Company Quick10K Filing
AMERCO
Price392.50 EPS19
Shares20 P/E21
MCap7,694 P/FCF9
Net Debt-525 EBIT543
TEV7,169 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-K 2020-03-31 Filed 2020-05-27
10-Q 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-K 2019-03-31 Filed 2019-05-29
10-Q 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-K 2018-03-31 Filed 2018-05-30
10-Q 2017-12-31 Filed 2018-02-07
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-K 2017-03-31 Filed 2017-05-24
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-03
10-K 2016-03-31 Filed 2016-05-25
10-Q 2015-12-31 Filed 2016-02-03
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-K 2015-03-31 Filed 2015-05-27
10-Q 2014-12-31 Filed 2015-02-04
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-K 2014-03-31 Filed 2014-05-28
10-Q 2013-12-31 Filed 2014-02-05
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-K 2013-03-31 Filed 2013-06-05
10-Q 2012-12-31 Filed 2013-02-06
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-K 2012-03-31 Filed 2012-06-06
10-Q 2011-12-31 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-K 2011-03-31 Filed 2011-06-09
10-Q 2010-12-31 Filed 2011-02-02
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-K 2010-03-31 Filed 2010-06-09
10-Q 2009-12-31 Filed 2010-02-04
8-K 2020-08-20 Shareholder Vote, Other Events, Exhibits
8-K 2020-05-22
8-K 2020-02-18
8-K 2020-01-10
8-K 2019-12-10
8-K 2019-12-04
8-K 2019-11-06
8-K 2019-08-22
8-K 2019-08-02
8-K 2019-05-03
8-K 2019-05-03
8-K 2019-03-29
8-K 2019-03-07
8-K 2019-03-06
8-K 2018-12-05
8-K 2018-10-23
8-K 2018-08-28
8-K 2018-08-28
8-K 2018-08-23
8-K 2018-06-12
8-K 2018-06-06
8-K 2018-03-08
8-K 2018-03-06

UHAL 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Information
Item 2. Management'S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311.htm
EX-31.2 ex312.htm
EX-32.1 ex321.htm
EX-32 ex322.htm

AMERCO Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.20.90.70.40.2-0.12012201420172020
Rev, G Profit, Net Income
0.40.2-0.1-0.3-0.6-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number 001-11255

 

 

 

State or other jurisdiction of incorporation or organization

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

Nevada

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno , Nevada 89511

 

 

Telephone ( 775 ) 688-6300

 

 

 

 

 

N/A

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock , $0.25 par value

UHAL

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule   405 of Regulation   S-T (§232.405 of this chapter) during the preceding 12   months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company,” in Rule 12b-2 of the Exchange Act.  

Large Accelerated Filer Accelerated filer   

Non-accelerated filer   Smaller reporting company

Emerging growth company

 

 


 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at August 3, 2020.

 

 


 

 

 


 

 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of June 30, 2020 (unaudited) and March 31, 2020

1

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended June 30, 2020 and 2019 (unaudited)

2

 

c) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2020 and 2019 (unaudited)

3

 

d) Condensed Consolidated Statements of Stockholders' Equity for the Quarters Ended June 30, 2020 and 2019 (unaudited)

4

 

e) Condensed Consolidated Statements of Cash Flows for the Quarters Ended June 30, 2020 and 2019 (unaudited)

5

 

f) Notes to Condensed Consolidated Financial Statements (unaudited)

6

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

40

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

52

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

53

 


 

part i financial information

 

Item 1. Financial information

 

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

June 30,

 

March 31,

 

 

2020

 

2020

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

825,074

$

494,352

Reinsurance recoverables and trade receivables, net

 

208,371

 

186,672

Inventories and parts, net

 

100,835

 

101,083

Prepaid expenses

 

585,879

 

562,904

Investments, fixed maturities and marketable equities

 

2,393,522

 

2,492,738

Investments, other

 

395,123

 

360,373

Deferred policy acquisition costs, net

 

117,123

 

103,118

Other assets

 

70,415

 

71,956

Right of use assets - financing, net

 

1,026,928

 

1,080,353

Right of use assets - operating

 

106,682

 

106,631

Related party assets

 

9,406

 

34,784

 

 

5,839,358

 

5,594,964

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,043,952

 

1,032,945

Buildings and improvements

 

4,752,816

 

4,663,461

Furniture and equipment

 

