XML 53 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Financial Information of Amerco
 12 Months Ended
Mar. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Amerco
SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF AMERCO
BALANCE SHEETS
 
 
March 31,
 
 
2013
 
2012
 
 
(In thousands)
ASSETS
Cash and cash equivalents
$
327,119
$
201,502
Investment in subsidiaries
 
240,080
 
8,168
Related party assets
 
1,032,124
 
1,201,385
Other assets
 
43,841
 
27,030
Total assets
$
1,643,164
$
1,438,085
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
 
 
 
 
Other liabilities
$
412,199
$
399,867
 
 
412,199
 
399,867
Stockholders' equity:
 
 
 
 
Preferred stock
 
-
 
-
Common stock
 
10,497
 
10,497
Additional paid-in capital
 
438,378
 
433,953
Accumulated other comprehensive loss
 
(22,680
 ) 
(45,436
)
Retained earnings:
 
 
 
 
Beginning of period
 
1,316,854
 
1,139,792
Adjustment to initially apply ASU 2010-26
 
(1,721
 ) 
-
Net earnings
 
264,708
 
205,695
Excess of redemption value over carrying value of preferred shares redeemed
 
-
 
(5,908
)
Dividends
 
(97,421
 ) 
(22,725
)
End of period
 
1,482,420
 
1,316,854
 
 
 
 
 
Cost of common shares in treasury
 
(525,653
 ) 
(525,653
)
Cost of preferred shares in treasury
 
(151,997
 ) 
(151,997
)
Total stockholders' equity
 
1,230,965
 
1,038,218
Total liabilities and stockholders' equity
$
1,643,164
$
1,438,085
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
CONDENSED FINANCIAL INFORMATION OF AMERCO
STATEMENTS OF OPERATIONS
 
 
Years Ended March 31,
 
 
2013
 
2012
 
2011
 
 
(In thousands, except share and per share data)
Revenues:
 
 
 
 
 
 
Net interest income from subsidiaries
$
5,329
$
6,085
$
5,160
Expenses:
 
 
 
 
 
 
Operating expenses
 
13,611
 
9,081
 
7,489
Other expenses
 
97
 
98
 
99
Total expenses
 
13,708
 
9,179
 
7,588
Equity in earnings of subsidiaries
 
212,164
 
149,160
 
132,570
Interest income
 
91,125
 
94,278
 
85,584
Pretax earnings
 
294,910
 
240,344
 
215,726
Income tax expense
 
(30,202
 ) 
(34,649
 ) 
(31,600
)
Net earnings
 
264,708
 
205,695
 
184,126
Less: Excess of redemption value over carrying value of preferred shares redeemed
 
-
 
(5,908
 ) 
-
Less: Preferred stock dividends
 
-
 
(3,241
 ) 
(12,963
)
Earnings available to common stockholders
$
264,708
$
196,546
$
171,163
Basic and diluted earnings per common share
$
13.56
$
10.09
$
8.81
Weighted average common shares outstanding: Basic and diluted
 
19,518,779
 
19,476,187
 
19,432,781
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 
CONDENSED FINANCIAL INFORMATION OF AMERCO
STATEMENTS OF CASH FLOW
 
 
Years Ended March 31,
 
 
2013
 
2012
 
2011
 
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
 
 
Net earnings
$
264,708
$
205,695
$
184,126
Change in investments in subsidiaries
 
(212,164
 ) 
(149,160
 ) 
(132,570
)
Adjustments to reconcile net earnings to cash provided by operations:
 
 
 
 
 
 
Depreciation
 
5
 
5
 
9
Net gain on sale of investments
 
(76
 ) 
(488
 ) 
(65
)
Deferred income taxes
 
9,206
 
109,680
 
73,790
Net change in other operating assets and liabilities:
 
 
 
 
 
 
Prepaid expenses
 
(12,979
 ) 
6,470
 
(15,966
)
Other assets
 
365
 
2,380
 
34,937
Related party assets
 
-
 
-
 
273
Accounts payable and accrued expenses
 
2,659
 
4,163
 
(8,603
)
Net cash provided by operating activities
 
51,724
 
178,745
 
135,931
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
Purchases of property, plant and equipment
 
(2
 ) 
(1
 ) 
(5
)
Purchases of equity securities
 
-
 
(8,855
 ) 
(8,253
)
Proceeds of equity securities
 
372
 
8,800
 
1,065
Net cash used by investing activities
 
370
 
(56
 ) 
(7,193
)
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
Proceeds from (repayments) of intercompany loans
 
172,444
 
(52,051
 ) 
30,566
Preferred stock redemption paid
 
-
 
(151,997
 ) 
-
Preferred stock dividends paid
 
-
 
(3,241
 ) 
(12,963
)
Common stock dividends paid
 
(97,421
 ) 
(19,484
 ) 
-
Dividend from related party
 
-
 
-
 
3,303
Contribution to related party
 
(1,500
 ) 
(518
 ) 
-
Net cash provided (used) by financing activities
 
73,523
 
(227,291
 ) 
20,906
 
 
 
 
 
 
 
Increase (decrease) in cash and cash equivalents
 
125,617
 
(48,602
 ) 
149,644
Cash and cash equivalents at beginning of period
 
201,502
 
250,104
 
100,460
Cash and cash equivalents at end of period
$
327,119
$
201,502
$
250,104
Income taxes paid, net of income taxes refunds received, amounted to $144.7 million, $10.7 million and $14.3 million for fiscal 2013, 2012 and 2011, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.