Consolidating Financial Information By Industry Segment (Table Text Block)
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3 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2021 |
Table Text Block Supplement [Abstract] |
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|
Consolidated Balance Sheet by Industry Segment |
Consolidating balance sheets by industry segment as of June 30, 2022 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Assets:
Cash and cash equivalents
$
2,982,541
$
9,065
$
106,665
$
–
$
3,098,271
Reinsurance recoverables and trade receivables, net
130,412
52,491
36,671
–
219,574
Inventories and parts, net
164,579
–
–
–
164,579
Prepaid expenses
231,714
–
–
–
231,714
Investments, fixed maturities and marketable equities
–
282,715
2,387,271
–
2,669,986
Investments, other
20,653
116,696
419,775
–
557,124
Deferred policy acquisition costs, net
–
–
129,568
–
129,568
Other assets
50,043
480
2,954
–
53,477
Right of use assets - financing, net
568,223
–
–
–
568,223
Right of use assets - operating, net
71,357
1,101
80
–
72,538
Related party assets
63,718
6,964
15,364
(40,856)
(c)
45,190
4,283,240
469,512
3,098,348
(40,856)
7,810,244
Investment in subsidiaries
606,813
–
–
(606,813)
(b)
–
Property, plant and equipment, at cost:
Land
1,354,587
–
–
–
1,354,587
Buildings and improvements
6,154,373
–
–
–
6,154,373
Furniture and equipment
858,094
–
–
–
858,094
Rental trailers and other rental equipment
671,880
–
–
–
671,880
Rental trucks
4,873,554
–
–
–
4,873,554
13,912,488
–
–
–
13,912,488
Less:
Accumulated depreciation
(3,891,128)
–
–
–
(3,891,128)
Total property, plant and equipment, net
10,021,360
–
–
–
10,021,360
Total assets
$
14,911,413
$
469,512
$
3,098,348
$
(647,669)
$
17,831,604
(a) Balances as of March 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
Consolidating balance sheets by industry segment as of June 30, 2022, continued
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
AMERCO
(Unaudited)
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
712,167
$
3,299
$
7,151
$
–
$
722,617
Notes, loans and finance leases payable, net
6,232,564
–
–
–
6,232,564
Operating lease liabilities
71,083
1,108
86
–
72,277
Policy benefits and losses, claims and loss expenses payable
427,155
159,142
401,733
–
988,030
Liabilities from investment contracts
–
–
2,374,250
–
2,374,250
Other policyholders' funds and liabilities
–
3,362
8,637
–
11,999
Deferred income
63,647
–
–
–
63,647
Deferred income taxes, net
1,306,768
9,412
(23,811)
–
1,292,369
Related party liabilities
26,918
3,701
12,977
(43,596)
(c)
–
Total liabilities
8,840,302
180,024
2,781,023
(43,596)
11,757,753
Stockholders' equity:
Series preferred stock:
Series A preferred stock
–
–
–
–
–
Series B preferred stock
–
–
–
–
–
Series A common stock
–
–
–
–
–
Common stock
10,497
3,301
2,500
(5,801)
(b)
10,497
Additional paid-in capital
454,029
91,120
26,271
(117,601)
(b)
453,819
Accumulated other comprehensive income (loss)
(91,986)
3,394
(37,490)
36,836
(b)
(89,246)
Retained earnings
6,376,221
191,673
326,044
(517,507)
(b)
6,376,431
Cost of common stock in treasury, net
(525,653)
–
–
–
(525,653)
Cost of preferred stock in treasury, net
(151,997)
–
–
–
(151,997)
Total stockholders' equity
6,071,111
289,488
317,325
(604,073)
6,073,851
Total liabilities and stockholders' equity
$
14,911,413
$
469,512
$
3,098,348
$
(647,669)
$
17,831,604
(a) Balances as of March 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
|
Consolidating balance sheets by industry segment as of March 31, 2022 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
