Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Feb. 01, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMERCO /NV/ | |
Entity Central Index Key | 4,457 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2,019 | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,607,788 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
ASSETS: | ||
Cash and cash equivalents | $ 984,385 | $ 759,388 |
Reinsurance recoverables and trade receivables, net | 191,764 | 193,538 |
Inventories, net | 96,187 | 89,877 |
Prepaid expenses | 177,918 | 166,129 |
Investments, fixed maturities and marketable equities | 2,127,342 | 1,919,860 |
Investments, other | 332,532 | 399,064 |
Deferred policy acquisition costs, net | 140,673 | 124,767 |
Other assets | 83,839 | 244,782 |
Related party assets | 38,156 | 33,276 |
Subtotal assets | 4,172,796 | 3,930,681 |
Property, plant and equipment, at cost: | ||
Land | 910,919 | 827,649 |
Buildings and improvements | 3,762,491 | 3,140,713 |
Furniture and equipment | 674,535 | 632,803 |
Property, plant and equipment, gross | 10,452,724 | 9,537,883 |
Less: Accumulated depreciation | (2,979,760) | (2,721,142) |
Total property, plant and equipment | 7,472,964 | 6,816,741 |
Total assets | 11,645,760 | 10,747,422 |
Liabilities: | ||
Accounts payable and accrued expenses | 517,360 | 511,115 |
Notes, loans and leases payable | 3,975,764 | 3,513,076 |
Policy benefits and losses, claims and loss expenses payable | 1,087,742 | 1,248,033 |
Liabilities from investment contracts | 1,583,885 | 1,364,066 |
Other policyholders' funds and liabilities | 12,907 | 10,040 |
Deferred income | 29,226 | 34,276 |
Deferred income taxes, net | 746,836 | 658,108 |
Total liabilities | 7,953,720 | 7,338,714 |
Commitments and contingencies (notes 4, 9 and 10) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,116 | 452,746 |
Accumulated other comprehensive loss | (74,707) | (4,623) |
Retained earnings | 3,985,927 | 3,635,561 |
Unearned employee stock ownership plan shares | (5,143) | (7,823) |
Total stockholders' equity | 3,692,040 | 3,408,708 |
Total liabilities and stockholders' equity | 11,645,760 | 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 | ||
Series A 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 | 572,645 | 545,968 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 4,532,134 | $ 4,390,750 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - $ / shares | Dec. 31, 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 |
Series Common Stock With or Without Par Value [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Series A 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 | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | ||||
Self-moving equipment rentals | $ 626,136 | $ 574,801 | $ 2,124,451 | $ 1,985,217 |
Self-storage revenues | 93,392 | 82,127 | 271,097 | 239,317 |
Self-moving and self-storage products and service sales | 55,665 | 53,130 | 207,819 | 205,309 |
Property management fees | 7,899 | 9,881 | 22,507 | 23,474 |
Life insurance premiums | 34,778 | 38,957 | 107,586 | 116,910 |
Property and casualty insurance premiums | 17,668 | 16,093 | 46,732 | 42,934 |
Net investment and interest income | 32,211 | 28,821 | 85,043 | 82,507 |
Other revenue | 51,342 | 39,072 | 177,940 | 147,825 |
Total revenues | 919,091 | 842,882 | 3,043,175 | 2,843,493 |
Costs and expenses: | ||||
Operating expenses | 478,461 | 437,840 | 1,504,365 | 1,346,782 |
Commission expenses | 67,493 | 63,487 | 232,084 | 222,203 |
Cost of sales | 34,149 | 33,995 | 130,432 | 124,456 |
Benefits and losses | 42,869 | 45,168 | 137,196 | 139,997 |
Amortization of deferred policy acquisition costs | 6,654 | 5,952 | 18,584 | 18,217 |
Lease expense | 7,890 | 8,415 | 24,229 | 25,277 |
Depreciation, net of (gains) losses on disposals | 143,473 | 137,061 | 402,525 | 396,540 |
Net gains on disposal of real estate | (192,404) | 10 | (192,223) | |
Total costs and expenses | 780,989 | 539,514 | 2,449,425 | 2,081,249 |
Earnings from operations | 138,102 | 303,368 | 593,750 | 762,244 |
Other components of net periodic benefit costs | (253) | (231) | (760) | (695) |
Interest expense | (34,827) | (31,558) | (105,111) | (93,926) |
Pretax earnings | 103,022 | 271,579 | 487,879 | 667,623 |
Income tax (expense) benefit | (24,387) | 257,315 | (117,853) | 112,117 |
Earnings available to common shareholders | $ 78,635 | $ 528,894 | $ 370,026 | $ 779,740 |
Basic and diluted earnings per common share | $ 4.01 | $ 27 | $ 18.89 | $ 39.81 |
Weighted average common shares outstanding: basic and diluted | 19,591,963 | 19,589,218 | 19,591,282 | 19,588,558 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation: | ||||
Net gain on sale of personal property | $ (796) | $ (4,235) | $ (29,127) | $ (14,260) |
Related party: | ||||
Related party revenues, net of eliminations | 7,899 | 10,789 | 22,507 | 26,800 |
Related party, costs and expenses, net of eliminations | $ 14,965 | $ 14,091 | $ 51,138 | $ 48,889 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive income (loss) (pretax): | ||||
Pretax earnings | $ 103,022 | $ 271,579 | $ 487,879 | $ 667,623 |
Comprehensive income (loss) (tax effect): | ||||
Net earnings (Tax) | (24,387) | 257,315 | (117,853) | 112,117 |
Comprehensive income (loss) (net of tax): | ||||
Net earnings | 78,635 | 528,894 | 370,026 | 779,740 |
Other comprehensive income (loss): | ||||
Foreign currency translation (pretax) | (4,101) | (1,794) | (5,081) | 19,240 |
Foreign currency translation (tax effect) | ||||
Foreign currency translation (net of tax) | (4,101) | (1,794) | (5,081) | 19,240 |
Unrealized gain (loss) on investments (pretax) | 1,827 | 4,388 | (70,671) | 30,492 |
Unrealized gain (loss) on investments (tax effect) | (384) | (1,536) | 14,841 | (10,672) |
Unrealized gain (loss) on investments (net of tax) | 1,443 | 2,852 | (55,830) | 19,820 |
Change in fair value of cash flow hedges (pretax) | (115) | 911 | 731 | 3,655 |
Change in fair value of cash flow hedges (tax effect) | 28 | (346) | (180) | (1,390) |
Change in fair value of cash flow hedges (net of tax) | (87) | 565 | 551 | 2,265 |
Total comprehensive income (loss) (pretax) | 100,633 | 275,084 | 412,858 | 721,010 |
Total comprehensive income (loss) (tax effect) | (24,743) | 255,433 | (103,192) | 100,055 |
Total comprehensive income (loss) (net of tax) | $ 75,890 | $ 530,517 | $ 309,666 | $ 821,065 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] | Less: Unearned Employee Stock Ownership Plan Shares |
Balance at Mar. 31, 2017 | $ 2,619,744 | $ 10,497 | $ 452,172 | $ (51,236) | $ 2,892,893 | $ (525,653) | $ (151,997) | $ (6,932) |
Consolidated statement of change in equity | ||||||||
Increase in market value of released ESOP shares | 447 | 447 | ||||||
Release of unearned ESOP shares | 8,055 | 8,055 | ||||||
Purchase of ESOP shares | (6,764) | (6,764) | ||||||
Foreign currency translation | 19,240 | 19,240 | ||||||
Unrealized net gain (loss) on investments, net of tax | 19,820 | 19,820 | ||||||
Change in fair value of cash flow hedges, net of tax | 2,265 | 2,265 | ||||||
Net earnings | 779,740 | 779,740 | ||||||
Common stock dividends | (29,380) | (29,380) | ||||||
Net activity | 793,423 | 447 | 41,325 | 750,360 | 1,291 | |||
Balance at Dec. 31, 2017 | 3,413,167 | 10,497 | 452,619 | (9,911) | 3,643,253 | (525,653) | (151,997) | (5,641) |
Balance at Sep. 30, 2017 | 2,892,422 | 10,497 | 452,474 | (11,534) | 3,124,152 | (525,653) | (151,997) | (5,517) |
Consolidated statement of change in equity | ||||||||
Increase in market value of released ESOP shares | 145 | 145 | ||||||
Release of unearned ESOP shares | 2,680 | 2,680 | ||||||
Purchase of ESOP shares | (2,804) | (2,804) | ||||||
Foreign currency translation | (1,794) | (1,794) | ||||||
Unrealized net gain (loss) on investments, net of tax | 2,852 | 2,852 | ||||||
Change in fair value of cash flow hedges, net of tax | 565 | 565 | ||||||
Net earnings | 528,894 | 528,894 | ||||||
Common stock dividends | (9,793) | (9,793) | ||||||
Net activity | 520,745 | 145 | 1,623 | 519,101 | (124) | |||
Balance at Dec. 31, 2017 | 3,413,167 | 10,497 | 452,619 | (9,911) | 3,643,253 | (525,653) | (151,997) | (5,641) |
Balance at Mar. 31, 2018 | 3,408,708 | 10,497 | 452,746 | (4,623) | 3,635,561 | (525,653) | (151,997) | (7,535) |
Consolidated statement of change in equity | ||||||||
Increase in market value of released ESOP shares | 370 | 370 | ||||||
Release of unearned ESOP shares | 8,083 | 8,083 | ||||||
Purchase of ESOP shares | (203) | (5,403) | ||||||
Foreign currency translation | (5,081) | (5,081) | ||||||
Unrealized net gain (loss) on investments, net of tax | (55,830) | (55,830) | ||||||
Change in fair value of cash flow hedges, net of tax | 551 | 551 | ||||||
Adjustment for adoption of ASU 2018-02 | (9,724) | 9,724 | ||||||
Net earnings | 370,026 | 370,026 | ||||||
Common stock dividends | (29,384) | (29,384) | ||||||
Net activity | 283,332 | 370 | (70,084) | 350,366 | 2,680 | |||
Balance at Dec. 31, 2018 | 3,692,040 | 10,497 | 453,116 | (74,707) | 3,985,927 | (525,653) | (151,997) | (5,143) |
Balance at Sep. 30, 2018 | 3,633,167 | 10,497 | 453,006 | (62,238) | 3,917,087 | (525,653) | (151,997) | (7,535) |
Consolidated statement of change in equity | ||||||||
Increase in market value of released ESOP shares | 110 | 110 | ||||||
Release of unearned ESOP shares | 2,695 | 2,695 | ||||||
Purchase of ESOP shares | (303) | (303) | ||||||
Foreign currency translation | (4,101) | (4,101) | ||||||
Unrealized net gain (loss) on investments, net of tax | 1,443 | (8,281) | ||||||
Change in fair value of cash flow hedges, net of tax | (87) | (87) | ||||||
Adjustment for adoption of ASU 2018-02 | ||||||||
Net earnings | 78,635 | 78,635 | ||||||
Common stock dividends | (9,795) | (9,795) | ||||||
Net activity | 58,873 | 110 | (12,469) | 68,840 | 2,392 | |||
Balance at Dec. 31, 2018 | $ 3,692,040 | $ 10,497 | $ 453,116 | $ (74,707) | $ 3,985,927 | $ (525,653) | $ (151,997) | $ (5,143) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings [Member] | ||||
Common Stock Dividends Per Share Declared | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.5 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow from operating activities: | ||
Net earnings | $ 370,026 | $ 779,740 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 431,652 | 410,800 |
Amortization of deferred policy acquisition costs | 18,584 | 18,217 |
Amortization of debt issuance costs | 2,922 | 2,910 |
Interest credited to policyholders | 28,540 | 23,250 |
Change in allowance for losses on trade receivables | 124 | (25) |
Change in allowance for inventory reserves | 2,539 | 4,334 |
Net gain on sale of personal property | (29,127) | (14,260) |
Net gains on disposal of real estate | 10 | (192,223) |
Net (gain) loss on sale of investments | (3,594) | (4,250) |
Deferred income tax | 108,614 | (179,047) |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 1,601 | (27,659) |
Inventories | (8,858) | (17,410) |
Prepaid expenses | (12,533) | (22,220) |
Capitalization of deferred policy acquisition costs | (19,994) | (21,501) |
Other assets | 159,125 | 6,279 |
Related party assets | (1,838) | 47,804 |
Accounts payable and accrued expenses | (5,420) | 26,764 |
Policy benefits and losses, claims and loss expenses payable | (159,285) | 2,767 |
Other policyholders' funds and liabilities | 2,867 | 590 |
Deferred income | (4,982) | (1,297) |
Related party liabilities | (3,269) | (4,542) |
Net cash provided by operating activities | 877,704 | 839,021 |
Cash flow from investing activities: | ||
Escrow Deposits | (3,292) | 19,707 |
Purchases of: | ||
Property, plant and equipment | (1,325,365) | (970,472) |
Short term investments | (39,494) | (48,743) |
Fixed maturities investments | (394,266) | (274,283) |
Equity securities | (957) | (662) |
Preferred stock | (81) | (1,000) |
Real estate | (505) | (1,783) |
Mortgage loans | (56,892) | (80,707) |
Proceeds from sale of: | ||
Property, plant and equipment | 561,848 | 591,040 |
Short term investments | 47,012 | 54,319 |
Fixed maturities investments | 83,767 | 102,404 |
Equity securities | 8,608 | |
Preferred stock | 1,625 | 3,188 |
Real estate | 5,348 | |
Mortgage loans | 116,800 | 23,726 |
Net cash used by investing activities | (1,001,192) | (577,918) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 693,132 | 426,262 |
Principal repayments on credit facilities | (255,123) | (303,212) |
Debt issuance costs | (5,097) | (4,581) |
Capital lease payments | (236,683) | (219,623) |
Employee stock ownership plan | (203) | (6,764) |
Securitization deposits | (2,181) | |
Common stock dividends paid | (29,385) | (19,587) |
Investment contract deposits | 300,920 | 347,695 |
Investment contract withdrawals | (109,641) | (163,499) |
Net cash provided by (used in) financing activities | 357,920 | 54,510 |
Effects of exchange rate on cash | (9,435) | 9,468 |
Increase (decrease) in cash and cash equivalents | 224,997 | 325,081 |
Cash and cash equivalents at the beginning of period | 759,388 | 697,806 |
Cash and cash equivalents at the end of the period | $ 984,385 | $ 1,022,887 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
1. Basis of Presentation | AMERCO, a Nevada corporation (“AMERCO”), has a third fiscal quarter that ends on the 31 st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September 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 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 December 31, 2018 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months and cash flows for the first nine months 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 | 9 Months Ended |
Dec. 31, 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 15,559 and 18,279 as of December 31, 2018 and 2017, respectively. |
Investments
Investments | 9 Months Ended |
Dec. 31, 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 $31.0 million and $30.2 million as of December 31, 2018 and March 31, 2018, respectively. Available-for-Sale Investments Available-for-sale investments as of December 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 (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 128,934 $ 1,140 $ (2,319) $ (2,462) $ 125,293 U.S. government agency mortgage-backed securities 61,243 526 (44) (1,558) 60,167 Obligations of states and political subdivisions 238,243 5,203 (251) (2,456) 240,739 Corporate securities 1,576,170 14,898 (8,033) (26,956) 1,556,079 Mortgage-backed securities 119,006 541 (212) (1,384) 117,951 Redeemable preferred stocks 1,493 37 – (20) 1,510 $ 2,125,089 $ 22,345 $ (10,859) $ (34,836) $ 2,101,739 Available-for-sale investments as of 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 Preferred stocks 10,609 321 (29) (40) 10,861 Common stocks 15,732 12,329 (10) (189) 27,862 $ 1,847,422 $ 79,262 $ (4,302) $ (2,522) $ 1,919,860 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 $76.0 million during the first nine months of fiscal 2019. The gross realized gains on these sales totaled $0.9 million. The gross realized losses on these sales totaled $0.1 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 it 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 for the first nine months 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) (“AOCI”) for first nine months of fiscal 2019 and fiscal 2018. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: December 31, 2018 March 31, 2018 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 58,311 $ 58,532 $ 36,446 $ 36,674 Due after one year through five years 503,227 502,343 441,223 450,816 Due after five years through ten years 648,241 639,629 607,895 626,174 Due after ten years 794,811 781,774 641,411 671,448 2,004,590 1,982,278 1,726,975 1,785,112 Mortgage-backed securities 119,006 117,951 94,106 96,025 Redeemable preferred stocks 1,493 1,510 2,118 2,247 Equity securities – – 24,223 36,476 $ 2,125,089 $ 2,101,739 $ 1,847,422 $ 1,919,860 As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , on April 1, 2018, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of December 31, 2018 our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows: Estimated Market Value as of December 31, 2018 (Unaudited) (In thousands) Common stocks $ 18,298 Non-redeemable preferred stocks 7,305 $ 25,603 |
Borrowings
Borrowings | 9 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
