AMERCO /NV/ [UHAL] Filings

10-Q 1 uhal-20220630.htm JUNE 30, 2022 10-Q

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, 2022

☐ 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.



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 1, 2022.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and March 31, 2022	1
	b) Condensed Consolidated Statements of Operations for the Quarters Ended June 30, 2022, and 2021 (unaudited)	2
	c) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2022, and 2021 (unaudited)	3
	d) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended June 30, 2022, and 2021 (unaudited)	4
	e) Condensed Consolidated Statements of Cash Flows for the Quarters Ended June 30, 2022, and 2021 (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	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	46

	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	47

part i financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

		June 30,		March 31,
		2022		2022
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	3,098,271	$	2,704,137
Reinsurance recoverables and trade receivables, net		219,574		229,343
Inventories and parts, net		164,579		158,888
Prepaid expenses		231,714		236,915
Investments, fixed maturities and marketable equities		2,669,986		2,893,399
Investments, other		557,124		543,755
Deferred policy acquisition costs, net		129,568		103,828
Other assets		53,477		60,409
Right of use assets - financing, net		568,223		620,824
Right of use assets - operating, net		72,538		74,382
Related party assets		45,190		47,851
		7,810,244		7,673,731
Property, plant and equipment, at cost:
Land		1,354,587		1,283,142
Buildings and improvements		6,154,373		5,974,639
Furniture and equipment		858,094		846,132
Rental trailers and other rental equipment		671,880		615,679
Rental trucks		4,873,554		4,638,814
		13,912,488		13,358,406
Less: Accumulated depreciation		(3,891,128)		(3,732,556)
Total property, plant and equipment, net		10,021,360		9,625,850
Total assets	$	17,831,604	$	17,299,581
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	722,617	$	677,785
Notes, loans and finance leases payable, net		6,232,564		6,022,497
Operating lease liabilities		72,277		74,197
Policy benefits and losses, claims and loss expenses payable		988,030		978,254
Liabilities from investment contracts		2,374,250		2,336,238
Other policyholders' funds and liabilities		11,999		10,812
Deferred income		63,647		49,157
Deferred income taxes, net		1,292,369		1,265,358
Total liabilities		11,757,753		11,414,298

Commitments and contingencies (notes 3, 7, 8 and 9)
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, 2022		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of June 30 and March 31, 2022		–		–
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, 2022		–		–
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, 2022		10,497		10,497
Additional paid-in capital		453,819		453,819
Accumulated other comprehensive income (loss)		(89,246)		46,384
Retained earnings		6,376,431		6,052,233
Cost of common stock in treasury, net ( 22,377,912 shares as of June 30 and March 31, 2022)		(525,653)		(525,653)
Cost of preferred stock in treasury, net ( 6,100,000 shares as of June 30 and March 31, 2022)		(151,997)		(151,997)
Total stockholders' equity		6,073,851		5,885,283
Total liabilities and stockholders' equity	$	17,831,604	$	17,299,581

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

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,090,775	$	1,035,377
Self-storage revenues		173,177		137,393
Self-moving and self-storage products and service sales		109,351		104,885
Property management fees		9,139		8,449
Life insurance premiums		25,781		28,705
Property and casualty insurance premiums		19,972		16,869
Net investment and interest income		33,573		34,999
Other revenue		136,072		106,179
Total revenues		1,597,840		1,472,856

Costs and expenses:
Operating expenses		733,167		614,529
Commission expenses		118,493		113,149
Cost of sales		79,671		69,915
Benefits and losses		44,100		47,298
Amortization of deferred policy acquisition costs		7,672		8,823
Lease expense		7,475		7,647
Depreciation, net of gains on disposal ($64,348 and $50,323, respectively)		113,796		121,717
Net (gains) losses on disposal of real estate		2,307		(4,430)
Total costs and expenses		1,106,681		978,648

Earnings from operations		491,159		494,208
Other components of net periodic benefit costs		(304)		(280)
Interest expense		(49,799)		(39,178)
Pretax earnings		441,056		454,750
Income tax expense		(107,054)		(109,575)
Earnings available to common stockholders	$	334,002	$	345,175
Basic and diluted earnings per common share	$	17.03	$	17.60
Weighted average common shares outstanding: Basic and diluted		19,607,788		19,607,788

Related party revenues for the first quarter of fiscal 2023 and 2022, net of eliminations, were $9.1 million and $8.4 million, respectively.