Assets:
(In thousands)
Cash and cash equivalents
$
2,643,213
$
10,800
$
50,124
$
–
$
2,704,137
Reinsurance recoverables and trade receivables, net
142,895
50,235
36,213
–
229,343
Inventories and parts, net
158,888
–
–
–
158,888
Prepaid expenses
236,915
–
–
–
236,915
Investments, fixed maturities and marketable equities
–
297,488
2,595,911
–
2,893,399
Investments, other
20,653
114,269
408,833
–
543,755
Deferred policy acquisition costs, net
–
–
103,828
–
103,828
Other assets
57,305
371
2,733
–
60,409
Right of use assets - financing, net
620,824
–
–
–
620,824
Right of use assets - operating, net
74,190
93
99
–
74,382
Related party assets
64,611
6,713
16,911
(40,384)
(c)
47,851
4,019,494
479,969
3,214,652
(40,384)
7,673,731
Investment in subsidiaries
737,073
–
–
(737,073)
(b)
–
Property, plant and equipment, at cost:
Land
1,283,142
–
–
–
1,283,142
Buildings and improvements
5,974,639
–
–
–
5,974,639
Furniture and equipment
846,132
–
–
–
846,132
Rental trailers and other rental equipment
615,679
–
–
–
615,679
Rental trucks
4,638,814
–
–
–
4,638,814
13,358,406
–
–
–
13,358,406
Less:
Accumulated depreciation
(3,732,556)
–
–
–
(3,732,556)
Total property, plant and equipment, net
9,625,850
–
–
–
9,625,850
Total assets
$
14,382,417
$
479,969
$
3,214,652
$
(777,457)
$
17,299,581
(a) Balances as of December 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
Consolidating balance sheets by industry segment as of March 31, 2022, continued
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
AMERCO
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
663,482
$
3,849
$
10,454
$
–
$
677,785
Notes, loans and finance leases payable, net
6,022,497
–
–
–
6,022,497
Operating lease liabilities
73,998
93
106
–
74,197
Policy benefits and losses, claims and loss expenses payable
418,890
160,379
398,985
–
978,254
Liabilities from investment contracts
–
–
2,336,238
–
2,336,238
Other policyholders' funds and liabilities
–
3,521
7,291
–
10,812
Deferred income
49,157
–
–
–
49,157
Deferred income taxes, net
1,244,639
12,803
7,916
–
1,265,358
Related party liabilities
25,668
3,196
12,717
(41,581)
(c)
–
Total liabilities
8,498,331
183,841
2,773,707
(41,581)
11,414,298
Stockholders' equity:
Series preferred stock:
Series A preferred stock
–
–
–
–
–
Series B preferred stock
–
–
–
–
–
Series A common stock
–
–
–
–
–
Common stock
10,497
3,301
2,500
(5,801)
(b)
10,497
Additional paid-in capital
454,029
91,120
26,271
(117,601)
(b)
453,819
Accumulated other comprehensive income (loss)
45,187
16,630
87,200
(102,633)
(b)
46,384
Retained earnings
6,052,023
185,077
324,974
(509,841)
(b)
6,052,233
Cost of common shares in treasury, net
(525,653)
–
–
–
(525,653)
Cost of preferred shares in treasury, net
(151,997)
–
–
–
(151,997)
Total stockholders' equity
5,884,086
296,128
440,945
(735,876)
5,885,283
Total liabilities and stockholders' equity
$
14,382,417
$
479,969
$
3,214,652
$
(777,457)
$
17,299,581
(a) Balances as of December 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
|
Consolidated Statement of Operations by Industry Segment |
Consolidating statement of operations by industry segment for the quarter ended June 30, 2022 are as follows:
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
AMERCO
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
1,091,710
$
–
$
–
$
(935)
(c)
$
1,090,775
Self-storage revenues
173,177
–
–
–
173,177
Self-moving and self-storage products and service sales
109,351
–
–
–
109,351
Property management fees
