Company Quick10K Filing
AMERCO
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 20 $7,375
10-Q 2020-02-05 Quarter: 2019-12-31
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-K 2019-05-29 Annual: 2019-03-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-K 2018-05-30 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-K 2017-05-24 Annual: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-K 2016-05-25 Annual: 2016-03-31
10-Q 2016-02-03 Quarter: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-K 2015-05-27 Annual: 2015-03-31
10-Q 2015-02-04 Quarter: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-K 2014-05-28 Annual: 2014-03-31
10-Q 2014-02-05 Quarter: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-K 2013-06-05 Annual: 2013-03-31
10-Q 2013-02-06 Quarter: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-K 2012-06-06 Annual: 2012-03-31
10-Q 2012-02-08 Quarter: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-K 2011-06-09 Annual: 2011-03-31
10-Q 2011-02-02 Quarter: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-K 2010-06-09 Annual: 2010-03-31
10-Q 2010-02-04 Quarter: 2009-12-31
8-K 2020-02-18 Exhibits
8-K 2020-01-10 Exhibits
8-K 2019-12-10 Exhibits
8-K 2019-12-04 Officers, Other Events, Exhibits
8-K 2019-11-06 Officers
8-K 2019-08-22 Shareholder Vote, Other Events, Exhibits
8-K 2019-08-02
8-K 2019-05-03 Exhibits
8-K 2019-05-03 Exhibits
8-K 2019-03-29
8-K 2019-03-07 Exhibits
8-K 2019-03-06 Other Events, Exhibits
8-K 2018-12-05 Other Events, Exhibits
8-K 2018-10-23 Exhibits
8-K 2018-08-28 Exhibits
8-K 2018-08-28 Exhibits
8-K 2018-08-23 Shareholder Vote, Other Events, Exhibits
8-K 2018-06-12 Other Events
8-K 2018-06-06 Other Events, Exhibits
8-K 2018-03-08 Other Events, Exhibits
8-K 2018-03-06 Exhibits
UHAL 2019-12-31
Part I Financial Information
Item 1. Financial Statements
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-32.2 ex322.htm

AMERCO Earnings 2019-12-31

UHAL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
UHAL 7,375 12,475 8,606 3,109 2,948 375 1,193 6,855 95% 5.7 3%
G 7,280 4,013 2,429 3,274 1,169 287 493 7,895 36% 16.0 7%
FIVE 7,224 1,659 1,007 1,698 612 157 246 7,045 36% 28.7 9%
R 2,886 14,522 11,914 8,842 0 318 612 9,413 0% 15.4 2%
CAR 2,643 24,455 9,085 0 286 620 5,593 0% 9.0 1%
HTZ 1,605 26,354 25,287 9,670 0 -61 3 951 0% 317.1 -0%
EHIC 1,594 10,928 6,722 0 0 0 0 5,675 0%
SP 842 1,492 1,110 1,563 209 52 109 1,192 13% 11.0 3%
HYRE 52 6 2 8 7 -8 -8 47 88% -5.8 -137%