754,641

 

752,363

Rental trailers and other rental equipment

 

513,623

 

511,520

Rental trucks

 

3,619,718

 

3,595,933

 

 

10,684,750

 

10,556,222

Less: Accumulated depreciation

 

(2,811,749)

 

(2,713,162)

Total property, plant and equipment, net

 

7,873,001

 

7,843,060

Total assets

$

13,712,359

$

13,438,024

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

582,356

$

554,353

Notes, loans and finance/capital leases payable, net

 

4,777,963

 

4,621,291

Operating lease liability

 

106,614

 

106,443

Policy benefits and losses, claims and loss expenses payable

 

998,762

 

997,647

Liabilities from investment contracts

 

1,833,617

 

1,802,217

Other policyholders' funds and liabilities

 

6,764

 

10,190

Deferred income

 

42,789

 

31,620

Deferred income taxes, net

 

1,106,312

 

1,093,543

Total liabilities

 

9,455,177

 

9,217,304

 

 

 

 

 

Commitments and contingencies (notes 4, 8, 9 and 10)

 

 

 

 

Stockholders' equity:

 

 

 

 

Series preferred stock, with or without par value, 50,000,000 shares authorized:

 

 

 

 

Series A preferred stock, with no par value, 6,100,000 shares authorized;

 

 

 

 

6,100,000 shares issued and none outstanding as of June 30 and March 31, 2020

 

-

 

-

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding as of June 30 and March 31, 2020

 

-

 

-

Serial common stock, with or without par value, 250,000,000 shares authorized:

 

 

 

 

Serial common stock of $ 0.25 par value, 10,000,000 shares authorized;

 

 

 

 

none issued and outstanding as of June 30 and March 31, 2020

 

-

 

-

Common stock, with $ 0.25 par value, 250,000,000 shares authorized:

 

 

 

 

Common stock of $ 0.25 par value, 250,000,000 shares authorized; 41,985,700

 

 

 

 

issued and 19,607,788 outstanding as of June 30 and March 31, 2020

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,819

Accumulated other comprehensive income (loss)

 

(13,732)

 

34,652

Retained earnings

 

4,484,248

 

4,399,402

Cost of common stock in treasury, net ( 22,377,912 shares as of June 30 and March 31, 2020)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net ( 6,100,000 shares as of June 30 and March 31, 2020)

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan stock

 

-

 

-

Total stockholders' equity

 

4,257,182

 

4,220,720

Total liabilities and stockholders' equity

$

13,712,359

$

13,438,024

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

 


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

 

 

Quarter Ended June 30,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

654,285

$

748,596

Self-storage revenues

 

108,955

 

98,274

Self-moving and self-storage products and service sales

 

91,350

 

80,026

Property management fees

 

7,347

 

7,156

Life insurance premiums

 

30,908

 

32,710

Property and casualty insurance premiums

 

13,734

 

13,424

Net investment and interest income

 

16,982

 

35,749

Other revenue

 

63,676

 

63,314

Total revenues

 

987,237

 

1,079,249

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

492,662

 

534,472

Commission expenses

 

69,175

 

80,899

Cost of sales

 

52,831

 

48,929

Benefits and losses

 

39,577

 

49,006

Amortization of deferred policy acquisition costs

 

6,888

 

6,064

Lease expense

 

6,603

 

7,036

Depreciation, net of gains on disposal of ($1,069 and $16,678, respectively)

 

165,671

 

140,600

Net gains on disposal of real estate

 

(256)

 

(1,622)

Total costs and expenses

 

833,151

 

865,384

 

 

 

 

 

Earnings from operations

 

154,086

 

213,865

Other components of net periodic benefit costs

 

(247)

 

(263)

Interest expense

 

(39,521)

 

(38,888)

Pretax earnings

 

114,318

 

174,714

Income tax expense

 

(26,592)

 

(42,292)

Earnings available to common stockholders

$

87,726

$

132,422

Basic and diluted earnings per common stock

$

4.47

$

6.76

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,597,697

 

Related party revenues for the first quarter of fiscal 2021 and 2020, net of eliminations, were $7.3 million and $7.2 million, respectively.

