Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMERCO /NV/ | |
Entity Central Index Key | 4,457 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2,019 | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,607,788 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
ASSETS: | ||
Cash and cash equivalents | $ 650,339 | $ 759,388 |
Reinsurance recoverables and trade receivables, net | 207,987 | 193,538 |
Inventories, net | 94,901 | 89,877 |
Prepaid expenses | 183,536 | 166,129 |
Investments, fixed maturities and marketable equities | 1,950,876 | 1,919,860 |
Investments, other | 396,622 | 399,064 |
Deferred policy acquisition costs, net | 134,133 | 124,767 |
Other assets | 248,320 | 244,782 |
Related party assets | 30,486 | 33,276 |
Subtotal assets | 3,897,200 | 3,930,681 |
Property, plant and equipment, at cost: | ||
Land | 849,042 | 827,649 |
Buildings and improvements | 3,331,918 | 3,140,713 |
Furniture and equipment | 641,730 | 632,803 |
Property, plant and equipment (gross) | 9,903,739 | 9,537,883 |
Less: Accumulated depreciation | (2,799,455) | (2,721,142) |
Total property, plant and equipment | 7,104,284 | 6,816,741 |
Total assets | 11,001,484 | 10,747,422 |
Liabilities: | ||
Accounts payable and accrued expenses | 518,033 | 511,115 |
Notes, loans and leases payable | 3,586,127 | 3,513,076 |
Policy benefits and losses, claims and loss expenses payable | 1,252,810 | 1,248,033 |
Liabilities from investment contracts | 1,409,705 | 1,364,066 |
Other policyholders' funds and liabilities | 9,857 | 10,040 |
Deferred income | 41,963 | 34,276 |
Deferred income taxes, net | 686,844 | 658,108 |
Total liabilities | 7,505,339 | 7,338,714 |
Commitments and contingencies (notes 4, 8 and 9) | ||
Stockholders' equity: | ||
Additional paid-in capital | 452,862 | 452,746 |
Accumulated other comprehensive loss | (45,966) | (4,623) |
Retained earnings | 3,763,339 | 3,635,561 |
Unearned employee stock ownership plan shares | (6,937) | (7,823) |
Total stockholders' equity | 3,496,145 | 3,408,708 |
Total liabilities and stockholders' equity | 11,001,484 | 10,747,422 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | ||
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | ||
Serial Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | ||
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
Common Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (525,653) | (525,653) |
Preferred Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (151,997) | (151,997) |
Rental Trailers and Other Rental Equipment [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | 547,291 | 545,968 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 4,533,758 | $ 4,390,750 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthetical - $ / shares | Jun. 30, 2018 | Mar. 31, 2018 |
Series Preferred Stock With or Without Par Value [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 6,100,000 | 6,100,000 |
Preferred stock, shares issued | 6,100,000 | 6,100,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, no par value | $ 0 | $ 0 |
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, no par value | $ 0 | $ 0 |
Serial Common Stock With or Without Par Value [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Serial Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares, issued | 0 | 0 |
Common stock, shares, outstanding | 0 | 0 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Amerco Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares, issued | 41,985,700 | 41,985,700 |
Common stock, shares, outstanding | 19,607,788 | 19,607,788 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Common Stock in Treasury [Member] | ||
Treasury stock: | ||
Treasury stock, shares | 22,377,912 | 22,377,912 |
Preferred Stock in Treasury [Member] | ||
Treasury stock: | ||
Treasury stock, shares | 6,100,000 | 6,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||
Self-moving equipment rentals | $ 716,602 | $ 669,858 |
Self-storage revenues | 86,212 | 76,718 |
Self-moving and self-storage products and service sales | 79,241 | 78,911 |
Property management fees | 7,416 | 6,762 |
Life insurance premiums | 36,888 | 39,091 |
Property and casualty insurance premiums | 12,781 | 11,815 |
Net investment and interest income | 24,605 | 27,217 |
Other revenue | 55,832 | 47,553 |
Total revenues | 1,019,577 | 957,925 |
Costs and expenses: | ||
Operating expenses | 496,554 | 416,692 |
Commission expenses | 79,257 | 75,365 |
Cost of sales | 49,881 | 47,595 |
Benefits and losses | 48,554 | 47,720 |
Amortization of deferred policy acquisition costs | 6,031 | 6,321 |
Lease expense | 8,169 | 8,287 |
Depreciation, net of (gains) losses on disposals | 126,427 | 126,335 |
Net (gains) losses on disposal of real estate | 347 | |
Total costs and expenses | 814,873 | 728,662 |
Earnings from operations | 204,704 | 229,263 |
Other components of net periodic benefit costs | (253) | (232) |
Interest expense | (35,254) | (30,345) |
Pretax earnings | 169,197 | 198,686 |
Income tax expense | (41,348) | (72,479) |
Earnings available to common stockholders | $ 127,849 | $ 126,207 |
Basic and diluted earnings per common share | $ 6.53 | $ 6.44 |
Weighted average common shares outstanding: basic and diluted | 19,590,585 | 19,587,891 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Depreciation: | ||
Net gain on sale of real and personal property | $ (16,295) | $ (5,088) |
Related party: | ||
Related party revenues, net of eliminations | 7,416 | 7,967 |
Related party, costs and expenses, net of eliminations | $ 17,155 | $ 16,567 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Comprehensive income (loss) (pretax): | ||
Pretax earnings (loss) | $ 169,197 | $ 198,686 |
Comprehensive income (loss) (tax effect): | ||
Net earnings | (41,348) | (72,479) |
Comprehensive income (loss) (net of tax): | ||
Net earnings | 127,849 | 126,207 |
Other comprehensive income (loss): | ||
Foreign currency translation (pretax) | (2,093) | 8,267 |
Foreign currency translation (tax effect) | ||
Foreign currency translation (net of tax) | (2,093) | 8,267 |
Unrealized gain (loss) on investments (pretax) | (50,218) | 10,631 |
Unrealized gain (loss) on investments (tax effect) | 10,546 | (3,720) |
Unrealized gain (loss) on investments (net of tax) | (39,672) | 6,911 |
Change in fair value of cash flow hedges (pretax) | 560 | 1,550 |
Change in fair value of cash flow hedges (tax effect) | (138) | (590) |
Change in fair value of cash flow hedges (net of tax) | 422 | 960 |
Total comprehensive income (loss) (pretax) | 117,446 | 219,134 |
Total comprehensive income (loss) (tax effect) | (30,940) | (76,789) |
Total comprehensive income (loss) (net of tax) | $ 86,506 | $ 142,345 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flow from operating activities: | ||
Net earnings | $ 127,849 | $ 126,207 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 142,722 | 131,423 |
Amortization of deferred policy acquisition costs | 6,031 | 6,321 |
Amortization of debt issuance costs | 984 | 932 |
Interest credited to policyholders | 8,060 | 7,651 |
Change in allowance for losses on trade receivables | 38 | (26) |
Change in allowance for inventory reserves | 2,139 | 1,114 |
Net gain on sale of real and personal property | (16,295) | (5,088) |
Net losses on disposal of real estate | 347 | |
Net (gain) loss on sale of investments | 506 | (1,985) |
Deferred income tax | 38,678 | 12,024 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (14,543) | (8,870) |
Inventories | (7,170) | (11,982) |
Prepaid expenses | (17,999) | 44,788 |
Capitalization of deferred policy acquisition costs | (5,808) | (8,228) |
Other assets | (761) | (2,523) |
Related party assets | 2,205 | 7,836 |
Accounts payable and accrued expenses | 89,348 | 61,704 |
Policy benefits and losses, claims and loss expenses payable | 5,291 | 4,747 |
Other policyholders' funds and liabilities | (184) | 4,083 |
Deferred income | 7,732 | 8,393 |
Related party liabilities | 474 | (2,532) |
Net cash provided by operating activities | 369,297 | 376,336 |
Cash flow from investing activities: | ||
Escrow deposits | (4,559) | 23,005 |
Purchase of: | ||
Property, plant and equipment | (584,147) | (480,259) |
Short term investments | (14,390) | (16,491) |
Fixed maturity investments | (103,121) | (123,090) |
Equity securities | (46) | |
Preferred stock | (81) | |
Real estate | (80) | (505) |
Mortgage loans | (8,262) | (24,382) |
Proceeds from sale of: | ||
Property, plant and equipment | 187,546 | 142,343 |
Short term investments | 20,416 | 24,639 |
Fixed maturity investments | 14,946 | 36,559 |
Preferred stock | 500 | |
Real estate | 2,664 | |
Mortgage loans | 9,402 | 6,054 |
Net cash used by investing activities | (445,876) | (409,463) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 103,641 | 155,367 |
Principal repayments on credit facilities | (73,770) | (64,819) |
Payment of debt issuance costs | (1,420) | (1,734) |
Capital lease payments | (84,374) | (56,522) |
Employee stock ownership plan shares | (57) | 3,516 |
Securitization deposits | 49 | |
Common stock dividends paid | (9,795) | |
Investment contract deposits | 76,343 | 155,437 |
Investment contract withdrawals | (38,763) | (54,205) |
Net cash provided by (used in) financing activities | (28,195) | 137,089 |
Effects of exchange rate on cash | (4,275) | 4,424 |
Increase (decrease) in cash and cash equivalents | (109,049) | 108,386 |
Cash and cash equivalents at the beginning of period | 759,388 | 697,806 |
Cash and cash equivalents at the end of the period | $ 650,339 | $ 806,192 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
1. Basis of Presentation | AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose any material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2018 and 2017 correspond to fiscal 2019 and 2018 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. The condensed consolidated balance sheet as of June 30, 2018 and the related condensed consolidated statements of operations, comprehensive income (loss) and cash flows for the first quarter of fiscal 2019 and 2018 are unaudited. In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2018. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”), Amerco Real Estate Company (“Real Estate”), Repwest Insurance Company (“Repwest”), and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly-owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly-owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
2. Earnings Per Share | Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted. The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 16,828 and 19,533 as of June 30, 2018 and June 30, 2017, respectively. |
Investments
Investments | 3 Months Ended |
Jun. 30, 2018 | |
Investments Debt Equity Securities [Abstract] | |
3. Investments | Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $31.4 million and $32.4 million at June 30, 2018 and March 31, 2018, respectively. Available-for-Sale Investments Available-for-sale investments at June 30, 2018 were as follows: 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 $ 123,420 $ 1,858 $ (1,561) $ (911) $ 122,806 U.S. government agency mortgage-backed securities 63,031 714 (1) (662) 63,082 Obligations of states and political subdivisions 190,454 7,481 (236) (538) 197,161 Corporate securities 1,423,091 26,369 (5,291) (15,275) 1,428,894 Mortgage-backed securities 101,605 1,055 – (765) 101,895 Redeemable preferred stocks 2,118 93 _ _ 2,211 $ 1,903,719 $ 37,570 $ (7,089) $ (18,151) $ 1,916,049 Available-for-sale investments at March 31, 2018 were as follows: 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 $ 123,557 $ 3,595 $ (1,036) $ (203) $ 125,913 U.S. government agency mortgage-backed securities 36,416 951 (1) (93) 37,273 Obligations of states and political subdivisions 178,702 9,938 (217) (18) 188,405 Corporate securities 1,388,300 50,056 (3,009) (1,826) 1,433,521 Mortgage-backed securities 94,106 2,072 – (153) 96,025 Redeemable preferred stocks 2,118 129 _ _ 2,247 $ 1,823,199 $ 66,741 $ (4,263) $ (2,293) $ 1,883,384 As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of June 30, 2018 and March 31, 2018 we had $8.0 million and $8.7 million of preferred stock and $26.9 million and $27.9 million of common stock, respectively that are included in Investments, fixed maturities and marketable equities on the balance sheet. The changes in the fair value of the equity investments are recognized through Net investment and interest income. The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. We sold available-for-sale securities with a fair value of $14.0 million during the first quarter of fiscal 2019. The gross realized net gains on these sales totaled $0.2 million. The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognize these write-downs, if any, through earnings. There were no write downs in the first quarter of fiscal 2019 or 2018. The investment portfolio primarily consists of corporate securities and obligations of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that any issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs. The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral. There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income (loss) for the first quarter of fiscal 2019 and fiscal 2018, respectively. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: June 30, 2018 March 31, 2018 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 42,372 $ 42,546 $ 36,446 $ 36,674 Due after one year through five years 469,929 472,652 441,223 450,816 Due after five years through ten years 616,785 618,194 607,895 626,174 Due after ten years 670,910 678,551 641,411 671,448 1,799,996 1,811,943 1,726,975 1,785,112 Mortgage backed securities 101,605 101,895 94,106 96,025 Redeemable preferred stocks 2,118 2,211 2,118 2,247 $ 1,903,719 $ 1,916,049 $ 1,823,199 $ 1,883,384 |
Borrowings
Borrowings | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
4. Borrowings | Long Term Debt Long term debt was as follows: June 30, March 31, 2019 Rate (a) Maturities 2018 2018 (Unaudited) (In thousands) Real estate loan (amortizing term) 3.55% - 6.93% 2023 $ 132,787 $ 135,287 Senior mortgages 3.72% - 6.62% 2021 - 2038 1,519,614 1,487,645 Working capital loans (revolving credit) 3.36% 2021 75,000 55,000 Fleet loans (amortizing term) 1.95% - 4.66% 2018 - 2025 332,236 342,971 Fleet loans (revolving credit) 3.13% 2021 - 2022 450,000 460,000 Capital leases (rental equipment) 1.92% - 5.04% 2018 - 2025 1,029,405 984,217 Other obligations 2.75% - 8.00% 2018 - 2047 72,978 73,579 Notes, loans and leases payable 3,612,020 3,538,699 Less: Debt issuance costs (25,893) (25,623) Total notes, loans and leases payable, net $ 3,586,127 $ 3,513,076 (a) Interest rate as of June 30, 2018, including the effect of applicable hedging instruments. Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. As of June 30, 2018, the outstanding balance on the Real Estate Loan was $132.8 million. The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The final maturity of the term loan is April 2023. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2018, the applicable LIBOR was 2.05% and the applicable margin was 1.50%, the sum of which was 3.55%, which was applied to $72.2 million of the Real Estate Loan. The rate of the remaining balance of $60.6 million of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on the current margin. The interest rate swap expires in August 2018, after which date the remaining balance will incur interest at a rate of LIBOR plus a margin of 1.50%. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. These senior mortgage loan balances as of June 30, 2018 were in the aggregate amount of $1,519.6 million and mature between 2021 and 2038. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.72% and 6.62%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Working Capital Loans Various subsidiaries of Real Estate and U-Haul are borrowers under an asset backed working capital loan. This loan was amended in June 2018, to extend the maturity date and reduce the applicable margin. The maximum amount that can be drawn at any one time is $85.0 million. As of June 30, 2018, the outstanding balance was $75.0 million. This loan is secured by certain properties owned by the borrowers. This loan agreement provides for term loans, subject to the terms of the loan agreement. The final maturity of the loan is June 2021. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin. As of June 30, 2018, the applicable LIBOR was 1.98% and the margin was 1.38%, the sum of which was 3.36%. AMERCO is the guarantor of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a working capital loan. The current maximum credit commitment is $150.0 million, which can be increased to $300.0 million by bringing in other lenders. As of June 30, 2018, the full $150.0 million was available to be drawn. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2020. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate is the applicable LIBOR plus a margin between 1.38% and 1.50% depending on the amount outstanding. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30% fee charged for unused capacity. Fleet Loans Rental Truck Amortizing Loans U-Haul and several of its subsidiaries are borrowers under amortizing term loans. The aggregate balance of the loans as of June 30, 2018 was $332.2 million with the final maturities between September 2018 and June 2025. The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margins. As of June 30, 2018, the applicable LIBOR was between 1.98% and 2.07% and applicable margins were between 1.72% and 2.25%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 4.11% based on current margins. Additionally, $286.6 million of these loans are carried at fixed rates ranging between 1.95% and 4.66%. AMERCO and, in some cases, U-Haul are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans in aggregate for $510.0 million, which can be increased to a maximum of $565.0 million. These loans mature between January 2021 and July 2022. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of June 30, 2018, the applicable LIBOR was 1.98% and the margin was 1.15%, the sum of which was 3.13%. Only interest is paid on the loans until the last nine months when principal is due monthly. As of June 30, 2018, the aggregate outstanding balance of the loans was $450.0 million. Capital Leases We regularly enter into capital leases for new equipment with the terms of the leases between five and seven years. During the first quarter of fiscal 2019, we entered into $126.9 million of new capital leases. As of June 30, 2018 and March 31, 2018, the balance of our capital leases was $1,029.4 million and $984.2 million, respectively. The net book value of the corresponding capitalized assets was $1,479.4 million and $1,407.6 million as of June 30, 2018 and March 31, 2018, respectively. Other Obligations In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club ® Indenture. AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral including, but not limited to, rental equipment and real estate. U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of June 30, 2018, the aggregate outstanding principal balance of the U-Notes ® issued was $76.5 million, of which $3.5 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.75% and 8.00% and maturity dates range between 2018 and 2047. Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of March 31, 2018, the deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.48% and 2.67% with maturities between September 29, 2018 and March 29, 2021. As of March 31, 2018, available-for-sale investments held with the FHLB totaled $125.0 million, of which $72.4 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Leases Payable The annual maturities of long term debt, including capital leases, as of June 30, 2018 for the next five years and thereafter are as follows: Year Ended June 30, 2019 2020 2021 2022 2023 Thereafter (Unaudited) (In thousands) Notes, loans and leases payable, secured $ 483,563 $ 433,620 $ 526,913 $ 534,647 $ 259,432 $ 1,373,845 Interest on Borrowings Interest Expense Components of interest expense include the following: Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Interest expense $ 34,196 $ 29,629 Capitalized interest (419) (1,765) Amortization of transaction costs 961 932 Interest expense resulting from derivatives 516 1,549 Total interest expense 35,254 30,345 Interest paid in cash, including payments related to derivative contracts, amounted to $34.4 million and $31.0 million for the first quarter of fiscal 2019 and 2018, respectively. Interest Rates Interest rates and Company borrowings were as follows: Revolving Credit Activity Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 3.11% 2.24% Interest rate at the end of the quarter 3.16% 2.25% Maximum amount outstanding during the quarter $ 525,000 $ 508,000 Average amount outstanding during the quarter $ 497,967 $ 499,659 Facility fees $ 144 $ 76 |
Derivatives
Derivatives | 3 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
5. Derivatives | We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. The following is a summary of our interest rate swap agreements as of June 30, 2018: Original variable rate debt amount Agreement Date Effective Date Expiration Date Designated cash flow hedge date (Unaudited) (In millions) $ 300.0 8/16/2006 8/18/2006 8/10/2018 8/4/2006 50.0 (a) 7/29/2011 8/15/2011 8/15/2018 7/29/2011 20.0 (a) 8/3/2011 9/12/2011 9/10/2018 8/3/2011 15.1 (b) 3/27/2012 3/28/2012 3/28/2019 3/26/2012 25.0 4/13/2012 4/16/2012 4/1/2019 4/12/2012 44.3 1/11/2013 1/15/2013 12/15/2019 1/11/2013 (a) forward swap (b) operating lease As of June 30, 2018, the total notional amount of our variable interest rate swaps on debt and an operating lease was $107.4 million and $5.8 million, respectively. The derivative fair values were as follows: Derivatives Fair Values as of June 30, 2018 March 31, 2018 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: $ $ Assets 422 437 Liabilities (338) (897) The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2018 June 30, 2017 (Unaudited) (In thousands) Loss recognized in income on interest rate contracts $ 516 $ 1,549 Gain recognized in AOCI on interest rate contracts (effective portion) $ (560) $ (1,550) Loss reclassified from AOCI into income (effective portion) $ 500 $ 1,550 (Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) $ 16 $ (1) Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first quarter of fiscal 2019, we recognized an increase in the fair value of our cash flow hedges of $0.4 million, net of taxes. Embedded in this change was $0.5 million of losses reclassified from accumulated other comprehensive income (loss) to interest expense during the first quarter of fiscal 2019. As of June 30, 2018, we expect to reclassify $18 thousand of net gains on interest rate contracts from accumulated other comprehensive income (loss) to earnings as interest expense over the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
6. Comprehensive Income (Loss) | A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gain on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance at March 31, 2018 $ (54,853) $ 52,509 $ (370) $ (1,909) $ (4,623) Foreign currency translation (2,093) – – – (2,093) Unrealized net loss on investments – (39,672) – – (39,672) Change in fair value of cash flow hedges – – 922 – 922 Amounts reclassified from AOCI – – (500) – (500) Other comprehensive income (loss) (2,093) (39,672) 422 – (41,343) Balance at June 30, 2018 $ (56,946) $ 12,837 $ 52 $ (1,909) $ (45,966) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity [Abstract] | |
7. Stockholders' Equity | On March 8, 2018, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on March 23, 2018. The dividend was paid on April 6, 2018. On June 6, 2018, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on June 21, 2018. The dividend was paid on July 5, 2018. On June 8, 2016, the stockholder’s approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of June 30, 2018, no awards had been issued under this plan. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 3 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
8. Contingent Liabilities and Commitments | We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2024. As of June 30, 2018, we have guaranteed $14.2 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees. Operating and ground lease commitments for leases having terms of more than one year were as follows: Property, Plant and Equipment Rental Equipment Ground Operating Operating Total (Unaudited) (In thousands) Year-ended June 30: 2019 $ 1,008 $ 17,032 $ 7,287 $ 25,327 2020 1,024 17,376 428 18,828 2021 1,025 16,213 – 17,238 2022 1,030 15,051 – 16,081 2023 1,030 14,561 – 15,591 Thereafter 49,391 16,579 – 65,970 Total $ 54,508 $ 96,812 $ 7,715 $ 159,035 |
Contingencies
Contingencies | 3 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
9. Contingencies | Litigation On July 1, 2014, a 100-pound propane cylinder allegedly filled at a Philadelphia-area U-Haul Co. of Pennsylvania (“UHPA”) center exploded while in use on a food truck. The explosion killed two people and injured eleven. Following the incident, the injured parties and their estates filed a number of lawsuits against U-Haul and its subsidiary, UHPA, both of which denied the allegations. One plaintiff sued AMERCO, which also denied the allegations. All suits were filed in the Philadelphia Court of Common Pleas. The plaintiffs alleged, among other things, that UHPA should not have refilled the propane cylinder at issue because it was out-of-date and improperly fitted with an incorrect valve, which allegedly caused the explosion. The plaintiffs sought compensatory and punitive damages. After several settlements with the less-injured plaintiffs, in April 2018, the parties reached an agreement, in principle, to settle the remaining cases. We will pay our self-insured retention and attorney’s fees. Together, these amounts are currently estimated to be $27.3 million, of which $26.8 million has already been paid. The balance of the settlement amount is accrued on our balance sheet in Policy benefits and losses, claims and loss expenses payable with offsetting insurance recoveries from our insurance carriers in Other assets. Following the resolution of the civil claims in April 2018, the U.S. Attorney’s Office for the Eastern District of Pennsylvania advised the Company that UHPA was a target of an investigation. On June 12, 2018, UHPA was indicted by a grand jury in the U.S. District Court for the Eastern District of Pennsylvania. The six-count indictment charged UHPA with allegedly improperly filling propane cylinders that were overdue for periodic requalification, offering such cylinders for transportation, and failing to train and certify a UHPA employee dispensing propane. UHPA will vigorously defend itself against the charges. Environmental Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
10. Related Party Transactions | As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm’s-length transactions. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini Storage Realty, L.P. (“Private Mini”) are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Willow Grove Holdings LP (“WGHLP”), which is owned by Mark V. Shoen (a significant shareholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant shareholder) and Mark V. Shoen. Related Party Revenue Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 1,205 U-Haul management fee revenue from Blackwater 6,200 6,162 U-Haul management fee revenue from Mercury 1,216 600 $ 7,416 $ 7,967 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $10.3 million and $10.0 million from the above mentioned entities during the first quarter of fiscal 2019 and 2018, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen (a significant shareholder) and a trust benefitting the children and grandchildren of Edward J. Shoen. Related Party Costs and Expenses Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 670 $ 681 U-Haul commission expenses to Blackwater 16,485 15,886 $ 17,155 $ 16,567 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of SAC Holdings, 5 SAC and Galaxy. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of June 30, 2018, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $6.2 million, expenses of $0.7 million and cash flows of $5.4 million during the first quarter of fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $75.4 million and $16.5 million, respectively during the first quarter of fiscal 2019. Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that the management agreements with subsidiaries of Blackwater represent potential variable interests for us. Management evaluated whether it should be identified as the primary beneficiary of one or more of these VIEs using a two-step approach in which management (i) identified all other parties that hold interests in the VIEs, and (ii) determined if any variable interest holder has the power to direct the activities of the VIEs that most significantly impact their economic performance. Management determined that we do not have a variable interest in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities' assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance. As a result, we have no basis under ASC 810 to consolidate these entities. We have not provided financial or other support explicitly or implicitly during the quarter ended June 30, 2018 to any of these entities that we were not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities: Related Party Assets June 30, March 31, 2018 2018 (Unaudited) (In thousands) U-Haul receivable from Blackwater 25,801 24,034 U-Haul receivable from Mercury 6,364 10,357 Other (a) (1,679) (1,115) $ 30,486 $ 33,276 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
11. Consolidating Financial Information by Industry Segment | 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, and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. Consolidating balance sheets by industry segment as of June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 618,300 $ 5,119 $ 26,920 $ – $ 650,339 Reinsurance recoverables and trade receivables, net 79,460 97,351 31,176 – 207,987 Inventories and parts, net 94,901 – – – 94,901 Prepaid expenses 183,536 – – – 183,536 Investments, fixed maturities and marketable equities – 287,278 1,663,598 – 1,950,876 Investments, other 22,993 61,557 312,072 – 396,622 Deferred policy acquisition costs, net – – 134,133 – 134,133 Other assets 244,325 1,004 2,991 – 248,320 Related party assets 35,211 9,452 18,304 (32,481) (c) 30,486 1,278,726 461,761 2,189,194 (32,481) 3,897,200 Investment in subsidiaries 517,861 – – (517,861) (b) – Property, plant and equipment, at cost: Land 849,042 – – – 849,042 Buildings and improvements 3,331,918 – – – 3,331,918 Furniture and equipment 641,730 – – – 641,730 Rental trailers and other rental equipment 547,291 – – – 547,291 Rental trucks 4,533,758 – – – 4,533,758 9,903,739 – – – 9,903,739 Less: Accumulated depreciation (2,799,455) – – – (2,799,455) Total property, plant and equipment 7,104,284 – – – 7,104,284 Total assets $ 8,900,871 $ 461,761 $ 2,189,194 $ (550,342) $ 11,001,484 (a) Balances as of March 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 509,704 $ 3,417 $ 4,912 $ – $ 518,033 Notes, loans and leases payable, net 3,586,127 – – – 3,586,127 Policy benefits and losses, claims and loss expenses payable 572,151 232,893 447,766 – 1,252,810 Liabilities from investment contracts – – 1,409,705 – 1,409,705 Other policyholders' funds and liabilities – 4,800 5,057 – 9,857 Deferred income 41,963 – – – 41,963 Deferred income taxes, net 667,537 7,523 11,784 – 686,844 Related party liabilities 27,244 4,860 377 (32,481) (c) – Total liabilities 5,404,726 253,493 1,879,601 (32,481) 7,505,339 Stockholders' equity: Series preferred stock: Series A preferred stock – – – – – Series B preferred stock – – – – – Series A common stock – – – – – Common stock 10,497 3,301 2,500 (5,801) (b) 10,497 Additional paid-in capital 453,072 91,120 26,271 (117,601) (b) 452,862 Accumulated other comprehensive income (loss) (45,966) 1,653 11,185 (12,838) (b) (45,966) Retained earnings 3,763,129 112,194 269,637 (381,621) (b) 3,763,339 Cost of common shares in treasury, net (525,653) – – – (525,653) Cost of preferred shares in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan shares (6,937) – – – (6,937) Total stockholders' equity 3,496,145 208,268 309,593 (517,861) 3,496,145 Total liabilities and stockholders' equity $ 8,900,871 $ 461,761 $ 2,189,194 $ (550,342) $ 11,001,484 (a) Balances as of March 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of March 31, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 702,036 $ 6,639 $ 50,713 $ – $ 759,388 Reinsurance recoverables and trade receivables, net 64,798 99,682 29,058 – 193,538 Inventories and parts, net 89,877 – – – 89,877 Prepaid expenses 166,129 – – – 166,129 Investments, fixed maturities and marketable equities – 285,846 1,634,014 – 1,919,860 Investments, other 22,992 65,553 310,519 – 399,064 Deferred policy acquisition costs, net – – 124,767 – 124,767 Other assets 241,493 685 2,604 – 244,782 Related party assets 40,003 6,959 18,334 (32,020) (c) 33,276 1,327,328 465,364 2,170,009 (32,020) 3,930,681 Investment in subsidiaries 544,151 – – (544,151) (b) – Property, plant and equipment, at cost: Land 827,649 – – – 827,649 Buildings and improvements 3,140,713 – – – 3,140,713 Furniture and equipment 632,803 – – – 632,803 Rental trailers and other rental equipment 545,968 – – – 545,968 Rental trucks 4,390,750 – – – 4,390,750 9,537,883 – – – 9,537,883 Less: Accumulated depreciation (2,721,142) – – – (2,721,142) Total property, plant and equipment 6,816,741 – – – 6,816,741 Total assets $ 8,688,220 $ 465,364 $ 2,170,009 $ (576,171) $ 10,747,422 (a) Balances as of December 31, 2017 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of March 31, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 506,158 $ 2,582 $ 2,375 $ – $ 511,115 Notes, loans and leases payable, net 3,513,076 – – – 3,513,076 Policy benefits and losses, claims and loss expenses payable 568,456 234,359 445,218 – 1,248,033 Liabilities from investment contracts – – 1,364,066 – 1,364,066 Other policyholders' funds and liabilities – 5,377 4,663 – 10,040 Deferred income 34,276 – – – 34,276 Deferred income taxes, net 629,389 8,927 19,792 – 658,108 Related party liabilities 28,157 2,870 993 (32,020) (c) – Total liabilities 5,279,512 254,115 1,837,107 (32,020) 7,338,714 Stockholders' equity: Series preferred stock: Series A preferred stock – – – – – Series B preferred stock – – – – – Series A common stock – – – – – Common stock 10,497 3,301 2,500 (5,801) (b) 10,497 Additional paid-in capital 452,956 91,120 26,271 (117,601) (b) 452,746 