4. Borrowings | Long Term Debt Long term debt was as follows: December 31, March 31, 2019 Rate (a) Maturities 2018 2018 (Unaudited) (In thousands) Real estate loan (amortizing term) 3.89% 2023 $ 105,413 $ 135,287 Senior mortgages 3.72% - 6.62% 2021 - 2038 1,659,930 1,487,645 Working capital loans (revolving credit) 3.59% - 3.72% 2021 335,000 55,000 Fleet loans (amortizing term) 1.95% - 4.66% 2019 - 2025 281,329 342,971 Fleet loans (revolving credit) 3.49% - 3.50% 2021 - 2023 530,000 460,000 Capital leases (rental equipment) 1.92% - 5.04% 2019 - 2025 1,012,791 984,217 Other obligations 2.75% - 8.00% 2019 - 2048 79,064 73,579 Notes, loans and leases payable 4,003,527 3,538,699 Less: Debt issuance costs (27,763) (25,623) Total notes, loans and leases payable, net $ 3,975,764 $ 3,513,076 (a) Interest rate as of December 31, 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 (the “Real Estate Loan”). As of December 31, 2018, the outstanding balance on the Real Estate Loan was $105.4 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 December 31, 2018, the applicable LIBOR was 2.39% and the applicable margin was 1.50%, the sum of which was 3.89%. 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 December 31, 2018 were in the aggregate amount of $1,659.9 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 are borrowers under asset-backed working capital loans. As of December 31, 2018, the outstanding balance of these loans in the aggregate was $235.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2021 and October 2021. The loans require 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 agreements, is the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was 2.34% and the margin was between 1.25% and 1.38%, the sum of which was between 3.59% and 3.72%. AMERCO is the guarantor of these loans. 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 December 31, 2018, the outstanding balance was $100.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2021. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 2018, the applicable LIBOR was 2.32% and the margin was 1.38%, the sum of which was 3.70%. 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 December 31, 2018 was $281.3 million with the final maturities between April 2019 and November 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 December 31, 2018, the applicable LIBOR was between 2.35% and 2.46% and applicable margins were between 1.72% and 1.75%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 3.00% based on current margins. Additionally, $258.6 million of these loans are carried at fixed rates ranging between 1.95% and 4.66%. AMERCO, and in some cases U-Haul, is guarantor 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 with an aggregate borrowing capacity of $555.0 million. These loans mature between January 2021 and April 2023. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of December 31, 2018, the applicable LIBOR was between 2.34% and 2.35%, and the margin was 1.15%, the sum of which was between 3.49% and 3.50%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. As of December 31, 2018, the aggregate outstanding balance of the loans was $530.0 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 nine months of fiscal 2019, we entered into $255.3 million of new capital leases. As of December 31, 2018 and March 31, 2018, the balance of our capital leases was $1,012.8 million and $984.2 million, respectively. As of December 31, 2018 the interest rates were between 1.92% and 5.04%. The net book value of the corresponding capitalized assets was $1,479.9 million and $1,407.6 million as of December 31, 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 December 31, 2018, the aggregate outstanding principal balance of the U-Notes ® issued was $82.3 million, of which $3.3 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 2019 and 2048. Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2018, the deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.67% and 2.95% with maturities between September 29, 2019 and March 29, 2021. As of September 30, 2018, available-for-sale investments held with the FHLB totaled $122.1 million, of which $69.8 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 December 31, 2018 for the next five years and thereafter are as follows: Twelve Months Ending December 31, 2019 2020 2021 2022 2023 Thereafter (Unaudited) (In thousands) Notes, loans and leases payable, secured $ 444,230 $ 537,017 $ 701,960 $ 550,082 $ 421,537 $ 1,348,701 Interest on Borrowings Interest Expense Components of interest expense include the following: Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) Interest expense $ 38,825 $ 31,983 Capitalized interest (5,055) (2,075) Amortization of transaction costs 909 963 Interest expense resulting from derivatives 148 687 Total interest expense 34,827 31,558 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Interest expense $ 109,241 $ 93,475 Capitalized interest (7,701) (5,769) Amortization of transaction costs 2,751 2,909 Interest expense resulting from derivatives 820 3,311 Total interest expense 105,111 93,926 Interest paid in cash, including payments related to derivative contracts, amounted to $38.5 million and $32.7 million for the third quarter of fiscal 2019 and 2018, respectively, and $109.6 million and $96.1 million for the first nine months of fiscal 2019 and 2018, respectively. Interest Rates Interest rates and Company borrowings were as follows: Revolving Credit Activity Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 3.52% 2.47% Interest rate at the end of the quarter 3.57% 2.56% Maximum amount outstanding during the quarter $ 865,000 $ 535,000 Average amount outstanding during the quarter $ 812,174 $ 532,261 Facility fees $ 41 $ 159 Revolving Credit Activity Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the period 3.31% 2.38% Interest rate at the end of the period 3.57% 2.56% Maximum amount outstanding during the period $ 865,000 $ 538,000 Average amount outstanding during the period $ 632,509 $ 516,349 Facility fees $ 313 $ 284 |
Derivatives
Derivatives | 9 Months Ended |
Dec. 31, 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, with 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 December 31, 2018. Original variable rate debt amount Agreement Date Effective Date Expiration Date Designated cash flow hedge date (Unaudited) (In millions) $ 15.1 (a) 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 Operating lease As of December 31, 2018, the total notional amount of our variable interest rate swaps on debt and an operating lease was $23.7 million and $4.9 million, respectively. The derivative fair values were as follows: Derivatives Fair Values as of December 31, 2018 March 31, 2018 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments Assets $ 240 $ 437 Liabilities – (897) The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended December 31, 2018 December 31, 2017 (Unaudited) (In thousands) Loss recognized in income on interest rate contracts $ 820 $ 3,311 Gain recognized in AOCI on interest rate contracts (effective portion) $ (731) $ (3,655) Loss reclassified from AOCI into income (effective portion) $ 789 $ 3,308 (Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) $ 31 $ 3 Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first nine months of fiscal 2019, we recognized a net increase in the fair value of our cash flow hedges of $0.6 million, net of taxes. Embedded in this change was $0.8 million of losses reclassified from accumulated other comprehensive income (loss) to interest expense during the first nine months of fiscal 2019. As of December 31, 2018, we expect to reclassify $0.2 million 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) | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
6. Comprehensive Income (Loss) | A summary of the components of AOCI, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gain (Loss) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance as of March 31, 2018 $ (54,853) $ 52,509 $ (370) $ (1,909) $ (4,623) Foreign currency translation (5,081) – – – (5,081) Adjustment for adoption of ASU 2016-01 – (9,724) – – (9,724) Unrealized net loss on investments – (55,830) – – (55,830) Change in fair value of cash flow hedges – – 1,340 – 1,340 Amounts reclassified from AOCI – – (789) – (789) Other comprehensive income (loss) (5,081) (65,554) 551 – (70,084) Balance as of December 31, 2018 $ (59,934) $ (13,045) $ 181 $ (1,909) $ (74,707) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity [Abstract] | |
7. Stockholders' Equity | The following table summarizes dividends declared and/or paid during fiscal 2019: Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Paid Date December 5, 2018 $ 0.50 December 20, 2018 January 7, 2019 August 23, 2018 0.50 September 10, 2018 September 24, 2018 June 6, 2018 0.50 June 21, 2018 July 5, 2018 March 8, 2018 0.50 March 23, 2018 April 6, 2018 On June 8, 2016, our stockholders approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of December 31, 2018, no awards had been issued under this plan. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 9 Months Ended |
Dec. 31, 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 December 31, 2018, we have guaranteed $11.1 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 December 31: 2019 $ 1,024 $ 18,382 $ 3,073 $ 22,479 2020 1,024 17,801 – 18,825 2021 1,028 15,978 – 17,006 2022 1,030 15,452 – 16,482 2023 1,030 14,846 – 15,876 Thereafter 48,876 9,690 – 58,566 Total $ 54,012 $ 92,149 $ 3,073 $ 149,234 |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 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. By April 2018, the parties reached agreements to settle the civil cases. We have paid a total of $27.7 million, representing our self-insured retention and attorney’s fees for all related civil matters. Following the resolution of the civil claims, in June 2018 the United States Attorney's Office for the Eastern District of Pennsylvania filed an initial six-count indictment and a superseding seven-count indictment against UHPA. The seven-count superseding indictment charged UHPA with allegedly improperly filling propane cylinders that were overdue for periodic requalification, offering such cylinders for transportation, and failing to train UHPA employees dispensing propane. As of January 29, 2019, the U.S. Attorney's Office agreed to dismiss Counts 1 through 5 alleging UHPA improperly filled propane cylinders that were overdue for periodic requalification and offering such cylinders for transportation. UHPA entered a plea of guilty on Counts 6 and 7 relating to the training violations set forth above. The sentencing is scheduled for May 7, 2019. 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 908 U-Haul management fee revenue from Blackwater 5,776 5,661 U-Haul management fee revenue from Mercury 2,123 4,220 $ 7,899 $ 10,789 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 3,326 U-Haul management fee revenue from Blackwater 18,254 18,054 U-Haul management fee revenue from Mercury 4,253 5,420 $ 22,507 $ 26,800 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 $23.8 million and $23.3 million from the above mentioned entities during the first nine months 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 December 31, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 669 $ 658 U-Haul commission expenses to Blackwater 14,296 13,433 $ 14,965 $ 14,091 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 2,009 $ 2,014 U-Haul commission expenses to Blackwater 49,129 46,875 $ 51,138 $ 48,889 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. 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 December 31, 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 $18.3 million, expenses of $2.0 million and cash flows of $16.4 million during the first nine months of fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $229.7 million and $49.1 million, respectively, during the first nine months of fiscal 2019. Pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 – Consolidation (“ASC 810”), management determined that 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 December 31, 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 December 31, March 31, 2018 2018 (Unaudited) (In thousands) U-Haul receivable from Blackwater 27,280 24,034 U-Haul receivable from Mercury 10,116 10,357 Other (a) 760 (1,115) $ 38,156 $ 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 | 9 Months Ended |
Dec. 31, 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, net 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. 11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of December 31, 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 $ 905,266 $ 5,715 $ 73,404 $ – $ 984,385 Reinsurance recoverables and trade receivables, net 62,296 97,680 31,788 – 191,764 Inventories and parts, net 96,187 – – – 96,187 Prepaid expenses 177,918 – – – 177,918 Investments, fixed maturities and marketable equities – 284,871 1,842,471 – 2,127,342 Investments, other 22,988 69,719 239,825 – 332,532 Deferred policy acquisition costs, net – – 140,673 – 140,673 Other assets 80,205 532 3,102 – 83,839 Related party assets 41,289 7,359 16,618 (27,110) (c) 38,156 1,386,149 465,876 2,347,881 (27,110) 4,172,796 Investment in subsidiaries 518,629 – – (518,629) (b) – Property, plant and equipment, at cost: Land 910,919 – – – 910,919 Buildings and improvements 3,762,491 – – – 3,762,491 Furniture and equipment 674,535 – – – 674,535 Rental trailers and other rental equipment 572,645 – – – 572,645 Rental trucks 4,532,134 – – – 4,532,134 10,452,724 – – – 10,452,724 Less: Accumulated depreciation (2,979,760) – – – (2,979,760) Total property, plant and equipment 7,472,964 – – – 7,472,964 Total assets $ 9,377,742 $ 465,876 $ 2,347,881 $ (545,739) $ 11,645,760 (a) Balances as of September 30, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of December 31, 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 $ 509,060 $ 3,745 $ 4,555 $ – $ 517,360 Notes, loans and leases payable, net 3,975,764 – – – 3,975,764 Policy benefits and losses, claims and loss expenses payable 409,981 229,607 448,154 – 1,087,742 Liabilities from investment contracts – – 1,583,885 – 1,583,885 Other policyholders' funds and liabilities – 5,050 7,857 – 12,907 Deferred income 29,226 – – – 29,226 Deferred income taxes, net 738,186 5,658 2,992 – 746,836 Related party liabilities 23,485 3,181 444 (27,110) (c) – Total liabilities 5,685,702 247,241 2,047,887 (27,110) 7,953,720 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 453,326 91,120 26,271 (117,601) (b) 453,116 Accumulated other comprehensive income (loss) (74,707) (3,026) (10,018) 13,044 (b) (74,707) Retained earnings 3,985,717 127,240 281,241 (408,271) (b) 3,985,927 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 (5,143) – – – (5,143) Total stockholders' equity 3,692,040 218,635 299,994 (518,629) 3,692,040 Total liabilities and stockholders' equity $ 9,377,742 $ 465,876 $ 2,347,881 $ (545,739) $ 11,645,760 (a) Balances as of September 30, 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 December 31, 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 $ 627,543 $ – $ – $ (1,407) (c) $ 626,136 Self-storage revenues 93,392 – – – 93,392 Self-moving and self-storage products and service sales 55,665 – – – 55,665 Property management fees 7,899 – – – 7,899 Life insurance premiums – – 34,778 – 34,778 Property and casualty insurance premiums – 18,128 – (460) (c) 17,668 Net investment and interest income 4,364 4,018 24,248 (419) (b) 32,211 Other revenue 50,065 – 1,409 (132) (b) 51,342 Total revenues 838,928 22,146 60,435 (2,418) 919,091 Costs and expenses: Operating expenses 465,828 9,412 5,216 (1,995) (b,c) 478,461 Commission expenses 67,493 – – – 67,493 Cost of sales 34,149 – – – 34,149 Benefits and losses – 1,733 41,136 – 42,869 Amortization of deferred policy acquisition costs – – 6,654 – 6,654 Lease expense 8,026 – – (136) (b) 7,890 Depreciation, net of (gains) losses on disposal 143,473 – – – 143,473 Net losses on disposal of real estate – – – – – Total costs and expenses 718,969 11,145 53,006 (2,131) 780,989 Earnings from operations before equity in earnings of subsidiaries 119,959 11,001 7,429 (287) 138,102 Equity in earnings of subsidiaries 14,664 – – (14,664) (d) – Earnings from operations 134,623 11,001 7,429 (14,951) 138,102 Other components of net periodic benefit costs (253) – – – (253) Interest expense (35,114) – – 287 (b) (34,827) Pretax earnings 99,256 11,001 7,429 (14,664) 103,022 Income tax expense (20,621) (2,186) (1,580) – (24,387) Earnings available to common shareholders $ 78,635 $ 8,815 $ 5,849 $ (14,664) $ 78,635 (a) Balances for the quarter ended September 30, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statement of operations by industry segment for the quarter ended December 31, 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 $ 576,018 $ – $ – $ (1,217) (c) $ 574,801 Self-storage revenues 82,127 – – – 82,127 Self-moving and self-storage products and service sales 53,130 – – – 53,130 Property management fees 9,881 – – – 9,881 Life insurance premiums – – 38,957 – 38,957 Property and casualty insurance premiums – 16,754 – (661) (c) 16,093 Net investment and interest income 3,662 3,645 21,887 (373) (b) 28,821 Other revenue 37,669 – 1,535 (132) (b) 39,072 Total revenues 762,487 20,399 62,379 (2,383) 842,882 Costs and expenses: Operating expenses 426,163 8,160 5,521 (2,004) (b,c) 437,840 Commission expenses 63,487 – – – 63,487 Cost of sales 33,995 – – – 33,995 Benefits and losses – 4,644 40,524 – 45,168 Amortization of deferred policy acquisition costs – – 5,952 – 5,952 Lease expense 8,498 – – (83) (b) 8,415 Depreciation, net of (gains) losses on disposal 137,061 – – – 137,061 Net gains on disposal of real estate (192,404) – – – (192,404) Total costs and expenses 476,800 12,804 51,997 (2,087) 539,514 Earnings from operations before equity in earnings of subsidiaries 285,687 7,595 10,382 (296) 303,368 Equity in earnings of subsidiaries 11,823 – – (11,823) (d) – Earnings from operations 297,510 7,595 10,382 (12,119) 303,368 Other components of net periodic benefit costs (231) – – – (231) Interest expense (31,854) – – 296 (b) (31,558) Pretax earnings 265,425 7,595 10,382 (11,823) 271,579 Income tax (expense) benefit 263,469 (2,528) (3,626) – 257,315 Earnings available to common shareholders $ 528,894 $ 5,067 $ 6,756 $ (11,823) $ 528,894 (a) Balances for the quarter ended September 30, 2017 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statements of operations by industry segment for the nine months ended December 31, 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 $ 2,128,120 $ – $ – $ (3,669) (c) $ 2,124,451 Self-storage revenues 271,097 – – – 271,097 Self-moving and self-storage products and service sales 207,819 – – – 207,819 Property management fees 22,507 – – – 22,507 Life insurance premiums – – 107,586 – 107,586 Property and casualty insurance premiums – 48,448 – (1,716) (c) 46,732 Net investment and interest income 9,757 10,109 66,435 (1,258) (b) 85,043 Other revenue 174,447 – 3,889 (396) (b) 177,940 Total revenues 2,813,747 58,557 177,910 (7,039) 3,043,175 Costs and expenses: Operating expenses 1,467,831 26,027 16,275 (5,768) (b,c) 1,504,365 Commission expenses 232,084 – – – 232,084 Cost of sales 130,432 – – – 130,432 Benefits and losses – 10,957 126,239 – 137,196 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Lease expense 24,637 – – (408) (b) 24,229 Depreciation, net of (gains) losses on disposal 402,525 – – – 402,525 Net losses on disposal of real estate 10 – – – 10 Total costs and expenses 2,257,519 36,984 161,098 (6,176) 2,449,425 Earnings from operations before equity in earnings of subsidiaries 556,228 21,573 16,812 (863) 593,750 Equity in earnings of subsidiaries 30,306 – – (30,306) (d) – Earnings from operations 586,534 21,573 16,812 (31,169) 593,750 Other components of net periodic benefit costs (760) – – – (760) Interest expense (105,974) – – 863 (b) (105,111) Pretax earnings 479,800 21,573 16,812 (30,306) 487,879 Income tax expense (109,774) (4,359) (3,720) – (117,853) Earnings available to common shareholders $ 370,026 $ 17,214 $ 13,092 $ (30,306) $ 370,026 (a) Balances for the nine months ended September 30, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statements of operations by industry segment for the nine months ended December 31, 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 $ 1,988,430 $ – $ – $ (3,213) (c) $ 1,985,217 Self-storage revenues 239,317 – – – 239,317 Self-moving and self-storage products and service sales 205,309 – – – 205,309 Property management fees 23,474 – – – 23,474 Life insurance premiums – – 116,910 – 116,910 Property and casualty insurance premiums – 44,067 – (1,133) (c) 42,934 Net investment and interest income 9,496 11,637 62,531 (1,157) (b) 82,507 Other revenue 144,196 – 4,024 (395) (b) 147,825 Total revenues 2,610,222 55,704 183,465 (5,898) 2,843,493 Costs and expenses: Operating expenses 1,310,197 24,632 16,669 (4,716) (b,c) 1,346,782 Commission expenses 222,203 – – – 222,203 Cost of sales 124,456 – – – 124,456 Benefits and losses – 11,954 128,043 – 139,997 Amortization of deferred policy acquisition costs – – 18,217 – 18,217 Lease expense 25,460 – – (183) (b) 25,277 Depreciation, net of (gains) losses on disposal 396,540 – – – 396,540 Net losses on disposal of real estate (192,223) – – – (192,223) Total costs and expenses 1,886,633 36,586 162,929 (4,899) 2,081,249 Earnings from operations before equity in earnings of subsidiaries 723,589 