Related party costs and expenses for the first quarter of fiscal 2023 and 2022, net of eliminations, were $25.5 million and $23.5 million, respectively.

Please see Note 9, 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.

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended June 30, 2022		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	441,056	$	(107,054)	$	334,002
Other comprehensive income (loss):
Foreign currency translation		197		–		197
Unrealized net loss on investments		(173,046)		36,664		(136,382)
Change in fair value of cash flow hedges		170		(42)		128
Amounts reclassified into earnings on hedging activities		566		(139)		427
Total other comprehensive income (loss)		(172,113)		36,483		(135,630)

Total comprehensive income	$	268,943	$	(70,571)	$	198,372
		+


Quarter Ended June 30, 2021		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	454,750	$	(109,575)	$	345,175
Other comprehensive income (loss):
Foreign currency translation		(3,392)		–		(3,392)
Unrealized net loss on investments		(92,451)		19,424		(73,027)
Change in fair value of cash flow hedges		(68)		17		(51)
Amounts reclassified into earnings on hedging activities		987		(242)		745
Total other comprehensive income (loss)		(94,924)		19,199		(75,725)

Total comprehensive income	$	359,826	$	(90,376)	$	269,450

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

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2022	$	10,497	$	453,819	$	46,384	$	6,052,233	$	(525,653)	$	(151,997)	$	5,885,283
Foreign currency translation		–		–		197		–		–		–		197
Unrealized net loss on investments, net of tax		–		–		(136,382)		–		–		–		(136,382)
Change in fair value of cash flow hedges, net of tax		–		–		128		–		–		–		128
Amounts reclassified into earnings on hedging activities		–		–		427		–		–		–		427
Net earnings		–		–		–		334,002		–		–		334,002
Common stock dividends: ($ 0.50 per share for fiscal 2023)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(135,630)		324,198		–	–	–		188,568
Balance as of June 30, 2022	$	10,497	$	453,819	$	(89,246)	$	6,376,431	$	(525,653)		(151,997)	$	6,073,851

Balance as of March 31, 2021	$	10,497	$	453,819	$	106,857	$	4,958,359	$	(525,653)	$	(151,997)	$	4,851,882
Foreign currency translation		–		–		(3,392)		–		–		–		(3,392)
Unrealized net loss on investments, net of tax		–		–		(73,027)		–		–		–		(73,027)
Change in fair value of cash flow hedges, net of tax		–		–		(51)		–		–		–		(51)
Amounts reclassified into earnings on hedging activities		–		–		745		–		–		–		745
Net earnings		–		–		–		345,175		–		–		345,175
Common stock dividends: ($ 0.50 per share for fiscal 2022)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(75,725)		335,371		–		–		259,646
Balance as of June 30, 2021	$	10,497	$	453,819	$	31,132	$	5,293,730	$	(525,653)	$	(151,997)	$	5,111,528

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

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	334,002	$	345,175
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		178,144		172,040
Amortization of deferred policy acquisition costs		7,672		8,823
Amortization of premiums and accretion of discounts related to investments, net		4,929		4,361
Amortization of debt issuance costs		1,473		1,332
Interest credited to policyholders		15,157		15,583
Provision for allowance for losses on trade receivables		(6,151)		(484)
Provision for allowance for inventories and parts reserves		4,646		3,403
Net gains on disposal of personal property		(64,348)		(50,323)
Net (gains) losses on disposal of real estate		2,307		(4,430)
Net (gains) losses on sales of investments		268		(2,469)
Net (gains) losses on equity investments		1,551		(2,231)
Deferred income taxes		63,493		82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		15,894		(8,082)
Inventories and parts		(10,347)		(15,765)
Prepaid expenses		4,935		162,706
Capitalization of deferred policy acquisition costs		(7,398)		(8,990)
Other assets		1,935		(853)
Related party assets		484		562
Accounts payable and accrued expenses		74,676		71,599
Policy benefits and losses, claims and loss expenses payable		10,386		9,064
Other policyholders' funds and liabilities		1,187		(1,430)
Deferred income		14,448		11,863
Related party liabilities		2,028		385
Net cash provided by operating activities		651,371		794,213

