equipment
|
- | 242,008 | - | - | 242,008 | - | - | - | 242,008 | |||||||||||||||||||||||||||||
Rental
trucks
|
- | 1,555,880 | - | - | 1,555,880 | - | - | - | 1,555,880 | |||||||||||||||||||||||||||||
251 | 2,305,741 | 1,001,049 | - | 3,307,041 | - | - | - | 3,307,041 | ||||||||||||||||||||||||||||||
Less: Accumulated
depreciation
|
(216 | ) | (1,009,774 | ) | (328,696 | ) | - | (1,338,686 | ) | - | - | - | (1,338,686 | ) | ||||||||||||||||||||||||
Total
property, plant and equipment
|
35 | 1,295,967 | 672,353 | - | 1,968,355 | - | - | - | 1,968,355 | |||||||||||||||||||||||||||||
Total
assets
|
$ | 1,078,551 | $ | 2,149,850 | $ | 775,045 | $ | (714,963 | ) | $ | 3,288,483 | $ | 404,257 | $ | 612,372 | $ | (335,423 | ) | $ | 3,969,689 | ||||||||||||||||||
(a)
Balances as of September 30, 2009
|
||||||||||||||||||||||||||||||||||||||
(b)
Eliminate investment in subsidiaries
|
||||||||||||||||||||||||||||||||||||||
(c)
Eliminate intercompany receivables and payables
|
||||||||||||||||||||||||||||||||||||||
(d)
Eliminate intercompany preferred stock investment
|
Moving
& Storage
|
AMERCO
Legal Group
|
|||||||||||||||||||||||||||||||||||||||
AMERCO
|
U-Haul
|
Real
Estate
|
Eliminations
|
Moving
& Storage
Consolidated
|
Property
& Casualty Insurance (a)
|
Life
Insurance
(a)
|
Eliminations
|
AMERCO
Consolidated
|
||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Accounts
payable and accrued expenses
|
$ | 1,104 | $ | 258,820 | $ | 5,004 |