19,118 20,536 (999) 762,244 Equity in earnings of subsidiaries 25,998 – – (25,998) (d) – Earnings from operations 749,587 19,118 20,536 (26,997) 762,244 Other components of net periodic benefit costs (695) – – – (695) Interest expense (94,925) – – 999 (b) (93,926) Pretax earnings 653,967 19,118 20,536 (25,998) 667,623 Income tax (expense) benefit 125,773 (6,481) (7,175) – 112,117 Earnings available to common shareholders $ 779,740 $ 12,637 $ 13,361 $ (25,998) $ 779,740 (a) Balances for the nine months ended September 30, 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 nine months ended December 31, 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 $ 370,026 $ 17,214 $ 13,092 $ (30,306) $ 370,026 Earnings from consolidated entities (30,306) – – 30,306 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 431,652 – – – 431,652 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Amortization of debt issuance costs 2,922 – – – 2,922 Interest credited to policyholders – – 28,540 – 28,540 Change in allowance for losses on trade receivables 129 – (5) – 124 Change in allowance for inventories and parts reserve 2,539 – – – 2,539 Net gains on disposal of personal property (29,127) – – – (29,127) Net losses on disposal of real estate 10 – – – 10 Net gains on sales of investments – (3,007) (587) – (3,594) Deferred income taxes 108,618 3,624 (3,628) – 108,614 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 2,323 2,000 (2,722) – 1,601 Inventories and parts (8,858) – – – (8,858) Prepaid expenses (12,533) – – – (12,533) Capitalization of deferred policy acquisition costs – – (19,994) – (19,994) Other assets 159,232 391 (498) – 159,125 Related party assets (1,428) (410) – – (1,838) Accounts payable and accrued expenses (16,639) 1,174 10,045 – (5,420) Policy benefits and losses, claims and loss expenses payable (157,470) (4,751) 2,936 – (159,285) Other policyholders' funds and liabilities – (327) 3,194 – 2,867 Deferred income (4,982) – – – (4,982) Related party liabilities (3,039) 318 (548) – (3,269) Net cash provided (used) by operating activities 813,069 16,226 48,409 – 877,704 Cash flows from investing activities: Escrow deposits (3,292) – – – (3,292) Purchases of: Property, plant and equipment (1,325,365) – – – (1,325,365) Short term investments – (39,251) (243) – (39,494) Fixed maturities investments – (32,862) (361,404) – (394,266) Equity securities – – (957) – (957) Preferred stock – – (81) – (81) Real estate (236) (187) (82) – (505) Mortgage loans – (13,312) (43,580) – (56,892) Proceeds from sales and paydowns of: Property, plant and equipment 561,848 – – – 561,848 Short term investments – 47,012 – – 47,012 Fixed maturities investments – 9,886 73,881 – 83,767 Equity securities – 8,608 – – 8,608 Preferred stock – 1,625 – – 1,625 Mortgage loans – 1,331 115,469 – 116,800 Net cash provided (used) by investing activities (767,045) (17,150) (216,997) – (1,001,192) (page 1 of 2) (a) Balance for the period ended September 30, 2018 Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 are as follows: 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 666,232 – 26,900 – 693,132 Principal repayments on credit facilities (228,223) – (26,900) – (255,123) Payments of debt issuance costs (5,097) – – – (5,097) Capital lease payments (236,683) – – – (236,683) Employee stock ownership plan shares (203) – – – (203) Common stock dividend paid (29,385) – – – (29,385) Investment contract deposits – – 300,920 – 300,920 Investment contract withdrawals – – (109,641) – (109,641) Net cash provided (used) by financing activities 166,641 – 191,279 – 357,920 Effects of exchange rate on cash (9,435) – – – (9,435) Increase (decrease) in cash and cash equivalents 203,230 (924) 22,691 – 224,997 Cash and cash equivalents at beginning of period 702,036 6,639 50,713 – 759,388 Cash and cash equivalents at end of period $ 905,266 $ 5,715 $ 73,404 $ – $ 984,385 (page 2 of 2) (a) Balance for the period ended September 30, 2018 Consolidating cash flow statements by industry segment for the nine months ended December 31, 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 $ 779,740 $ 12,637 $ 13,361 $ (25,998) $ 779,740 Earnings from consolidated entities (25,998) – – 25,998 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 410,800 – – – 410,800 Amortization of deferred policy acquisition costs – – 18,217 – 18,217 Amortization of debt issuance costs 2,910 – – – 2,910 Interest credited to policyholders – – 23,250 – 23,250 Change in allowance for losses on trade receivables (22) – (3) – (25) Change in allowance for inventories and parts reserve 4,334 – – – 4,334 Net gains on disposal of personal property (14,260) – – – (14,260) Net gains on disposal of real estate (192,223) – – – (192,223) Net gains on sales of investments – (881) (3,369) – (4,250) Deferred income taxes (176,566) (1,315) (1,166) – (179,047) Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (32,898) 6,908 (1,669) – (27,659) Inventories and parts (17,410) – – – (17,410) Prepaid expenses (22,220) – – – (22,220) Capitalization of deferred policy acquisition costs – – (21,501) – (21,501) Other assets 4,649 1,796 (166) – 6,279 Related party assets 43,822 3,982 – – 47,804 Accounts payable and accrued expenses 15,455 1,229 10,080 – 26,764 Policy benefits and losses, claims and loss expenses payable 8,427 (6,896) 1,236 – 2,767 Other policyholders' funds and liabilities – 1,099 (509) – 590 Deferred income (1,297) – – – (1,297) Related party liabilities (4,412) (205) 75 – (4,542) Net cash provided by operating activities 782,831 18,354 37,836 – 839,021 Cash flows from investing activities: Escrow deposits 19,707 – – – 19,707 Purchases of: Property, plant and equipment (970,472) – – – (970,472) Short term investments – (39,701) (9,042) – (48,743) Fixed maturities investments – (34,284) (239,999) – (274,283) Equity securities – – (662) – (662) Preferred stock – (1,000) – – (1,000) Real estate (1,637) (16) (130) – (1,783) Mortgage loans – (11,609) (69,098) – (80,707) Proceeds from sales and paydowns of: Property, plant and equipment 591,040 – – – 591,040 Short term investments – 43,570 10,749 – 54,319 Fixed maturities investments – 17,821 84,583 – 102,404 Preferred stock – 3,188 – – 3,188 Real estate 5,348 – – – 5,348 Mortgage loans – 3,248 20,478 – 23,726 Net cash used by investing activities (356,014) (18,783) (203,121) – (577,918) (page 1 of 2) (a) Balance for the period ended September 30, 2017 Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows: 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 426,262 – – – 426,262 Principal repayments on credit facilities (303,212) – – – (303,212) Payment of debt issuance costs (4,581) – – – (4,581) Capital lease payments (219,623) – – – (219,623) Employee stock ownership plan shares (6,764) – – – (6,764) Securitization deposits (2,181) – – – (2,181) Common stock dividend paid (19,587) – – – (19,587) Investment contract deposits – – 347,695 – 347,695 Investment contract withdrawals – – (163,499) – (163,499) Net cash provided (used) by financing activities (129,686) – 184,196 – 54,510 Effects of exchange rate on cash 9,468 – – – 9,468 Increase (decrease) in cash and cash equivalents 306,599 (429) 18,911 – 325,081 Cash and cash equivalents at beginning of period 671,665 12,725 13,416 – 697,806 Cash and cash equivalents at end of period $ 978,264 $ 12,296 $ 32,327 $ – $ 1,022,887 (page 2 of 2) (a) Balance for the period ended September 30, 2017 |
Industry Segment and Geographic
Industry Segment and Geographic Area Data | 9 Months Ended |
Dec. 31, 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 December 31, 2018 Total revenues $ 880,767 $ 38,324 $ 919,091 Depreciation and amortization, net of (gains) losses on disposals 147,868 2,259 150,127 Interest expense 34,051 776 34,827 Pretax earnings 100,832 2,190 103,022 Income tax expense (23,828) (559) (24,387) Identifiable assets 11,285,627 360,133 11,645,760 Quarter Ended December 31, 2017 Total revenues $ 805,692 $ 37,190 $ 842,882 Depreciation and amortization, net of (gains) losses on disposals (51,211) 1,820 (49,391) Interest expense 30,824 734 31,558 Pretax earnings 269,830 1,749 271,579 Income tax (expense) benefit 264,361 (7,046) 257,315 Identifiable assets 10,186,992 309,967 10,496,959 United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2018 Total revenues $ 2,901,908 $ 141,267 $ 3,043,175 Depreciation and amortization, net of (gains) losses on disposals 416,784 4,335 421,119 Interest expense 102,924 2,187 105,111 Pretax earnings 472,302 15,577 487,879 Income tax expense (113,712) (4,141) (117,853) Identifiable assets 11,285,627 360,133 11,645,760 Nine Months Ended December 31, 2017 Total revenues $ 2,707,614 $ 135,879 $ 2,843,493 Depreciation and amortization, net of (gains) losses on disposals 216,885 5,649 222,534 Interest expense 91,735 2,191 93,926 Pretax earnings 654,388 13,235 667,623 Income tax (expense) benefit 115,855 (3,738) 112,117 Identifiable assets 10,186,992 309,967 10,496,959 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 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 December 31, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 277 $ 269 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 235 218 Other components 18 13 Total other components of net periodic benefit costs 253 231 Net periodic postretirement benefit cost $ 530 $ 500 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 831 $ 805 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 707 652 Other components 53 43 Total other components of net periodic benefit costs 760 695 Net periodic postretirement benefit cost $ 1,591 $ 1,500 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosure [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 December 31, 2018 and March 31, 2018, that are subject to ASC 820 and the valuation approach applied to each of these items. As of December 31, 2018 Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) Assets Short term investments $ 670,795 $ 670,795 $ – $ – Fixed maturities - available for sale 2,100,229 7,190 2,092,818 221 Preferred stock 8,815 8,815 – – Common stock 18,298 18,298 – – Derivatives 4,783 4,543 240 – Total $ 2,802,920 $ 709,641 $ 2,093,058 $ 221 Liabilities Derivatives $ – $ – $ – $ – Total $ – $ – $ – $ – 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 December 31, 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 (95) Fixed Maturities - Asset-Backed Securities - net gain (unrealized) 39 Balance as of December 31, 2018 $ 221 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
15. Revenue Recognition | In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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 impact on our consolidated financial statements. 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 December 31, 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 began and ended within the same fiscal year. The Company’s self-moving rental revenues do not currently meet the definition of a lease under Topic 840 - Leases 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) (“ASU 2016-02”) 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 of Topic 606. 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 third quarter and first nine months 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 began and ended 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 tables, the revenue is disaggregated by timing of revenue recognition: Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time $ 662,498 $ 607,079 Revenues recognized at a point in time 65,372 62,208 Total revenues recognized under ASC 606 727,870 669,287 Revenues recognized under ASC 840 102,863 89,052 Revenues recognized under ASC 944 56,147 55,722 Revenues recognized under ASC 320 32,211 28,821 Total revenues $ 919,091 $ 842,882 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time $ 2,255,541 $ 2,099,216 Revenues recognized at a point in time 240,281 236,067 Total revenues recognized under ASC 606 2,495,822 2,335,283 Revenues recognized under ASC 840 301,551 261,968 Revenues recognized under ASC 944 160,759 163,735 Revenues recognized under ASC 320 85,043 82,507 Total revenues $ 3,043,175 $ 2,843,493 In the above tables, 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 | 9 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
16. Income taxes | The Tax Cuts and Jobs Act (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 December 31, 2018, we have completed our accounting for the tax effects of enactment of the Tax Reform Act. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
17. Accounting Pronouncements | Adoption of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which provided 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. 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 impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which addressed certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other provisions, the new guidance requires the fair value measurement of investments in certain equity securities. For investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost adjusted for changes in observable prices minus impairment. All changes in measurement will be recognized in net income. The guidance was effective for interim and annual reporting period beginning after December 15, 2017. Early adoption was not permitted, except for certain provisions relating to financial liabilities. We adopted this standard in the first quarter of fiscal 2019 and recorded an increase of approximately $9.7 million to retained earnings with a corresponding decrease to accumulated other comprehensive income (loss). In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This update addressed eight specific cash flow issues with the objective of reducing the existing diversity in practice. The effective date of ASU 2016-15 was for interim and annual reporting periods beginning after December 15, 2017. Early adoption was permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory , which required an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This update was effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash . The guidance required that the reconciliation of the beginning-of-period and end-of-period amounts shown in the statements of cash flows include restricted cash and restricted cash equivalents. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies are required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies also need to disclose information about the nature of the restrictions. This update became effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business . This update clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. This update became effective for fiscal years beginning after December 15, 2017, including interim periods within those years. We adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”), which changed how companies that sponsor defined benefit pension plans present the related net periodic benefit cost in the income statement. The service cost component of the net periodic benefit cost continues to be presented in the same income statement line items, however other components of the net periodic benefit cost are presented as a component of other income and excluded from operating profit. ASU 2017-07 became effective for public companies during interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. We adopted this standard in the first quarter of fiscal 2019. We report the current service cost component of net periodic benefit cost in Operating expenses on our condensed consolidated statements of operations and report the Other components of net periodic benefit cost as a separate item outside of earnings from operations. We have applied these changes in presentation retrospectively, which resulted in a decrease in earnings from operations of $0.3 million and $0.5 million for the quarter and six months ended September 30, 2017, respectively. These changes in presentation did not result in any changes to earnings available to common stockholders or earnings per common share. Details of the net periodic costs are provided in Note 13, Employee Benefit Plans, of the Notes to Condensed Consolidated Financial Statements. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). This update will require lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. This update maintains the dual model for lease accounting, requiring leases to be classified as either operating or finance, with lease classification determined in a manner similar to existing lease guidance. The basic principle is that leases of all types convey the right to direct the use and obtain substantially all the economic benefits of an identified asset, meaning they create an asset and liability for lessees. Lessees will classify leases as either finance leases (comparable to current capital leases) or operating leases (comparable to current operating leases). Costs for a finance lease will be split between amortization and interest expense, with operating leases reporting a single lease expense. This update will also require both qualitative and quantitative disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; however, early adoption is permitted. ASU 2016-02 also aligns key aspects of lessor accounting with the new revenue recognition guidance in Topic 606 (see ASU 2014-09) on the previous page). In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which includes a number of optional practical expedients that entities may elect to apply. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , (“ASU 2018-11”) which provides an additional transition method allowing entities to only apply the new lease standard in the year of adoption. Additionally, ASU 2018-11 provides a practical expedient for lessors to combine nonlease components with related lease components if certain conditions are met. These ASUs become effective for the Company on April 1, 2019. Early adoption is permitted The Company is in the process of implementing these ASUs and expects most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption. The Company has determined portions of its vehicle rental contracts that convey the right to control the use of identified assets are within the scope of the accounting guidance contained in these ASUs. As discussed in ASU 2014-09, the Company’s rental related revenues are accounted for under the revenue accounting standard Topic 606. The Company plans on adopting ASC Topic 842 and related ASUs on April 1, 2019, using the Effective Date Approach including the practical expedients allowing entities to not have to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and related initial direct costs. Additionally, we will adopt the practical expedient for lessors to combine non-lease components with related lease components. We have identified the lease arrangements that are subject to Topic ASC 842 and are in the process of determining the impact on our consolidated financial statements. For the last ten years, we have reported a discounted estimate of the off-balance sheet lease obligations in our MD&A. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Cost (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities, at least annually. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption of ASU 2018-12 is permitted. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statement of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income . ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; but allows for early adoption in any interim period after issuance of the update. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; but allows for early adoption in any year end after issuance of the update. We are currently evaluating the impact of this standard on our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