Accumulated other comprehensive income (loss) (4,623) 16,526 35,982 (52,508) (b) (4,623) Retained earnings 3,635,351 100,302 268,149 (368,241) (b) 3,635,561 Cost of common shares in treasury, net (525,653) – – – (525,653) Cost of preferred shares in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan shares (7,823) – – – (7,823) Total stockholders' equity 3,408,708 211,249 332,902 (544,151) 3,408,708 Total liabilities and stockholders' equity $ 8,688,220 $ 465,364 $ 2,170,009 $ (576,171) $ 10,747,422 (a) Balances as of December 31, 2017 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating statement of operations by industry segment for the quarter ended June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 717,542 $ – $ – $ (940) (c) $ 716,602 Self-storage revenues 86,212 – – – 86,212 Self-moving and self-storage products and service sales 79,241 – – – 79,241 Property management fees 7,416 – – – 7,416 Life insurance premiums – – 36,888 – 36,888 Property and casualty insurance premiums – 13,348 – (567) (c) 12,781 Net investment and interest income 2,563 2,541 19,917 (416) (b) 24,605 Other revenue 54,911 – 1,058 (137) (b) 55,832 Total revenues 947,885 15,889 57,863 (2,060) 1,019,577 Costs and expenses: Operating expenses 483,620 8,700 5,873 (1,639) (b,c) 496,554 Commission expenses 79,257 – – – 79,257 Cost of sales 49,881 – – – 49,881 Benefits and losses – 4,476 44,078 – 48,554 Amortization of deferred policy acquisition costs – – 6,031 – 6,031 Lease expense 8,305 – – (136) (b) 8,169 Depreciation, net of (gains) losses on disposal 126,427 – – – 126,427 Net (gains) losses on disposal of real estate – – – – – Total costs and expenses 747,490 13,176 55,982 (1,775) 814,873 Earnings from operations before equity in earnings of subsidiaries 200,395 2,713 1,881 (285) 204,704 Equity in earnings of subsidiaries 3,656 – – (3,656) (d) – Earnings from operations 204,051 2,713 1,881 (3,941) 204,704 Other components of net periodic benefit costs (253) – – – (253) Interest expense (35,539) – – 285 (b) (35,254) Pretax earnings 168,259 2,713 1,881 (3,656) 169,197 Income tax expense (40,410) (545) (393) – (41,348) Earnings available to common shareholders $ 127,849 $ 2,168 $ 1,488 $ (3,656) $ 127,849 (a) Balances for the quarter ended March 31, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statements of operations by industry for the quarter ended June 30, 2017 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 670,698 $ – $ – $ (840) (c) $ 669,858 Self-storage revenues 76,718 – – – 76,718 Self-moving and self-storage products and service sales 78,911 – – – 78,911 Property management fees 6,762 – – – 6,762 Life insurance premiums – – 39,091 – 39,091 Property and casualty insurance premiums – 11,815 – – 11,815 Net investment and interest income 2,657 4,291 20,655 (386) (b) 27,217 Other revenue 46,781 – 910 (138) (b) 47,553 Total revenues 882,527 16,106 60,656 (1,364) 957,925 Costs and expenses: Operating expenses 403,811 8,232 5,617 (968) (b,c) 416,692 Commission expenses 75,365 – – – 75,365 Cost of sales 47,595 – – – 47,595 Benefits and losses – 2,438 45,282 – 47,720 Amortization of deferred policy acquisition costs – – 6,321 – 6,321 Lease expense 8,334 – – (47) (b) 8,287 Depreciation, net of (gains) losses on disposal 126,335 – – – 126,335 Net (gains) losses on disposal of real estate 347 – – – 347 Total costs and expenses 661,787 10,670 57,220 (1,015) 728,662 Earnings from operations before equity in earnings of subsidiaries 220,740 5,436 3,436 (349) 229,263 Equity in earnings of subsidiaries 5,810 – – (5,810) (d) – Earnings from operations 226,550 5,436 3,436 (6,159) 229,263 Other components of net periodic benefit costs (232) – – – (232) Interest expense (30,694) – – 349 (b) (30,345) Pretax earnings 195,624 5,436 3,436 (5,810) 198,686 Income tax expense (69,417) (1,862) (1,200) – (72,479) Earnings available to common shareholders $ 126,207 $ 3,574 $ 2,236 $ (5,810) $ 126,207 (a) Balances for the quarter ended March 31, 2017 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating cash flow statements by industry segment for the quarter ended June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 127,849 $ 2,168 $ 1,488 $ (3,656) $ 127,849 Earnings from consolidated entities (3,656) – – 3,656 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 142,722 – – – 142,722 Amortization of deferred policy acquisition costs – – 6,031 – 6,031 Amortization of debt issuance costs 984 – – – 984 Interest credited to policyholders – – 8,060 – 8,060 Change in allowance for losses on trade receivables 40 – (2) – 38 Change in allowance for inventories and parts reserve 2,139 – – – 2,139 Net gains on disposal of personal property (16,295) – – – (16,295) Net (gains) losses on sales of investments – (38) 544 – 506 Deferred income taxes 38,011 1,140 (473) – 38,678 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (14,763) 2,331 (2,111) – (14,543) Inventories and parts (7,170) – – – (7,170) Prepaid expenses (17,999) – – – (17,999) Capitalization of deferred policy acquisition costs – – (5,808) – (5,808) Other assets (132) (243) (386) – (761) Related party assets 4,713 (2,508) – – 2,205 Accounts payable and accrued expenses 84,004 835 4,509 – 89,348 Policy benefits and losses, claims and loss expenses payable 4,208 (1,466) 2,549 – 5,291 Other policyholders' funds and liabilities – (577) 393 – (184) Deferred income 7,732 – – – 7,732 Related party liabilities (913) 2,003 (616) – 474 Net cash provided by operating activities 351,474 3,645 14,178 – 369,297 Cash flows from investing activities: Escrow deposits (4,559) – – – (4,559) Purchases of: Property, plant and equipment (548,147) – – – (548,147) Short term investments – (14,220) (170) – (14,390) Fixed maturities investments – (12,754) (90,367) – (103,121) Equity securities – – (46) – (46) Preferred stock – – (81) – (81) Real estate – (59) (21) – (80) Mortgage loans – (2,287) (5,975) – (8,262) Proceeds from sales and paydowns of: Property, plant and equipment 187,546 – – – 187,546 Short term investments – 20,287 129 – 20,416 Fixed maturities investments – 3,170 11,776 – 14,946 Preferred stock – 500 – – 500 Mortgage loans – 198 9,204 – 9,402 Net cash used by investing activities (365,160) (5,165) (75,551) – (445,876) (page 1 of 2) (a) Balance for the period ended March 31, 2018 Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 103,641 – – – 103,641 Principal repayments on credit facilities (73,770) – – – (73,770) Payments of debt issuance costs (1,420) – – – (1,420) Capital lease payments (84,374) – – – (84,374) Employee stock ownership plan shares (57) – – – (57) Common stock dividend paid (9,795) – – – (9,795) Investment contract deposits – – 76,343 – 76,343 Investment contract withdrawals – – (38,763) – (38,763) Net cash provided (used) by financing activities (65,775) – 37,580 – (28,195) Effects of exchange rate on cash (4,275) – – – (4,275) Decrease in cash and cash equivalents (83,736) (1,520) (23,793) – (109,049) Cash and cash equivalents at beginning of period 702,036 6,639 50,713 – 759,388 Cash and cash equivalents at end of period $ 618,300 $ 5,119 $ 26,920 $ – $ 650,339 (page 2 of 2) (a) Balance for the period ended March 31, 2018 Consolidating cash flow statements by industry segment for the quarter ended June 30, 2017 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 126,207 $ 3,574 $ 2,236 $ (5,810) $ 126,207 Earnings from consolidated entities (5,810) – – 5,810 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 131,423 – – – 131,423 Amortization of deferred policy acquisition costs – – 6,321 – 6,321 Amortization of debt issuance costs 932 – – – 932 Interest credited to policyholders – – 7,651 – 7,651 Change in allowance for losses on trade receivables (26) – – – (26) Change in allowance for inventories and parts reserve 1,114 – – – 1,114 Net gains on disposal of personal property (5,088) – – – (5,088) Net losses on disposal of real estate 347 – – – 347 Net gains on sales of investments – (589) (1,396) – (1,985) Deferred income taxes 16,765 (1,600) (3,141) – 12,024 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (10,955) 4,375 (2,290) – (8,870) Inventories and parts (11,982) – – – (11,982) Prepaid expenses 44,788 – – – 44,788 Capitalization of deferred policy acquisition costs – – (8,228) – (8,228) Other assets (4,098) 1,665 (90) – (2,523) Related party assets 7,721 115 – – 7,836 Accounts payable and accrued expenses 48,255 1,249 12,200 – 61,704 Policy benefits and losses, claims and loss expenses payable 7,125 (6,051) 3,673 – 4,747 Other policyholders' funds and liabilities – 101 3,982 – 4,083 Deferred income 8,393 – – – 8,393 Related party liabilities (2,812) (117) 397 – (2,532) Net cash provided by operating activities 352,299 2,722 21,315 – 376,336 Cash flows from investing activities: Escrow deposits 23,005 – – – 23,005 Purchases of: Property, plant and equipment (480,259) – – – (480,259) Short term investments – (10,779) (5,712) – (16,491) Fixed maturities investments – (11,602) (111,488) – (123,090) Real estate (505) – – – (505) Mortgage loans – (6,059) (18,323) – (24,382) Proceeds from sales and paydowns of: Property, plant and equipment 142,343 – – – 142,343 Short term investments – 15,424 9,215 – 24,639 Fixed maturities investments – 4,275 32,284 – 36,559 Real estate 2,664 – – – 2,664 Mortgage loans – 1,585 4,469 – 6,054 Net cash used by investing activities (312,752) (7,156) (89,555) – (409,463) (page 1 of 2) (a) Balance for the period ended March 31, 2017 Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 155,367 – – – 155,367 Principal repayments on credit facilities (64,819) – – – (64,819) Payment of debt issuance costs (1,734) – – – (1,734) Capital lease payments (56,522) – – – (56,522) Employee stock ownership plan shares 3,516 – – – 3,516 Securitization deposits 49 – – – 49 Investment contract deposits – – 155,437 – 155,437 Investment contract withdrawals – – (54,205) – (54,205) Net cash provided by financing activities 35,857 – 101,232 – 137,089 Effects of exchange rate on cash 4,424 – – – 4,424 Increase (decrease) in cash and cash equivalents 79,828 (4,434) 32,992 – 108,386 Cash and cash equivalents at beginning of period 671,665 12,725 13,416 – 697,806 Cash and cash equivalents at end of period $ 751,493 $ 8,291 $ 46,408 $ – $ 806,192 (page 2 of 2) (a) Balance for the period ended March 31, 2017 |
Industry Segment and Geographic
Industry Segment and Geographic Area Data | 3 Months Ended |
Jun. 30, 2018 | |
Segments, Geographical Areas [Abstract] | |
12. Industry Segment and Geographic Area Data | Industry Segment and Geographic Area Data United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2018 Total revenues $ 971,295 $ 48,282 $ 1,019,577 Depreciation and amortization, net of (gains) losses on disposal 131,379 1,079 132,458 Interest expense 34,549 705 35,254 Pretax earnings 163,262 5,935 169,197 Income tax expense 39,777 1,571 41,348 Identifiable assets 10,657,222 344,262 11,001,484 Quarter Ended June 30, 2017 Total revenues $ 913,114 $ 44,811 $ 957,925 Depreciation and amortization, net of (gains) losses on disposal 131,499 1,504 133,003 Interest expense 29,643 702 30,345 Pretax earnings 191,973 6,713 198,686 Income tax expense 70,610 1,869 72,479 Identifiable assets 9,390,397 410,743 9,801,140 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Jun. 30, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
13. Employee Benefit Plans | The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 277 $ 268 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 236 217 Other components 17 15 Total other components of net periodic benefit costs 253 232 Net periodic postretirement benefit cost $ 530 $ 500 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
14. Fair Value Measurements | Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short term investments, investments available-for-sale, long term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long term debt and short term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three tiered approach to valuation. ASC 820 - Fair Value Measurements and Disclosure (“ASC 820”) requires that financial assets and liabilities recorded at fair value be classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2018 and March 31, 2018 that are subject to ASC 820 and the valuation approach applied to each of these items. As of June 30, 2018 Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) Assets Short term investments $ 409,787 $ 409,787 $ – $ – Fixed maturities - available for sale 1,913,838 7,372 1,906,197 269 Preferred stock 10,186 10,186 – – Common stock 26,852 26,852 – – Derivatives 4,256 3,834 422 – Total $ 2,364,919 $ 458,031 $ 1,906,619 $ 269 Liabilities Derivatives $ 338 $ – $ 338 $ – Total $ 338 $ – $ 338 $ – As of March 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets Short term investments $ 475,320 $ 475,320 $ – $ – Fixed maturities - available for sale 1,881,137 7,567 1,873,293 277 Preferred stock 10,861 10,861 – – Common stock 27,862 27,862 – – Derivatives 4,825 4,388 437 – Total $ 2,400,005 $ 525,998 $ 1,873,730 $ 277 Liabilities Derivatives $ 897 $ – $ 897 $ – Total $ 897 $ – $ 897 $ – The following table represents the fair value measurements for our assets as of June 30, 2018 using significant unobservable inputs (Level 3). Fixed Maturities - Asset Backed Securities (Unaudited) (In thousands) Balance as of March 31, 2018 $ 277 Fixed Maturities - Asset Backed Securities - redeemed (14) Fixed Maturities - Asset Backed Securities - net gain (unrealized) 6 Balance as of June 30, 2018 $ 269 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , an updated standard on revenue recognition. The standard outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires expanded disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 became effective for us on April 1, 2018 and was adopted on a modified retrospective basis. Due to insignificant changes in our revenue recognition pattern for applicable revenue streams as a result of the updated guidance, there was no cumulative effect recorded. Additionally, due to the relatively short duration of our equipment contracts, we elected to use the practical expedient for contracts that begin and end within the same reporting period in applying the updated guidance to our applicable revenue streams. We performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. The adoption of the standard did not have a material effect on our Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. This is applicable to insurance premiums received in conjunction with equipment rentals, for which we allocate the transaction price relating to these distinct performance obligations covered by Topic 944 on a relative standalone selling price basis. There were no material contract assets or liabilities as of June 30, 2018 and March 31, 2018. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. The Company’s self-moving rental revenues do not currently meet the definition of a lease under Topic 840 due to the existence of substitution rights, and thus are accounted for under Topic 606. However, the contracts are expected to meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts will be accounted for as leases. We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 – Leases. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the Incentive Fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2019 did not have a material effect on our financial statements. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 – Financial Instruments. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 840, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. In the following table, revenue is disaggregated by timing of revenue recognition: Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time: $ 757,736 $ 706,072 Revenues recognized at a point in time: 90,190 89,138 Total revenues recognized under ASC 606 847,926 795,210 Revenues recognized under ASC 840 95,857 83,452 Revenues recognized under ASC 944 51,189 52,046 Revenues recognized under ASC 320 24,605 27,217 Total revenues $ 1,019,577 $ 957,925 In the above table, the revenues recognized over time include self-moving equipment rentals, property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues, whereas revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Tax Reform Act was enacted on December 22, 2017. The Tax Reform Act reduces the U.S. federal corporate income tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and repeals the deferral of the phase three tax for life insurance companies. As of June 30, 2018, we have not completed our accounting for the tax effects of enactment of the Tax Reform Act; however, we have made a reasonable estimate of the effects of all items affected by the Tax Reform Act. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | In August 2018, A.M. Best upgraded the financial strength rating (“FSR”) for Repwest Insurance Company to A minus from B plus plus. The FSR outlook remains stable. In addition, A.M. Best upgraded the long-term issuer credit rating (“LTICR”) to a- from bbb. The LTICR outlook has been revised to stable from positive. |
Investments (Table Text Block)
Investments (Table Text Block) | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Investments Debt Equity Securities [Abstract] | ||