50000 50000 6100000 6100000 10000 10000 6100000 6100000 0 0 0 0 0 0 0.00 0.00 0.00 0.00 250000000 250000000 10000000 10000000 250000000 250000000 250000 250000 0 0 41985700 41985700 0 0 19607788 19607788 0.25 0.25 0.25 0.25 22377912 22377912 6100000 6100000 0.25 0.25 0 2013-01-11 2013-01-15 2019-12-15 2013-01-11 0 0 0 0 0 0 0 0 false 0000004457 --03-31 2020 Q3 false false true false 2151 796 false NV 0000004457 2019-04-01 2019-12-31 0000004457 2019-11-01 0000004457 2019-10-01 2019-12-31 0000004457 2018-10-01 2018-12-31 0000004457 2018-04-01 2018-12-31 0000004457 2019-12-31 0000004457 2019-03-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember 2019-12-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember 2019-03-31 0000004457 uhal:RentalTrucksMember 2019-12-31 0000004457 uhal:RentalTrucksMember 2019-03-31 0000004457 us-gaap:SeriesAPreferredStockMember 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember 2019-03-31 0000004457 us-gaap:SeriesBPreferredStockMember 2019-12-31 0000004457 us-gaap:SeriesBPreferredStockMember 2019-03-31 0000004457 us-gaap:CommonClassAMember 2019-12-31 0000004457 us-gaap:CommonClassAMember 2019-03-31 0000004457 uhal:AmercoCommonStockMember 2019-12-31 0000004457 uhal:AmercoCommonStockMember 2019-03-31 0000004457 uhal:CommonStockInTreasuryMember 2019-12-31 0000004457 uhal:CommonStockInTreasuryMember 2019-03-31 0000004457 uhal:PreferredStockInTreasuryMember 2019-12-31 0000004457 uhal:PreferredStockInTreasuryMember 2019-03-31 0000004457 us-gaap:CommonStockMember 2019-09-30 0000004457 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000004457 us-gaap:RetainedEarningsMember 2019-09-30 0000004457 us-gaap:TreasuryStockCommonMember 2019-09-30 0000004457 us-gaap:TreasuryStockPreferredMember 2019-09-30 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-09-30 0000004457 2019-09-30 0000004457 us-gaap:CommonStockMember 2019-10-01 2019-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2019-10-01 2019-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-10-01 2019-12-31 0000004457 us-gaap:RetainedEarningsMember 2019-10-01 2019-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2019-10-01 2019-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2019-10-01 2019-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-10-01 2019-12-31 0000004457 us-gaap:CommonStockMember 2019-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000004457 us-gaap:RetainedEarningsMember 2019-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2019-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2019-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000004457 us-gaap:CommonStockMember 2018-09-30 0000004457 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000004457 us-gaap:RetainedEarningsMember 2018-09-30 0000004457 us-gaap:TreasuryStockCommonMember 2018-09-30 0000004457 us-gaap:TreasuryStockPreferredMember 2018-09-30 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-09-30 0000004457 2018-09-30 0000004457 us-gaap:CommonStockMember 2018-10-01 2018-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2018-10-01 2018-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-10-01 2018-12-31 0000004457 us-gaap:RetainedEarningsMember 2018-10-01 2018-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2018-10-01 2018-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2018-10-01 2018-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-10-01 2018-12-31 0000004457 us-gaap:CommonStockMember 2018-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000004457 us-gaap:RetainedEarningsMember 2018-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2018-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2018-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000004457 2018-12-31 0000004457 us-gaap:CommonStockMember 2019-03-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000004457 us-gaap:RetainedEarningsMember 2019-03-31 0000004457 us-gaap:TreasuryStockCommonMember 2019-03-31 0000004457 us-gaap:TreasuryStockPreferredMember 2019-03-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000004457 us-gaap:CommonStockMember 2019-04-01 2019-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-12-31 0000004457 us-gaap:RetainedEarningsMember 2019-04-01 2019-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2019-04-01 2019-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2019-04-01 2019-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-12-31 0000004457 us-gaap:CommonStockMember 2018-03-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000004457 us-gaap:RetainedEarningsMember 2018-03-31 0000004457 us-gaap:TreasuryStockCommonMember 2018-03-31 0000004457 us-gaap:TreasuryStockPreferredMember 