18. Subsequent Events | In 2011, Oxford entered into a Reinsurance Agreement with State Mutual Insurance Company (“State Mutual”) to coinsure a block of whole life insurance policies originally issued by State Mutual. The Reinsurance Agreement remained in-force until November 30, 2018. On December 1, 2018, the two companies entered into a Termination Amendment which terminated the Reinsurance Agreement. As a result, Oxford transferred net cash of $64.6 million supporting the net liabilities, less transaction offsets to State Mutual. |
Investments (Table Text Block)
Investments (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Investments Debt Equity Securities [Abstract] | |
Available-for-Sale Investments | Available-for-sale investments as of December 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 (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 128,934 $ 1,140 $ (2,319) $ (2,462) $ 125,293 U.S. government agency mortgage-backed securities 61,243 526 (44) (1,558) 60,167 Obligations of states and political subdivisions 238,243 5,203 (251) (2,456) 240,739 Corporate securities 1,576,170 14,898 (8,033) (26,956) 1,556,079 Mortgage-backed securities 119,006 541 (212) (1,384) 117,951 Redeemable preferred stocks 1,493 37 – (20) 1,510 $ 2,125,089 $ 22,345 $ (10,859) $ (34,836) $ 2,101,739 Available-for-sale investments as of 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 Preferred stocks 10,609 321 (29) (40) 10,861 Common stocks 15,732 12,329 (10) (189) 27,862 $ 1,847,422 $ 79,262 $ (4,302) $ (2,522) $ 1,919,860 |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | December 31, 2018 March 31, 2018 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 58,311 $ 58,532 $ 36,446 $ 36,674 Due after one year through five years 503,227 502,343 441,223 450,816 Due after five years through ten years 648,241 639,629 607,895 626,174 Due after ten years 794,811 781,774 641,411 671,448 2,004,590 1,982,278 1,726,975 1,785,112 Mortgage-backed securities 119,006 117,951 94,106 96,025 Redeemable preferred stocks 1,493 1,510 2,118 2,247 Equity securities – – 24,223 36,476 $ 2,125,089 $ 2,101,739 $ 1,847,422 $ 1,919,860 |
Available for sale equity investments | Estimated Market Value as of December 31, 2018 (Unaudited) (In thousands) Common stocks $ 18,298 Non-redeemable preferred stocks 7,305 $ 25,603 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Debt Instruments [Abstract] | |
Long-Term Debt | December 31, March 31, 2019 Rate (a) Maturities 2018 2018 (Unaudited) (In thousands) Real estate loan (amortizing term) 3.89% 2023 $ 105,413 $ 135,287 Senior mortgages 3.72% - 6.62% 2021 - 2038 1,659,930 1,487,645 Working capital loans (revolving credit) 3.59% - 3.72% 2021 335,000 55,000 Fleet loans (amortizing term) 1.95% - 4.66% 2019 - 2025 281,329 342,971 Fleet loans (revolving credit) 3.49% - 3.50% 2021 - 2023 530,000 460,000 Capital leases (rental equipment) 1.92% - 5.04% 2019 - 2025 1,012,791 984,217 Other obligations 2.75% - 8.00% 2019 - 2048 79,064 73,579 Notes, loans and leases payable 4,003,527 3,538,699 Less: Debt issuance costs (27,763) (25,623) Total notes, loans and leases payable, net $ 3,975,764 $ 3,513,076 (a) Interest rate as of December 31, 2018, including the effect of applicable hedging instruments. |
Annual Maturities of Notes, Loans and Leases Payable | Twelve Months Ending December 31, 2019 2020 2021 2022 2023 Thereafter (Unaudited) (In thousands) Notes, loans and leases payable, secured $ 444,230 $ 537,017 $ 701,960 $ 550,082 $ 421,537 $ 1,348,701 |
Components of interest expense | Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) Interest expense $ 38,825 $ 31,983 Capitalized interest (5,055) (2,075) Amortization of transaction costs 909 963 Interest expense resulting from derivatives 148 687 Total interest expense 34,827 31,558 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Interest expense $ 109,241 $ 93,475 Capitalized interest (7,701) (5,769) Amortization of transaction costs 2,751 2,909 Interest expense resulting from derivatives 820 3,311 Total interest expense 105,111 93,926 |
Interest rates and company borrowings | Revolving Credit Activity Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 3.52% 2.47% Interest rate at the end of the quarter 3.57% 2.56% Maximum amount outstanding during the quarter $ 865,000 $ 535,000 Average amount outstanding during the quarter $ 812,174 $ 532,261 Facility fees $ 41 $ 159 Revolving Credit Activity Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the period 3.31% 2.38% Interest rate at the end of the period 3.57% 2.56% Maximum amount outstanding during the period $ 865,000 $ 538,000 Average amount outstanding during the period $ 632,509 $ 516,349 Facility fees $ 313 $ 284 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 9 Months Ended |
Dec. 31, 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) $ 15.1 (a) 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 Operating lease |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | Derivatives Fair Values as of December 31, 2018 March 31, 2018 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments Assets $ 240 $ 437 Liabilities – (897) |
Effect of Interest Rate Contracts on the Statement of Operations | The Effect of Interest Rate Contracts on the Statements of Operations for the Nine Months Ended December 31, 2018 December 31, 2017 (Unaudited) (In thousands) Loss recognized in income on interest rate contracts $ 820 $ 3,311 Gain recognized in AOCI on interest rate contracts (effective portion) $ (731) $ (3,655) Loss reclassified from AOCI into income (effective portion) $ 789 $ 3,308 (Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) $ 31 $ 3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (loss) (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Table Text Block Supplement [Abstract] | |
Summary of accumulated other comprehensive income (loss) components, net of tax | Foreign Currency Translation Unrealized Net Gain (Loss) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance as of March 31, 2018 $ (54,853) $ 52,509 $ (370) $ (1,909) $ (4,623) Foreign currency translation (5,081) – – – (5,081) Adjustment for adoption of ASU 2016-01 – (9,724) – – (9,724) Unrealized net loss on investments – (55,830) – – (55,830) Change in fair value of cash flow hedges – – 1,340 – 1,340 Amounts reclassified from AOCI – – (789) – (789) Other comprehensive income (loss) (5,081) (65,554) 551 – (70,084) Balance as of December 31, 2018 $ (59,934) $ (13,045) $ 181 $ (1,909) $ (74,707) |
Stockholders' Equity (Table Tex
Stockholders' Equity (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Summary of dividends declared and/or paid | Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Paid Date December 5, 2018 $ 0.50 December 20, 2018 January 7, 2019 August 23, 2018 0.50 September 10, 2018 September 24, 2018 June 6, 2018 0.50 June 21, 2018 July 5, 2018 March 8, 2018 0.50 March 23, 2018 April 6, 2018 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Table Text Block) | 9 Months Ended |
Dec. 31, 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 December 31: 2019 $ 1,024 $ 18,382 $ 3,073 $ 22,479 2020 1,024 17,801 – 18,825 2021 1,028 15,978 – 17,006 2022 1,030 15,452 – 16,482 2023 1,030 14,846 – 15,876 Thereafter 48,876 9,690 – 58,566 Total $ 54,012 $ 92,149 $ 3,073 $ 149,234 |
Related Party Transations (Tabl
Related Party Transations (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 908 U-Haul management fee revenue from Blackwater 5,776 5,661 U-Haul management fee revenue from Mercury 2,123 4,220 $ 7,899 $ 10,789 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul interest income revenue from Blackwater $ – $ 3,326 U-Haul management fee revenue from Blackwater 18,254 18,054 U-Haul management fee revenue from Mercury 4,253 5,420 $ 22,507 $ 26,800 |
Related Party costs and expenses | Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 669 $ 658 U-Haul commission expenses to Blackwater 14,296 13,433 $ 14,965 $ 14,091 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 2,009 $ 2,014 U-Haul commission expenses to Blackwater 49,129 46,875 $ 51,138 $ 48,889 |
Related party assets | December 31, March 31, 2018 2018 (Unaudited) (In thousands) U-Haul receivable from Blackwater 27,280 24,034 U-Haul receivable from Mercury 10,116 10,357 Other (a) 760 (1,115) $ 38,156 $ 33,276 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. |
Consolidating Financial Infor_2
Consolidating Financial Information By Industry Segment (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Table Text Block Supplement [Abstract] | |
Consolidated Balance Sheet by Industry Segment | Consolidating balance sheets by industry segment as of December 31, 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 $ 905,266 $ 5,715 $ 73,404 $ – $ 984,385 Reinsurance recoverables and trade receivables, net 62,296 97,680 31,788 – 191,764 Inventories and parts, net 96,187 – – – 96,187 Prepaid expenses 177,918 – – – 177,918 Investments, fixed maturities and marketable equities – 284,871 1,842,471 – 2,127,342 Investments, other 22,988 69,719 239,825 – 332,532 Deferred policy acquisition costs, net – – 140,673 – 140,673 Other assets 80,205 532 3,102 – 83,839 Related party assets 41,289 7,359 16,618 (27,110) (c) 38,156 1,386,149 465,876 2,347,881 (27,110) 4,172,796 Investment in subsidiaries 518,629 – – (518,629) (b) – Property, plant and equipment, at cost: Land 910,919 – – – 910,919 Buildings and improvements 3,762,491 – – – 3,762,491 Furniture and equipment 674,535 – – – 674,535 Rental trailers and other rental equipment 572,645 – – – 572,645 Rental trucks 4,532,134 – – – 4,532,134 10,452,724 – – – 10,452,724 Less: Accumulated depreciation (2,979,760) – – – (2,979,760) Total property, plant and equipment 7,472,964 – – – 7,472,964 Total assets $ 9,377,742 $ 465,876 $ 2,347,881 $ (545,739) $ 11,645,760 (a) Balances as of September 30, 2018 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables Consolidating balance sheets by industry segment as of December 31, 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 $ 509,060 $ 3,745 $ 4,555 $ – $ 517,360 Notes, loans and leases payable, net 3,975,764 – – – 3,975,764 Policy benefits and losses, claims and loss expenses payable 409,981 229,607 448,154 – 1,087,742 Liabilities from investment contracts – – 1,583,885 – 1,583,885 Other policyholders' funds and liabilities – 5,050 7,857 – 12,907 Deferred income 29,226 – – – 29,226 Deferred income taxes, net 738,186 5,658 2,992 – 746,836 Related party liabilities 23,485 3,181 444 (27,110) (c) – Total liabilities 5,685,702 247,241 2,047,887 (27,110) 7,953,720 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 453,326 91,120 26,271 (117,601) (b) 453,116 Accumulated other comprehensive income (loss) (74,707) (3,026) (10,018) 13,044 (b) (74,707) Retained earnings 3,985,717 127,240 281,241 (408,271) (b) 3,985,927 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 (5,143) – – – (5,143) Total stockholders' equity 3,692,040 218,635 299,994 (518,629) 3,692,040 Total liabilities and stockholders' equity $ 9,377,742 $ 465,876 $ 2,347,881 $ (545,739) $ 11,645,760 (a) Balances as of September 30, 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 | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 627,543 $ – $ – $ (1,407) (c) $ 626,136 Self-storage revenues 93,392 – – – 93,392 Self-moving and self-storage products and service sales 55,665 – – – 55,665 Property management fees 7,899 – – – 7,899 Life insurance premiums – – 34,778 – 34,778 Property and casualty insurance premiums – 18,128 – (460) (c) 17,668 Net investment and interest income 4,364 4,018 24,248 (419) (b) 32,211 Other revenue 50,065 – 1,409 (132) (b) 51,342 Total revenues 838,928 22,146 60,435 (2,418) 919,091 Costs and expenses: Operating expenses 465,828 9,412 5,216 (1,995) (b,c) 478,461 Commission expenses 67,493 – – – 67,493 Cost of sales 34,149 – – – 34,149 Benefits and losses – 1,733 41,136 – 42,869 Amortization of deferred policy acquisition costs – – 6,654 – 6,654 Lease expense 8,026 – – (136) (b) 7,890 Depreciation, net of (gains) losses on disposal 143,473 – – – 143,473 Net losses on disposal of real estate – – – – – Total costs and expenses 718,969 11,145 53,006 (2,131) 780,989 Earnings from operations before equity in earnings of subsidiaries 119,959 11,001 7,429 (287) 138,102 Equity in earnings of subsidiaries 14,664 – – (14,664) (d) – Earnings from operations 134,623 11,001 7,429 (14,951) 138,102 Other components of net periodic benefit costs (253) – – – (253) Interest expense (35,114) – – 287 (b) (34,827) Pretax earnings 99,256 11,001 7,429 (14,664) 103,022 Income tax expense (20,621) (2,186) (1,580) – (24,387) Earnings available to common shareholders $ 78,635 $ 8,815 $ 5,849 $ (14,664) $ 78,635 (a) Balances for the quarter ended September 30, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statement of operations by industry segment for the quarter ended December 31, 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 $ 576,018 $ – $ – $ (1,217) (c) $ 574,801 Self-storage revenues 82,127 – – – 82,127 Self-moving and self-storage products and service sales 53,130 – – – 53,130 Property management fees 9,881 – – – 9,881 Life insurance premiums – – 38,957 – 38,957 Property and casualty insurance premiums – 16,754 – (661) (c) 16,093 Net investment and interest income 3,662 3,645 21,887 (373) (b) 28,821 Other revenue 37,669 – 1,535 (132) (b) 39,072 Total revenues 762,487 20,399 62,379 (2,383) 842,882 Costs and expenses: Operating expenses 426,163 8,160 5,521 (2,004) (b,c) 437,840 Commission expenses 63,487 – – – 63,487 Cost of sales 33,995 – – – 33,995 Benefits and losses – 4,644 40,524 – 45,168 Amortization of deferred policy acquisition costs – – 5,952 – 5,952 Lease expense 8,498 – – (83) (b) 8,415 Depreciation, net of (gains) losses on disposal 137,061 – – – 137,061 Net gains on disposal of real estate (192,404) – – – (192,404) Total costs and expenses 476,800 12,804 51,997 (2,087) 539,514 Earnings from operations before equity in earnings of subsidiaries 285,687 7,595 10,382 (296) 303,368 Equity in earnings of subsidiaries 11,823 – – (11,823) (d) – Earnings from operations 297,510 7,595 10,382 (12,119) 303,368 Other components of net periodic benefit costs (231) – – – (231) Interest expense (31,854) – – 296 (b) (31,558) Pretax earnings 265,425 7,595 10,382 (11,823) 271,579 Income tax (expense) benefit 263,469 (2,528) (3,626) – 257,315 Earnings available to common shareholders $ 528,894 $ 5,067 $ 6,756 $ (11,823) $ 528,894 (a) Balances for the quarter ended September 30, 2017 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statements of operations by industry segment for the nine months ended December 31, 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 $ 2,128,120 $ – $ – $ (3,669) (c) $ 2,124,451 Self-storage revenues 271,097 – – – 271,097 Self-moving and self-storage products and service sales 207,819 – – – 207,819 Property management fees 22,507 – – – 22,507 Life insurance premiums – – 107,586 – 107,586 Property and casualty insurance premiums – 48,448 – (1,716) (c) 46,732 Net investment and interest income 9,757 10,109 66,435 (1,258) (b) 85,043 Other revenue 174,447 – 3,889 (396) (b) 177,940 Total revenues 2,813,747 58,557 177,910 (7,039) 3,043,175 Costs and expenses: Operating expenses 1,467,831 26,027 16,275 (5,768) (b,c) 1,504,365 Commission expenses 232,084 – – – 232,084 Cost of sales 130,432 – – – 130,432 Benefits and losses – 10,957 126,239 – 137,196 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Lease expense 24,637 – – (408) (b) 24,229 Depreciation, net of (gains) losses on disposal 402,525 – – – 402,525 Net losses on disposal of real estate 10 – – – 10 Total costs and expenses 2,257,519 36,984 161,098 (6,176) 2,449,425 Earnings from operations before equity in earnings of subsidiaries 556,228 21,573 16,812 (863) 593,750 Equity in earnings of subsidiaries 30,306 – – (30,306) (d) – Earnings from operations 586,534 21,573 16,812 (31,169) 593,750 Other components of net periodic benefit costs (760) – – – (760) Interest expense (105,974) – – 863 (b) (105,111) Pretax earnings 479,800 21,573 16,812 (30,306) 487,879 Income tax expense (109,774) (4,359) (3,720) – (117,853) Earnings available to common shareholders $ 370,026 $ 17,214 $ 13,092 $ (30,306) $ 370,026 (a) Balances for the nine months ended September 30, 2018 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries Consolidating statements of operations by industry segment for the nine months ended December 31, 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 $ 1,988,430 $ – $ – $ (3,213) (c) $ 1,985,217 Self-storage revenues 239,317 – – – 239,317 Self-moving and self-storage products and service sales 205,309 – – – 205,309 Property management fees 23,474 – – – 23,474 Life insurance premiums – – 116,910 – 116,910 Property and casualty insurance premiums – 44,067 – (1,133) (c) 42,934 Net investment and interest income 9,496 11,637 62,531 (1,157) (b) 82,507 Other revenue 144,196 – 4,024 (395) (b) 147,825 Total revenues 2,610,222 55,704 183,465 (5,898) 2,843,493 Costs and expenses: Operating expenses 1,310,197 24,632 16,669 (4,716) (b,c) 1,346,782 Commission expenses 222,203 – – – 222,203 Cost of sales 124,456 – – – 124,456 Benefits and losses – 11,954 128,043 – 139,997 Amortization of deferred policy acquisition costs – – 18,217 – 18,217 Lease expense 25,460 – – (183) (b) 25,277 Depreciation, net of (gains) losses on disposal 396,540 – – – 396,540 Net losses on disposal of real estate (192,223) – – – (192,223) Total costs and expenses 1,886,633 36,586 162,929 (4,899) 2,081,249 Earnings from operations before equity in earnings of subsidiaries 723,589 19,118 20,536 (999) 762,244 Equity in earnings of subsidiaries 25,998 – – (25,998) (d) – Earnings from operations 749,587 19,118 20,536 (26,997) 762,244 Other components of net periodic benefit costs (695) – – – (695) Interest expense (94,925) – – 999 (b) (93,926) Pretax earnings 653,967 19,118 20,536 (25,998) 667,623 Income tax (expense) benefit 125,773 (6,481) (7,175) – 