Related party costs and expenses for the first quarter of fiscal 2021 and 2020, net of eliminations, were $16.0 million and $17.9 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

 


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended June 30, 2020

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

114,318

$

(26,592)

$

87,726

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,917)

 

-

 

(2,917)

Unrealized net loss on investments

 

(58,962)

 

13,463

 

(45,499)

Change in fair value of cash flow hedges

 

(705)

 

173

 

(532)

Amounts reclassified into earnings on hedging activities

 

747

 

(183)

 

564

Total other comprehensive income (loss)

 

(61,837)

 

13,453

 

(48,384)

 

 

 

 

 

 

 

Total comprehensive income

$

52,481

$

(13,139)

$

39,342

 

 

+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

174,714

$

(42,292)

$

132,422

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

2,982

 

-

 

2,982

Unrealized net gain on investments

 

51,827

 

(11,039)

 

40,788

Change in fair value of cash flow hedges

 

(1,194)

 

293

 

(901)

Amounts reclassified into earnings on hedging activities

 

(59)

 

15

 

(44)

Total other comprehensive income

 

53,556

 

(10,731)

 

42,825

 

 

 

 

 

 

 

Total comprehensive income

$

228,270

$

(53,023)

$

175,247

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

 


 

 

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders' equity

Description

 

Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of March 31, 2020

$

10,497

$

453,819

$

34,652

$

4,399,402

$

(525,653)

$

(151,997)

$

-

$

4,220,720

Adjustment for adoption of ASU 2016-13

 

-

 

-

 

-

 

(2,880)

 

-

 

-

 

-

 

(2,880)

Increase in market value of released ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Foreign currency translation

 

-

 

-

 

(2,917)

 

-

 

-

 

-

 

-

 

(2,917)

Unrealized net loss on investments, net of tax

 

-

 

-

 

(45,499)

 

-

 

-

 

-

 

-

 

(45,499)

Change in fair value of cash flow hedges, net of tax

 

-

 

-

 

(532)

 

-

 

-

 

-

 

-

 

(532)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

564

 

-

 

-

 

-

 

-

 

564

Net earnings

 

-

 

-

 

-

 

87,726

 

-

 

-

 

-

 

87,726

Net activity

 

-

 

-

 

(48,384)

 

84,846

 

-

-

-

 

-

 

36,462

Balance as of June 30, 2020

$

10,497

$

453,819

$

(13,732)

$

4,484,248

$

(525,653)

 

(151,997)

$

-

$

4,257,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2019

$

10,497

$

453,326

$

(66,698)

$

3,976,962

$

(525,653)

$

(151,997)

$

(4,048)

$

3,692,389

Increase in market value of released ESOP shares

 

-

 

209

 

-

 

-

 

-

 

-

 

-

 

209

Release of unearned ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

1,309

 

1,309

Purchase of ESOP shares

 

-

 

-

 

-

 

-

 

-

 

-

 

(131)

 

(131)

Foreign currency translation

 

-

 

-

 

2,982

 

-

 

-

 

-

 

-

 

2,982

Unrealized net gain on investments, net of tax

 

-

 

-

 

40,788

 

-

 

-

 

-

 

-

 

40,788

Change in fair value of cash flow hedges, net of tax

 

-

 

-

 

(901)

 

-

 

-

 

-

 

-

 

(901)

Amounts reclassified into earnings on hedging activities

 

-

 

-

 

(44)

 

-

 

-

 

-

 

-

 

(44)

Net earnings

 

-

 

-

 

-

 

132,422

 

-

 

-

 

-

 

132,422

Net activity

 

-

 

209

 

42,825

 

132,422

 

-

 

-

 

1,178

 

176,634

Balance as of June 30, 2019

$

10,497

$

453,535

$

(23,873)

$

4,109,384

$

(525,653)

$

(151,997)

$

(2,870)

$

3,869,023

 

The accompanying notes are an integral part of these consolidated financial statements.