2018-03-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-03-31 0000004457 2018-03-31 0000004457 us-gaap:CommonStockMember 2018-04-01 2018-12-31 0000004457 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-12-31 0000004457 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-12-31 0000004457 us-gaap:RetainedEarningsMember 2018-04-01 2018-12-31 0000004457 us-gaap:TreasuryStockCommonMember 2018-04-01 2018-12-31 0000004457 us-gaap:TreasuryStockPreferredMember 2018-04-01 2018-12-31 0000004457 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-04-01 2018-12-31 0000004457 us-gaap:USTreasuryAndGovernmentMember 2019-03-31 0000004457 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2019-03-31 0000004457 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-03-31 0000004457 us-gaap:CorporateDebtSecuritiesMember 2019-03-31 0000004457 us-gaap:MortgageBackedSecuritiesMember 2019-03-31 0000004457 us-gaap:RedeemablePreferredStockMember 2019-03-31 0000004457 us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0000004457 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2019-12-31 0000004457 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0000004457 us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000004457 us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000004457 us-gaap:RedeemablePreferredStockMember 2019-12-31 0000004457 us-gaap:CommonStockMember 2019-12-31 0000004457 us-gaap:CommonStockMember 2018-12-31 0000004457 us-gaap:NonredeemablePreferredStockMember 2019-12-31 0000004457 us-gaap:NonredeemablePreferredStockMember 2018-12-31 0000004457 us-gaap:USTreasurySecuritiesMember 2019-12-31 0000004457 us-gaap:USTreasurySecuritiesMember 2019-03-31 0000004457 2018-04-01 2019-03-31 0000004457 us-gaap:MortgagesMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:MortgagesMember 2019-04-01 2019-12-31 0000004457 us-gaap:MortgagesMember 2019-12-31 0000004457 us-gaap:MortgagesMember 2019-03-31 0000004457 us-gaap:SeniorLoansMember srt:MinimumMember 2019-12-31 0000004457 us-gaap:SeniorLoansMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:SeniorLoansMember 2019-04-01 2019-12-31 0000004457 us-gaap:SeniorLoansMember 2019-12-31 0000004457 us-gaap:SeniorLoansMember 2019-03-31 0000004457 us-gaap:LineOfCreditMember srt:MinimumMember 2019-12-31 0000004457 us-gaap:LineOfCreditMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:LineOfCreditMember 2019-04-01 2019-12-31 0000004457 us-gaap:LineOfCreditMember 2019-12-31 0000004457 us-gaap:LineOfCreditMember 2019-03-31 0000004457 us-gaap:MediumTermNotesMember srt:MinimumMember 2019-12-31 0000004457 us-gaap:MediumTermNotesMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:MediumTermNotesMember 2019-04-01 2019-12-31 0000004457 us-gaap:MediumTermNotesMember 2019-12-31 0000004457 us-gaap:MediumTermNotesMember 2019-03-31 0000004457 srt:MinimumMember uhal:FleetLoansRevolvingCreditMember 2019-12-31 0000004457 uhal:FleetLoansRevolvingCreditMember srt:MaximumMember 2019-12-31 0000004457 uhal:FleetLoansRevolvingCreditMember 2019-04-01 2019-12-31 0000004457 uhal:FleetLoansRevolvingCreditMember 2019-12-31 0000004457 uhal:FleetLoansRevolvingCreditMember 2019-03-31 0000004457 us-gaap:CapitalLeaseObligationsMember srt:MinimumMember 2019-12-31 0000004457 us-gaap:CapitalLeaseObligationsMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:CapitalLeaseObligationsMember 2019-04-01 2019-12-31 0000004457 us-gaap:CapitalLeaseObligationsMember 2019-12-31 0000004457 us-gaap:CapitalLeaseObligationsMember 2019-03-31 0000004457 srt:MinimumMember uhal:FinanceLeaseMember 2019-12-31 0000004457 srt:MaximumMember uhal:FinanceLeaseMember 2019-12-31 0000004457 uhal:FinanceLeaseMember 2019-04-01 2019-12-31 0000004457 uhal:FinanceLeaseMember 2019-12-31 0000004457 uhal:FinanceLeaseMember 2019-03-31 0000004457 us-gaap:CollateralizedDebtObligationsMember srt:MinimumMember 2019-12-31 0000004457 us-gaap:CollateralizedDebtObligationsMember srt:MaximumMember 2019-12-31 0000004457 us-gaap:CollateralizedDebtObligationsMember 2019-04-01 2019-12-31 0000004457 us-gaap:CollateralizedDebtObligationsMember 2019-12-31 0000004457 us-gaap:CollateralizedDebtObligationsMember 2019-03-31 0000004457 us-gaap:MortgagesMember uhal:AmercoRealEstateSubsidiariesAndUhaulCompanyOfFloridaMember 2019-12-31 0000004457 srt:MinimumMember us-gaap:SeniorLoansMember uhal:VariousSubsidiariesOfAmercoRealEstateAndUhaulIntlMember 2019-12-31 0000004457 srt:MaximumMember us-gaap:SeniorLoansMember uhal:VariousSubsidiariesOfAmercoRealEstateAndUhaulIntlMember 2019-12-31 0000004457 srt:ParentCompanyMember us-gaap:LineOfCreditMember uhal:AmercoRealEstateCompanyMember 2019-12-31 0000004457 srt:ParentCompanyMember srt:MinimumMember us-gaap:LineOfCreditMember