112,117 Earnings available to common shareholders $ 779,740 $ 12,637 $ 13,361 $ (25,998) $ 779,740 (a) Balances for the nine months ended September 30, 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 nine months ended December 31, 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 $ 370,026 $ 17,214 $ 13,092 $ (30,306) $ 370,026 Earnings from consolidated entities (30,306) – – 30,306 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 431,652 – – – 431,652 Amortization of deferred policy acquisition costs – – 18,584 – 18,584 Amortization of debt issuance costs 2,922 – – – 2,922 Interest credited to policyholders – – 28,540 – 28,540 Change in allowance for losses on trade receivables 129 – (5) – 124 Change in allowance for inventories and parts reserve 2,539 – – – 2,539 Net gains on disposal of personal property (29,127) – – – (29,127) Net losses on disposal of real estate 10 – – – 10 Net gains on sales of investments – (3,007) (587) – (3,594) Deferred income taxes 108,618 3,624 (3,628) – 108,614 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 2,323 2,000 (2,722) – 1,601 Inventories and parts (8,858) – – – (8,858) Prepaid expenses (12,533) – – – (12,533) Capitalization of deferred policy acquisition costs – – (19,994) – (19,994) Other assets 159,232 391 (498) – 159,125 Related party assets (1,428) (410) – – (1,838) Accounts payable and accrued expenses (16,639) 1,174 10,045 – (5,420) Policy benefits and losses, claims and loss expenses payable (157,470) (4,751) 2,936 – (159,285) Other policyholders' funds and liabilities – (327) 3,194 – 2,867 Deferred income (4,982) – – – (4,982) Related party liabilities (3,039) 318 (548) – (3,269) Net cash provided (used) by operating activities 813,069 16,226 48,409 – 877,704 Cash flows from investing activities: Escrow deposits (3,292) – – – (3,292) Purchases of: Property, plant and equipment (1,325,365) – – – (1,325,365) Short term investments – (39,251) (243) – (39,494) Fixed maturities investments – (32,862) (361,404) – (394,266) Equity securities – – (957) – (957) Preferred stock – – (81) – (81) Real estate (236) (187) (82) – (505) Mortgage loans – (13,312) (43,580) – (56,892) Proceeds from sales and paydowns of: Property, plant and equipment 561,848 – – – 561,848 Short term investments – 47,012 – – 47,012 Fixed maturities investments – 9,886 73,881 – 83,767 Equity securities – 8,608 – – 8,608 Preferred stock – 1,625 – – 1,625 Mortgage loans – 1,331 115,469 – 116,800 Net cash provided (used) by investing activities (767,045) (17,150) (216,997) – (1,001,192) (page 1 of 2) (a) Balance for the period ended September 30, 2018 Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 are as follows: 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 666,232 – 26,900 – 693,132 Principal repayments on credit facilities (228,223) – (26,900) – (255,123) Payments of debt issuance costs (5,097) – – – (5,097) Capital lease payments (236,683) – – – (236,683) Employee stock ownership plan shares (203) – – – (203) Common stock dividend paid (29,385) – – – (29,385) Investment contract deposits – – 300,920 – 300,920 Investment contract withdrawals – – (109,641) – (109,641) Net cash provided (used) by financing activities 166,641 – 191,279 – 357,920 Effects of exchange rate on cash (9,435) – – – (9,435) Increase (decrease) in cash and cash equivalents 203,230 (924) 22,691 – 224,997 Cash and cash equivalents at beginning of period 702,036 6,639 50,713 – 759,388 Cash and cash equivalents at end of period $ 905,266 $ 5,715 $ 73,404 $ – $ 984,385 (page 2 of 2) (a) Balance for the period ended September 30, 2018 Consolidating cash flow statements by industry segment for the nine months ended December 31, 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 $ 779,740 $ 12,637 $ 13,361 $ (25,998) $ 779,740 Earnings from consolidated entities (25,998) – – 25,998 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 410,800 – – – 410,800 Amortization of deferred policy acquisition costs – – 18,217 – 18,217 Amortization of debt issuance costs 2,910 – – – 2,910 Interest credited to policyholders – – 23,250 – 23,250 Change in allowance for losses on trade receivables (22) – (3) – (25) Change in allowance for inventories and parts reserve 4,334 – – – 4,334 Net gains on disposal of personal property (14,260) – – – (14,260) Net gains on disposal of real estate (192,223) – – – (192,223) Net gains on sales of investments – (881) (3,369) – (4,250) Deferred income taxes (176,566) (1,315) (1,166) – (179,047) Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (32,898) 6,908 (1,669) – (27,659) Inventories and parts (17,410) – – – (17,410) Prepaid expenses (22,220) – – – (22,220) Capitalization of deferred policy acquisition costs – – (21,501) – (21,501) Other assets 4,649 1,796 (166) – 6,279 Related party assets 43,822 3,982 – – 47,804 Accounts payable and accrued expenses 15,455 1,229 10,080 – 26,764 Policy benefits and losses, claims and loss expenses payable 8,427 (6,896) 1,236 – 2,767 Other policyholders' funds and liabilities – 1,099 (509) – 590 Deferred income (1,297) – – – (1,297) Related party liabilities (4,412) (205) 75 – (4,542) Net cash provided by operating activities 782,831 18,354 37,836 – 839,021 Cash flows from investing activities: Escrow deposits 19,707 – – – 19,707 Purchases of: Property, plant and equipment (970,472) – – – (970,472) Short term investments – (39,701) (9,042) – (48,743) Fixed maturities investments – (34,284) (239,999) – (274,283) Equity securities – – (662) – (662) Preferred stock – (1,000) – – (1,000) Real estate (1,637) (16) (130) – (1,783) Mortgage loans – (11,609) (69,098) – (80,707) Proceeds from sales and paydowns of: Property, plant and equipment 591,040 – – – 591,040 Short term investments – 43,570 10,749 – 54,319 Fixed maturities investments – 17,821 84,583 – 102,404 Preferred stock – 3,188 – – 3,188 Real estate 5,348 – – – 5,348 Mortgage loans – 3,248 20,478 – 23,726 Net cash used by investing activities (356,014) (18,783) (203,121) – (577,918) (page 1 of 2) (a) Balance for the period ended September 30, 2017 Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows: 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 426,262 – – – 426,262 Principal repayments on credit facilities (303,212) – – – (303,212) Payment of debt issuance costs (4,581) – – – (4,581) Capital lease payments (219,623) – – – (219,623) Employee stock ownership plan shares (6,764) – – – (6,764) Securitization deposits (2,181) – – – (2,181) Common stock dividend paid (19,587) – – – (19,587) Investment contract deposits – – 347,695 – 347,695 Investment contract withdrawals – – (163,499) – (163,499) Net cash provided (used) by financing activities (129,686) – 184,196 – 54,510 Effects of exchange rate on cash 9,468 – – – 9,468 Increase (decrease) in cash and cash equivalents 306,599 (429) 18,911 – 325,081 Cash and cash equivalents at beginning of period 671,665 12,725 13,416 – 697,806 Cash and cash equivalents at end of period $ 978,264 $ 12,296 $ 32,327 $ – $ 1,022,887 (page 2 of 2) (a) Balance for the period ended September 30, 2017 |
Industry Segment and Geograph_2
Industry Segment and Geographic Area Data (Table Text Block) | 9 Months Ended |
Dec. 31, 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 December 31, 2018 Total revenues $ 880,767 $ 38,324 $ 919,091 Depreciation and amortization, net of (gains) losses on disposals 147,868 2,259 150,127 Interest expense 34,051 776 34,827 Pretax earnings 100,832 2,190 103,022 Income tax expense (23,828) (559) (24,387) Identifiable assets 11,285,627 360,133 11,645,760 Quarter Ended December 31, 2017 Total revenues $ 805,692 $ 37,190 $ 842,882 Depreciation and amortization, net of (gains) losses on disposals (51,211) 1,820 (49,391) Interest expense 30,824 734 31,558 Pretax earnings 269,830 1,749 271,579 Income tax (expense) benefit 264,361 (7,046) 257,315 Identifiable assets 10,186,992 309,967 10,496,959 United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2018 Total revenues $ 2,901,908 $ 141,267 $ 3,043,175 Depreciation and amortization, net of (gains) losses on disposals 416,784 4,335 421,119 Interest expense 102,924 2,187 105,111 Pretax earnings 472,302 15,577 487,879 Income tax expense (113,712) (4,141) (117,853) Identifiable assets 11,285,627 360,133 11,645,760 Nine Months Ended December 31, 2017 Total revenues $ 2,707,614 $ 135,879 $ 2,843,493 Depreciation and amortization, net of (gains) losses on disposals 216,885 5,649 222,534 Interest expense 91,735 2,191 93,926 Pretax earnings 654,388 13,235 667,623 Income tax (expense) benefit 115,855 (3,738) 112,117 Identifiable assets 10,186,992 309,967 10,496,959 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Net period benefit and postretirement costs | Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 277 $ 269 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 235 218 Other components 18 13 Total other components of net periodic benefit costs 253 231 Net periodic postretirement benefit cost $ 530 $ 500 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 831 $ 805 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 707 652 Other components 53 43 Total other components of net periodic benefit costs 760 695 Net periodic postretirement benefit cost $ 1,591 $ 1,500 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 9 Months Ended |
Dec. 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 December 31, 2018 Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) Assets Short term investments $ 670,795 $ 670,795 $ – $ – Fixed maturities - available for sale 2,100,229 7,190 2,092,818 221 Preferred stock 8,815 8,815 – – Common stock 18,298 18,298 – – Derivatives 4,783 4,543 240 – Total $ 2,802,920 $ 709,641 $ 2,093,058 $ 221 Liabilities Derivatives $ – $ – $ – $ – Total $ – $ – $ – $ – 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 (95) Fixed Maturities - Asset-Backed Securities - net gain (unrealized) 39 Balance as of December 31, 2018 $ 221 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 9 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Quarter Ended December 31, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time $ 662,498 $ 607,079 Revenues recognized at a point in time 65,372 62,208 Total revenues recognized under ASC 606 727,870 669,287 Revenues recognized under ASC 840 102,863 89,052 Revenues recognized under ASC 944 56,147 55,722 Revenues recognized under ASC 320 32,211 28,821 Total revenues $ 919,091 $ 842,882 Nine Months Ended December 31, 2018 2017 (Unaudited) (In thousands) Revenues recognized over time $ 2,255,541 $ 2,099,216 Revenues recognized at a point in time 240,281 236,067 Total revenues recognized under ASC 606 2,495,822 2,335,283 Revenues recognized under ASC 840 301,551 261,968 Revenues recognized under ASC 944 160,759 163,735 Revenues recognized under ASC 320 85,043 82,507 Total revenues $ 3,043,175 $ 2,843,493 |
Basis of Presentation (Narrativ
Basis of Presentation (Narratives) (Details) | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 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 | 15,559 | 18,279 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |||
Assets held by insurance regulators | $ 31 | $ 30.2 | |
Fair value, available for sale securities | 76 | ||
Available-for-sale securities, gross realized gains | 0.9 | ||
Available-for-sale securities, gross realized losses | 0.1 | ||
Other-than-temporary impairments | $ 0 | $ 0 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Available-for-sale securities, investments: | ||
Amortized cost | $ 2,125,089 | $ 1,847,422 |
Gross unrealized gains | 22,345 | 79,262 |
Gross unrealized losses more than 12 months | (10,859) | (4,302) |
Gross unrealized losses less than 12 months | (34,836) | (2,522) |
Estimated market value | 2,101,739 | 1,919,860 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 128,934 | 123,557 |
Gross unrealized gains | 1,140 | 3,595 |
Gross unrealized losses more than 12 months | (2,319) | (1,036) |
Gross unrealized losses less than 12 months | (2,462) | (203) |
Estimated market value | 125,293 | 125,913 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 61,243 | 36,416 |
Gross unrealized gains | 526 | 951 |
Gross unrealized losses more than 12 months | (44) | (1) |
Gross unrealized losses less than 12 months | (1,558) | (93) |
Estimated market value | 60,167 | 37,273 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 238,243 | 178,702 |
Gross unrealized gains | 5,203 | 9,938 |
Gross unrealized losses more than 12 months | (251) | (217) |
Gross unrealized losses less than 12 months | (2,456) | (18) |
Estimated market value | 240,739 | 188,405 |
Corporate securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 1,576,170 | 1,388,300 |
Gross unrealized gains | 14,898 | 50,056 |
Gross unrealized losses more than 12 months | (8,033) | (3,009) |
Gross unrealized losses less than 12 months | (26,956) | (1,826) |
Estimated market value | 1,556,079 | 1,433,521 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 119,006 | 94,106 |
Gross unrealized gains | 541 | 2,072 |
Gross unrealized losses more than 12 months | (212) | |
Gross unrealized losses less than 12 months | (1,384) | (153) |
Estimated market value | 117,951 | 96,025 |
Redeemable preferred stocks [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 1,493 | 2,118 |
Gross unrealized gains | 37 | |
Gross unrealized losses more than 12 months | ||
Gross unrealized losses less than 12 months | (20) | |
Estimated market value | $ 1,510 | |
Preferred stocks [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 10,609 | |
Gross unrealized gains | 321 | |
Gross unrealized losses more than 12 months | (29) | |
Gross unrealized losses less than 12 months | (40) | |
Estimated market value | 10,861 | |
Common stocks [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 15,732 | |
Gross unrealized gains | 12,329 | |
Gross unrealized losses more than 12 months | (10) | |
Gross unrealized losses less than 12 months | (189) | |
Estimated market value | $ 27,862 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,125,089 | $ 1,847,422 |
Available-for-sale securities, fair value: | ||
Estimated market value | 2,101,739 | 1,919,860 |
Us Treasury, Government, and Corporate Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 58,311 | 36,446 |
Due after one year through five years | 503,227 | 441,223 |
Due after five years through ten years | 648,241 | 607,895 |
Due after ten years | 794,811 | 641,411 |
Amortized cost | 2,004,590 | 1,726,975 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 58,532 | 36,674 |
Due after one year through five years | 502,343 | 450,816 |
Due after five years through ten years | 639,629 | 626,174 |
Due after ten years | 781,774 | 671,448 |
Estimated market value | 1,982,278 | 1,785,112 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 119,006 | 94,106 |
Available-for-sale securities, fair value: | ||
Estimated market value | 117,951 | 96,025 |
Redeemable preferred stocks [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 1,493 | 2,118 |
Available-for-sale securities, fair value: | ||
Estimated market value | 1,510 | 2,247 |
Equity Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 24,223 | |
Available-for-sale securities, fair value: | ||
Estimated market value | $ 36,476 |
Investments (Available For Sa_2
Investments (Available For Sale Equity Investments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Equity investments: | |
Estimated market value, equity investments | $ 25,603 |
Common stocks [Member] | |
Equity investments: | |
Estimated market value, equity investments | 18,298 |
Non-redeemable preferred stocks [Member] | |
Equity investments: | |
Estimated market value, equity investments | $ 7,305 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 3,975,764 | $ 3,975,764 | $ 3,513,076 | |||
Interest paid related to derivative contracts [Abstract] | ||||||
Interest paid in cash | 38,500 | $ 32,700 | 109,600 | $ 96,100 | ||
Real estate loan [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | 105,413 | 105,413 | 135,287 | |||
Senior Mortgages [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | 1,659,930 | 1,659,930 | 1,487,645 | |||
Working Capital Loans [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | 335,000 | 335,000 | 55,000 | |||
Rental Truck (amortizing loans) First Loan [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | 281,329 | 281,329 | 342,971 | |||
Capital Lease Obligations [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | 1,012,791 | 1,012,791 | 984,217 | |||
Capital Lease Obligations [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
New capital lease obligations, amount | 255,300 | |||||
Notes, loans and leases payable | 1,012,800 | 1,012,800 | 984,200 | |||
Capitalized assets, net book value | $ 1,479,900 | $ 1,479,900 | 1,407,600 | |||
Debt instruments, miscellaneous information: | ||||||
Terms of lease | Between 5 and 7 years | |||||
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 1.92% | 1.92% | ||||
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 5.04% | 5.04% | ||||
Other Obligations [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 79,064 | $ 79,064 | $ 73,579 | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Uhaul International, Inc [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.39% | 2.39% | ||||
Applicable margin interest rate | 1.50% | 1.50% | ||||
Sum of LIBOR and margin | 3.89% | 3.89% | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 105,400 | $ 105,400 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Mortgage loans on real estate, final maturity date | Apr. 30, 2023 | |||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 1,659,900 | $ 1,659,900 | ||||
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] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 3.72% | 3.72% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 6.62% | 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 | 2.34% | 2.34% | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 235,000 | $ 235,000 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity date range, start | Jun. 1, 2021 | |||||
Debt instrument, maturity date range, end | Oct. 31, 2021 | |||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 1.25% | 1.25% | ||||
Sum of LIBOR and margin | 3.59% | 3.59% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 1.38% | 1.38% | ||||
Sum of LIBOR and margin | 3.72% | 3.72% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working Capital Loans Two [Member] | AMERCO [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.32% | 2.32% | ||||
Applicable margin interest rate | 1.38% | 1.38% | ||||
Sum of LIBOR and margin | 3.70% | 3.70% | ||||
Unused capacity fee | 0.30% | |||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, original face amount | $ 150,000 | $ 150,000 | ||||
Line of credit facility, maximum borrowing capacity | 300,000 | 300,000 | ||||