Cash flows from investing activities:
Escrow deposits		4,789		1,887
Purchases of:
Property, plant and equipment		(646,137)		(508,411)
Short term investments		(22,017)		(11,810)
Fixed maturities investments		(36,488)		(281,507)
Equity securities		(1,366)		–
Preferred stock		–		(8,000)
Real estate		–		(67)
Mortgage loans		(42,561)		(42,538)
Proceeds from sales and paydowns of:
Property, plant and equipment		159,180		182,146
Short term investments		18,073		12,558
Fixed maturities investments		55,808		126,956
Equity securities		362		–
Mortgage loans		32,345		5,628
Net cash used by investing activities		(478,012)		(523,158)

Cash flows from financing activities:
Borrowings from credit facilities		393,264		161,854
Principal repayments on credit facilities		(145,369)		(109,334)
Payment of debt issuance costs		(1,069)		(352)
Finance lease payments		(34,982)		(45,170)
Common stock dividends paid		(9,804)		–
Investment contract deposits		85,767		113,779
Investment contract withdrawals		(62,911)		(64,332)
Net cash provided by financing activities		224,896		56,445

Effects of exchange rate on cash		(4,121)		(1,531)

Increase in cash and cash equivalents		394,134		325,969
Cash and cash equivalents at the beginning of period		2,704,137		1,194,012
Cash and cash equivalents at the end of period	$	3,098,271	$	1,519,981

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

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements

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 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The condensed consolidated balance sheet as of June 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2023 and 2022 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 the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

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.

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.

2. 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.

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 23.8 million and $ 27.1 million as of March 31, 2022 and December 31, 2021, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2022 were as follows:

		Cost Amortized		Unrealized Gains Gross		Unrealized Losses More than 12 Months Gross		Unrealized Losses Less than 12 Months Gross		Allowance for Expected Credit Losses		Market Value Estimated
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	127,940	$	2,947	$	(1,578)	$	(2,493)	$	–	$	126,816
U.S. government agency mortgage-backed securities		37,806		149		(380)		(4,126)		–		33,449
Obligations of states and political subdivisions		166,572		5,830		(1,275)		(2,009)		–		169,118
Corporate securities		1,970,857		38,302		(11,259)		(51,863)		(77)		1,945,960
Mortgage-backed securities		337,023		2,206		(1)		(16,372)		–		322,856
	$	2,640,198	$	49,434	$	( 14,493 )	$	( 76,863 )	$	( 77 )	$	2,598,199

Available-for-sale investments as of March 31, 2022 were as follows:

		Cost Amortized		Unrealized Gains Gross		Unrealized Losses More than 12 Months Gross		Unrealized Losses Less than 12 Months Gross		Allowance for Expected Credit Losses		Market Value Estimated

		(In thousands)
U.S. treasury securities and government obligations	$	128,078	$	7,984	$	–	$	(969)	$	–	$	135,093
U.S. government agency mortgage-backed securities		44,678		280		(42)		(3,111)		–		41,805
Obligations of states and political subdivisions		178,040		15,450		–		(508)		–		192,982
Corporate securities		1,989,212		138,909		(402)		(6,604)		(60)		2,121,055
Mortgage-backed securities		324,029		7,671		(1)		(1,542)		–		330,157
	$	2,664,037	$	170,294	$	( 445 )	$	( 12,734 )	$	( 60 )	$	2,821,092

We sold available-for-sale securities with a fair value of $ 54.1 million during the first quarter of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 0.3 million during the first quarter of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022. The gross realized losses on these sales totaled $ 0.1 million during the first quarter of fiscal 2023 and $ 1.4 million for the full year of fiscal 2022.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $ 17 thousand net impairment charge recorded in the first quarter ended June 30, 2022.

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:

		June 30, 2022				March 31, 2022
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)
Due in one year or less	$	104,389	$	105,325	$	97,969	$	99,432
Due after one year through five years		554,348		557,915		541,840		570,135
Due after five years through ten years		713,435		717,393		704,295		765,073
Due after ten years		931,003		894,710		995,904		1,056,295
		2,303,175		2,275,343		2,340,008		2,490,935

Mortgage-backed securities		337,023		322,856		324,029		330,157
	$	2,640,198	$	2,598,199	$	2,664,037	$	2,821,092

As of June 30, 2022 and March 31, 2022, 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:

		June 30, 2022				March 31, 2022
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)

Common stocks	$	28,707	$	45,837	$	27,674	$	46,212
Non-redeemable preferred stocks		26,054		25,950		26,054		26,095
	$	54,761	$	71,787	$	53,728	$	72,307

Investments, other

The carrying value of the other investments was as follows:

June 30,