uhal:AmercoRealEstateCompanyMember 2019-12-31 0000004457 srt:ParentCompanyMember srt:MaximumMember us-gaap:LineOfCreditMember uhal:AmercoRealEstateCompanyMember 2019-12-31 0000004457 srt:ParentCompanyMember us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000004457 srt:ParentCompanyMember srt:MinimumMember us-gaap:MediumTermNotesMember 2019-12-31 0000004457 srt:ParentCompanyMember srt:MaximumMember us-gaap:MediumTermNotesMember 2019-12-31 0000004457 uhal:RentalTruckRevolversMember uhal:UhaulIntlAndSubsidiariesMember 2019-12-31 0000004457 us-gaap:CapitalLeaseObligationsMember uhal:UhaulIntlAndSubsidiariesMember 2019-04-01 2019-12-31 0000004457 srt:MinimumMember us-gaap:CapitalLeaseObligationsMember uhal:UhaulIntlAndSubsidiariesMember 2019-12-31 0000004457 srt:MaximumMember us-gaap:CapitalLeaseObligationsMember uhal:UhaulIntlAndSubsidiariesMember 2019-12-31 0000004457 uhal:FinanceLeaseMember uhal:UhaulIntlAndSubsidiariesMember 2019-04-01 2019-12-31 0000004457 srt:MinimumMember uhal:FinanceLeaseMember uhal:UhaulIntlAndSubsidiariesMember 2019-12-31 0000004457 srt:MaximumMember uhal:FinanceLeaseMember uhal:UhaulIntlAndSubsidiariesMember 2019-12-31 0000004457 us-gaap:CollateralizedDebtObligationsMember uhal:AmercoUsBankNationalAssociationTrusteeMember 2019-12-31 0000004457 srt:MinimumMember us-gaap:CollateralizedDebtObligationsMember uhal:AmercoUsBankNationalAssociationTrusteeMember 2019-12-31 0000004457 srt:MaximumMember us-gaap:CollateralizedDebtObligationsMember uhal:AmercoUsBankNationalAssociationTrusteeMember 2019-12-31 0000004457 srt:MinimumMember us-gaap:CollateralizedDebtObligationsMember uhal:AmercoUsBankNationalAssociationTrusteeMember 2019-04-01 2019-12-31 0000004457 srt:MaximumMember us-gaap:CollateralizedDebtObligationsMember uhal:AmercoUsBankNationalAssociationTrusteeMember 2019-04-01 2019-12-31 0000004457 srt:FederalHomeLoanBankOfSanFranciscoMember uhal:LifeInsuranceMember 2019-09-30 0000004457 srt:FederalHomeLoanBankOfSanFranciscoMember srt:MinimumMember uhal:LifeInsuranceMember 2019-09-30 0000004457 srt:FederalHomeLoanBankOfSanFranciscoMember srt:MaximumMember uhal:LifeInsuranceMember 2019-09-30 0000004457 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0000004457 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-03-31 0000004457 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-03-31 0000004457 us-gaap:AccumulatedTranslationAdjustmentMember 2019-04-01 2019-12-31 0000004457 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-04-01 2019-12-31 0000004457 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-04-01 2019-12-31 0000004457 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000004457 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0000004457 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-12-31 0000004457 uhal:DividendsDeclaredTwoMember 2019-04-01 2019-12-31 0000004457 uhal:DividendsDeclaredThreeMember 2019-04-01 2019-12-31 0000004457 uhal:FinanceLeaseMember 2019-12-31 0000004457 uhal:OperatingLeaseMember 2019-12-31 0000004457 uhal:BlackwaterMember 2019-10-01 2019-12-31 0000004457 uhal:BlackwaterMember 2018-10-01 2018-12-31 0000004457 uhal:MercuryMember 2019-10-01 2019-12-31 0000004457 uhal:MercuryMember 2018-10-01 2018-12-31 0000004457 uhal:BlackwaterMember 2019-04-01 2019-12-31 0000004457 uhal:BlackwaterMember 2018-04-01 2018-12-31 0000004457 uhal:MercuryMember 2019-04-01 2019-12-31 0000004457 uhal:MercuryMember 2018-04-01 2018-12-31 0000004457 uhal:BlackwaterMember 2019-12-31 0000004457 uhal:BlackwaterMember 2019-03-31 0000004457 uhal:MercuryMember 2019-12-31 0000004457 uhal:MercuryMember 2019-03-31 0000004457 uhal:InsuranceGroupMember 2019-12-31 0000004457 uhal:InsuranceGroupMember 2019-03-31 0000004457 srt:MaximumMember uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMember 2019-04-01 2019-12-31 0000004457 srt:MinimumMember uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMember 2019-04-01 2019-12-31 0000004457 uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMember 2019-04-01 2019-12-31 0000004457 uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMember 2018-04-01 2018-12-31 0000004457 uhal:VariousSubsidiariesOfAmercoMember 2019-04-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2018-10-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2018-10-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2018-10-01 2018-12-31 0000004457 srt:ConsolidationEliminationsMember 2018-10-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 srt:ConsolidationEliminationsMember 2019-03-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 uhal:RentalTrucksMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-10-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-10-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-10-01 