4

 


 

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

 

 

Quarter Ended June 30,

 

 

2020

 

2019

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net earnings

$

87,726

$

132,422

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

166,740

 

157,278

Amortization of deferred policy acquisition costs

 

6,888

 

6,064

Amortization of premiums and accretion of discounts related to investments, net

 

3,550

 

3,275

Amortization of debt issuance costs

 

1,297

 

1,053

Interest credited to policyholders

 

7,667

 

14,218

Change in allowance for losses on trade receivables

 

60

 

(162)

Change in allowance for inventories and parts reserves

 

(99)

 

367

Net gains on disposal of personal property

 

(1,069)

 

(16,678)

Net gains on disposal of real estate

 

(256)

 

(1,622)

Net (gains) losses on sales of investments

 

2,014

 

(4,267)

Net (gains) losses on equity investments

 

3,989

 

(2,215)

Deferred income taxes

 

27,534

 

29,763

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

(23,594)

 

(18,215)

Inventories and parts

 

350

 

2,110

Prepaid expenses

 

(22,831)

 

(15,720)

Capitalization of deferred policy acquisition costs

 

(7,308)

 

(5,090)

Other assets

 

74

 

3,337

Related party assets

 

7,329

 

(1,364)

Accounts payable and accrued expenses

 

58,273

 

89,716

Policy benefits and losses, claims and loss expenses payable

 

528

 

2,318

Other policyholders' funds and liabilities

 

(3,426)

 

(5,281)

Deferred income

 

14,898

 

8,527

Related party liabilities

 

(249)

 

1,092

Net cash provided by operating activities

 

330,085

 

380,926

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Escrow deposits

 

1,401

 

1,968

Purchases of:

 

 

 

 

Property, plant and equipment

 

(249,740)

 

(847,248)

Short term investments

 

(9,625)

 

(8,689)

Fixed maturities investments

 

(94,193)

 

(76,515)

Real estate

 

(192)

 

(328)

Mortgage loans

 

(33,300)

 

(9,410)

Proceeds from sales and paydowns of:

 

 

 

 

Property, plant and equipment

 

76,412

 

160,754

Short term investments

 

2,448

 

6,982

Fixed maturities investments

 

110,165

 

38,258

Real estate

 

-

 

311

Mortgage loans

 

1,432

 

1,678

Net cash used by investing activities

 

(195,192)

 

(732,239)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings from credit facilities

 

377,051

 

333,700

Principal repayments on credit facilities

 

(154,089)

 

(61,104)

Payment of debt issuance costs

 

(1,677)

 

(5)

Finance/capital lease payments

 

(68,554)

 

(94,446)

Employee stock ownership plan stock

 

-

 

(131)

Common stock dividends paid

 

-

 

(9,796)

Net contribution from (to ) related party

 

18,599

 

-

Investment contract deposits

 

75,366

 

61,515

Investment contract withdrawals

 

(51,633)

 

(37,054)

Net cash provided by financing activities

 

195,063

 

192,679

 

 

 

 

 

Effects of exchange rate on cash

 

766

 

4,764

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

330,722

 

(153,870)

Cash and cash equivalents at the beginning of period

 

494,352

 

673,701

Cash and cash equivalents at the end of period

$

825,074

$

519,831

The accompanying notes are an integral part of these condensed consolidated financial statements

5

 


 


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements - (continued)

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020 and 2019 correspond to fiscal 2021 and 2020 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of June 30, 2020 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the first quarter of fiscal 2021 and 2020 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, 2020.

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 ( 3 ) 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.

6

 


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements - (continued)

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.

Summary of Significant Accounting Polices

Refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 for a summary of significant accounting policies. At the beginning of the first quarter of fiscal 2021, we adopted Accounting Standards Update 2016-13 , Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In addition, new disclosures are required. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases   We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. We modified our policy on accounting for allowance for doubtful accounts on trade accounts receivable. We perform ongoing credit evaluations of our customers and assesses each customer's credit worthiness. We monitor collections and payments from our customers and maintains an allowance for doubtful accounts based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to the opening balance of retained earnings of $2.9 million and did not have a material impact on our results of operations, financial condition or liquidity. Please see Note 16, Allowance for Credit Losses, of the Notes to Condensed Consolidated Financial Statements.

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 8,216 as of June 30, 2019.   As of June 20, 2020, all of these shares have been released.

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 $ 30.8 million as of June 30, 2020 and March 31, 2020.

7

 


amerco and consolidated subsidiaries

notes to condensed consolidated financial statements - (continued)

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2020 were as follows:

 

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Estimated

Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

84,814

$

12,192

$

-

$

-

$

-

$

97,006

U.S. government agency mortgage-backed securities

 

126,599

 

3,458

 

(1)

 

(39)

 

-

 

130,017

Obligations of states and political subdivisions

 

270,476

 

21,364

 

(141)

 

(2)

 

-

 

291,697

Corporate securities

 

1,636,025