Available-for-Sale Investments | Available-for-sale investments at June 30, 2018 were as follows: 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 $ 123,420 $ 1,858 $ (1,561) $ (911) $ 122,806 U.S. government agency mortgage-backed securities 63,031 714 (1) (662) 63,082 Obligations of states and political subdivisions 190,454 7,481 (236) (538) 197,161 Corporate securities 1,423,091 26,369 (5,291) (15,275) 1,428,894 Mortgage-backed securities 101,605 1,055 – (765) 101,895 Redeemable preferred stocks 2,118 93 _ _ 2,211 $ 1,903,719 $ 37,570 $ (7,089) $ (18,151) $ 1,916,049 | Available-for-sale investments at March 31, 2018 were as follows: 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 $ 123,557 $ 3,595 $ (1,036) $ (203) $ 125,913 U.S. government agency mortgage-backed securities 36,416 951 (1) (93) 37,273 Obligations of states and political subdivisions 178,702 9,938 (217) (18) 188,405 Corporate securities 1,388,300 50,056 (3,009) (1,826) 1,433,521 Mortgage-backed securities 94,106 2,072 – (153) 96,025 Redeemable preferred stocks 2,118 129 _ _ 2,247 $ 1,823,199 $ 66,741 $ (4,263) $ (2,293) $ 1,883,384 |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | June 30, 2018 March 31, 2018 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 42,372 $ 42,546 $ 36,446 $ 36,674 Due after one year through five years 469,929 472,652 441,223 450,816 Due after five years through ten years 616,785 618,194 607,895 626,174 Due after ten years 670,910 678,551 641,411 671,448 1,799,996 1,811,943 1,726,975 1,785,112 Mortgage backed securities 101,605 101,895 94,106 96,025 Redeemable preferred stocks 2,118 2,211 2,118 2,247 $ 1,903,719 $ 1,916,049 $ 1,823,199 $ 1,883,384 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Debt Instruments [Abstract] | |
Long-Term Debt | Long term debt was as follows: June 30, March 31, 2019 Rate (a) Maturities 2018 2018 (Unaudited) (In thousands) Real estate loan (amortizing term) 3.55% - 6.93% 2023 $ 132,787 $ 135,287 Senior mortgages 3.72% - 6.62% 2021 - 2038 1,519,614 1,487,645 Working capital loans (revolving credit) 3.36% 2021 75,000 55,000 Fleet loans (amortizing term) 1.95% - 4.66% 2018 - 2025 332,236 342,971 Fleet loans (revolving credit) 3.13% 2021 - 2022 450,000 460,000 Capital leases (rental equipment) 1.92% - 5.04% 2018 - 2025 1,029,405 984,217 Other obligations 2.75% - 8.00% 2018 - 2047 72,978 73,579 Notes, loans and leases payable 3,612,020 3,538,699 Less: Debt issuance costs (25,893) (25,623) Total notes, loans and leases payable, net $ 3,586,127 $ 3,513,076 (a) Interest rate as of June 30, 2018, including the effect of applicable hedging instruments. |
Annual Maturities of Notes, Loans and Leases Payable | Year Ended June 30, 2019 2020 2021 2022 2023 Thereafter (Unaudited) (In thousands) Notes, loans and leases payable, secured $ 483,563 $ 433,620 $ 526,913 $ 534,647 $ 259,432 $ 1,373,845 |
Components of interest expense | Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Interest expense $ 34,196 $ 29,629 Capitalized interest (419) (1,765) Amortization of transaction costs 961 932 Interest expense resulting from derivatives 516 1,549 Total interest expense 35,254 30,345 |
Interest rates and company borrowings | Revolving Credit Activity Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 3.11% 2.24% Interest rate at the end of the quarter 3.16% 2.25% Maximum amount outstanding during the quarter $ 525,000 $ 508,000 Average amount outstanding during the quarter $ 497,967 $ 499,659 Facility fees $ 144 $ 76 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Derivative Instrument Detail [Abstract] | |
Derivatives | Original variable rate debt amount Agreement Date Effective Date Expiration Date Designated cash flow hedge date (Unaudited) (In millions) $ 300.0 8/16/2006 8/18/2006 8/10/2018 8/4/2006 50.0 (a) 7/29/2011 8/15/2011 8/15/2018 7/29/2011 20.0 (a) 8/3/2011 9/12/2011 9/10/2018 8/3/2011 15.1 (b) 3/27/2012 3/28/2012 3/28/2019 3/26/2012 25.0 4/13/2012 4/16/2012 4/1/2019 4/12/2012 44.3 1/11/2013 1/15/2013 12/15/2019 1/11/2013 (a) forward swap (b) operating lease |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | Derivatives Fair Values as of June 30, 2018 March 31, 2018 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: $ $ Assets 422 437 Liabilities (338) (897) |
Effect of Interest Rate Contracts on the Statement of Operations | The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2018 June 30, 2017 (Unaudited) (In thousands) Loss recognized in income on interest rate contracts $ 516 $ 1,549 Gain recognized in AOCI on interest rate contracts (effective portion) $ (560) $ (1,550) Loss reclassified from AOCI into income (effective portion) $ 500 $ 1,550 (Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) $ 16 $ (1) |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (loss) (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Table Text Block Supplement [Abstract] | |
Summary of accumulated other comprehensive income (loss) components, net of tax | Foreign Currency Translation Unrealized Net Gain on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance at March 31, 2018 $ (54,853) $ 52,509 $ (370) $ (1,909) $ (4,623) Foreign currency translation (2,093) – – – (2,093) Unrealized net loss on investments – (39,672) – – (39,672) Change in fair value of cash flow hedges – – 922 – 922 Amounts reclassified from AOCI – – (500) – (500) Other comprehensive income (loss) (2,093) (39,672) 422 – (41,343) Balance at June 30, 2018 $ (56,946) $ 12,837 $ 52 $ (1,909) $ (45,966) |
Contingent Liabilities and Co29
Contingent Liabilities and Commitments (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Operating leases, rental equipment [Abstract] | |
Lease Commitments for Leases having Terms of More than One Year | Property, Plant and Equipment Rental Equipment Ground Operating Operating Total (Unaudited) (In thousands) Year-ended June 30: 2019 $ 1,008 $ 17,032 $ 7,287 $ 25,327 2020 1,024 17,376 428 18,828 2021 1,025 16,213 – 17,238 2022 1,030 15,051 – 16,081 2023 1,030 14,561 – 15,591 Thereafter 49,391 16,579 – 65,970 Total $ 54,508 $ 96,812 $ 7,715 $ 159,035 |
Related Party Transations (Tabl
Related Party Transations (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 1,205 U-Haul management fee revenue from Blackwater 6,200 6,162 U-Haul management fee revenue from Mercury 1,216 600 $ 7,416 $ 7,967 |
Related Party costs and expenses | Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 670 $ 681 U-Haul commission expenses to Blackwater 16,485 15,886 $ 17,155 $ 16,567 |
Related party assets | June 30, March 31, 2018 2018 (Unaudited) (In thousands) U-Haul receivable from Blackwater 25,801 24,034 U-Haul receivable from Mercury 6,364 10,357 Other (a) (1,679) (1,115) $ 30,486 $ 33,276 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. |
Consolidating Financial Infor31
Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | |
Table Text Block Supplement [Abstract] | |||
Consolidated Balance Sheet by Industry Segment | Consolidating balance sheets by industry segment as of June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 618,300 $ 5,119 $ 26,920 $ – $ 650,339 Reinsurance recoverables and trade receivables, net 79,460 97,351 31,176 – 207,987 Inventories and parts, net 94,901 – – – 94,901 Prepaid expenses 183,536 – – – 183,536 Investments, fixed maturities and marketable equities – 287,278 1,663,598 – 1,950,876 Investments, other 22,993 61,557 312,072 – 396,622 Deferred policy acquisition costs, net – – 134,133 – 134,133 Other assets 244,325 1,004 2,991 – 248,320 Related party assets 35,211 9,452 18,304 (32,481) (c) 30,486 1,278,726 461,761 2,189,194 (32,481) 3,897,200 Investment in subsidiaries 517,861 – – (517,861) (b) – Property, plant and equipment, at cost: Land 849,042 – – – 849,042 Buildings and improvements 3,331,918 – – – 3,331,918 Furniture and equipment 641,730 – – – 641,730 Rental trailers and other rental equipment 547,291 – – – 547,291 Rental trucks 4,533,758 – – – 4,533,758 9,903,739 – – – 9,903,739 Less: Accumulated depreciation (2,799,455) – – – (2,799,455) Total property, plant and equipment 7,104,284 – – – 7,104,284 Total assets $ 8,900,871 $ 461,761 $ 2,189,194 $ (550,342) $ 11,001,484 (a) Balances as of March 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 509,704 $ 3,417 $ 4,912 $ – $ 518,033 Notes, loans and leases payable, net 3,586,127 – – – 3,586,127 Policy benefits and losses, claims and loss expenses payable 572,151 232,893 447,766 – 1,252,810 Liabilities from investment contracts – – 1,409,705 – 1,409,705 Other policyholders' funds and liabilities – 4,800 5,057 – 9,857 Deferred income 41,963 – – – 41,963 Deferred income taxes, net 667,537 7,523 11,784 – 686,844 Related party liabilities 27,244 4,860 377 (32,481) (c) – Total liabilities 5,404,726 253,493 1,879,601 (32,481) 7,505,339 Stockholders' equity: Series preferred stock: Series A preferred stock – – – – – Series B preferred stock – – – – – Series A common stock – – – – – Common stock 10,497 3,301 2,500 (5,801) (b) 10,497 Additional paid-in capital 453,072 91,120 26,271 (117,601) (b) 452,862 Accumulated other comprehensive income (loss) (45,966) 1,653 11,185 (12,838) (b) (45,966) Retained earnings 3,763,129 112,194 269,637 (381,621) (b) 3,763,339 Cost of common shares in treasury, net (525,653) – – – (525,653) Cost of preferred shares in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan shares (6,937) – – – (6,937) Total stockholders' equity 3,496,145 208,268 309,593 (517,861) 3,496,145 Total liabilities and stockholders' equity $ 8,900,871 $ 461,761 $ 2,189,194 $ (550,342) $ 11,001,484 (a) Balances as of March 31, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables | Consolidating balance sheets by industry segment as of March 31, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 702,036 $ 6,639 $ 50,713 $ – $ 759,388 Reinsurance recoverables and trade receivables, net 64,798 99,682 29,058 – 193,538 Inventories and parts, net 89,877 – – – 89,877 Prepaid expenses 166,129 – – – 166,129 Investments, fixed maturities and marketable equities – 285,846 1,634,014 – 1,919,860 Investments, other 22,992 65,553 310,519 – 399,064 Deferred policy acquisition costs, net – – 124,767 – 124,767 Other assets 241,493 685 2,604 – 244,782 Related party assets 40,003 6,959 18,334 (32,020) (c) 33,276 1,327,328 465,364 2,170,009 (32,020) 3,930,681 Investment in subsidiaries 544,151 – – (544,151) (b) – Property, plant and equipment, at cost: Land 827,649 – – – 827,649 Buildings and improvements 3,140,713 – – – 3,140,713 Furniture and equipment 632,803 – – – 632,803 Rental trailers and other rental equipment 545,968 – – – 545,968 Rental trucks 4,390,750 – – – 4,390,750 9,537,883 – – – 9,537,883 Less: Accumulated depreciation (2,721,142) – – – (2,721,142) Total property, plant and equipment 6,816,741 – – – 6,816,741 Total assets $ 8,688,220 $ 465,364 $ 2,170,009 $ (576,171) $ 10,747,422 (a) Balances as of December 31, 2017 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of March 31, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 506,158 $ 2,582 $ 2,375 $ – $ 511,115 Notes, loans and leases payable, net 3,513,076 – – – 3,513,076 Policy benefits and losses, claims and loss expenses payable 568,456 234,359 445,218 – 1,248,033 Liabilities from investment contracts – – 1,364,066 – 1,364,066 Other policyholders' funds and liabilities – 5,377 4,663 – 10,040 Deferred income 34,276 – – – 34,276 Deferred income taxes, net 629,389 8,927 19,792 – 658,108 Related party liabilities 28,157 2,870 993 (32,020) (c) – Total liabilities 5,279,512 254,115 1,837,107 (32,020) 7,338,714 Stockholders' equity: Series preferred stock: Series A preferred stock – – – – – Series B preferred stock – – – – – Series A common stock – – – – – Common stock 10,497 3,301 2,500 (5,801) (b) 10,497 Additional paid-in capital 452,956 91,120 26,271 (117,601) (b) 452,746 Accumulated other comprehensive income (loss) (4,623) 16,526 35,982 (52,508) (b) (4,623) Retained earnings 3,635,351 100,302 268,149 (368,241) (b) 3,635,561 Cost of common shares in treasury, net (525,653) – – – (525,653) Cost of preferred shares in treasury, net (151,997) – – – (151,997) Unearned employee stock ownership plan shares (7,823) – – – (7,823) Total stockholders' equity 3,408,708 211,249 332,902 (544,151) 3,408,708 Total liabilities and stockholders' equity $ 8,688,220 $ 465,364 $ 2,170,009 $ (576,171) $ 10,747,422 (a) Balances as of December 31, 2017 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables | |
Consolidated Statement of Operations by Industry Segment | Consolidating statement of operations by industry segment for the quarter ended June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 717,542 $ – $ – $ (940) (c) $ 716,602 Self-storage revenues 86,212 – – – 86,212 Self-moving and self-storage products and service sales 79,241 – – – 79,241 Property management fees 7,416 – – – 7,416 Life insurance premiums – – 36,888 – 36,888 Property and casualty insurance premiums – 13,348 – (567) (c) 12,781 Net investment and interest income 2,563 2,541 19,917 (416) (b) 24,605 Other revenue 54,911 – 1,058 (137) (b) 55,832 Total revenues 947,885 15,889 57,863 (2,060) 1,019,577 Costs and expenses: Operating expenses 483,620 8,700 5,873 (1,639) (b,c) 496,554 Commission expenses 79,257 – – – 79,257 Cost of sales 49,881 – – – 49,881 Benefits and losses – 4,476 44,078 – 48,554 Amortization of deferred policy acquisition costs – – 6,031 – 6,031 Lease expense 8,305 – – (136) (b) 8,169 Depreciation, net of (gains) losses on disposal 126,427 – – – 126,427 Net (gains) losses on disposal of real estate – – – – – Total costs and expenses 747,490 13,176 55,982 (1,775) 814,873 Earnings from operations before equity in earnings of subsidiaries 200,395 2,713 1,881 (285) 204,704 Equity in earnings of subsidiaries 3,656 – – (3,656) (d) – Earnings from operations 204,051 2,713 1,881 (3,941) 204,704 Other components of net periodic benefit costs (253) – – – (253) Interest expense (35,539) – – 285 (b) (35,254) Pretax earnings 168,259 2,713 1,881 (3,656) 169,197 Income tax expense (40,410) (545) (393) – (41,348) Earnings available to common shareholders $ 127,849 $ 2,168 $ 1,488 $ (3,656) $ 127,849 (a) Balances for the quarter ended March 31, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries | Consolidating statements of operations by industry for the quarter ended June 30, 2017 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 670,698 $ – $ – $ (840) (c) $ 669,858 Self-storage revenues 76,718 – – – 76,718 Self-moving and self-storage products and service sales 78,911 – – – 78,911 Property management fees 6,762 – – – 6,762 Life insurance premiums – – 39,091 – 39,091 Property and casualty insurance premiums – 11,815 – – 11,815 Net investment and interest income 2,657 4,291 20,655 (386) (b) 27,217 Other revenue 46,781 – 910 (138) (b) 47,553 Total revenues 882,527 16,106 60,656 (1,364) 957,925 Costs and expenses: Operating expenses 403,811 8,232 5,617 (968) (b,c) 416,692 Commission expenses 75,365 – – – 75,365 Cost of sales 47,595 – – – 47,595 Benefits and losses – 2,438 45,282 – 47,720 Amortization of deferred policy acquisition costs – – 6,321 – 6,321 Lease expense 8,334 – – (47) (b) 8,287 Depreciation, net of (gains) losses on disposal 126,335 – – – 126,335 Net (gains) losses on disposal of real estate 347 – – – 347 Total costs and expenses 661,787 10,670 57,220 (1,015) 728,662 Earnings from operations before equity in earnings of subsidiaries 220,740 5,436 3,436 (349) 229,263 Equity in earnings of subsidiaries 5,810 – – (5,810) (d) – Earnings from operations 226,550 5,436 3,436 (6,159) 229,263 Other components of net periodic benefit costs (232) – – – (232) Interest expense (30,694) – – 349 (b) (30,345) Pretax earnings 195,624 5,436 3,436 (5,810) 198,686 Income tax expense (69,417) (1,862) (1,200) – (72,479) Earnings available to common shareholders $ 126,207 $ 3,574 $ 2,236 $ (5,810) $ 126,207 (a) Balances for the quarter ended March 31, 2017 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries | |
Consolidated Cash Flow Statement by Industry Segment | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2018 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 127,849 $ 2,168 $ 1,488 $ (3,656) $ 127,849 Earnings from consolidated entities (3,656) – – 3,656 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 142,722 – – – 142,722 Amortization of deferred policy acquisition costs – – 6,031 – 6,031 Amortization of debt issuance costs 984 – – – 984 Interest credited to policyholders – – 8,060 – 8,060 Change in allowance for losses on trade receivables 40 – (2) – 38 Change in allowance for inventories and parts reserve 2,139 – – – 2,139 Net gains on disposal of personal property (16,295) – – – (16,295) Net (gains) losses on sales of investments – (38) 544 – 506 Deferred income taxes 38,011 1,140 (473) – 38,678 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (14,763) 2,331 (2,111) – (14,543) Inventories and parts (7,170) – – – (7,170) Prepaid expenses (17,999) – – – (17,999) Capitalization of deferred policy acquisition costs – – (5,808) – (5,808) Other assets (132) (243) (386) – (761) Related party assets 4,713 (2,508) – – 2,205 Accounts payable and accrued expenses 84,004 835 4,509 – 89,348 Policy benefits and losses, claims and loss expenses payable 4,208 (1,466) 2,549 – 5,291 Other policyholders' funds and liabilities – (577) 393 – (184) Deferred income 7,732 – – – 7,732 Related party liabilities (913) 2,003 (616) – 474 Net cash provided by operating activities 351,474 3,645 14,178 – 369,297 Cash flows from investing activities: Escrow deposits (4,559) – – – (4,559) Purchases of: Property, plant and equipment (548,147) – – – (548,147) Short term investments – (14,220) (170) – (14,390) Fixed maturities investments – (12,754) (90,367) – (103,121) Equity securities – – (46) – (46) Preferred stock – – (81) – (81) Real estate – (59) (21) – (80) Mortgage loans – (2,287) (5,975) – (8,262) Proceeds from sales and paydowns of: Property, plant and equipment 187,546 – – – 187,546 Short term investments – 20,287 129 – 20,416 Fixed maturities investments – 3,170 11,776 – 14,946 Preferred stock – 500 – – 500 Mortgage loans – 198 9,204 – 9,402 Net cash used by investing activities (365,160) (5,165) (75,551) – (445,876) (page 1 of 2) (a) Balance for the period ended March 31, 2018 Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 103,641 – – – 103,641 Principal repayments on credit facilities (73,770) – – – (73,770) Payments of debt issuance costs (1,420) – – – (1,420) Capital lease payments (84,374) – – – (84,374) Employee stock ownership plan shares (57) – – – (57) Common stock dividend paid (9,795) – – – (9,795) Investment contract deposits – – 76,343 – 76,343 Investment contract withdrawals – – (38,763) – (38,763) Net cash provided (used) by financing activities (65,775) – 37,580 – (28,195) Effects of exchange rate on cash (4,275) – – – (4,275) Decrease in cash and cash equivalents (83,736) (1,520) (23,793) – (109,049) Cash and cash equivalents at beginning of period 702,036 6,639 50,713 – 759,388 Cash and cash equivalents at end of period $ 618,300 $ 5,119 $ 26,920 $ – $ 650,339 (page 2 of 2) (a) Balance for the period ended March 31, 2018 | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2017 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 126,207 $ 3,574 $ 2,236 $ (5,810) $ 126,207 Earnings from consolidated entities (5,810) – – 5,810 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 131,423 – – – 131,423 Amortization of deferred policy acquisition costs – – 6,321 – 6,321 Amortization of debt issuance costs 932 – – – 932 Interest credited to policyholders – – 7,651 – 7,651 Change in allowance for losses on trade receivables (26) – – – (26) Change in allowance for inventories and parts reserve 1,114 – – – 1,114 Net gains on disposal of personal property (5,088) – – – (5,088) Net losses on disposal of real estate 347 – – – 347 Net gains on sales of investments – (589) (1,396) – (1,985) Deferred income taxes 16,765 (1,600) (3,141) – 12,024 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (10,955) 4,375 (2,290) – (8,870) Inventories and parts (11,982) – – – (11,982) Prepaid expenses 44,788 – – – 44,788 Capitalization of deferred policy acquisition costs – – (8,228) – (8,228) Other assets (4,098) 1,665 (90) – (2,523) Related party assets 7,721 115 – – 7,836 Accounts payable and accrued expenses 48,255 1,249 12,200 – 61,704 Policy benefits and losses, claims and loss expenses payable 7,125 (6,051) 3,673 – 4,747 Other policyholders' funds and liabilities – 101 3,982 – 4,083 Deferred income 8,393 – – – 8,393 Related party liabilities (2,812) (117) 397 – (2,532) Net cash provided by operating activities 352,299 2,722 21,315 – 376,336 Cash flows from investing activities: Escrow deposits 23,005 – – – 23,005 Purchases of: Property, plant and equipment (480,259) – – – (480,259) Short term investments – (10,779) (5,712) – (16,491) Fixed maturities investments – (11,602) (111,488) – (123,090) Real estate (505) – – – (505) Mortgage loans – (6,059) (18,323) – (24,382) Proceeds from sales and paydowns of: Property, plant and equipment 142,343 – – – 142,343 Short term investments – 15,424 9,215 – 24,639 Fixed maturities investments – 4,275 32,284 – 36,559 Real estate 2,664 – – – 2,664 Mortgage loans – 1,585 4,469 – 6,054 Net cash used by investing activities (312,752) (7,156) (89,555) – (409,463) (page 1 of 2) (a) Balance for the period ended March 31, 2017 Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 155,367 – – – 155,367 Principal repayments on credit facilities (64,819) – – – (64,819) Payment of debt issuance costs (1,734) – – – (1,734) Capital lease payments (56,522) – – – (56,522) Employee stock ownership plan shares 3,516 – – – 3,516 Securitization deposits 49 – – – 49 Investment contract deposits – – 155,437 – 155,437 Investment contract withdrawals – – (54,205) – (54,205) Net cash provided by financing activities 35,857 – 101,232 – 137,089 Effects of exchange rate on cash 4,424 – – – 4,424 Increase (decrease) in cash and cash equivalents 79,828 (4,434) 32,992 – 108,386 Cash and cash equivalents at beginning of period 671,665 12,725 13,416 – 697,806 Cash and cash equivalents at end of period $ 751,493 $ 8,291 $ 46,408 $ – $ 806,192 (page 2 of 2) (a) Balance for the period ended March 31, 2017 |
Industry Segment and Geograph32
Industry Segment and Geographic Area Data (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Industry Segment and Geographic Area Data | United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2018 Total revenues $ 971,295 $ 48,282 $ 1,019,577 Depreciation and amortization, net of (gains) losses on disposal 131,379 1,079 132,458 Interest expense 34,549 705 35,254 Pretax earnings 163,262 5,935 169,197 Income tax expense 39,777 1,571 41,348 Identifiable assets 10,657,222 344,262 11,001,484 Quarter Ended June 30, 2017 Total revenues $ 913,114 $ 44,811 $ 957,925 Depreciation and amortization, net of (gains) losses on disposal 131,499 1,504 133,003 Interest expense 29,643 702 30,345 Pretax earnings 191,973 6,713 198,686 Income tax expense 70,610 1,869 72,479 Identifiable assets 9,390,397 410,743 9,801,140 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Post Retirement Benefit Cost | Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 277 $ 268 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 236 217 Other components 17 15 Total other components of net periodic benefit costs 253 232 Net periodic postretirement benefit cost $ 530 $ 500 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | As of June 30, 2018 Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) Assets Short term investments $ 409,787 $ 409,787 $ – $ – Fixed maturities - available for sale 1,913,838 7,372 1,906,197 269 Preferred stock 10,186 10,186 – – Common stock 26,852 26,852 – – Derivatives 4,256 3,834 422 – Total $ 2,364,919 $ 458,031 $ 1,906,619 $ 269 Liabilities Derivatives $ 338 $ – $ 338 $ – Total $ 338 $ – $ 338 $ – | As of March 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets Short term investments $ 475,320 $ 475,320 $ – $ – Fixed maturities - available for sale 1,881,137 7,567 1,873,293 277 Preferred stock 10,861 10,861 – – Common stock 27,862 27,862 – – Derivatives 4,825 4,388 437 – Total $ 2,400,005 $ 525,998 $ 1,873,730 $ 277 Liabilities Derivatives $ 897 $ – $ 897 $ – Total $ 897 $ – $ 897 $ – |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Fixed Maturities - Asset Backed Securities (Unaudited) (In thousands) Balance as of March 31, 2018 $ 277 Fixed Maturities - Asset Backed Securities - redeemed (14) Fixed Maturities - Asset Backed Securities - net gain (unrealized) 6 Balance as of June 30, 2018 $ 269 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 3 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Quarter Ended June 30, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time: $ 757,736 $ 706,072 Revenues recognized at a point in time: 90,190 89,138 Total revenues recognized under ASC 606 847,926 795,210 Revenues recognized under ASC 840 95,857 83,452 Revenues recognized under ASC 944 51,189 52,046 Revenues recognized under ASC 320 24,605 27,217 Total revenues $ 1,019,577 $ 957,925 |
Basis of Presentation (Narrativ
Basis of Presentation (Narratives) (Details) | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Earnings Per Share (Narratives)
Earnings Per Share (Narratives) (Details) - shares | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Post 1992 shares of the employee stock ownership plan that have not been committed to be released | 16,828 | 19,533 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Available-for-sale Securities [Abstract] | ||
Equity investments | $ 1,950,876 | $ 1,919,860 |
Regulatory Capital Requirements [Abstract] | ||
Assets held by insurance regulators | 31,400 | 32,400 |
Fair value of sold available-for-sale securities | 14,000 | |
Available-for-sale securities, gross realized gains | 200 | |
Preferred stocks [Member] | ||
Available-for-sale Securities [Abstract] | ||
Equity investments | 8,000 | 8,700 |
Common stocks [Member] | ||
Available-for-sale Securities [Abstract] | ||
Equity investments | $ 26,900 | $ 27,900 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Available-for-sale securities, investments: | ||
Amortized cost | $ 1,903,719 | $ 1,823,199 |
Gross unrealized gains | 37,570 | 66,741 |
Gross unrealized losses more than 12 months | (7,089) | (4,263) |
Gross unrealized losses less than 12 months | (18,151) | (2,293) |
Available for sale investments, estimated market value | 1,916,049 | 1,883,384 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 123,420 | 123,557 |
Gross unrealized gains | 1,858 | 3,595 |
Gross unrealized losses more than 12 months | (1,561) | (1,036) |
Gross unrealized losses less than 12 months | (911) | (203) |
Available for sale investments, estimated market value | 122,806 | 125,913 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 63,031 | 36,416 |
Gross unrealized gains | 714 | 951 |
Gross unrealized losses more than 12 months | (1) | (1) |
Gross unrealized losses less than 12 months | (662) | (93) |
Available for sale investments, estimated market value | 63,082 | 37,273 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 190,454 | 178,702 |
Gross unrealized gains | 7,481 | 9,938 |
Gross unrealized losses more than 12 months | (236) | (217) |
Gross unrealized losses less than 12 months | (538) | (18) |
Available for sale investments, estimated market value | 197,161 | 188,405 |
Corporate securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 1,423,091 | 1,388,300 |
Gross unrealized gains | 26,369 | 50,056 |
Gross unrealized losses more than 12 months | (5,291) | (3,009) |
Gross unrealized losses less than 12 months | (15,275) | (1,826) |
Available for sale investments, estimated market value | 1,428,894 | 1,433,521 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 101,605 | 94,106 |
Gross unrealized gains | 1,055 | 2,072 |
Gross unrealized losses more than 12 months | ||
Gross unrealized losses less than 12 months | (765) | (153) |
Available for sale investments, estimated market value | 101,895 | 96,025 |
Redeemable preferred stock | ||
Available-for-sale securities, investments: | ||
Amortized cost | 2,118 | 2,118 |
Gross unrealized gains | 93 | 129 |
Gross unrealized losses more than 12 months | ||
Gross unrealized losses less than 12 months | ||
Available for sale investments, estimated market value | $ 2,211 | $ 2,247 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 1,903,719 | $ 1,823,199 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | 1,916,049 | 1,883,384 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 42,372 | 36,446 |
Due after one year through five years | 469,929 | 441,223 |
Due after five years through ten years | 616,785 | 607,895 |
Due after ten years | 670,910 | 641,411 |
Amortized cost by contractural maturity | 1,799,996 | 1,726,975 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 42,546 | 36,674 |
Due after one year through five years | 472,652 | 450,816 |
Due after five years through ten years | 618,194 | 626,174 |
Due after ten years | 678,551 | 671,448 |
Estimated market value by contractural maturity | 1,811,943 | 1,785,112 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 101,605 | 94,106 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | 101,895 | 96,025 |
Redeemable preferred stock | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 2,118 | 2,118 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | $ 2,211 | $ 2,247 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | |
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 3,586,127 | $ 3,513,076 | |
Interest paid related to derivative contracts [Abstract] | |||
Interest paid in cash | 34,400 | $ 31,000 | |
Real estate loan [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 132,787 | 135,287 | |
Senior Mortgages [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 1,519,614 | 1,487,645 | |
Working Capital Loans [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 75,000 | 55,000 | |
Rental Truck (amortizing loans) First Loan [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 332,236 | 342,971 | |
Capital Lease Obligations [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 1,029,405 | 984,217 | |
Capital Lease Obligations [Member] | AMERCO [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
New capital lease obligiations, amount | 126,900 | ||
Notes, loans and leases payable | 1,029,400 | 984,200 | |
Capitalized assets, net book value | $ 1,479,400 | 1,407,600 | |
Debt instruments, miscellaneous information: | |||
Terms of lease | Between 5 and 7 years | ||
Other Obligations [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 72,978 | 73,579 | |
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Uhaul International, Inc [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 6.93% | ||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 2.05% | ||
Applicable margin interest rate | 1.50% | ||
Debt instrument, interest rate at period end | 1.50% | ||
Sum of LIBOR and margin, maximum rate | 3.55% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, remaining borrowing capacity | $ 60,600 | ||
Amounts held at LIBOR plus margin | 72,200 | ||
Notes, loans and leases payable | $ 132,800 | ||
Debt instruments, issuance and maturity dates: | |||
Mortgage loans on real estate, final maturity date | Apr. 30, 2023 | ||
Debt instrument, maturity date | Aug. 31, 2018 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 1,519,600 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date range, start | Jan. 1, 2021 | ||
Debt instrument, maturity date range, end | Dec. 31, 2038 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 3.72% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 6.62% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.98% | ||
Applicable margin interest rate | 1.38% | ||
Sum of LIBOR and margin, maximum rate | 3.36% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 85,000 | ||
Line of credit facility, remaining borrowing capacity | $ 75,000 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date | Jun. 30, 2021 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | AMERCO [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Applicable margin, per loan agreement, minimum rate | 1.38% | ||
Applicable margin, per loan agreement, maximum rate | 1.50% | ||
Unused capacity fee | 0.30% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 300,000 | ||
Line of credit, current borrowing capacity | 150,000 | ||
Line of credit facility, remaining borrowing capacity | $ 150,000 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date | Sep. 30, 2020 | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.98% | ||
LIBOR - highest rate | 2.07% | ||
Applicable margin, per loan agreement, minimum rate | 1.72% | ||
Applicable margin, per loan agreement, maximum rate | 2.25% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 332,200 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date range, start | Sep. 1, 2018 | ||
Debt instrument, maturity date range, end | Jun. 30, 2025 | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.82% | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.11% | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) second loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Amount held at fixed interest rates | $ 286,600 | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) second loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.95% | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) second loan [Member] | Amerco Real Estate Co and Uhaul International, Inc [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.66% | ||
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.98% | ||
Applicable margin interest rate | 1.15% | ||
Sum of LIBOR and margin, maximum rate | 3.13% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Debt instrument, original face amount | $ 510,000 | ||
Line of credit facility, maximum borrowing capacity | 565,000 | ||
Notes, loans and leases payable | $ 450,000 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date range, start | Jan. 1, 2021 | ||
Debt instrument, maturity date range, end | Jul. 31, 2022 | ||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 76,500 | ||
Subsidiary holdings of parent company debt | $ 3,500 | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity date range, start | Jan. 1, 2018 | ||
Debt instrument, maturity date range, end | Dec. 31, 2047 | ||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.75% | ||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Life Insurance [Member] | Federal Home Loan Bank [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Aggregate deposit amount | 60,000 | ||
Available for sale equity securities, noncurrent | 125,000 | ||
Available for sale equity securities pledged as collateral | $ 72,400 | ||