2019-12-31 0000004457 srt:ConsolidationEliminationsMember 2019-10-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2018-04-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2018-04-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2018-04-01 2018-12-31 0000004457 srt:ConsolidationEliminationsMember 2018-04-01 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2018-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2018-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2018-03-31 0000004457 srt:ConsolidationEliminationsMember 2018-03-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2018-12-31 0000004457 srt:ConsolidationEliminationsMember 2018-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 srt:ConsolidationEliminationsMember 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 us-gaap:SeriesBPreferredStockMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 us-gaap:CommonClassAMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 uhal:AmercoCommonStockMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 uhal:CommonStockInTreasuryMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 uhal:PreferredStockInTreasuryMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 uhal:RentalTrailersAndOtherRentalEquipmentMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-12-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-12-31 0000004457 uhal:RentalTrucksMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-12-31 0000004457 uhal:RentalTrucksMember srt:ConsolidationEliminationsMember 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-04-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-04-01 2019-12-31 0000004457 us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-04-01 2019-12-31 0000004457 srt:ConsolidationEliminationsMember 2019-04-01 2019-12-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 us-gaap:SeriesAPreferredStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 us-gaap:SeriesAPreferredStockMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 us-gaap:SeriesBPreferredStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 us-gaap:SeriesBPreferredStockMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 us-gaap:CommonClassAMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 us-gaap:CommonClassAMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 uhal:AmercoCommonStockMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 uhal:AmercoCommonStockMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 uhal:CommonStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 uhal:CommonStockInTreasuryMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:MovingAndStorageConsolidationsMember 2019-03-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:PropertyAndCasualtyInsuranceMember 2019-03-31 0000004457 uhal:PreferredStockInTreasuryMember us-gaap:OperatingSegmentsMember uhal:LifeInsuranceMember 2019-03-31 0000004457 uhal:PreferredStockInTreasuryMember srt:ConsolidationEliminationsMember 2019-03-31 0000004457 country:US 2019-10-01 2019-12-31 0000004457 country:CA 2019-10-01 2019-12-31 0000004457 country:US 2019-12-31 0000004457 country:CA 2019-12-31 0000004457 country:US 2018-10-01 2018-12-31 0000004457 country:CA 2018-10-01 2018-12-31 0000004457 country:US 2018-12-31 0000004457 country:CA 2018-12-31 0000004457 country:US 2019-04-01 2019-12-31 0000004457 country:CA 2019-04-01 2019-12-31 0000004457 country:US 2018-04-01 2018-12-31 0000004457 country:CA 2018-04-01 2018-12-31 0000004457 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-03-31 0000004457 us-gaap:FairValueInputsLevel1Member 2019-03-31 0000004457 us-gaap:FairValueInputsLevel2Member 2019-03-31 0000004457 us-gaap:FairValueInputsLevel3Member 2019-03-31 0000004457 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000004457 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000004457 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000004457 us-gaap:FairValueInputsLevel3Member 2019-12-31 0000004457 uhal:SelfMovingEquipmentMember 2019-03-31 0000004457 uhal:PropertyLeaseRevenueMember 2019-03-31 0000004457 uhal:SeriesPreferredStockWithOrWithoutParValueMember 2019-12-31 0000004457 uhal:SeriesPreferredStockWithOrWithoutParValueMember 2019-03-31 0000004457 uhal:SerialCommonStockWithOrWithoutParValueMember 2019-12-31 0000004457 uhal:SerialCommonStockWithOrWithoutParValueMember 2019-03-31 0000004457 us-gaap:CommonStockMember 2019-12-31 0000004457 us-gaap:CommonStockMember 2019-03-31 0000004457 uhal:SwapAgreementSeventeenMember 2019-12-31 0000004457 uhal:SwapAgreementSeventeenMember 2019-04-01 2019-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2019