9,139
–
–
–
9,139
Life insurance premiums
–
–
25,781
–
25,781
Property and casualty insurance premiums
–
20,830
–
(858)
(c)
19,972
Net investment and interest income
4,940
2,252
27,388
(1,007)
(b)
33,573
Other revenue
135,281
–
934
(143)
(b)
136,072
Total revenues
1,523,598
23,082
54,103
(2,943)
1,597,840
Costs and expenses:
Operating expenses
719,794
10,194
5,109
(1,930)
(b,c)
733,167
Commission expenses
118,493
–
–
–
118,493
Cost of sales
79,671
–
–
–
79,671
Benefits and losses
–
4,379
39,721
–
44,100
Amortization of deferred policy acquisition costs
–
–
7,672
–
7,672
Lease expense
7,920
158
28
(631)
(b)
7,475
Depreciation, net of gains on disposals
113,796
–
–
–
113,796
Net losses on disposal of real estate
2,307
–
–
–
2,307
Total costs and expenses
1,041,981
14,731
52,530
(2,561)
1,106,681
Earnings from operations before equity in earnings of subsidiaries
481,617
8,351
1,573
(382)
491,159
Equity in earnings of subsidiaries
7,666
–
–
(7,666)
(d)
–
Earnings from operations
489,283
8,351
1,573
(8,048)
491,159
Other components of net periodic benefit costs
(304)
–
–
–
(304)
Interest expense
(50,061)
–
(120)
382
(b)
(49,799)
Pretax earnings
438,918
8,351
1,453
(7,666)
441,056
Income tax expense
(104,916)
(1,755)
(383)
–
(107,054)
Earnings available to common stockholders
$
334,002
$
6,596
$
1,070
$
(7,666)
$
334,002
(a) Balances for the quarter ended March 31, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
|
Consolidating statements of operations by industry for the quarter ended June 30, 2021 are as follows:
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
AMERCO
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
1,036,213
$
–
$
–
$
(836)
(c)
$
1,035,377
Self-storage revenues
137,393
–
–
–
137,393
Self-moving and self-storage products and service sales
104,885
–
–
–
104,885
Property management fees
8,449
–
–
–
8,449
Life insurance premiums
–
–
28,705
–
28,705
Property and casualty insurance premiums
–
17,443
–
(574)
(c)
16,869
Net investment and interest income
680
6,013
29,324
(1,018)
(b)
34,999
Other revenue
105,634
–
630
(85)
(b)
106,179
Total revenues
1,393,254
23,456
58,659
(2,513)
1,472,856
Costs and expenses:
Operating expenses
601,831
8,813
5,375
(1,490)
(b,c)
614,529
Commission expenses
113,149
–
–
–
113,149
Cost of sales
69,915
–
–
–
69,915
Benefits and losses
–
5,227
42,071
–
47,298
Amortization of deferred policy acquisition costs
–
–
8,823
–
8,823
Lease expense
8,077
184
24
(638)
(b)
7,647
Depreciation, net of gains on disposals
121,717
–
–
–
121,717
Net gains on disposal of real estate
(4,430)
–
–
–
(4,430)
Total costs and expenses
910,259
14,224
56,293
(2,128)
978,648
Earnings from operations before equity in earnings of subsidiaries
482,995
9,232
2,366
(385)
494,208
Equity in earnings of subsidiaries
9,119
–
–
(9,119)
(d)
–
Earnings from operations
492,114
9,232
2,366
(9,504)
494,208
Other components of net periodic benefit costs
(280)
–
–
–
(280)
Interest expense
(39,443)
–
(120)
385
(b)
(39,178)
Pretax earnings
452,391
9,232
2,246
(9,119)
454,750
Income tax expense
(107,216)
(1,930)
(429)
–
(109,575)
Earnings available to common stockholders
$
345,175
$
7,302
$
1,817
$
(9,119)
$
345,175
(a) Balances for the quarter ended March 31, 2021
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
|
Consolidated Cash Flow Statement by Industry Segment |
Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022 are as follows:
Moving & Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a)
Elimination
AMERCO
Consolidated