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 1.48% | ||
Deposit maturity date | Sep. 29, 2018 | ||
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 2.67% | ||
Deposit maturity date | Mar. 31, 2021 |
Borrowings (Long-term Debt Borr
Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | ||
Debt instrument, maturities: | |||
Notes, loans and leases payable, gross | $ 3,612,020 | $ 3,538,699 | |
Less: Debt issuance costs | (25,893) | (25,623) | |
Notes, loans and leases payable | $ 3,586,127 | 3,513,076 | |
Real estate loan (amortizing term) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year | 2,023 | ||
Notes, loans and leases payable | $ 132,787 | 135,287 | |
Real estate loan (amortizing term) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.55% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 6.93% | |
Senior Mortgages [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,021 | ||
Debt instrument, maturity year range, end | 2,038 | ||
Notes, loans and leases payable | $ 1,519,614 | 1,487,645 | |
Senior Mortgages [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.72% | |
Senior Mortgages [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 6.62% | |
Working capital loan (revolving credit) [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.36% | |
Debt instrument, maturities: | |||
Debt instrument, maturity year | 2,021 | ||
Notes, loans and leases payable | $ 75,000 | 55,000 | |
Fleet loans (amortizing term) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,018 | ||
Debt instrument, maturity year range, end | 2,025 | ||
Notes, loans and leases payable | $ 332,236 | 342,971 | |
Fleet loans (amortizing term) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 1.95% | |
Fleet loans (amortizing term) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 4.66% | |
Fleet loans (revolving credit) [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.13% | |
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,021 | ||
Debt instrument, maturity year range, end | 2,022 | ||
Notes, loans and leases payable | $ 450,000 | 460,000 | |
Capital Leases (rental equipment) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,018 | ||
Debt instrument, maturity year range, end | 2,025 | ||
Notes, loans and leases payable | $ 1,029,405 | 984,217 | |
Capital Leases (rental equipment) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 1.92% | |
Capital Leases (rental equipment) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 5.04% | |
Other Obligations [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,018 | ||
Debt instrument, maturity year range, end | 2,047 | ||
Notes, loans and leases payable | $ 72,978 | $ 73,579 | |
Other Obligations [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 2.75% | |
Other Obligations [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 8.00% | |
[1] | Interest rate as of June 30, 2018, including the effect of applicable hedging instruments |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Long-term debt, by Maturity: | |
2,019 | $ 483,563 |
2,020 | 433,620 |
2,021 | 526,913 |
2,022 | 534,647 |
2,023 | 259,432 |
Thereafter | $ 1,373,845 |
Borrowings (Components of Inter
Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Interest expense, borrowings: | ||
Interest expense | $ 34,196 | $ 29,629 |
Capitalized interest | (419) | (1,765) |
Amortization of transaction costs | 961 | 932 |
Interest expense resulting from derivatives | 516 | 1,549 |
Total interest expense | $ 35,254 | $ 30,345 |
Borrowings (Interest Rates and
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and debt expense: | ||
Weighted average interest rate during the quarter | 3.11% | 2.24% |
Interest rate at quarter end | 3.16% | 2.25% |
Maximum amount outstanding during the quarter | $ 525,000 | $ 508,000 |
Average amount outstanding during the quarter | 497,967 | 499,659 |
Facility fees | $ 144 | $ 76 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Interest Rate Derivatives [Abstract] | ||
Total notional amount of Company's variable interest rate swaps on debt | $ 107,400 | |
Notional amount of operating lease | 5,800 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 422 | $ 960 |
Loss reclassified from AOCI into income (effective portion) | 500 | $ 1,550 |
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months | $ 18 |
Derivatives (Interest rate swap
Derivatives (Interest rate swap agreements) (Details) $ in Millions | 3 Months Ended | |
Jun. 30, 2018USD ($) | ||
Swap Agreement Three [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 300 | |
Derivative, Inception Date | Aug. 16, 2006 | |
Derivative Effective Date | Aug. 18, 2006 | |
Derivative, Maturity Date | Aug. 10, 2018 | |
Designated Cash Flow Hedge Date | Aug. 4, 2006 | |
Swap Agreement Thirteen [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 50 | [1] |
Derivative, Inception Date | Jul. 29, 2011 | |
Derivative Effective Date | Aug. 15, 2011 | |
Derivative, Maturity Date | Aug. 15, 2018 | |
Designated Cash Flow Hedge Date | Jul. 29, 2011 | |
Swap Agreement Fourteen [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 20 | [1] |
Derivative, Inception Date | Aug. 3, 2011 | |
Derivative Effective Date | Sep. 12, 2011 | |
Derivative, Maturity Date | Sep. 10, 2018 | |
Designated Cash Flow Hedge Date | Aug. 3, 2011 | |
Swap Agreement Fifteen [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 15.1 | [2] |
Derivative, Inception Date | Mar. 27, 2012 | |
Derivative Effective Date | Mar. 28, 2012 | |
Derivative, Maturity Date | Mar. 28, 2019 | |
Designated Cash Flow Hedge Date | Mar. 26, 2012 | |
Swap Agreement Sixteen [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 25 | |
Derivative, Inception Date | Apr. 13, 2012 | |
Derivative Effective Date | Apr. 16, 2012 | |
Derivative, Maturity Date | Apr. 1, 2019 | |
Designated Cash Flow Hedge Date | Apr. 12, 2012 | |
Swap Agreement Seventeen [Member] | ||
Swaps: | ||
Debt instrument, face amount | $ 44.3 | |
Derivative, Inception Date | Jan. 11, 2013 | |
Derivative Effective Date | Jan. 15, 2013 | |
Derivative, Maturity Date | Dec. 15, 2019 | |
Designated Cash Flow Hedge Date | Jan. 11, 2013 | |
[1] | forward swap | |
[2] | operating lease |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Interest Rate Fair Value Hedges [Abstract] | ||
Assets | $ 422 | $ 437 |
Liabilities | $ (338) | $ (897) |
Derivatives (Effect of Interest
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
The effect of interest rate contracts on the statement of operations: | ||
Loss recognized in income on interest rate contracts | $ 516 | $ 1,549 |
(Gain) loss recognized in AOCI on interest rate contracts (effective portion) | (560) | (1,550) |
Loss reclassified from AOCI into income (effective portion) | 500 | 1,550 |
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) | $ 16 | $ (1) |
Comprehensive Income (Loss) (Ac
Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | $ (4,623) | |
Foreign currency translation | (2,093) | $ 8,267 |
Unrealized net gain on investments | (39,672) | 6,911 |
Change in fair value of cash flow hedges | 422 | 960 |
Amount reclassified from AOCI | 500 | $ 1,550 |
Balance as of June 30, 2018 | (45,966) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | (54,853) | |
Foreign currency translation | (2,093) | |
Unrealized net gain on investments | ||
Change in fair value of cash flow hedges | ||
Amount reclassified from AOCI | ||
Other comprehensive income (loss) | (2,093) | |
Balance as of June 30, 2018 | (56,946) | |
Unrealized Net Gain on Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | 52,509 | |
Foreign currency translation | ||
Unrealized net gain on investments | (39,672) | |
Change in fair value of cash flow hedges | ||
Amount reclassified from AOCI | ||
Other comprehensive income (loss) | (39,672) | |
Balance as of June 30, 2018 | 12,837 | |
Fair Market Value of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | (370) | |
Foreign currency translation | ||
Unrealized net gain on investments | ||
Change in fair value of cash flow hedges | 922 | |
Amount reclassified from AOCI | (500) | |
Other comprehensive income (loss) | 422 | |
Balance as of June 30, 2018 | 52 | |
Postretirement Benefit Obligation Gain [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | (1,909) | |
Foreign currency translation | ||
Unrealized net gain on investments | ||
Change in fair value of cash flow hedges | ||
Amount reclassified from AOCI | ||
Other comprehensive income (loss) | ||
Balance as of June 30, 2018 | (1,909) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2018 | (4,623) | |
Foreign currency translation | (2,093) | |
Unrealized net gain on investments | (39,672) | |
Change in fair value of cash flow hedges | 922 | |
Amount reclassified from AOCI | (500) | |
Other comprehensive income (loss) | (41,343) | |
Balance as of June 30, 2018 | $ (45,966) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Dividends payable, date declared | Jun. 6, 2018 | Mar. 8, 2018 |
Dividends payable, amount per share | $ 0.5 | $ 0.5 |
Dividends payable, date of record | Jun. 21, 2018 | Mar. 23, 2018 |
Dividends payable, date to be paid | Jul. 5, 2018 | Apr. 6, 2018 |
Contingent Liabilities And Co52
Contingent Liabilities And Commitments (Narratives) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Operating leases, rental equipment [Abstract] | |
Lease expiration year | 2,024 |
Guaranteed residual value | $ 14.2 |
Lease equipment start date | 1,987 |
Contingent Liabilities and Co53
Contingent Liabilities and Commitments (Lease commitments for leases having terms of more than one year) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Year-ended June 30: | |
2,019 | $ 25,327 |
2,020 | 18,828 |
2,021 | 17,238 |
2,022 | 16,081 |
2,023 | 15,591 |
Thereafter | 65,970 |
Total | 159,035 |
Property Plant and Equipment, Ground [Member] | |
Year-ended June 30: | |
2,019 | 1,008 |
2,020 | 1,024 |
2,021 | 1,025 |
2,022 | 1,030 |
2,023 | 1,030 |
Thereafter | 49,391 |
Total | 54,508 |
Property, Plant and Equipment, Operating [Member] | |
Year-ended June 30: | |
2,019 | 17,032 |
2,020 | 17,376 |
2,021 | 16,213 |
2,022 | 15,051 |
2,023 | 14,561 |
Thereafter | 16,579 |
Total | 96,812 |
Rental Equipment [Member] | |
Year-ended June 30: | |
2,019 | 7,287 |
2,020 | 428 |
2,021 | |
2,022 | |
2,023 | |
Thereafter | |
Total | $ 7,715 |
Contingencies (Narratives) (Det
Contingencies (Narratives) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Self Insured Retention Attorney Fees | $ 27.3 |
Legal Fees | $ 26.8 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member] | ||
Related party costs and expenses: | ||
Revenue, excluding dealer agreement commissions and expenses | $ 6.2 | |
Expenses, related parties | 0.7 | |
Cash flow, related party | 5.4 | |
Revenue, generated by the dealer agreement from related parties | 75.4 | |
Commission expenses, generated from dealer agreement with related parties | 16.5 | |
Amerco Real Estate Co and Uhaul International, Inc [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | ||
Management fees revenue: | ||
Management fees received exclusive of reimbursed expenses | $ 10.3 | $ 10 |
Amerco Real Estate Co and Uhaul International, Inc [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member] | ||
Management fees revenue: | ||
Management fee rate | 4.00% | 4.00% |
Amerco Real Estate Co and Uhaul International, Inc [Member] | Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member] | ||
Management fees revenue: | ||
Management fee rate | 10.00% | 10.00% |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related party transactions: | ||
Management fees revenue | $ 7,416 | $ 6,762 |
Revenue from related parties | 7,416 | 7,967 |
Blackwater [Member] | ||
Related party transactions: | ||
Interest income revenue | 1,205 | |
Management fees revenue | 6,200 | 6,162 |
Mercury [Member] | ||
Related party transactions: | ||
Management fees revenue | $ 1,216 | $ 600 |
Related Party Transactions (R57
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related party cost and expense: | ||
Related party expenses, total | $ 17,155 | $ 16,567 |
Blackwater [Member] | ||
Related party cost and expense: | ||
U-Haul lease expenses | 670 | 681 |
U-Haul commission expenses | $ 16,485 | $ 15,886 |
Related Party Transactions (R58
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Related party assets: | |||
Related party assets | $ 30,486 | $ 33,276 | |
Blackwater [Member] | |||
Related party assets: | |||
U-Haul receivables | 25,801 | 24,034 | |
Mercury [Member] | |||
Related party assets: | |||
U-Haul receivables | 6,364 | 10,357 | |
Insurance Group [Member] | |||
Related party assets: | |||
Other | [1] | $ (1,679) | $ (1,115) |
[1] | Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods |
Consolidating financial infor59
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |||
ASSETS: | |||||||
Cash and cash equivalents | $ 650,339 | $ 759,388 | $ 806,192 | $ 697,806 | |||
Reinsurance recoverables and trade receivables, net | 207,987 | 193,538 | |||||
Inventories, net | 94,901 | 89,877 | |||||
Prepaid expenses | 183,536 | 166,129 | |||||
Investments, fixed maturities and marketable equities | 1,950,876 | 1,919,860 | |||||
Investments, other | 396,622 | 399,064 | |||||
Deferred policy acquisition costs, net | 134,133 | 124,767 | |||||
Other assets | 248,320 | 244,782 | |||||
Related party assets | 30,486 | 33,276 | |||||
Subtotal assets | 3,897,200 | 3,930,681 | |||||
Investments in subsidiaries | |||||||
Property, plant and equipment, at cost: | |||||||
Land | 849,042 | 827,649 | |||||
Buildings and improvements | 3,331,918 | 3,140,713 | |||||
Furniture and equipment | 641,730 | 632,803 | |||||
Property, plant and equipment (gross) | 9,903,739 | 9,537,883 | |||||
Less: Accumulated depreciation | (2,799,455) | (2,721,142) | |||||
Total property, plant and equipment | 7,104,284 | 6,816,741 | |||||
Total assets | 11,001,484 | 10,747,422 | 9,801,140 | ||||
Liabilities: | |||||||
Accounts payable and accrued expenses | 518,033 | 511,115 | |||||
Notes, loans and leases payable | 3,586,127 | 3,513,076 | |||||
Policy benefits and losses, claims and loss expenses payable | 1,252,810 | 1,248,033 | |||||
Liabilities from investment contracts | 1,409,705 | 1,364,066 | |||||
Other policyholders' funds and liabilities | 9,857 | 10,040 | |||||
Deferred income | 41,963 | 34,276 | |||||
Deferred income taxes, net | 686,844 | 658,108 | |||||
Related party liabilities | |||||||
Total liabilities | 7,505,339 | 7,338,714 | |||||
Stockholders' equity: | |||||||
Additional paid-in capital | 452,862 | 452,746 | |||||
Accumulated other comprehensive loss | (45,966) | (4,623) | |||||
Retained earnings | 3,763,339 | 3,635,561 | |||||
Unearned employee stock ownership plan shares | (6,937) | (7,823) | |||||
Total stockholders' equity | 3,496,145 | 3,408,708 | |||||
Total liabilities and stockholders' equity | 11,001,484 | 10,747,422 | |||||
Rental Trailers and Other Rental Equipment [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | 547,291 | 545,968 | |||||
Rental Trucks [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | 4,533,758 | 4,390,750 | |||||
Series A Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Series B Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Serial Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | |||||||
Amerco Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | 10,497 | 10,497 | |||||
Common Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | (525,653) | (525,653) | |||||
Preferred Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | (151,997) | (151,997) | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||||
ASSETS: | |||||||
Cash and cash equivalents | 618,300 | 702,036 | 751,493 | 671,665 | |||
Reinsurance recoverables and trade receivables, net | 79,460 | 64,798 | |||||
Inventories, net | 94,901 | 89,877 | |||||
Prepaid expenses | 183,536 | 166,129 | |||||
Investments, fixed maturities and marketable equities | |||||||
Investments, other | 22,993 | 22,992 | |||||
Deferred policy acquisition costs, net | |||||||
Other assets | 244,325 | 241,493 | |||||
Related party assets | 35,211 | 40,003 | |||||
Subtotal assets | 1,278,726 | 1,327,328 | |||||
Investments in subsidiaries | 517,861 | 544,151 | |||||
Property, plant and equipment, at cost: | |||||||
Land | 849,042 | 827,649 | |||||
Buildings and improvements | 3,331,918 | 3,140,713 | |||||
Furniture and equipment | 641,730 | 632,803 | |||||
Property, plant and equipment (gross) | 9,903,739 | 9,537,883 | |||||
Less: Accumulated depreciation | (2,799,455) | (2,721,142) | |||||
Total property, plant and equipment | 7,104,284 | 6,816,741 | |||||
Total assets | 8,900,871 | 8,688,220 | |||||
Liabilities: | |||||||
Accounts payable and accrued expenses | 509,704 | 506,158 | |||||
Notes, loans and leases payable | 3,586,127 | 3,513,076 | |||||
Policy benefits and losses, claims and loss expenses payable | 572,151 | 568,456 | |||||
Liabilities from investment contracts | |||||||
Other policyholders' funds and liabilities | |||||||
Deferred income | 41,963 | 34,276 | |||||
Deferred income taxes, net | 667,537 | 629,389 | |||||
Related party liabilities | 27,244 | 28,157 | |||||
Total liabilities | 5,404,726 | 5,279,512 | |||||
Stockholders' equity: | |||||||
Additional paid-in capital | 453,072 | 452,956 | |||||
Accumulated other comprehensive loss | (45,966) | (4,623) | |||||
Retained earnings | 3,763,129 | 3,635,351 | |||||