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

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

AMERCOlogo

 

 

 

 

001-11255

AMERCO

88-0106815

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno NV 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 [x]   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   [x]   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 [x]    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 [x]

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at January 31, 2020.

 

 


 

 

 

 


 

                                                                                                                                                                                                                                                              

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Condensed Consolidated Balance Sheets as of December 31, 2019 (unaudited) and March 31, 2019

 

1

 

 

b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2019 and 2018 (unaudited)

 

2

 

 

c) Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2019 and 2018 (unaudited)

 

3

 

 

d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2019 and 2018 (unaudited)

 

4

 

 

e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2019 and 2018 (unaudited)

 

5

 

 

f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2019 and 2018 (unaudited)

 

6

 

 

g) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2019 and 2018 (unaudited)

 

7

 

 

h) Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

Item 2

 

.

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

 

44

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

63

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

64

 

 


 

Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

 

 

December 31,

 

March 31,

 

 

2019

 

2019

 

 

(Unaudited)

 

 

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

631,951

$

673,701

Reinsurance recoverables and trade receivables, net

 

200,164

 

224,785

Inventories and parts, net

 

103,003

 

103,504

Prepaid expenses

 

188,780

 

174,100

Investments, fixed maturities and marketable equities

 

2,469,468

 

2,235,397

Investments, other

 

336,727

 

300,736

Deferred policy acquisition costs, net

 

106,354

 

136,276

Other assets

 

71,821

 

78,354

Right of use assets - financing, net

 

1,130,473

 

Right of use assets - operating

 

107,974

 

Related party assets

 

47,988

 

30,889

 

 

5,394,703

 

3,957,742

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,018,010

 

976,454

Buildings and improvements

 

4,522,855

 

4,003,726

Furniture and equipment

 

733,063

 

689,780

Rental trailers and other rental equipment

 

511,872

 

590,039

Rental trucks

 

3,454,759

 

4,762,028

 

 

10,240,559

 

11,022,027

Less: Accumulated depreciation

 

(2,640,940)

 

(3,088,056)

Total property, plant and equipment, net

 

7,599,619

 

7,933,971

Total assets

$

12,994,322

$

11,891,713

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

551,770

$

556,873

Notes, loans and finance/capital leases payable, net

 

4,548,609

 

4,163,323

Operating lease liability

 

107,581

 

Policy benefits and losses, claims and loss expenses payable

 

1,015,663

 

1,011,183

Liabilities from investment contracts

 

1,753,428

 

1,666,742

Other policyholders' funds and liabilities

 

12,924

 

15,047

Deferred income

 

31,459

 

35,186

Deferred income taxes, net

 

869,671

 

750,970

Total liabilities

 

8,891,105

 

8,199,324

 

 

 

 

 

Commitments and contingencies (notes 4, 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 December 31 and March 31, 2019

 

 

 

 

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

 

 

 

 

issued and outstanding as of December 31 and March 31, 2019

 

 

 

 

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 December 31 and March 31, 2019

 

 

 

 

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 December 31 and March 31, 2019

 

10,497

 

10,497

Additional paid-in capital

 

453,819

 

453,326

Accumulated other comprehensive income (loss)

 

39,517

 

(66,698)

Retained earnings

 

4,277,034

 

3,976,962

Cost of common stock in treasury, net (22,377,912 shares as of December 31 and March 31, 2019)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net (6,100,000 shares as of December 31 and March 31, 2019)

 

(151,997)

 

(151,997)

Unearned employee stock ownership plan shares

 

 

(4,048)

Total stockholders' equity

 

4,103,217

 

3,692,389

Total liabilities and stockholders' equity

$

12,994,322

$

11,891,713

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 December 31,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