Notes, loans and leases payable | 100,000 | $ 100,000 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity date | Sep. 30, 2021 | |||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 281,300 | $ 281,300 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity date range, start | Apr. 1, 2019 | |||||
Debt instrument, maturity date range, end | Nov. 30, 2025 | |||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.82% | 2.82% | ||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.35% | 2.35% | ||||
Applicable margin interest rate | 1.72% | 1.72% | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% | ||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.46% | 2.46% | ||||
Applicable margin interest rate | 1.75% | 1.75% | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 258,600 | $ 258,600 | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 1.95% | 1.95% | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) Second Loan [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 4.66% | 4.66% | ||||
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 1.15% | 1.15% | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, original face amount | $ 555,000 | $ 555,000 | ||||
Notes, loans and leases payable | $ 530,000 | $ 530,000 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity date range, start | Jan. 1, 2021 | |||||
Debt instrument, maturity date range, end | Apr. 30, 2023 | |||||
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.34% | 2.34% | ||||
Sum of LIBOR and margin | 3.49% | 3.49% | ||||
Uhaul Intl and Subsidiaries [Member] | Revolving fleet loans [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
LIBOR | 2.35% | 2.35% | ||||
Sum of LIBOR and margin | 3.50% | 3.50% | ||||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Notes, loans and leases payable | $ 82,300 | $ 82,300 | ||||
Subsidiary holdings of parent company debt | $ 3,300 | $ 3,300 | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity date range, start | Jan. 1, 2019 | |||||
Debt instrument, maturity date range, end | Dec. 31, 2048 | |||||
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% | 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% | 8.00% | ||||
Life Insurance [Member] | Federal Home Loan Bank [Member] | ||||||
Federal home loan bank activity for current period: | ||||||
Aggregate deposit amount | $ 60,000 | |||||
Available for sale investments, noncurrent | 122,100 | |||||
Available for sale equity securities pledged as collateral | $ 69,800 | |||||
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member] | ||||||
Federal home loan bank activity for current period: | ||||||
Aggregate deposit amount fixed interest rate | 1.67% | |||||
Aggregate deposit maturity date | Sep. 29, 2019 | |||||
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member] | ||||||
Federal home loan bank activity for current period: | ||||||
Aggregate deposit amount fixed interest rate | 2.95% | |||||
Aggregate deposit maturity date | Mar. 29, 2021 |
Borrowings (Long-term Debt Borr
Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2018 | ||
Debt instrument, maturities: | |||
Notes, loans and leases payable, gross | $ 4,003,527 | $ 3,538,699 | |
Less: Debt issuance costs | (27,763) | (25,623) | |
Total notes, loans and leases payable | $ 3,975,764 | 3,513,076 | |
Real estate loan (amortizing term) [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.89% | |
Debt instrument, maturities: | |||
Debt instrument, maturity year | 2,023 | ||
Total notes, loans and leases payable | $ 105,413 | 135,287 | |
Senior Mortgages [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,021 | ||
Debt instrument, maturity year range, end | 2,038 | ||
Total notes, loans and leases payable | $ 1,659,930 | 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 instrument, maturities: | |||
Debt instrument, maturity year | 2,021 | ||
Total notes, loans and leases payable | $ 335,000 | 55,000 | |
Working capital loan (revolving credit) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.59% | |
Working capital loan (revolving credit) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.72% | |
Fleet loans (amortization term) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,019 | ||
Debt instrument, maturity year range, end | 2,025 | ||
Total notes, loans and leases payable | $ 281,329 | 342,971 | |
Fleet loans (amortization term) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 1.95% | |
Fleet loans (amortization 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 instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,021 | ||
Debt instrument, maturity year range, end | 2,023 | ||
Total notes, loans and leases payable | $ 530,000 | 460,000 | |
Fleet loans (revolving credit) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.49% | |
Fleet loans (revolving credit) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | [1] | 3.50% | |
Capital Leases (rental equipment) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2,019 | ||
Debt instrument, maturity year range, end | 2,025 | ||
Total notes, loans and leases payable | $ 1,012,791 | 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 | 2,019 | ||
Debt instrument, maturity year range, end | 2,048 | ||
Total notes, loans and leases payable | $ 79,064 | $ 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 December 31, 2018, including the effect of applicable hedging instruments. |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term debt, by Maturity: | |
2,019 | $ 444,230 |
2,020 | 537,017 |
2,021 | 701,960 |
2,022 | 550,082 |
2,023 | 421,537 |
Thereafter | $ 1,348,701 |
Borrowings (Components of Inter
Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest expense, borrowings: | ||||
Interest expense | $ 38,825 | $ 31,983 | $ 109,241 | $ 93,475 |
Capitalized interest | (5,055) | (2,075) | (7,701) | (5,769) |
Amortization of transaction costs | 909 | 963 | 2,751 | 2,909 |
Interest expense resulting from derivatives | 148 | 687 | 820 | 3,311 |
Total interest expense | $ 34,827 | $ 31,558 | $ 105,111 | $ 93,926 |
Borrowings (Interest Rates and
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and debt expense: | ||||
Weighted average interest rate during the quarter | 3.52% | 2.47% | 3.31% | 2.38% |
Interest rate at quarter end | 3.57% | 2.56% | 3.57% | 2.56% |
Maximum amount outstanding during the quarter | $ 865,000 | $ 535,000 | $ 865,000 | $ 538,000 |
Average amount outstanding during the period | 812,174 | 532,261 | 632,509 | 516,349 |
Facility fees | $ 41 | $ 159 | $ 313 | $ 284 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Rate Derivatives [Abstract] | ||||
Total notional amount of Company's variable interest rate swaps on debt | $ 23,700 | $ 23,700 | ||
Notional amount of operating lease | 4,900 | 4,900 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ (87) | $ 565 | 551 | $ 2,265 |
Loss reclassified from AOCI into income (effective portion) | 789 | $ 3,308 | ||
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months | $ 200 |
Derivatives (Interest rate swap
Derivatives (Interest rate swap agreements) (Details) $ in Millions | 9 Months Ended | |
Dec. 31, 2018USD ($) | ||
Swap Agreement Fifteen | ||
Swaps: | ||
Original variable, rate debt amount | $ 15.1 | [1] |
Agreement date | Mar. 27, 2012 | |
Effective date | Mar. 28, 2012 | |
Expiration date | Mar. 28, 2019 | |
Designed cash flow hedge date | Mar. 26, 2012 | |
Swap Agreement Sixteen | ||
Swaps: | ||
Original variable, rate debt amount | $ 25 | |
Agreement date | Apr. 13, 2012 | |
Effective date | Apr. 16, 2012 | |
Expiration date | Apr. 1, 2019 | |
Designed cash flow hedge date | Apr. 12, 2012 | |
Swap Agreement Seventeen | ||
Swaps: | ||
Original variable, rate debt amount | $ 44.3 | |
Agreement date | Jan. 11, 2013 | |
Effective date | Jan. 15, 2013 | |
Expiration date | Dec. 15, 2019 | |
Designed cash flow hedge date | Jan. 11, 2013 | |
[1] | operating lease |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Interest Rate Fair Value Hedges [Abstract] | ||
Assets | $ 240 | $ 437 |
Liabilities | $ (897) |
Derivatives (Effect of Interest
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
The effect of interest rate contracts on the statement of operations: | ||||
Loss recognized in income on interest rate contracts | $ 148 | $ 687 | $ 820 | $ 3,311 |
Gain recognized in AOCI on interest rate contracts (effective portion) | (731) | (3,655) | ||
Loss reclassified from AOCI into income (effective portion) | 789 | 3,308 | ||
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) | $ 31 | $ 3 |
Comprehensive Income (Loss) (Ac
Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | $ (4,623) | |||
Foreign currency translation | $ (4,101) | $ (1,794) | (5,081) | $ 19,240 |
Adjustment for adoption of ASU 2018-02 | ||||
Unrealized net gain on investments | 1,443 | 2,852 | (55,830) | 19,820 |
Amount reclassified from AOCI | 789 | 3,308 | ||
Other comprehensive income (loss) | 75,890 | 530,517 | 309,666 | 821,065 |
Balance as of December 31, 2018 | (74,707) | (74,707) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | (54,853) | |||
Foreign currency translation | (5,081) | |||
Adjustment for adoption of ASU 2018-02 | ||||
Unrealized net gain on investments | ||||
Change in fair value of cash flow hedges | ||||
Amount reclassified from AOCI | ||||
Other comprehensive income (loss) | (5,081) | |||
Balance as of December 31, 2018 | (59,934) | (59,934) | ||
Unrealized Net Gain (loss) on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | 52,509 | |||
Foreign currency translation | ||||
Adjustment for adoption of ASU 2018-02 | (9,724) | |||
Unrealized net gain on investments | (55,830) | |||
Change in fair value of cash flow hedges | ||||
Amount reclassified from AOCI | ||||
Other comprehensive income (loss) | (65,554) | |||
Balance as of December 31, 2018 | (13,045) | (13,045) | ||
Fair Market Value of Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | (370) | |||
Foreign currency translation | ||||
Adjustment for adoption of ASU 2018-02 | ||||
Unrealized net gain on investments | ||||
Change in fair value of cash flow hedges | 1,340 | |||
Amount reclassified from AOCI | (789) | |||
Other comprehensive income (loss) | 551 | |||
Balance as of December 31, 2018 | 181 | 181 | ||
Postretirement Benefit Obligation Net Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | (1,909) | |||
Foreign currency translation | ||||
Adjustment for adoption of ASU 2018-02 | ||||
Unrealized net gain on investments | ||||
Change in fair value of cash flow hedges | ||||
Amount reclassified from AOCI | ||||
Other comprehensive income (loss) | ||||
Balance as of December 31, 2018 | (1,909) | (1,909) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | ||||
Balance as of March 31, 2018 | (4,623) | |||
Foreign currency translation | (4,101) | (1,794) | (5,081) | 19,240 |
Adjustment for adoption of ASU 2018-02 | (9,724) | |||
Unrealized net gain on investments | (8,281) | $ 2,852 | (55,830) | $ 19,820 |
Change in fair value of cash flow hedges | 1,340 | |||
Amount reclassified from AOCI | (789) | |||
Other comprehensive income (loss) | (70,084) | |||
Balance as of December 31, 2018 | $ (74,707) | $ (74,707) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 9 Months Ended |
Dec. 31, 2018$ / shares | |
Declared dividend, one | |
Dividends Declared: | |
Dividends payable, date declared | Dec. 5, 2018 |
Dividends payable, amount per share | $ 0.5 |
Dividends payable, date of record | Dec. 20, 2018 |
Dividends payable, date to be paid | Jan. 7, 2019 |
Declared dividend, two | |
Dividends Declared: | |
Dividends payable, date declared | Aug. 23, 2018 |
Dividends payable, amount per share | $ 0.5 |
Dividends payable, date of record | Sep. 10, 2018 |
Dividends payable, date to be paid | Sep. 24, 2018 |
Declared dividend, three | |
Dividends Declared: | |
Dividends payable, date declared | Jun. 6, 2018 |
Dividends payable, amount per share | $ 0.5 |
Dividends payable, date of record | Jun. 21, 2018 |
Dividends payable, date to be paid | Jul. 5, 2018 |
Declared dividend, four | |
Dividends Declared: | |
Dividends payable, date declared | Mar. 8, 2018 |
Dividends payable, amount per share | $ 0.5 |
Dividends payable, date of record | Mar. 23, 2018 |
Dividends payable, date to be paid | Apr. 6, 2018 |
Contingent Liabilities And Co_3
Contingent Liabilities And Commitments (Narratives) (Details) $ in Millions | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Operating leases, rental equipment [Abstract] | |
Lease expiration year | 2,024 |
Guaranteed residual value | $ 11.1 |
Contingent Liabilities and Co_4
Contingent Liabilities and Commitments (Lease commitments for leases having terms of more than one year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Year-ended December 31: | |
2,019 | $ 22,479 |
2,020 | 18,825 |
2,021 | 17,006 |
2,022 | 16,482 |
2,023 | 15,876 |
Thereafter | 58,566 |
Total | 149,234 |
Property, plant and equipment, Ground [Member] | |
Year-ended December 31: | |
2,019 | 1,024 |
2,020 | 1,024 |
2,021 | 1,028 |
2,022 | 1,030 |
2,023 | 1,030 |
Thereafter | 48,876 |
Total | 54,012 |
Property, plant and equipment, Operating [Member] | |
Year-ended December 31: | |
2,019 | 18,382 |
2,020 | 17,801 |
2,021 | 15,978 |
2,022 | 15,452 |
2,023 | 14,846 |
Thereafter | 9,690 |
Total | 92,149 |
Rental Equipment, Operating [Member] | |
Year-ended December 31: | |
2,019 | 3,073 |
2,020 | |
2,021 | |
2,022 | |
2,023 | |
Thereafter | |
Total | $ 3,073 |
Contingencies (Narratives) (Det
Contingencies (Narratives) (Details) $ in Millions | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Paid legal fees | $ 27.7 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | ||
Management fees revenue: | ||
Management fees received exclusive of reimbursed expenses | $ 23.8 | $ 23.3 |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member] | ||
Management fees revenue: | ||
Management fee rate | 4.00% | 4.00% |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member] | ||
Management fees revenue: | ||
Management fee rate | 10.00% | 10.00% |
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member] | ||
Related party costs and expenses: | ||
Revenue, excluding dealer agreement commissions and expenses | $ 18.3 | |
Expenses, related parties | 2 | |
Cash flow, related party | 16.4 | |
Revenue generated by dealer agreement from related parties | 229.7 | |
Commission expenses, generated from dealer agreement with related parties | $ 49.1 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transactions: | ||||
Management fees revenue | $ 7,899 | $ 9,881 | $ 22,507 | $ 23,474 |
Revenue from related parties | 7,899 | 10,789 | 22,507 | 26,800 |
Blackwater [Member] | ||||
Related party transactions: | ||||
Interest income revenue | 908 | 3,326 | ||
Management fees revenue | 5,776 | 5,661 | 18,254 | 18,054 |
Mercury [Member] | ||||
Related party transactions: | ||||
Management fees revenue | $ 2,123 | $ 4,220 | $ 4,253 | $ 5,420 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party cost and expense: | ||||
Related party expenses, total | $ 14,965 | $ 14,091 | $ 51,138 | $ 48,889 |
Blackwater [Member] | ||||
Related party cost and expense: | ||||
U-Haul lease expenses | 669 | 658 | 2,009 | 2,014 |
U-Haul commission expenses | $ 14,296 | $ 13,433 | $ 49,129 | $ 46,875 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | |
Related party assets: | |||
Related party assets | $ 38,156 | $ 33,276 | |
Blackwater [Member] | |||
Related party assets: | |||
U-Haul receivables | 27,280 | 24,034 | |
Mercury [Member] | |||
Related party assets: | |||
U-Haul receivables | 10,116 | 10,357 | |
Insurance Group [Member] | |||
Related party assets: | |||
Other | [1] | $ 760 | $ (1,115) |
[1] | Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. |
Consolidating financial infor_3
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |||||
ASSETS: | |||||||||
Cash and cash equivalents | $ 984,385 | $ 759,388 | $ 1,022,887 | $ 697,806 | |||||
Reinsurance recoverables and trade receivables, net | 191,764 | 193,538 | |||||||
Inventories, net | 96,187 | 89,877 | |||||||
Prepaid expenses | 177,918 | 166,129 | |||||||
Investments, fixed maturities and marketable equities | 2,127,342 | 1,919,860 | |||||||
Investments, other | 332,532 | 399,064 | |||||||
Deferred policy acquisition costs, net | 140,673 | 124,767 | |||||||
Other assets | 83,839 | 244,782 | |||||||
Related party assets | 38,156 | 33,276 | |||||||
Subtotal assets | 4,172,796 | 3,930,681 | |||||||
Investments in subsidiaries | |||||||||
Property, plant and equipment, at cost: | |||||||||
Land | 910,919 | 827,649 | |||||||
Buildings and improvements | 3,762,491 | 3,140,713 | |||||||
Furniture and equipment | 674,535 | 632,803 | |||||||
Property, plant and equipment, gross | 10,452,724 | 9,537,883 | |||||||
Less: Accumulated depreciation | (2,979,760) | (2,721,142) | |||||||
Total property, plant and equipment | 7,472,964 | 6,816,741 | |||||||
Total assets | 11,645,760 | 10,747,422 | 10,496,959 | ||||||
Liabilities: | |||||||||
Accounts payable and accrued expenses | 517,360 | 511,115 | |||||||
Notes, loans and leases payable | 3,975,764 | 3,513,076 | |||||||
Policy benefits and losses, claims and loss expenses payable | 1,087,742 | 1,248,033 | |||||||
Liabilities from investment contracts | 1,583,885 | 1,364,066 | |||||||
Other policyholders' funds and liabilities | 12,907 | 10,040 | |||||||
Deferred income | 29,226 | 34,276 | |||||||
Deferred income taxes, net | 746,836 | 658,108 | |||||||
Related party liabilities | |||||||||
Total Liabilities | 7,953,720 | 7,338,714 | |||||||
Stockholders' equity: | |||||||||
Additional paid-in capital | 453,116 | 452,746 | |||||||
Accumulated other comprehensive loss | (74,707) | (4,623) | |||||||
Retained earnings | 3,985,927 | 3,635,561 | |||||||
Unearned employee stock ownership plan shares | (5,143) | (7,823) | |||||||
Total stockholders' equity | 3,692,040 | 3,408,708 | |||||||
Total liabilities and stockholders' equity | 11,645,760 | 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 | 572,645 | 545,968 | |||||||
Rental Trucks [Member] | |||||||||
Property, plant and equipment, at cost: | |||||||||
Property subject to or available for operating lease, gross | 4,532,134 | 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 | |||||||||
Series A 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 | 905,266 | 702,036 | 978,264 | 671,665 | |||||
Reinsurance recoverables and trade receivables, net | 62,296 | 64,798 | |||||||
Inventories, net | 96,187 | 89,877 | |||||||
Prepaid expenses | 177,918 | 166,129 | |||||||
Investments, fixed maturities and marketable equities | |||||||||
Investments, other | 22,988 | 22,992 | |||||||
Deferred policy acquisition costs, net | |||||||||
Other assets | 80,205 | 241,493 | |||||||
Related party assets | 41,289 | 40,003 | |||||||
Subtotal assets | 1,386,149 | 1,327,328 | |||||||
Investments in subsidiaries | 518,629 | 544,151 | |||||||
Property, plant and equipment, at cost: | |||||||||
Land | 910,919 | 827,649 | |||||||