Unearned employee stock ownership plan shares | (6,937) | (7,823) | |||||
Total stockholders' equity | 3,496,145 | 3,408,708 | |||||
Total liabilities and stockholders' equity | 8,900,871 | 8,688,220 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | 547,291 | 545,968 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | 4,533,758 | 4,390,750 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | |||||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | 10,497 | 10,497 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | (525,653) | (525,653) | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | (151,997) | (151,997) | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||||
ASSETS: | |||||||
Cash and cash equivalents | 5,119 | [1] | 6,639 | [2] | 8,291 | 12,725 | |
Reinsurance recoverables and trade receivables, net | 97,351 | [1] | 99,682 | [2] | |||
Inventories, net | [1] | [2] | |||||
Prepaid expenses | [1] | [2] | |||||
Investments, fixed maturities and marketable equities | 287,278 | [1] | 285,846 | [2] | |||
Investments, other | 61,557 | [1] | 65,553 | [2] | |||
Deferred policy acquisition costs, net | [1] | [2] | |||||
Other assets | 1,004 | [1] | 685 | [2] | |||
Related party assets | 9,452 | [1] | 6,959 | [2] | |||
Subtotal assets | 461,761 | [1] | 465,364 | [2] | |||
Investments in subsidiaries | [1] | [2] | |||||
Property, plant and equipment, at cost: | |||||||
Land | [1] | [2] | |||||
Buildings and improvements | [1] | [2] | |||||
Furniture and equipment | [1] | [2] | |||||
Property, plant and equipment (gross) | [1] | [2] | |||||
Less: Accumulated depreciation | [1] | [2] | |||||
Total property, plant and equipment | [1] | [2] | |||||
Total assets | 461,761 | [1] | 465,364 | [2] | |||
Liabilities: | |||||||
Accounts payable and accrued expenses | 3,417 | [1] | 2,582 | [2] | |||
Notes, loans and leases payable | [1] | [2] | |||||
Policy benefits and losses, claims and loss expenses payable | 232,893 | [1] | 234,359 | [2] | |||
Liabilities from investment contracts | [1] | [2] | |||||
Other policyholders' funds and liabilities | 4,800 | [1] | 5,377 | [2] | |||
Deferred income | [1] | [2] | |||||
Deferred income taxes, net | 7,523 | [1] | 8,927 | [2] | |||
Related party liabilities | 4,860 | [1] | 2,870 | [2] | |||
Total liabilities | 253,493 | [1] | 254,115 | [2] | |||
Stockholders' equity: | |||||||
Additional paid-in capital | 91,120 | [1] | 91,120 | [2] | |||
Accumulated other comprehensive loss | 1,653 | [1] | 16,526 | [2] | |||
Retained earnings | 112,194 | [1] | 100,302 | [2] | |||
Unearned employee stock ownership plan shares | [1] | [2] | |||||
Total stockholders' equity | 208,268 | [1] | 211,249 | [2] | |||
Total liabilities and stockholders' equity | 461,761 | [1] | 465,364 | [2] | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | 3,301 | [1] | 3,301 | [2] | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | [1] | [2] | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | |||||||
ASSETS: | |||||||
Cash and cash equivalents | 26,920 | [1] | 50,713 | [2] | 46,408 | 13,416 | |
Reinsurance recoverables and trade receivables, net | 31,176 | [1] | 29,058 | [2] | |||
Inventories, net | [1] | [2] | |||||
Prepaid expenses | [1] | [2] | |||||
Investments, fixed maturities and marketable equities | 1,663,598 | [1] | 1,634,014 | [2] | |||
Investments, other | 312,072 | [1] | 310,519 | [2] | |||
Deferred policy acquisition costs, net | 134,133 | [1] | 124,767 | [2] | |||
Other assets | 2,991 | [1] | 2,604 | [2] | |||
Related party assets | 18,304 | [1] | 18,334 | [2] | |||
Subtotal assets | 2,189,194 | [1] | 2,170,009 | [2] | |||
Investments in subsidiaries | [1] | [2] | |||||
Property, plant and equipment, at cost: | |||||||
Land | [1] | [2] | |||||
Buildings and improvements | [1] | [2] | |||||
Furniture and equipment | [1] | [2] | |||||
Property, plant and equipment (gross) | [1] | [2] | |||||
Less: Accumulated depreciation | [1] | [2] | |||||
Total property, plant and equipment | [1] | [2] | |||||
Total assets | 2,189,194 | [1] | 2,170,009 | [2] | |||
Liabilities: | |||||||
Accounts payable and accrued expenses | 4,912 | [1] | 2,375 | [2] | |||
Notes, loans and leases payable | [1] | [2] | |||||
Policy benefits and losses, claims and loss expenses payable | 447,766 | [1] | 445,218 | [2] | |||
Liabilities from investment contracts | 1,409,705 | [1] | 1,364,066 | [2] | |||
Other policyholders' funds and liabilities | 5,057 | [1] | 4,663 | [2] | |||
Deferred income | [1] | [2] | |||||
Deferred income taxes, net | 11,784 | [1] | 19,792 | [2] | |||
Related party liabilities | 377 | [1] | 993 | [2] | |||
Total liabilities | 1,879,601 | [1] | 1,837,107 | [2] | |||
Stockholders' equity: | |||||||
Additional paid-in capital | 26,271 | [1] | 26,271 | [2] | |||
Accumulated other comprehensive loss | 11,185 | [1] | 35,982 | [2] | |||
Retained earnings | 269,637 | [1] | 268,149 | [2] | |||
Unearned employee stock ownership plan shares | [1] | [2] | |||||
Total stockholders' equity | 309,593 | [1] | 332,902 | [2] | |||
Total liabilities and stockholders' equity | 2,189,194 | [1] | 2,170,009 | [2] | |||
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | 2,500 | [1] | 2,500 | [2] | |||
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | [1] | [2] | |||||
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | [1] | [2] | |||||
Consolidation, Eliminations [Member] | |||||||
ASSETS: | |||||||
Cash and cash equivalents | |||||||
Reinsurance recoverables and trade receivables, net | |||||||
Inventories, net | |||||||
Prepaid expenses | |||||||
Investments, fixed maturities and marketable equities | |||||||
Investments, other | |||||||
Deferred policy acquisition costs, net | |||||||
Other assets | |||||||
Related party assets | [3] | (32,481) | (32,020) | ||||
Subtotal assets | (32,481) | (32,020) | |||||
Investments in subsidiaries | [4] | (517,861) | (544,151) | ||||
Property, plant and equipment, at cost: | |||||||
Land | |||||||
Buildings and improvements | |||||||
Furniture and equipment | |||||||
Property, plant and equipment (gross) | |||||||
Less: Accumulated depreciation | |||||||
Total property, plant and equipment | |||||||
Total assets | (550,342) | (576,171) | |||||
Liabilities: | |||||||
Accounts payable and accrued expenses | |||||||
Notes, loans and leases payable | |||||||
Policy benefits and losses, claims and loss expenses payable | |||||||
Liabilities from investment contracts | |||||||
Other policyholders' funds and liabilities | |||||||
Deferred income | |||||||
Deferred income taxes, net | |||||||
Related party liabilities | [3] | (32,481) | (32,020) | ||||
Total liabilities | (32,481) | (32,020) | |||||
Stockholders' equity: | |||||||
Additional paid-in capital | [4] | (117,601) | (117,601) | ||||
Accumulated other comprehensive loss | [4] | (12,838) | (52,508) | ||||
Retained earnings | [4] | (381,621) | (368,241) | ||||
Unearned employee stock ownership plan shares | |||||||
Total stockholders' equity | (517,861) | (544,151) | |||||
Total liabilities and stockholders' equity | (550,342) | (576,171) | |||||
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | |||||||
Consolidation, Eliminations [Member] | Rental Trucks [Member] | |||||||
Property, plant and equipment, at cost: | |||||||
Property subject to or available for operating lease, gross | |||||||
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member] | |||||||
Stockholders' equity: | |||||||
Preferred stock, value, issued | |||||||
Consolidation, Eliminations [Member] | Serial Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | |||||||
Consolidation, Eliminations [Member] | Amerco Common Stock [Member] | |||||||
Stockholders' equity: | |||||||
Common stock, value, issued | [4] | (5,801) | (5,801) | ||||
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | |||||||
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member] | |||||||
Stockholders' equity: | |||||||
Treasury stock, value | |||||||
[1] | Balances as of March 31, 2018 | ||||||
[2] | Balances as of December 31, 2017 | ||||||
[3] | Eliminate intercompany receivables and payables | ||||||
[4] | Eliminate investment in subsidiaries |
Consolidating financial infor60
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | ||||
Revenues: | |||||
Self-moving equipment rentals | $ 716,602 | $ 669,858 | |||
Self-storage revenues | 86,212 | 76,718 | |||
Self-moving and self-storage products and service sales | 79,241 | 78,911 | |||
Property management fees | 7,416 | 6,762 | |||
Life insurance premiums | 36,888 | 39,091 | |||
Property and casualty insurance premiums | 12,781 | 11,815 | |||
Net investment and interest income | 24,605 | 27,217 | |||
Other revenue | 55,832 | 47,553 | |||
Total revenues | 1,019,577 | 957,925 | |||
Costs and expenses: | |||||
Operating expenses | 496,554 | 416,692 | |||
Commission expenses | 79,257 | 75,365 | |||
Cost of sales | 49,881 | 47,595 | |||
Benefits and losses | 48,554 | 47,720 | |||
Amortization of deferred policy acquisition costs | 6,031 | 6,321 | |||
Lease expense | 8,169 | 8,287 | |||
Depreciation, net of (gains) losses on disposals | 126,427 | 126,335 | |||
Net (gains) losses on disposal of real estate | 347 | ||||
Total costs and expenses | 814,873 | 728,662 | |||
Earnings (loss) from operations before equity in earnings of subsidiaries | 204,704 | 229,263 | |||
Equity in earnings of subsidiaries | |||||
Earnings from operations | 204,704 | 229,263 | |||
Other components of net periodic benefit costs | (253) | (232) | |||
Interest expense | (35,254) | (30,345) | |||
Pretax earnings | 169,197 | 198,686 | |||
Income tax expense | (41,348) | (72,479) | |||
Earnings available to common stockholders | 127,849 | 126,207 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||
Revenues: | |||||
Self-moving equipment rentals | 717,542 | 670,698 | |||
Self-storage revenues | 86,212 | 76,718 | |||
Self-moving and self-storage products and service sales | 79,241 | 78,911 | |||
Property management fees | 7,416 | 6,762 | |||
Life insurance premiums | |||||
Property and casualty insurance premiums | |||||
Net investment and interest income | 2,563 | 2,657 | |||
Other revenue | 54,911 | 46,781 | |||
Total revenues | 947,885 | 882,527 | |||
Costs and expenses: | |||||
Operating expenses | 483,620 | 403,811 | |||
Commission expenses | 79,257 | 75,365 | |||
Cost of sales | 49,881 | 47,595 | |||
Benefits and losses | |||||
Amortization of deferred policy acquisition costs | |||||
Lease expense | 8,305 | 8,334 | |||
Depreciation, net of (gains) losses on disposals | 126,427 | 126,335 | |||
Net (gains) losses on disposal of real estate | 347 | ||||
Total costs and expenses | 747,490 | 661,787 | |||
Earnings (loss) from operations before equity in earnings of subsidiaries | 200,395 | 220,740 | |||
Equity in earnings of subsidiaries | 3,656 | 5,810 | |||
Earnings from operations | 204,051 | 226,550 | |||
Other components of net periodic benefit costs | (253) | (232) | |||
Interest expense | (35,539) | (30,694) | |||
Pretax earnings | 168,259 | 195,624 | |||
Income tax expense | (40,410) | (69,417) | |||
Earnings available to common stockholders | 127,849 | 126,207 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||
Revenues: | |||||
Self-moving equipment rentals | [1] | [2] | |||
Self-storage revenues | [1] | [2] | |||
Self-moving and self-storage products and service sales | [1] | [2] | |||
Property management fees | [1] | [2] | |||
Life insurance premiums | [1] | [2] | |||
Property and casualty insurance premiums | 13,348 | [1] | 11,815 | [2] | |
Net investment and interest income | 2,541 | [1] | 4,291 | [2] | |
Other revenue | [1] | [2] | |||
Total revenues | 15,889 | [1] | 16,106 | [2] | |
Costs and expenses: | |||||
Operating expenses | 8,700 | [1] | 8,232 | [2] | |
Commission expenses | [1] | [2] | |||
Cost of sales | [1] | [2] | |||
Benefits and losses | 4,476 | [1] | 2,438 | [2] | |
Amortization of deferred policy acquisition costs | [1] | [2] | |||
Lease expense | [1] | [2] | |||
Depreciation, net of (gains) losses on disposals | [1] | [2] | |||
Net (gains) losses on disposal of real estate | |||||
Total costs and expenses | 13,176 | [1] | 10,670 | [2] | |
Earnings (loss) from operations before equity in earnings of subsidiaries | 2,713 | [1] | 5,436 | [2] | |
Equity in earnings of subsidiaries | [1] | [2] | |||
Earnings from operations | 2,713 | [1] | 5,436 | [2] | |
Other components of net periodic benefit costs | [1] | [2] | |||
Interest expense | [1] | [2] | |||
Pretax earnings | 2,713 | [1] | 5,436 | [2] | |
Income tax expense | (545) | [1] | (1,862) | [2] | |
Earnings available to common stockholders | 2,168 | [1] | 3,574 | [2] | |
Operating Segments [Member] | Life Insurance [Member] | |||||
Revenues: | |||||
Self-moving equipment rentals | [1] | [2] | |||
Self-storage revenues | [1] | [2] | |||
Self-moving and self-storage products and service sales | [1] | [2] | |||
Property management fees | [1] | [2] | |||
Life insurance premiums | 36,888 | [1] | 39,091 | [2] | |
Property and casualty insurance premiums | [1] | [2] | |||
Net investment and interest income | 19,917 | [1] | 20,655 | [2] | |
Other revenue | 1,058 | [1] | 910 | [2] | |
Total revenues | 57,863 | [1] | 60,656 | [2] | |
Costs and expenses: | |||||
Operating expenses | 5,873 | [1] | 5,617 | [2] | |
Commission expenses | [1] | [2] | |||
Cost of sales | [1] | [2] | |||
Benefits and losses | 44,078 | [1] | 45,282 | [2] | |
Amortization of deferred policy acquisition costs | 6,031 | [1] | 6,321 | [2] | |
Lease expense | [1] | [2] | |||
Depreciation, net of (gains) losses on disposals | [1] | [2] | |||
Net (gains) losses on disposal of real estate | |||||
Total costs and expenses | 55,982 | [1] | 57,220 | [2] | |
Earnings (loss) from operations before equity in earnings of subsidiaries | 1,881 | [1] | 3,436 | [2] | |
Equity in earnings of subsidiaries | [1] | [2] | |||
Earnings from operations | 1,881 | [1] | 3,436 | [2] | |
Other components of net periodic benefit costs | [1] | [2] | |||
Interest expense | [1] | [2] | |||
Pretax earnings | 1,881 | [1] | 3,436 | [2] | |
Income tax expense | (393) | [1] | (1,200) | [2] | |
Earnings available to common stockholders | 1,488 | [1] | 2,236 | [2] | |
Consolidation, Eliminations [Member] | |||||
Revenues: | |||||
Self-moving equipment rentals | [3] | (940) | (840) | ||
Self-storage revenues | |||||
Self-moving and self-storage products and service sales | |||||
Property management fees | |||||
Life insurance premiums | |||||
Property and casualty insurance premiums | (567) | ||||
Net investment and interest income | [4] | (416) | (386) | ||
Other revenue | [4] | (137) | (138) | ||
Total revenues | (2,060) | (1,364) | |||
Costs and expenses: | |||||
Operating expenses | [3],[4] | (1,639) | (968) | ||
Commission expenses | |||||
Cost of sales | |||||
Benefits and losses | |||||
Amortization of deferred policy acquisition costs | |||||
Lease expense | [4] | (136) | (47) | ||
Depreciation, net of (gains) losses on disposals | |||||
Net (gains) losses on disposal of real estate | |||||
Total costs and expenses | (1,775) | (1,015) | |||
Earnings (loss) from operations before equity in earnings of subsidiaries | (285) | (349) | |||
Equity in earnings of subsidiaries | [5] | (3,656) | (5,810) | ||
Earnings from operations | (3,941) | (6,159) | |||
Other components of net periodic benefit costs | |||||
Interest expense | [4] | 285 | 349 | ||
Pretax earnings | (3,656) | (5,810) | |||
Income tax expense | |||||
Earnings available to common stockholders | $ (3,656) | $ (5,810) | |||
[1] | Balances for the quarter ended March 31, 2018 | ||||
[2] | Balances for the quarter ended March 31, 2017 | ||||
[3] | Eliminate intercompany premiums | ||||
[4] | Eliminate intercompany lease / interest income | ||||
[5] | Eliminate equity in earnings of subsidiaries |
Consolidating financial infor61
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | ||||
Cash flow from operating activities: | |||||
Net earnings | $ 127,849 | $ 126,207 | |||
Earnings from consolidated entities | |||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||
Depreciation | 142,722 | 131,423 | |||
Amortization of deferred policy acquisition costs | 6,031 | 6,321 | |||
Amortization of debt issuance costs | 984 | 932 | |||
Interest credited to policyholders | 8,060 | 7,651 | |||
Change in allowance for losses on trade receivables | 38 | (26) | |||
Change in allowance for inventory reserves | 2,139 | 1,114 | |||
Net gain on sale of real and personal property | (16,295) | (5,088) | |||
Net losses on disposal of real estate | 347 | ||||
Net (gain) loss on sale of investments | 506 | (1,985) | |||
Deferred income tax | 38,678 | 12,024 | |||
Net change in other operating assets and liabilities: | |||||
Reinsurance recoverables and trade receivables | (14,543) | (8,870) | |||
Inventories | (7,170) | (11,982) | |||
Prepaid expenses | (17,999) | 44,788 | |||
Capitalization of deferred policy acquisition costs | (5,808) | (8,228) | |||
Other assets | (761) | (2,523) | |||
Related party assets | 2,205 | 7,836 | |||
Accounts payable and accrued expenses | 89,348 | 61,704 | |||
Policy benefits and losses, claims and loss expenses payable | 5,291 | 4,747 | |||
Other policyholders' funds and liabilities | (184) | 4,083 | |||
Deferred income | 7,732 | 8,393 | |||
Related party liabilities | 474 | (2,532) | |||
Net cash provided by operating activities | 369,297 | 376,336 | |||
Cash flow from investing activities: | |||||
Escrow deposits | (4,559) | 23,005 | |||