621,471

$

626,136

Self-storage revenues

 

106,701

 

93,392

Self-moving and self-storage products and service sales

 

54,454

 

55,665

Property management fees

 

9,098

 

7,899

Life insurance premiums

 

31,164

 

34,778

Property and casualty insurance premiums

 

19,267

 

17,668

Net investment and interest income

 

33,782

 

32,211

Other revenue

 

51,943

 

51,342

Total revenues

 

927,880

 

919,091

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

517,453

 

478,461

Commission expenses

 

66,542

 

67,493

Cost of sales

 

35,318

 

34,149

Benefits and losses

 

42,864

 

42,869

Amortization of deferred policy acquisition costs

 

8,046

 

6,654

Lease expense

 

6,490

 

7,890

Depreciation, net of (gains)/losses on disposal of ($2,151 and ($796), respectively)

 

170,074

 

143,473

Net losses on disposal of real estate

 

528

 

Total costs and expenses

 

847,315

 

780,989

 

 

 

 

 

Earnings from operations

 

80,565

 

138,102

Other components of net periodic benefit costs

 

(263)

 

(253)

Interest expense

 

(39,973)

 

(34,827)

Pretax earnings

 

40,329

 

103,022

Income tax expense

 

(9,397)

 

(24,387)

Earnings available to common stockholders

$

30,932

$

78,635

Basic and diluted earnings per common stock

$

1.58

$

4.01

Weighted average common stock outstanding: Basic and diluted

 

19,607,788

 

19,591,963

 

Related party revenues for the third quarter of fiscal 2020 and 2019, net of eliminations, were $ 9.1 million and $ 7.9 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2020 and 2019, net of eliminations, were $ 14.8 million and $ 15.0 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 operations

 

 

Nine Months Ended December 31,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

2,174,392

$

2,124,451

Self-storage revenues

 

309,940

 

271,097

Self-moving and self-storage products and service sales

 

207,601

 

207,819

Property management fees

 

23,487

 

22,507

Life insurance premiums

 

96,229

 

107,586

Property and casualty insurance premiums

 

51,056

 

46,732

Net investment and interest income

 

102,629

 

85,043

Other revenue

 

192,009

 

177,940

Total revenues

 

3,157,343

 

3,043,175

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,617,338

 

1,504,365

Commission expenses

 

233,540

 

232,084

Cost of sales

 

128,177

 

130,432

Benefits and losses

 

137,695

 

137,196

Amortization of deferred policy acquisition costs

 

20,625

 

18,584

Lease expense

 

19,882

 

24,229

Depreciation, net of gains on disposal of ($32,526 and $29,127, respectively)

 

462,227

 

402,525

Net (gains) losses on disposal of real estate

 

(1,311)

 

10

Total costs and expenses

 

2,618,173

 

2,449,425

 

 

 

 

 

Earnings from operations

 

539,170

 

593,750

Other components of net periodic benefit costs

 

(790)

 

(760)

Interest expense

 

(117,983)

 

(105,111)

Pretax earnings

 

420,397

 

487,879

Income tax expense

 

(100,717)

 

(117,853)

Earnings available to common stockholders

$

319,680

$

370,026

Basic and diluted earnings per common stock

$

16.31

$

18.89

Weighted average common stock outstanding: Basic and diluted

 

19,602,484

 

19,591,282

 

Related party revenues for the first nine months of fiscal 2020 and 2019, net of eliminations, were $ 23.5 million and $ 22.5 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2020 and 2019, net of eliminations, were $ 51.9 million and $ 51.1 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.

3


 


AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended December 31, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

40,329

$

(9,397)

$

30,932

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(692)

 

 

(692)

Unrealized net gain on investments

 

28,568

 

(6,190)

 

22,378

Change in fair value of cash flow hedges

 

479

 

(118)

 

361

Amounts reclassified into earnings on hedging activities

 

422

 

(103)

 

319

Total comprehensive income

$

69,106

$

(15,808)

$

53,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31, 2018

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

103,022

$

(24,387)

$

78,635

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(4,101)

 

 

 

(4,101)

Unrealized net gain on investments

 

1,827

 

(384)

 

1,443

Change in fair value of cash flow hedges

 

(1,001)