Buildings and improvements | 3,762,491 | 3,140,713 | |||||||
Furniture and equipment | 674,535 | 632,803 | |||||||
Property, plant and equipment, gross | 10,452,724 | 9,537,883 | |||||||
Less: Accumulated depreciation | (2,979,760) | (2,721,142) | |||||||
Total property, plant and equipment | 7,472,964 | 6,816,741 | |||||||
Total assets | 9,377,742 | 8,688,220 | |||||||
Liabilities: | |||||||||
Accounts payable and accrued expenses | 509,060 | 506,158 | |||||||
Notes, loans and leases payable | 3,975,764 | 3,513,076 | |||||||
Policy benefits and losses, claims and loss expenses payable | 409,981 | 568,456 | |||||||
Liabilities from investment contracts | |||||||||
Other policyholders' funds and liabilities | |||||||||
Deferred income | 29,226 | 34,276 | |||||||
Deferred income taxes, net | 738,186 | 629,389 | |||||||
Related party liabilities | 23,485 | 28,157 | |||||||
Total Liabilities | 5,685,702 | 5,279,512 | |||||||
Stockholders' equity: | |||||||||
Additional paid-in capital | 453,326 | 452,956 | |||||||
Accumulated other comprehensive loss | (74,707) | (4,623) | |||||||
Retained earnings | 3,985,717 | 3,635,351 | |||||||
Unearned employee stock ownership plan shares | (5,143) | (7,823) | |||||||
Total stockholders' equity | 3,692,040 | 3,408,708 | |||||||
Total liabilities and stockholders' equity | 9,377,742 | 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 | 572,645 | 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 | 4,532,134 | 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] | Series A 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 | 5,715 | [1] | 6,639 | [2] | 12,296 | [3] | 12,725 | [3] | |
Reinsurance recoverables and trade receivables, net | 97,680 | [1] | 99,682 | [2] | |||||
Inventories, net | [1] | [2] | |||||||
Prepaid expenses | [1] | [2] | |||||||
Investments, fixed maturities and marketable equities | 284,871 | [1] | 285,846 | [2] | |||||
Investments, other | 69,719 | [1] | 65,553 | [2] | |||||
Deferred policy acquisition costs, net | [1] | [2] | |||||||
Other assets | 532 | [1] | 685 | [2] | |||||
Related party assets | 7,359 | [1] | 6,959 | [2] | |||||
Subtotal assets | 465,876 | [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 | 465,876 | [1] | 465,364 | [2] | |||||
Liabilities: | |||||||||
Accounts payable and accrued expenses | 3,745 | [1] | 2,582 | [2] | |||||
Notes, loans and leases payable | [1] | [2] | |||||||
Policy benefits and losses, claims and loss expenses payable | 229,607 | [1] | 234,359 | [2] | |||||
Liabilities from investment contracts | [1] | [2] | |||||||
Other policyholders' funds and liabilities | 5,050 | [1] | 5,377 | [2] | |||||
Deferred income | [1] | [2] | |||||||
Deferred income taxes, net | 5,658 | [1] | 8,927 | [2] | |||||
Related party liabilities | 3,181 | [1] | 2,870 | [2] | |||||
Total Liabilities | 247,241 | [1] | 254,115 | [2] | |||||
Stockholders' equity: | |||||||||
Additional paid-in capital | 91,120 | [1] | 91,120 | [2] | |||||
Accumulated other comprehensive loss | (3,026) | [1] | 16,526 | [2] | |||||
Retained earnings | 127,240 | [1] | 100,302 | [2] | |||||
Unearned employee stock ownership plan shares | [1] | [2] | |||||||
Total stockholders' equity | 218,635 | [1] | 211,249 | [2] | |||||
Total liabilities and stockholders' equity | 465,876 | [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] | Series A 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 | 73,404 | [1] | 50,713 | [2] | 32,327 | [3] | 13,416 | [3] | |
Reinsurance recoverables and trade receivables, net | 31,788 | [1] | 29,058 | [2] | |||||
Inventories, net | [1] | [2] | |||||||
Prepaid expenses | [1] | [2] | |||||||
Investments, fixed maturities and marketable equities | 1,842,471 | [1] | 1,634,014 | [2] | |||||
Investments, other | 239,825 | [1] | 310,519 | [2] | |||||
Deferred policy acquisition costs, net | 140,673 | [1] | 124,767 | [2] | |||||
Other assets | 3,102 | [1] | 2,604 | [2] | |||||
Related party assets | 16,618 | [1] | 18,334 | [2] | |||||
Subtotal assets | 2,347,881 | [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 | 2,347,881 | [1] | 2,170,009 | [2] | |||||
Liabilities: | |||||||||
Accounts payable and accrued expenses | 4,555 | [1] | 2,375 | [2] | |||||
Notes, loans and leases payable | [1] | [2] | |||||||
Policy benefits and losses, claims and loss expenses payable | 448,154 | [1] | 445,218 | [2] | |||||
Liabilities from investment contracts | 1,583,885 | [1] | 1,364,066 | [2] | |||||
Other policyholders' funds and liabilities | 7,857 | [1] | 4,663 | [2] | |||||
Deferred income | [1] | [2] | |||||||
Deferred income taxes, net | 2,992 | [1] | 19,792 | [2] | |||||
Related party liabilities | 444 | [1] | 993 | [2] | |||||
Total Liabilities | 2,047,887 | [1] | 1,837,107 | [2] | |||||
Stockholders' equity: | |||||||||
Additional paid-in capital | 26,271 | [1] | 26,271 | [2] | |||||
Accumulated other comprehensive loss | (10,018) | [1] | 35,982 | [2] | |||||
Retained earnings | 281,241 | [1] | 268,149 | [2] | |||||
Unearned employee stock ownership plan shares | [1] | [2] | |||||||
Total stockholders' equity | 299,994 | [1] | 332,902 | [2] | |||||
Total liabilities and stockholders' equity | 2,347,881 | [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] | Series A 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 | [4] | (27,110) | (32,020) | ||||||
Subtotal assets | (27,110) | (32,020) | |||||||
Investments in subsidiaries | [5] | (518,629) | (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 | (545,739) | (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 | [4] | (27,110) | (32,020) | ||||||
Total Liabilities | (27,110) | (32,020) | |||||||
Stockholders' equity: | |||||||||
Additional paid-in capital | [5] | (117,601) | (117,601) | ||||||
Accumulated other comprehensive loss | [5] | 13,044 | (52,508) | ||||||
Retained earnings | [5] | (408,271) | (368,241) | ||||||
Unearned employee stock ownership plan shares | |||||||||
Total stockholders' equity | (518,629) | (544,151) | |||||||
Total liabilities and stockholders' equity | (545,739) | (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] | Series A Common Stock [Member] | |||||||||
Stockholders' equity: | |||||||||
Common stock, value, issued | |||||||||
Consolidation, Eliminations [Member] | Amerco Common Stock [Member] | |||||||||
Stockholders' equity: | |||||||||
Common stock, value, issued | [5] | (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 September 30, 2018 | ||||||||
[2] | Balances as of December 31, 2017 | ||||||||
[3] | Balance for the period ended September 30, 2017 | ||||||||
[4] | Eliminate intercompany receivables and payables | ||||||||
[5] | Eliminate investment in subsidiaries |
Consolidating financial infor_4
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Revenues: | |||||||||
Self-moving equipment rentals | $ 626,136 | $ 574,801 | $ 2,124,451 | $ 1,985,217 | |||||
Self-storage revenues | 93,392 | 82,127 | 271,097 | 239,317 | |||||
Self-moving and self-storage products and service sales | 55,665 | 53,130 | 207,819 | 205,309 | |||||
Property management fees | 7,899 | 9,881 | 22,507 | 23,474 | |||||
Life insurance premiums | 34,778 | 38,957 | 107,586 | 116,910 | |||||
Property and casualty insurance premiums | 17,668 | 16,093 | 46,732 | 42,934 | |||||
Net investment and interest income | 32,211 | 28,821 | 85,043 | 82,507 | |||||
Other revenue | 51,342 | 39,072 | 177,940 | 147,825 | |||||
Total revenues | 919,091 | 842,882 | 3,043,175 | 2,843,493 | |||||
Costs and expenses: | |||||||||
Operating expenses | 478,461 | 437,840 | 1,504,365 | 1,346,782 | |||||
Commission expenses | 67,493 | 63,487 | 232,084 | 222,203 | |||||
Cost of sales | 34,149 | 33,995 | 130,432 | 124,456 | |||||
Benefits and losses | 42,869 | 45,168 | 137,196 | 139,997 | |||||
Amortization of deferred policy acquisition costs | 6,654 | 5,952 | 18,584 | 18,217 | |||||
Lease expense | 7,890 | 8,415 | 24,229 | 25,277 | |||||
Depreciation, net of (gains) losses on disposals | 143,473 | 137,061 | 402,525 | 396,540 | |||||
Net gains on disposal of real estate | (192,404) | 10 | (192,223) | ||||||
Total costs and expenses | 780,989 | 539,514 | 2,449,425 | 2,081,249 | |||||
Earnings (loss) from operations before equity in earnings of subsidiaries | 138,102 | 303,368 | 593,750 | 762,244 | |||||
Equity in earnings of subsidiaries | |||||||||
Earnings from operations | 138,102 | 303,368 | 593,750 | 762,244 | |||||
Other components of net periodic benefit recovery costs | 253 | 231 | 760 | 695 | |||||
Interest expense | (34,827) | (31,558) | (105,111) | (93,926) | |||||
Pretax earnings | 103,022 | 271,579 | 487,879 | 667,623 | |||||
Income tax (expense) benefit | (24,387) | 257,315 | (117,853) | 112,117 | |||||
Earnings available to common shareholders | 78,635 | 528,894 | 370,026 | 779,740 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||||||
Revenues: | |||||||||
Self-moving equipment rentals | 627,543 | 576,018 | 2,128,120 | 1,988,430 | |||||
Self-storage revenues | 93,392 | 82,127 | 271,097 | 239,317 | |||||
Self-moving and self-storage products and service sales | 55,665 | 53,130 | 207,819 | 205,309 | |||||
Property management fees | 7,899 | 9,881 | 22,507 | 23,474 | |||||
Life insurance premiums | |||||||||
Property and casualty insurance premiums | |||||||||
Net investment and interest income | 4,364 | 3,662 | 9,757 | 9,496 | |||||
Other revenue | 50,065 | 37,669 | 174,447 | 144,196 | |||||
Total revenues | 838,928 | 762,487 | 2,813,747 | 2,610,222 | |||||
Costs and expenses: | |||||||||
Operating expenses | 465,828 | 426,163 | 1,467,831 | 1,310,194 | |||||
Commission expenses | 67,493 | 63,487 | 232,084 | 222,203 | |||||
Cost of sales | 34,149 | 33,995 | 130,432 | 124,456 | |||||
Benefits and losses | |||||||||
Amortization of deferred policy acquisition costs | |||||||||
Lease expense | 8,026 | 8,498 | 24,637 | 25,460 | |||||
Depreciation, net of (gains) losses on disposals | 143,473 | 137,061 | 402,525 | 396,540 | |||||
Net gains on disposal of real estate | (192,404) | 10 | (192,223) | ||||||
Total costs and expenses | 718,969 | 476,800 | 2,257,519 | 1,886,633 | |||||
Earnings (loss) from operations before equity in earnings of subsidiaries | 119,959 | 285,687 | 556,228 | 723,589 | |||||
Equity in earnings of subsidiaries | 14,664 | 11,823 | 30,306 | 25,998 | |||||
Earnings from operations | 134,623 | 297,510 | 586,534 | 749,587 | |||||
Other components of net periodic benefit recovery costs | (253) | (231) | (760) | (695) | |||||
Interest expense | (35,114) | (31,854) | (105,974) | (94,925) | |||||
Pretax earnings | 99,256 | 265,425 | 479,800 | 653,967 | |||||
Income tax (expense) benefit | (20,621) | 263,469 | (109,774) | 125,773 | |||||
Earnings available to common shareholders | 78,635 | 528,894 | 370,026 | 779,740 | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||||||
Revenues: | |||||||||
Self-moving equipment rentals | [1] | [2] | [3] | [4] | |||||
Self-storage revenues | [1] | [2] | [3] | [4] | |||||
Self-moving and self-storage products and service sales | [1] | [2] | [3] | [4] | |||||
Property management fees | [1] | [2] | [3] | [4] | |||||
Life insurance premiums | [1] | [2] | [3] | [4] | |||||
Property and casualty insurance premiums | 18,128 | [1] | 16,754 | [2] | 48,448 | [3] | 44,067 | [4] | |
Net investment and interest income | 4,018 | [1] | 3,645 | [2] | 10,109 | [3] | 11,637 | [4] | |
Other revenue | [1] | [2] | [3] | [4] | |||||
Total revenues | 22,146 | [1] | 20,399 | [2] | 58,557 | [3] | 55,704 | [4] | |
Costs and expenses: | |||||||||
Operating expenses | 9,412 | [1] | 8,160 | [2] | 26,027 | [3] | 24,632 | [4] | |
Commission expenses | [1] | [2] | [3] | [4] | |||||
Cost of sales | [1] | [2] | [3] | [4] | |||||
Benefits and losses | 1,733 | [1] | 4,644 | [2] | 10,957 | [3] | 11,954 | [4] | |
Amortization of deferred policy acquisition costs | [1] | [2] | [3] | [4] | |||||
Lease expense | [1] | [2] | [3] | [4] | |||||
Depreciation, net of (gains) losses on disposals | [1] | [2] | [3] | [4] | |||||
Net gains on disposal of real estate | [1] | [2] | [3] | [4] | |||||
Total costs and expenses | 11,145 | [1] | 12,804 | [2] | 36,984 | [3] | 36,586 | [4] | |
Earnings (loss) from operations before equity in earnings of subsidiaries | 11,001 | [1] | 7,595 | [2] | 21,573 | [3] | 19,118 | [4] | |
Equity in earnings of subsidiaries | [1] | [2] | [3] | [4] | |||||
Earnings from operations | 11,001 | [1] | 7,595 | [2] | 21,573 | [3] | 19,118 | [4] | |
Other components of net periodic benefit recovery costs | [1] | [2] | [3] | [4] | |||||
Interest expense | [1] | [2] | [3] | [4] | |||||
Pretax earnings | 11,001 | [1] | 7,595 | [2] | 21,573 | [3] | 19,118 | [4] | |
Income tax (expense) benefit | (2,186) | [1] | (2,528) | [2] | (4,359) | [3] | (6,481) | [4] | |
Earnings available to common shareholders | 8,815 | [1] | 5,067 | [2] | 17,214 | [3] | 12,637 | [4] | |
Operating Segments [Member] | Life Insurance [Member] | |||||||||
Revenues: | |||||||||
Self-moving equipment rentals | [1] | [2] | [3] | [4] | |||||
Self-storage revenues | [1] | [2] | [3] | [4] | |||||
Self-moving and self-storage products and service sales | [1] | [2] | [3] | [4] | |||||
Property management fees | [1] | [2] | [3] | [4] | |||||
Life insurance premiums | 34,778 | [1] | 38,957 | [2] | 107,586 | [3] | 116,910 | [4] | |
Property and casualty insurance premiums | [1] | [2] | [3] | [4] | |||||
Net investment and interest income | 24,248 | [1] | 21,887 | [2] | 66,435 | [3] | 62,531 | [4] | |
Other revenue | 1,409 | [1] | 1,535 | [2] | 3,889 | [3] | 4,024 | [4] | |
Total revenues | 60,435 | [1] | 62,379 | [2] | 177,910 | [3] | 183,465 | [4] | |
Costs and expenses: | |||||||||
Operating expenses | 5,216 | [1] | 5,521 | [2] | 16,275 | [3] | 16,669 | [4] | |
Commission expenses | [1] | [2] | [3] | [4] | |||||
Cost of sales | [1] | [2] | [3] | [4] | |||||
Benefits and losses | 41,136 | [1] | 40,524 | [2] | 126,239 | [3] | 128,043 | [4] | |
Amortization of deferred policy acquisition costs | 6,654 | [1] | 5,952 | [2] | 18,584 | [3] | 18,217 | [4] | |
Lease expense | [1] | [2] | [3] | [4] | |||||
Depreciation, net of (gains) losses on disposals | [1] | [2] | [3] | [4] | |||||
Net gains on disposal of real estate | [1] | [2] | [3] | [4] | |||||
Total costs and expenses | 53,006 | [1] | 51,997 | [2] | 161,098 | [3] | 162,929 | [4] | |
Earnings (loss) from operations before equity in earnings of subsidiaries | 7,429 | [1] | 10,382 | [2] | 16,812 | [3] | 20,536 | [4] | |
Equity in earnings of subsidiaries | [1] | [2] | [3] | [4] | |||||
Earnings from operations | 7,429 | [1] | 10,382 | [2] | 16,812 | [3] | 20,536 | [4] | |
Other components of net periodic benefit recovery costs | [1] | [2] | [3] | [4] | |||||
Interest expense | [1] | [2] | [3] | [4] | |||||
Pretax earnings | 7,429 | [1] | 10,382 | [2] | 16,812 | [3] | 20,536 | [4] | |
Income tax (expense) benefit | (1,580) | [1] | (3,626) | [2] | (3,720) | [3] | (7,175) | [4] | |
Earnings available to common shareholders | 5,849 | [1] | 6,756 | [2] | 13,092 | [3] | 13,361 | [4] | |
Consolidation, Eliminations [Member] | |||||||||
Revenues: | |||||||||
Self-moving equipment rentals | [5] | (1,407) | (1,217) | (3,669) | (3,213) | ||||
Self-storage revenues | |||||||||
Self-moving and self-storage products and service sales | |||||||||
Property management fees | |||||||||
Life insurance premiums | |||||||||
Property and casualty insurance premiums | (460) | (661) | (1,716) | (1,133) | |||||
Net investment and interest income | [6] | (419) | (373) | (1,258) | (1,157) | ||||
Other revenue | [6] | (132) | (132) | (396) | (395) | ||||
Total revenues | (2,418) | (2,383) | (7,039) | [6] | (5,898) | ||||
Costs and expenses: | |||||||||
Operating expenses | [5],[6] | (1,995) | (2,004) | (5,768) | (4,716) | ||||
Commission expenses | |||||||||
Cost of sales | |||||||||
Benefits and losses | |||||||||
Amortization of deferred policy acquisition costs | |||||||||
Lease expense | [6] | (136) | (83) | (408) | (183) | ||||
Depreciation, net of (gains) losses on disposals | |||||||||
Net gains on disposal of real estate | |||||||||
Total costs and expenses | (2,131) | (2,087) | (6,176) | (4,899) | |||||
Earnings (loss) from operations before equity in earnings of subsidiaries | (287) | (296) | (863) | (999) | |||||
Equity in earnings of subsidiaries | [7] | (14,664) | (11,823) | (30,306) | (25,998) | ||||
Earnings from operations | (14,951) | (12,119) | (31,169) | (26,997) | |||||
Other components of net periodic benefit recovery costs | |||||||||
Interest expense | [6] | 287 | 296 | 863 | 999 | ||||
Pretax earnings | (14,664) | (11,823) | (30,306) | (25,998) | |||||
Income tax (expense) benefit | |||||||||
Earnings available to common shareholders | $ (14,664) | $ (11,823) | $ (30,306) | $ (25,998) | |||||
[1] | Balances for the quarter ended September 30, 2018 | ||||||||
[2] | Balances for the quarter ended September 30, 2017 | ||||||||
[3] | Balances for the nine months ended September 30, 2018 | ||||||||
[4] | Balances for the nine months ended September 30, 2017 | ||||||||
[5] | Eliminate intercompany premiums | ||||||||
[6] | Eliminate intercompany lease / interest income | ||||||||
[7] | Eliminate equity in earnings of subsidiaries |
Consolidating financial infor_5
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Cash flow from operating activities: | |||||||||
Net earnings | $ 78,635 | $ 528,894 | $ 370,026 | $ 779,740 | |||||
Earnings from consolidated entities | |||||||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||||||
Depreciation | 431,652 | 410,800 | |||||||
Amortization of deferred policy acquisition costs | 6,654 | 5,952 | 18,584 | 18,217 | |||||
Amortization of debt issuance costs | 2,922 | 2,910 | |||||||
Interest credited to policyholders | 28,540 | 23,250 | |||||||
Change in allowance for losses on trade receivables | 124 | (25) | |||||||
Change in allowance for inventory reserves | 2,539 | 4,334 | |||||||
Net gain on sale of personal property | (796) | (4,235) | (29,127) | (14,260) | |||||
Net gains on disposal of real estate | (192,404) | 10 | (192,223) | ||||||
Net (gain) loss on sale of investments | (3,594) | (4,250) | |||||||
Deferred income tax | 108,614 | (179,047) | |||||||
Net change in other operating assets and liabilities: | |||||||||
Reinsurance recoverables and trade receivables | 1,601 | (27,659) | |||||||
Inventories | (8,858) | (17,410) | |||||||
Prepaid expenses | (12,533) | (22,220) | |||||||
Capitalization of deferred policy acquisition costs | (19,994) | (21,501) | |||||||
Other assets | 159,125 | 6,279 | |||||||
Related party assets | (1,838) | 47,804 | |||||||
Accounts payable and accrued expenses | (5,420) | 26,764 | |||||||
Policy benefits and losses, claims and loss expenses payable | (159,285) | 2,767 | |||||||
Other policyholders' funds and liabilities | 2,867 | 590 | |||||||
Deferred income | (4,982) | (1,297) | |||||||
Related party liabilities | (3,269) | (4,542) | |||||||
Net cash provided by operating activities | 877,704 | 839,021 | |||||||