Purchase of: | |||||
Property, plant and equipment | (584,147) | (480,259) | |||
Short term investments | (14,390) | (16,491) | |||
Fixed maturity investments | (103,121) | (123,090) | |||
Equity securities | (46) | ||||
Preferred stock | (81) | ||||
Real estate | (80) | (505) | |||
Mortgage loans | (8,262) | (24,382) | |||
Proceeds from sale of: | |||||
Property, plant and equipment | 187,546 | 142,343 | |||
Short term investments | 20,416 | 24,639 | |||
Fixed maturity investments | 14,946 | 36,559 | |||
Preferred stock | 500 | ||||
Real estate | 2,664 | ||||
Mortgage loans | 9,402 | 6,054 | |||
Net cash used by investing activities | (445,876) | (409,463) | |||
Cash flow from financing activities: | |||||
Borrowings from credit facilities | 103,641 | 155,367 | |||
Principal repayments on credit facilities | (73,770) | (64,819) | |||
Payment of debt issuance costs | (1,420) | (1,734) | |||
Capital lease payments | (84,374) | (56,522) | |||
Employee stock ownership plan shares | (57) | 3,516 | |||
Securitization deposits | 49 | ||||
Common stock dividends paid | (9,795) | ||||
Investment contract deposits | 76,343 | 155,437 | |||
Investment contract withdrawals | (38,763) | (54,205) | |||
Net cash provided by (used in) financing activities | (28,195) | 137,089 | |||
Effects of exchange rate on cash | (4,275) | 4,424 | |||
Increase (decrease) in cash and cash equivalents | (109,049) | 108,386 | |||
Cash and cash equivalents at the beginning of period | 759,388 | 697,806 | |||
Cash and cash equivalents at the end of the period | 650,339 | 806,192 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||
Cash flow from operating activities: | |||||
Net earnings | 127,849 | 126,207 | |||
Earnings from consolidated entities | (3,656) | (5,810) | |||
Adjustments to reconcile net earnings to cash provided by operations: | |||||
Depreciation | 142,722 | 131,423 | |||
Amortization of deferred policy acquisition costs | |||||
Amortization of debt issuance costs | 984 | 932 | |||
Interest credited to policyholders | |||||
Change in allowance for losses on trade receivables | 40 | (26) | |||
Change in allowance for inventory reserves | 2,139 | 1,114 | |||
Net gain on sale of real and personal property | (16,295) | (5,088) | |||
Net losses on disposal of real estate | 347 | ||||
Net (gain) loss on sale of investments | |||||
Deferred income tax | 38,011 | 16,765 | |||
Net change in other operating assets and liabilities: | |||||
Reinsurance recoverables and trade receivables | (14,763) | (10,955) | |||
Inventories | (7,170) | (11,982) | |||
Prepaid expenses | (17,999) | 44,788 | |||
Capitalization of deferred policy acquisition costs | |||||
Other assets | (132) | (4,098) | |||
Related party assets | 4,713 | 7,721 | |||
Accounts payable and accrued expenses | 84,004 | 48,255 | |||
Policy benefits and losses, claims and loss expenses payable | 4,208 | 7,125 | |||
Other policyholders' funds and liabilities | |||||
Deferred income | 7,732 | 8,393 | |||
Related party liabilities | (913) | (2,812) | |||
Net cash provided by operating activities | 351,474 | 352,299 | |||
Cash flow from investing activities: | |||||
Escrow deposits | (4,559) | 23,005 | |||
Purchase of: | |||||
Property, plant and equipment | (548,147) | (480,259) | |||
Short term investments | |||||
Fixed maturity investments | |||||
Equity securities | |||||
Preferred stock | |||||
Real estate | (505) | ||||
Mortgage loans | |||||
Proceeds from sale of: | |||||
Property, plant and equipment | 187,546 | 142,343 | |||
Short term investments | |||||
Fixed maturity investments | |||||
Preferred stock | |||||
Real estate | 2,664 | ||||
Mortgage loans | |||||
Net cash used by investing activities | (365,160) | (312,752) | |||
Cash flow from financing activities: | |||||
Borrowings from credit facilities | 103,641 | 155,367 | |||
Principal repayments on credit facilities | (73,770) | (64,819) | |||
Payment of debt issuance costs | (1,420) | (1,734) | |||
Capital lease payments | (84,374) | (56,522) | |||
Employee stock ownership plan shares | (57) | 3,516 | |||
Securitization deposits | 49 | ||||
Common stock dividends paid | (9,795) | ||||
Investment contract deposits | |||||
Investment contract withdrawals | |||||
Net cash provided by (used in) financing activities | (65,775) | 35,857 | |||
Effects of exchange rate on cash | (4,275) | 4,424 | |||
Increase (decrease) in cash and cash equivalents | (83,736) | 79,828 | |||
Cash and cash equivalents at the beginning of period | 702,036 | 671,665 | |||
Cash and cash equivalents at the end of the period | 618,300 | 751,493 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||
Cash flow from operating activities: | |||||
Net earnings | 2,168 | [1] | 3,574 | [2] | |
Earnings from consolidated entities | [3] | [4] | |||
Adjustments to reconcile net earnings to cash provided by operations: | |||||
Depreciation | [3] | [4] | |||
Amortization of deferred policy acquisition costs | [1] | [2] | |||
Amortization of debt issuance costs | [3] | [4] | |||
Interest credited to policyholders | |||||
Change in allowance for losses on trade receivables | [3] | [4] | |||
Change in allowance for inventory reserves | [3] | [4] | |||
Net gain on sale of real and personal property | [3] | [4] | |||
Net losses on disposal of real estate | |||||
Net (gain) loss on sale of investments | (38) | [3] | (589) | [4] | |
Deferred income tax | 1,140 | [3] | (1,600) | [4] | |
Net change in other operating assets and liabilities: | |||||
Reinsurance recoverables and trade receivables | 2,331 | [3] | 4,375 | [4] | |
Inventories | [3] | [4] | |||
Prepaid expenses | [3] | [4] | |||
Capitalization of deferred policy acquisition costs | [3] | [4] | |||
Other assets | (243) | [3] | 1,665 | [4] | |
Related party assets | (2,508) | [3] | 115 | [4] | |
Accounts payable and accrued expenses | 835 | [3] | 1,249 | [4] | |
Policy benefits and losses, claims and loss expenses payable | (1,466) | [3] | (6,051) | [4] | |
Other policyholders' funds and liabilities | (577) | [3] | 101 | [4] | |
Deferred income | [3] | [4] | |||
Related party liabilities | 2,003 | [3] | (117) | [4] | |
Net cash provided by operating activities | 3,645 | [3] | 2,722 | [4] | |
Cash flow from investing activities: | |||||
Escrow deposits | |||||
Purchase of: | |||||
Property, plant and equipment | [3] | [4] | |||
Short term investments | (14,220) | [3] | (10,779) | [4] | |
Fixed maturity investments | (12,754) | [3] | (11,602) | [4] | |
Equity securities | |||||
Preferred stock | |||||
Real estate | (59) | [3] | [4] | ||
Mortgage loans | (2,287) | [3] | (6,059) | [4] | |
Proceeds from sale of: | |||||
Property, plant and equipment | [3] | [4] | |||
Short term investments | 20,287 | [3] | 15,424 | [4] | |
Fixed maturity investments | 3,170 | [3] | 4,275 | [4] | |
Preferred stock | [3] | 500 | |||
Real estate | |||||
Mortgage loans | 198 | [3] | 1,585 | ||
Net cash used by investing activities | (5,165) | [3] | (7,156) | ||
Cash flow from financing activities: | |||||
Borrowings from credit facilities | [3] | [4] | |||
Principal repayments on credit facilities | [3] | [4] | |||
Payment of debt issuance costs | [3] | ||||
Capital lease payments | [3] | [4] | |||
Employee stock ownership plan shares | |||||
Securitization deposits | |||||
Common stock dividends paid | |||||
Investment contract deposits | [3] | [4] | |||
Investment contract withdrawals | [3] | [4] | |||
Net cash provided by (used in) financing activities | [3] | [4] | |||
Effects of exchange rate on cash | [3] | [4] | |||
Increase (decrease) in cash and cash equivalents | (1,520) | [3] | (4,434) | [4] | |
Cash and cash equivalents at the beginning of period | 6,639 | [5] | 12,725 | ||
Cash and cash equivalents at the end of the period | 5,119 | [6] | 8,291 | ||
Operating Segments [Member] | Life Insurance [Member] | |||||
Cash flow from operating activities: | |||||
Net earnings | 1,488 | [1] | 2,236 | [2] | |
Earnings from consolidated entities | [3] | [4] | |||
Adjustments to reconcile net earnings to cash provided by operations: | |||||
Depreciation | [3] | [4] | |||
Amortization of deferred policy acquisition costs | 6,031 | [1] | 6,321 | [2] | |
Amortization of debt issuance costs | [3] | [4] | |||
Interest credited to policyholders | 8,060 | 7,651 | |||
Change in allowance for losses on trade receivables | (2) | [3] | [4] | ||
Change in allowance for inventory reserves | [3] | [4] | |||
Net gain on sale of real and personal property | [3] | [4] | |||
Net losses on disposal of real estate | |||||
Net (gain) loss on sale of investments | 544 | [3] | (1,396) | [4] | |
Deferred income tax | (473) | [3] | (3,141) | [4] | |
Net change in other operating assets and liabilities: | |||||
Reinsurance recoverables and trade receivables | (2,111) | [3] | (2,290) | [4] | |
Inventories | [3] | [4] | |||
Prepaid expenses | [3] | [4] | |||
Capitalization of deferred policy acquisition costs | (5,808) | [3] | (8,228) | [4] | |
Other assets | (386) | [3] | (90) | [4] | |
Related party assets | [3] | [4] | |||
Accounts payable and accrued expenses | 4,509 | [3] | 12,200 | [4] | |
Policy benefits and losses, claims and loss expenses payable | 2,549 | [3] | 3,673 | [4] | |
Other policyholders' funds and liabilities | 393 | [3] | 3,982 | [4] | |
Deferred income | [3] | [4] | |||
Related party liabilities | (616) | [3] | 397 | [4] | |
Net cash provided by operating activities | 14,178 | [3] | 21,315 | [4] | |
Cash flow from investing activities: | |||||
Escrow deposits | |||||
Purchase of: | |||||
Property, plant and equipment | [3] | [4] | |||
Short term investments | (170) | [3] | (5,712) | [4] | |
Fixed maturity investments | (90,367) | [3] | (111,488) | [4] | |
Equity securities | (46) | ||||
Preferred stock | (81) | ||||
Real estate | (21) | [3] | [4] | ||
Mortgage loans | (5,975) | [3] | (18,323) | [4] | |
Proceeds from sale of: | |||||
Property, plant and equipment | [3] | [4] | |||
Short term investments | 129 | [3] | 9,215 | [4] | |
Fixed maturity investments | 11,776 | [3] | 32,284 | [4] | |
Preferred stock | [3] | ||||
Real estate | |||||
Mortgage loans | 9,204 | [3] | 4,469 | ||
Net cash used by investing activities | (75,551) | [3] | (89,555) | ||
Cash flow from financing activities: | |||||
Borrowings from credit facilities | [3] | [4] | |||
Principal repayments on credit facilities | [3] | [4] | |||
Payment of debt issuance costs | [3] | ||||
Capital lease payments | [3] | [4] | |||
Employee stock ownership plan shares | |||||
Securitization deposits | |||||
Common stock dividends paid | |||||
Investment contract deposits | 76,343 | [3] | 155,437 | [4] | |
Investment contract withdrawals | (38,763) | [3] | (54,205) | [4] | |
Net cash provided by (used in) financing activities | 37,580 | [3] | 101,232 | [4] | |
Effects of exchange rate on cash | [3] | [4] | |||
Increase (decrease) in cash and cash equivalents | (23,793) | [3] | 32,992 | [4] | |
Cash and cash equivalents at the beginning of period | 50,713 | [5] | 13,416 | ||
Cash and cash equivalents at the end of the period | 26,920 | [6] | 46,408 | ||
Consolidation, Eliminations [Member] | |||||
Cash flow from operating activities: | |||||
Net earnings | (3,656) | (5,810) | |||
Earnings from consolidated entities | 3,656 | 5,810 | |||
Adjustments to reconcile net earnings to cash provided by operations: | |||||
Depreciation | |||||
Amortization of deferred policy acquisition costs | |||||
Amortization of debt issuance costs | |||||
Interest credited to policyholders | |||||
Change in allowance for losses on trade receivables | |||||
Change in allowance for inventory reserves | |||||
Net gain on sale of real and personal property | |||||
Net losses on disposal of real estate | |||||
Net (gain) loss on sale of investments | |||||
Deferred income tax | |||||
Net change in other operating assets and liabilities: | |||||
Reinsurance recoverables and trade receivables | |||||
Inventories | |||||
Prepaid expenses | |||||
Capitalization of deferred policy acquisition costs | |||||
Other assets | |||||
Related party assets | |||||
Accounts payable and accrued expenses | |||||
Policy benefits and losses, claims and loss expenses payable | |||||
Other policyholders' funds and liabilities | |||||
Deferred income | |||||
Related party liabilities | |||||
Net cash provided by operating activities | |||||
Cash flow from investing activities: | |||||
Escrow deposits | |||||
Purchase of: | |||||
Property, plant and equipment | |||||
Short term investments | |||||
Fixed maturity investments | |||||
Equity securities | |||||
Preferred stock | |||||
Real estate | |||||
Mortgage loans | |||||
Proceeds from sale of: | |||||
Property, plant and equipment | |||||
Short term investments | |||||
Fixed maturity investments | |||||
Preferred stock | |||||
Real estate | |||||
Mortgage loans | |||||
Net cash used by investing activities | |||||
Cash flow from financing activities: | |||||
Borrowings from credit facilities | |||||
Principal repayments on credit facilities | |||||
Payment of debt issuance costs | |||||
Capital lease payments | |||||
Employee stock ownership plan shares | |||||
Securitization deposits | |||||
Common stock dividends paid | |||||
Investment contract deposits | |||||
Investment contract withdrawals | |||||
Net cash provided by (used in) financing activities | |||||
Effects of exchange rate on cash | |||||
Increase (decrease) in cash and cash equivalents | |||||
Cash and cash equivalents at the beginning of period | |||||
Cash and cash equivalents at the end of the period | |||||
[1] | Balances for the quarter ended March 31, 2018 | ||||
[2] | Balances for the quarter ended March 31, 2017 | ||||
[3] | Balance for the period ended March 31, 2018 | ||||
[4] | Balance for the period ended March 31, 2017 | ||||
[5] | Balances as of December 31, 2017 | ||||
[6] | Balances as of March 31, 2018 |
Industry Segment and Geograph62
Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Quarter ended: | |||
Total revenues | $ 1,019,577 | $ 957,925 | |
Depreciation and amortization, net of (gains) losses on disposals | 132,458 | 133,003 | |
Interest expense | 35,254 | 30,345 | |
Pretax earnings (loss) | 169,197 | 198,686 | |
Income tax expense | 41,348 | 72,479 | |
Identifiable assets | 11,001,484 | 9,801,140 | $ 10,747,422 |
United States [Member] | |||
Quarter ended: | |||
Total revenues | 971,295 | 913,114 | |
Depreciation and amortization, net of (gains) losses on disposals | 131,379 | 131,499 | |
Interest expense | 34,549 | 29,643 | |
Pretax earnings (loss) | 163,262 | 191,973 | |
Income tax expense | 39,777 | 70,610 | |
Identifiable assets | 10,657,222 | 9,390,397 | |
Canada [Member] | |||
Quarter ended: | |||
Total revenues | 48,282 | 44,811 | |
Depreciation and amortization, net of (gains) losses on disposals | 1,079 | 1,504 | |
Interest expense | 705 | 702 | |
Pretax earnings (loss) | 5,935 | 6,713 | |
Income tax expense | 1,571 | 1,869 | |
Identifiable assets | $ 344,262 | $ 410,743 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Postemployment Benefits [Abstract] | ||
Service cost for benefits earned during the period | $ 277 | $ 268 |
Other components of net periodic benefit costs: | ||
Interest cost on accumulated postretirement benefit | 236 | 217 |
Other components | 17 | 15 |
Total other components of net periodic benefit costs | 253 | 232 |
Net periodic postretirement benefit cost | $ 530 | $ 500 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Assets: | ||
Short-term investments | $ 409,787 | $ 475,320 |
Fixed maturities - available for sale | 1,916,049 | 1,883,384 |
Preferred stock | 10,186 | 10,861 |
Common stock | 26,852 | 27,862 |
Derivatives | 4,256 | 4,825 |
Total | 2,364,919 | 2,400,005 |
Liabilities: | ||
Derivatives | 338 | 897 |
Total | 338 | 897 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 409,787 | 475,320 |
Fixed maturities - available for sale | 7,372 | 7,567 |
Preferred stock | 10,186 | 10,861 |
Common stock | 26,852 | 27,862 |
Derivatives | 3,834 | 4,388 |
Total | 458,031 | 525,998 |
Liabilities: | ||
Derivatives | ||
Total | ||
Level 2 [Member] | ||
Assets: | ||
Short-term investments | ||
Fixed maturities - available for sale | 1,906,197 | 1,873,293 |
Preferred stock | ||
Common stock | ||
Derivatives | 422 | 437 |
Total | 1,906,619 | 1,873,730 |
Liabilities: | ||
Derivatives | 338 | 897 |
Total | 338 | 897 |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | ||
Fixed maturities - available for sale | 269 | 277 |
Preferred stock | ||
Common stock | ||
Derivatives | ||
Total | 269 | 277 |
Liabilities: | ||
Derivatives | ||
Total |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Input (Level 3) Fair Value Measurements) (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Fixed Maturities - Asset Backed Securities | |
Balance at March 31, 2018 | $ 277 |
Fixed Maturities - Asset backed securities redeemed | (14) |
Fixed maturities - Asset back securities - net gain (realized) | 6 |
Balance at June 30, 2018 | $ 269 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue From Contract With Customer [Abstract] | ||
Revenues Recognized Over Time | $ 757,736 | $ 706,072 |
Revenues recognized at a point in time | 90,190 | 89,138 |
Total revenues recognized under ASC 606 | 847,926 | 795,210 |
Revenues recognized under ASC 840 | 95,857 | 83,452 |
Revenues recognized under ASC 944 | 51,189 | 52,046 |
Revenues recognized under ASC 320 | 24,605 | 27,217 |
Total revenues | $ 1,019,577 | $ 957,925 |