 

246

 

57

Amounts reclassified into earnings on hedging activities

 

886

 

(218)

 

(144)

Total comprehensive income

$

100,633

$

(24,743)

$

75,890

 

Nine Months Ended December 31, 2019

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

420,397

$

(100,717)

$

319,680

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

2,919

 

 

 

2,919

Unrealized net gain on investments

 

133,046

 

(28,575)

 

104,471

Change in fair value of cash flow hedges

 

(1,555)

 

382

 

(1,173)

Amounts reclassified into earnings on hedging activities

 

(3)

 

1

 

(2)

Total comprehensive income

$

554,804

$

(128,909)

$

425,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2018

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

487,879

$

(117,853)

$

370,026

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(5,081)

 

 

 

(5,081)

Unrealized net loss on investments

 

(70,671)

 

14,841

 

(55,830)

Change in fair value of cash flow hedges

 

700

 

(172)

 

528

Amounts reclassified into earnings on hedging activities

 

31

 

(8)

 

23

Total comprehensive income

$

412,858

$

(103,192)

$

309,666

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

4


 

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

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands, except per share amounts)

Balance as of September 30, 2019

$

10,497

$

453,761

$

17,151

$

4,255,906

$

(525,653)

$

(151,997)

$

(1,597)

$

4,058,068

Increase in market value of released ESOP shares

 

 

58

 

 

 

 

 

 

58

Release of unearned ESOP shares

 

 

 

 

 

 

 

1,597

 

1,597

Purchase of ESOP shares

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

(692)

 

 

 

 

 

(692)

Unrealized net gain on investments, net of tax

 

 

 

22,378

 

 

 

 

 

22,378

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

 

 

 

361

 

 

 

 

 

361

Amounts reclassified into earnings on hedging activities

 

 

 

319

 

 

 

 

 

319

Net earnings

 

 

 

 

30,932

 

 

 

 

30,932

Common stock dividends: ($0.50 per share for fiscal 2020)

 

 

 

 

(9,804)

 

 

 

 

(9,804)

Net activity

 

 

58

 

22,366

 

21,128

 

 

 

1,597

 

45,149

Balance as of December 31, 2019

$

10,497

$

453,819

$

39,517

$

4,277,034

$

(525,653)

$

(151,997)

$

$

4,103,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2018

$

10,497

$

453,006

$

(62,238)

$

3,917,087

$

(525,653)

$

(151,997)

$

(7,535)

$

3,633,167

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 loss on investments, net of tax

 

 

 

(8,281)

 

 

 

 

 

(8,281)

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

 

 

 

57

 

 

 

 

 

57

Amounts reclassified into earnings on hedging activities

 

 

 

(144)

 

 

 

 

 

(144)

Net earnings

 

 

 

 

78,635

 

 

 

 

78,635

Common stock dividends: ($0.50 per share for fiscal 2019)

 

 

 

 

(9,795)

 

 

 

 

(9,795)

Net activity

 

 

110

 

(12,469)

 

68,840

 

 

 

2,392

 

58,873

Balance as of December 31, 2018

$

10,497

$

453,116

$

(74,707)

$

3,985,927

$

(525,653)

$

(151,997)

$

(5,143)

$

3,692,040

 

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

 

 

 

 

 

5


 

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

 

Less: Unearned Employee Stock Ownership Plan Shares

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands, except per share amounts)

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

 

 

493

 

 

 

 

 

 

493

Release of unearned ESOP shares

 

 

 

 

 

 

 

4,253

 

4,253

Purchase of ESOP shares

 

 

 

 

 

 

 

(205)

 

(205)

Foreign currency translation

 

 

 

2,919

 

 

 

 

 

2,919

Unrealized net gain on investments, net of tax

 

 

 

104,471

 

 

 

 

 

104,471

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

 

 

 

(1,173)

 

 

 

 

 

(1,173)

Amounts reclassified into earnings on hedging activities

 

 

 

(2)

 

 

 

 

 

(2)

Net earnings

 

 

 

 

319,680

 

 

 

 

319,680

Common stock dividends: ($1.00 per share for fiscal 2020)

 

 

 

 

(19,608)

 

 

 

 

(19,608)

Net activity

 

 

493

 

106,215

 

300,072