Cash flow from investing activities: | |||||||||
Escrow Deposits | (3,292) | 19,707 | |||||||
Purchases of: | |||||||||
Property, plant and equipment | (1,325,365) | (970,472) | |||||||
Short term investments | (39,494) | (48,743) | |||||||
Fixed maturities investments | (394,266) | (274,283) | |||||||
Equity securities | (957) | (662) | |||||||
Preferred stock | (81) | (1,000) | |||||||
Real estate | (505) | (1,783) | |||||||
Mortgage loans | (56,892) | (80,707) | |||||||
Proceeds from sale of: | |||||||||
Property, plant and equipment | 561,848 | 591,040 | |||||||
Short term investments | 47,012 | 54,319 | |||||||
Fixed maturities investments | 83,767 | 102,404 | |||||||
Equity securities | 8,608 | ||||||||
Preferred stock | 1,625 | 3,188 | |||||||
Real estate | 5,348 | ||||||||
Mortgage loans | 116,800 | 23,726 | |||||||
Net cash used by investing activities | (1,001,192) | (577,918) | |||||||
Cash flow from financing activities: | |||||||||
Borrowings from credit facilities | 693,132 | 426,262 | |||||||
Principal repayments on credit facilities | (255,123) | (303,212) | |||||||
Debt issuance costs | (5,097) | (4,581) | |||||||
Capital lease payments | (236,683) | (219,623) | |||||||
Employee stock ownership plan | (303) | (2,804) | (203) | (6,764) | |||||
Securitization deposits | (2,181) | ||||||||
Common stock dividends paid | (29,385) | (19,587) | |||||||
Investment contract deposits | 300,920 | 347,695 | |||||||
Investment contract withdrawals | (109,641) | (163,499) | |||||||
Net cash provided by (used in) financing activities | 357,920 | 54,510 | |||||||
Effects of exchange rate on cash | (9,435) | 9,468 | |||||||
Increase (decrease) in cash and cash equivalents | 224,997 | 325,081 | |||||||
Cash and cash equivalents at the beginning of period | 759,388 | 697,806 | |||||||
Cash and cash equivalents at the end of the period | 984,385 | 1,022,887 | 984,385 | 1,022,887 | |||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||||||
Cash flow from operating activities: | |||||||||
Net earnings | 78,635 | 528,894 | 370,026 | 779,740 | |||||
Earnings from consolidated entities | (30,306) | (25,998) | |||||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||||||
Depreciation | 431,652 | 410,800 | |||||||
Amortization of deferred policy acquisition costs | |||||||||
Amortization of debt issuance costs | 2,922 | 2,910 | |||||||
Interest credited to policyholders | |||||||||
Change in allowance for losses on trade receivables | 129 | (22) | |||||||
Change in allowance for inventory reserves | 2,539 | 4,334 | |||||||
Net gain on sale of personal property | (29,127) | (14,260) | |||||||
Net gains on disposal of real estate | (192,404) | 10 | (192,223) | ||||||
Net (gain) loss on sale of investments | |||||||||
Deferred income tax | 108,618 | (176,566) | |||||||
Net change in other operating assets and liabilities: | |||||||||
Reinsurance recoverables and trade receivables | 2,323 | (32,898) | |||||||
Inventories | (8,858) | (17,410) | |||||||
Prepaid expenses | (12,533) | (22,220) | |||||||
Capitalization of deferred policy acquisition costs | |||||||||
Other assets | 159,232 | 4,649 | |||||||
Related party assets | (1,428) | 43,822 | |||||||
Accounts payable and accrued expenses | (16,639) | 15,455 | |||||||
Policy benefits and losses, claims and loss expenses payable | (157,470) | 8,427 | |||||||
Other policyholders' funds and liabilities | |||||||||
Deferred income | (4,982) | (1,297) | |||||||
Related party liabilities | (3,039) | (4,412) | |||||||
Net cash provided by operating activities | 813,069 | 782,831 | |||||||
Cash flow from investing activities: | |||||||||
Escrow Deposits | (3,292) | 19,707 | |||||||
Purchases of: | |||||||||
Property, plant and equipment | (1,325,365) | (970,472) | |||||||
Short term investments | |||||||||
Fixed maturities investments | |||||||||
Equity securities | |||||||||
Preferred stock | |||||||||
Real estate | (236) | (1,637) | |||||||
Mortgage loans | |||||||||
Proceeds from sale of: | |||||||||
Property, plant and equipment | 561,848 | 591,040 | |||||||
Short term investments | |||||||||
Fixed maturities investments | |||||||||
Equity securities | |||||||||
Preferred stock | |||||||||
Real estate | 5,348 | ||||||||
Mortgage loans | |||||||||
Net cash used by investing activities | (767,045) | (356,014) | |||||||
Cash flow from financing activities: | |||||||||
Borrowings from credit facilities | 666,232 | 426,262 | |||||||
Principal repayments on credit facilities | (228,223) | (303,212) | |||||||
Debt issuance costs | (5,097) | (4,581) | |||||||
Capital lease payments | (236,683) | (219,623) | |||||||
Employee stock ownership plan | (203) | (6,764) | |||||||
Securitization deposits | (2,181) | ||||||||
Common stock dividends paid | (29,385) | 19,587 | |||||||
Investment contract deposits | |||||||||
Investment contract withdrawals | |||||||||
Net cash provided by (used in) financing activities | 166,641 | (129,686) | |||||||
Effects of exchange rate on cash | (9,435) | 9,468 | |||||||
Increase (decrease) in cash and cash equivalents | 203,230 | 306,599 | |||||||
Cash and cash equivalents at the beginning of period | 702,036 | 671,665 | |||||||
Cash and cash equivalents at the end of the period | 905,266 | 978,264 | 905,266 | 978,264 | |||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||||||
Cash flow from operating activities: | |||||||||
Net earnings | 8,815 | [1] | 5,067 | [2] | 17,214 | [3] | 12,637 | [4] | |
Earnings from consolidated entities | [5] | [6] | |||||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||||||
Depreciation | [5] | [6] | |||||||
Amortization of deferred policy acquisition costs | [1] | [2] | [3] | [4] | |||||
Amortization of debt issuance costs | [5] | [6] | |||||||
Interest credited to policyholders | [5] | [6] | |||||||
Change in allowance for losses on trade receivables | [5] | [6] | |||||||
Change in allowance for inventory reserves | [5] | [6] | |||||||
Net gain on sale of personal property | [5] | [6] | |||||||
Net gains on disposal of real estate | [1] | [2] | [3] | [4] | |||||
Net (gain) loss on sale of investments | (3,007) | [5] | (881) | [6] | |||||
Deferred income tax | 3,624 | [5] | (1,315) | [6] | |||||
Net change in other operating assets and liabilities: | |||||||||
Reinsurance recoverables and trade receivables | 2,000 | [5] | 6,908 | [6] | |||||
Inventories | [5] | [6] | |||||||
Prepaid expenses | [5] | [6] | |||||||
Capitalization of deferred policy acquisition costs | [5] | [6] | |||||||
Other assets | 391 | [5] | 1,796 | [6] | |||||
Related party assets | (410) | [5] | 3,982 | [6] | |||||
Accounts payable and accrued expenses | 1,174 | [5] | 1,229 | [6] | |||||
Policy benefits and losses, claims and loss expenses payable | (4,751) | [5] | (6,896) | [6] | |||||
Other policyholders' funds and liabilities | (327) | [5] | 1,099 | [6] | |||||
Deferred income | [5] | [6] | |||||||
Related party liabilities | 318 | [5] | (205) | [6] | |||||
Net cash provided by operating activities | 16,226 | [5] | 18,354 | [6] | |||||
Cash flow from investing activities: | |||||||||
Escrow Deposits | [5] | [6] | |||||||
Purchases of: | |||||||||
Property, plant and equipment | [5] | [6] | |||||||
Short term investments | (39,251) | [5] | (39,701) | [6] | |||||
Fixed maturities investments | (32,862) | [5] | (34,284) | [6] | |||||
Equity securities | [5] | [6] | |||||||
Preferred stock | [5] | (1,000) | [6] | ||||||
Real estate | (187) | [5] | (16) | [6] | |||||
Mortgage loans | (13,312) | [5] | (11,609) | [6] | |||||
Proceeds from sale of: | |||||||||
Property, plant and equipment | [5] | [6] | |||||||
Short term investments | 47,012 | [5] | 43,570 | [6] | |||||
Fixed maturities investments | 9,886 | [5] | 17,821 | [6] | |||||
Equity securities | [5] | 8,608 | |||||||
Preferred stock | 1,625 | [5] | 3,188 | [6] | |||||
Real estate | [5] | [6] | |||||||
Mortgage loans | 1,331 | [5] | 3,248 | [6] | |||||
Net cash used by investing activities | (17,150) | [5] | (18,783) | [6] | |||||
Cash flow from financing activities: | |||||||||
Borrowings from credit facilities | [5] | [6] | |||||||
Principal repayments on credit facilities | [5] | [6] | |||||||
Debt issuance costs | [5] | [6] | |||||||
Capital lease payments | [5] | [6] | |||||||
Employee stock ownership plan | [5] | [6] | |||||||
Securitization deposits | [5] | [6] | |||||||
Common stock dividends paid | [5] | [6] | |||||||
Investment contract deposits | [5] | [6] | |||||||
Investment contract withdrawals | [5] | [6] | |||||||
Net cash provided by (used in) financing activities | [5] | [6] | |||||||
Effects of exchange rate on cash | [5] | [6] | |||||||
Increase (decrease) in cash and cash equivalents | (924) | [5] | (429) | [6] | |||||
Cash and cash equivalents at the beginning of period | 6,639 | [7] | 12,725 | [6] | |||||
Cash and cash equivalents at the end of the period | 5,715 | [8] | 12,296 | [6] | 5,715 | [8] | 12,296 | [6] | |
Operating Segments [Member] | Life Insurance [Member] | |||||||||
Cash flow from operating activities: | |||||||||
Net earnings | 5,849 | [1] | 6,756 | [2] | 13,092 | [3] | 13,361 | [4] | |
Earnings from consolidated entities | [5] | [6] | |||||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||||||
Depreciation | [5] | [6] | |||||||
Amortization of deferred policy acquisition costs | 6,654 | [1] | 5,952 | [2] | 18,584 | [3] | 18,217 | [4] | |
Amortization of debt issuance costs | [5] | [6] | |||||||
Interest credited to policyholders | 28,540 | [5] | 23,250 | [6] | |||||
Change in allowance for losses on trade receivables | (5) | [5] | (3) | [6] | |||||
Change in allowance for inventory reserves | [5] | [6] | |||||||
Net gain on sale of personal property | [5] | [6] | |||||||
Net gains on disposal of real estate | [1] | [2] | [3] | [4] | |||||
Net (gain) loss on sale of investments | (587) | [5] | (3,369) | [6] | |||||
Deferred income tax | (3,628) | [5] | (1,166) | [6] | |||||
Net change in other operating assets and liabilities: | |||||||||
Reinsurance recoverables and trade receivables | (2,722) | [5] | (1,669) | [6] | |||||
Inventories | [5] | [6] | |||||||
Prepaid expenses | [5] | [6] | |||||||
Capitalization of deferred policy acquisition costs | (19,994) | [5] | (21,501) | [6] | |||||
Other assets | (498) | [5] | (166) | [6] | |||||
Related party assets | [5] | [6] | |||||||
Accounts payable and accrued expenses | 10,045 | [5] | 10,080 | [6] | |||||
Policy benefits and losses, claims and loss expenses payable | 2,936 | [5] | 1,236 | [6] | |||||
Other policyholders' funds and liabilities | 3,194 | [5] | (509) | [6] | |||||
Deferred income | [5] | [6] | |||||||
Related party liabilities | (548) | [5] | 75 | [6] | |||||
Net cash provided by operating activities | 48,409 | [5] | 37,836 | [6] | |||||
Cash flow from investing activities: | |||||||||
Escrow Deposits | [5] | [6] | |||||||
Purchases of: | |||||||||
Property, plant and equipment | [5] | [6] | |||||||
Short term investments | (243) | [5] | (9,042) | [6] | |||||
Fixed maturities investments | (361,404) | [5] | (239,999) | [6] | |||||
Equity securities | (957) | [5] | (662) | [6] | |||||
Preferred stock | (81) | [5] | [6] | ||||||
Real estate | (82) | [5] | (130) | [6] | |||||
Mortgage loans | (43,580) | [5] | (69,098) | [6] | |||||
Proceeds from sale of: | |||||||||
Property, plant and equipment | [5] | [6] | |||||||
Short term investments | [5] | 10,749 | [6] | ||||||
Fixed maturities investments | 73,881 | [5] | 84,583 | [6] | |||||
Equity securities | [5] | ||||||||
Preferred stock | [5] | [6] | |||||||
Real estate | [5] | [6] | |||||||
Mortgage loans | 115,469 | [5] | 20,478 | [6] | |||||
Net cash used by investing activities | (216,997) | [5] | (203,121) | [6] | |||||
Cash flow from financing activities: | |||||||||
Borrowings from credit facilities | 26,900 | [5] | [6] | ||||||
Principal repayments on credit facilities | (26,900) | [5] | [6] | ||||||
Debt issuance costs | [5] | [6] | |||||||
Capital lease payments | [5] | [6] | |||||||
Employee stock ownership plan | [5] | [6] | |||||||
Securitization deposits | [5] | [6] | |||||||
Common stock dividends paid | [5] | [6] | |||||||
Investment contract deposits | 300,920 | [5] | 347,695 | [6] | |||||
Investment contract withdrawals | (109,641) | [5] | (169,499) | [6] | |||||
Net cash provided by (used in) financing activities | 191,279 | [5] | 184,196 | [6] | |||||
Effects of exchange rate on cash | [5] | [6] | |||||||
Increase (decrease) in cash and cash equivalents | 22,691 | [5] | 18,911 | [6] | |||||
Cash and cash equivalents at the beginning of period | 50,713 | [7] | 13,416 | [6] | |||||
Cash and cash equivalents at the end of the period | 73,404 | [8] | 32,327 | [6] | 73,404 | [8] | 32,327 | [6] | |
Consolidation, Eliminations [Member] | |||||||||
Cash flow from operating activities: | |||||||||
Net earnings | (14,664) | (11,823) | (30,306) | (25,998) | |||||
Earnings from consolidated entities | 30,306 | 25,998 | |||||||
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 personal property | |||||||||
Net gains 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 | [9] | ||||||||
Accounts payable and accrued expenses | |||||||||
Policy benefits and losses, claims and loss expenses payable | |||||||||
Other policyholders' funds and liabilities | |||||||||
Deferred income | |||||||||
Related party liabilities | [9] | ||||||||
Net cash provided by operating activities | |||||||||
Cash flow from investing activities: | |||||||||
Escrow Deposits | |||||||||
Purchases of: | |||||||||
Property, plant and equipment | |||||||||
Short term investments | |||||||||
Fixed maturities investments | |||||||||
Equity securities | |||||||||
Preferred stock | |||||||||
Real estate | |||||||||
Mortgage loans | |||||||||
Proceeds from sale of: | |||||||||
Property, plant and equipment | |||||||||
Short term investments | |||||||||
Fixed maturities investments | |||||||||
Equity securities | |||||||||
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 | |||||||||
Debt issuance costs | |||||||||
Capital lease payments | |||||||||
Employee stock ownership plan | |||||||||
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 September 30, 2018 | ||||||||
[2] | Balances for the quarter ended September 30, 2017 | ||||||||
[3] | Balances for the nine months ended September 30, 2018 | ||||||||
[4] | Balances for the nine months ended September 30, 2017 | ||||||||
[5] | Balance for the period ended September 30, 2018 | ||||||||
[6] | Balance for the period ended September 30, 2017 | ||||||||
[7] | Balances as of December 31, 2017 | ||||||||
[8] | Balances as of September 30, 2018 | ||||||||
[9] | Elimination of intercompany investments |
Industry Segment and Geograph_3
Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Quarter ended: | |||||
Total revenues | $ 919,091 | $ 842,882 | $ 3,043,175 | $ 2,843,493 | |
Depreciation and amortization, net of (gains) losses on disposals | 150,127 | (49,391) | 421,119 | 222,534 | |
Interest expense | 34,827 | 31,558 | 105,111 | 93,926 | |
Pretax earnings | 103,022 | 271,579 | 487,879 | 667,623 | |
Income tax (expense) benefit | (24,387) | 257,315 | (117,853) | 112,117 | |
Identifiable assets | 11,645,760 | 10,496,959 | 11,645,760 | 10,496,959 | $ 10,747,422 |
United States [Member] | |||||
Quarter ended: | |||||
Total revenues | 880,767 | 805,692 | 2,901,908 | 2,707,614 | |
Depreciation and amortization, net of (gains) losses on disposals | 147,868 | (51,211) | 416,784 | 216,885 | |
Interest expense | 34,051 | 30,824 | 102,924 | 91,735 | |
Pretax earnings | 100,832 | 269,830 | 472,302 | 654,388 | |
Income tax (expense) benefit | (23,828) | 264,361 | (113,712) | 115,855 | |
Identifiable assets | 11,285,627 | 10,186,992 | 11,285,627 | 10,186,992 | |
Canada [Member] | |||||
Quarter ended: | |||||
Total revenues | 38,324 | 37,190 | 141,267 | 135,879 | |
Depreciation and amortization, net of (gains) losses on disposals | 2,259 | 1,820 | 4,335 | 5,649 | |
Interest expense | 776 | 734 | 2,187 | 2,191 | |
Pretax earnings | 2,190 | 1,749 | 15,577 | 13,235 | |
Income tax (expense) benefit | (559) | (7,046) | (4,141) | (3,738) | |
Identifiable assets | $ 360,133 | $ 309,967 | $ 360,133 | $ 309,967 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | ||||
Service cost for benefits earned during the period | $ 277 | $ 269 | $ 831 | $ 805 |
Other components of net periodic benefit cost: | ||||
Interest cost on accumulated postretirement benefit | 235 | 218 | 707 | 652 |
Other components | 18 | 13 | 53 | 43 |
Total other components of net periodic benefit costs | 253 | 231 | 760 | 695 |
Net periodic postretirement benefit cost | $ 530 | $ 500 | $ 1,591 | $ 1,500 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Assets: | ||
Short-term investments | $ 670,795 | $ 475,320 |
Fixed maturities - available for sale | 2,100,229 | 1,881,137 |
Preferred stock | 8,815 | 10,861 |
Common stock | 18,298 | 27,862 |
Derivatives | 4,783 | 4,825 |
Total | 2,802,920 | 2,400,005 |
Liabilities: | ||
Derivatives | 897 | |
Total | 897 | |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 670,795 | 475,320 |
Fixed maturities - available for sale | 7,190 | 7,567 |
Preferred stock | 8,815 | 10,861 |
Common stock | 18,298 | 27,862 |
Derivatives | 4,543 | 4,388 |
Total | 709,641 | 525,998 |
Liabilities: | ||
Derivatives | ||
Total | ||
Level 2 [Member] | ||
Assets: | ||
Short-term investments | ||
Fixed maturities - available for sale | 2,092,818 | 1,873,293 |
Preferred stock | ||
Common stock | ||
Derivatives | 240 | 437 |
Total | 2,093,058 | 1,873,730 |
Liabilities: | ||
Derivatives | 897 | |
Total | 897 | |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | ||
Fixed maturities - available for sale | 221 | 277 |
Preferred stock | ||
Common stock | ||
Derivatives | ||
Total | 221 | 277 |
Liabilities: | ||
Derivatives | ||
Total |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Input (Level 3) Fair Value Measurements) (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at March 31, 2018 | $ 277 |
Fixed Maturities - Asset backed securities redeemed | (95) |
Fixed maturities - Asset back securities - net gain (realized) | 39 |
Balance at December 31, 2018 | $ 221 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customer [Abstract] | ||||
Revenues recognized over time | $ 662,498 | $ 607,079 | $ 2,255,541 | $ 2,099,216 |
Revenues recognized at point in time | 65,372 | 62,208 | 240,281 | 236,067 |
Total revenues recognized under ASC 606 | 727,870 | 669,287 | 2,495,822 | 2,335,283 |
Revenues recognized under ASC 840 | 102,863 | 89,052 | 301,551 | 261,968 |
Revenues recognized under ASC 944 | 56,147 | 55,722 | 160,759 | 163,735 |
Revenues recognized under ASC 320 | 32,211 | 28,821 | 85,043 | 82,507 |
Total revenues | $ 919,091 | $ 842,882 | $ 3,043,175 | $ 2,843,493 |
Subsequent Events (Narratives)
Subsequent Events (Narratives) (Details) $ in Millions | Dec. 01, 2018USD ($) |
Subsequent Events [Abstract] | |
Reinsurance agreement termination cash transfer | $ 64.6 |