(Unaudited)
Cash flows from operating activities:
(In thousands)
Net earnings
$
334,002
$
6,596
$
1,070
$
(7,666)
$
334,002
Earnings from consolidated entities
(7,666)
–
–
7,666
–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
178,144
–
–
–
178,144
Amortization of deferred policy acquisition costs
–
–
7,672
–
7,672
Amortization of premiums and accretion of discounts related to investments, net
–
421
4,508
–
4,929
Amortization of debt issuance costs
1,473
–
–
–
1,473
Interest credited to policyholders
–
–
15,157
–
15,157
Provision for allowance for losses on trade receivables
(6,075)
(76)
–
–
(6,151)
Provision for allowance for inventories and parts reserve
4,646
–
–
–
4,646
Net gains on disposal of personal property
(64,348)
–
–
–
(64,348)
Net losses on disposal of real estate
2,307
–
–
–
2,307
Net (gains) losses on sales of investments
–
(31)
299
–
268
Net losses on equity investments
–
1,551
–
–
1,551
Deferred income taxes
61,948
127
1,418
–
63,493
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
18,458
(2,107)
(457)
–
15,894
Inventories and parts
(10,347)
–
–
–
(10,347)
Prepaid expenses
4,935
–
–
–
4,935
Capitalization of deferred policy acquisition costs
–
–
(7,398)
–
(7,398)
Other assets
2,177
(40)
(202)
–
1,935
Related party assets
747
(263)
–
–
484
Accounts payable and accrued expenses
78,549
(549)
(3,324)
–
74,676
Policy benefits and losses, claims and loss expenses payable
8,875
(1,237)
2,748
–
10,386
Other policyholders' funds and liabilities
–
(159)
1,346
–
1,187
Deferred income
14,501
–
(53)
–
14,448
Related party liabilities
1,251
517
260
–
2,028
Net cash provided by operating activities
623,577
4,750
23,044
–
651,371
Cash flows from investing activities:
Escrow deposits
4,789
–
–
–
4,789
Purchases of:
Property, plant and equipment
(646,137)
–
–
–
(646,137)
Short term investments
–
(21,966)
(51)
–
(22,017)
Fixed maturities investments
–
(9,839)
(26,649)
–
(36,488)
Equity securities
–
(1,366)
–
–
(1,366)
Preferred stock
–
–
–
–
–
Real estate
–
–
–
–
–
Mortgage loans
–
(6,975)
(35,586)
–
(42,561)
Proceeds from sales and paydowns of:
Property, plant and equipment
159,180
–
–
–
159,180
Short term investments
–
18,073
–
–
18,073
Fixed maturities investments
–
6,852
48,956
–
55,808
Equity securities
–
362
–
–
362
Mortgage loans
–
8,374
23,971
–
32,345
Net cash (used) provided by investing activities
(482,168)
(6,485)
10,641
–
(478,012)
(page 1 of 2)
(a) Balance for the period ended March 31, 2022
Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022, continued
Moving & Storage
Property &
Life
Elimination
AMERCO
(Unaudited)
Cash flows from financing activities:
(In thousands)
Borrowings from credit facilities
393,264
–
–
–
393,264
Principal repayments on credit facilities
(145,369)
–
–
–
(145,369)
Payments of debt issuance costs
(1,069)
–
–
–
(1,069)
Finance lease payments
(34,982)
–
–
–
(34,982)
Common stock dividends paid
(9,804)
–
–
–
(9,804)
Investment contract deposits
–
–
85,767
–
85,767
Investment contract withdrawals
–
–
(62,911)
–
(62,911)
Net cash provided by financing activities
202,040
–
22,856
–
224,896
Effects of exchange rate on cash
(4,121)
–
–
–
(4,121)
Increase (decrease) in cash and cash equivalents
339,328
(1,735)
56,541
–
394,134
Cash and cash equivalents at beginning of period
2,643,213
10,800
50,124
–
2,704,137
Cash and cash equivalents at end of period
$
2,982,541
$
9,065
$
106,665
$
–
$
3,098,271
(page 2 of 2)
(a) Balance for the period ended March 31, 2022
|
Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021 are as follows:
Moving & Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a)
Elimination
AMERCO
Consolidated
(Unaudited)
Cash flows from operating activities:
(In thousands)
Net earnings
$
345,175
$
7,302
$
1,817
$
(9,119)
$
345,175
Earnings from consolidated entities
(9,119)
–
–
9,119
–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
172,040
–
–
–
172,040
Amortization of deferred policy acquisition costs
–
–
8,823
–
8,823
Amortization of premiums and accretion of discounts related to investments, net
–
413
3,948
–
4,361
Amortization of debt issuance costs
1,332
–
–
–
1,332
Interest credited to policyholders
–
–
15,583
–
15,583
Provision for allowance for losses on trade receivables
(478)
(5)
(1)
–
(484)
Provision for allowance for inventories and parts reserve
3,403
–
–
–
3,403
Net gains on disposal of personal property
(50,323)
–
–
–
(50,323)
Net gains on disposal of real estate
(4,430)
–
–
–
(4,430)
Net gains on sales of investments
–
(37)
(2,432)
–
(2,469)
Net gains on equity investments
–
(2,231)
–
–
(2,231)
Deferred income taxes
81,341
604
429
–
82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(1,658)
(520)
(5,904)
–
(8,082)
Inventories and parts
(15,765)
–
–
–
(15,765)
Prepaid expenses
162,706
–
–
–
162,706
Capitalization of deferred policy acquisition costs
–
–
(8,990)
–
(8,990)
Other assets
(436)
(323)
(94)
–
(853)
Related party assets
302
260
–
–
562
Accounts payable and accrued expenses
60,902
225
10,472
–
71,599
Policy benefits and losses, claims and loss expenses payable
5,942
352
2,770
–
9,064
Other policyholders' funds and liabilities
–
(461)
(969)
–
(1,430)
Deferred income
12,125
–
(262)
–
11,863
Related party liabilities
1,422
(1,972)
935
–
385
Net cash provided by operating activities
764,481
3,607
26,125
–
794,213
Cash flows from investing activities:
Escrow deposits
1,887
–
–
–
1,887
Purchases of:
Property, plant and equipment
(508,411)
–
–
–
(508,411)
Short term investments
–
(11,680)
(130)
–
(11,810)
Fixed maturities investments
–
(7,466)
(274,041)
–
(281,507)
Preferred stock
–
–
(8,000)
–
(8,000)
Real estate
–
–
(67)
–
(67)
Mortgage loans
–
(4,850)
(37,688)
–
(42,538)
Proceeds from sales and paydowns of:
Property, plant and equipment
182,146
–
–
–
182,146
Short term investments
–
12,558
–
–
12,558
Fixed maturities investments
–
5,136
121,820
–
126,956
Mortgage loans
–
283
5,345
–
5,628
Net cash used by investing activities
(324,378)
(6,019)
(192,761)
–
(523,158)
(page 1 of 2)
(a) Balance for the period ended March 31, 2021
Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021, continued
Moving & Storage
Property &
Life
Elimination
AMERCO
(Unaudited)
Cash flows from financing activities:
(In thousands)
Borrowings from credit facilities
161,854
–
–
–
161,854
Principal repayments on credit facilities
(109,206)
–
(128)
–
(109,334)
Payment of debt issuance costs
(352)
–
–
–
(352)
Finance lease payments
(45,170)
–
–
–
(45,170)
Investment contract deposits
–
–
113,779
–
113,779
Investment contract withdrawals
–
–
(64,332)
–
(64,332)
Net cash provided by financing activities
7,126
–
49,319
–
56,445
Effects of exchange rate on cash
(1,531)
–
–
–
(1,531)
Increase (decrease) in cash and cash equivalents
445,698
(2,412)
(117,317)
–
325,969
Cash and cash equivalents at beginning of period
1,010,275
5,658
178,079
–
1,194,012
Cash and cash equivalents at end of period
$
1,455,973
$
3,246
$
60,762
$
–
$
1,519,981
(page 2 of 2)
(a) Balance for the period ended March 31, 2021
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