XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.19.1

Borrowings | 12 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Borrowings | Long-Term Debt Long-term debt was as follows:
|  |  |  |  | March 31,
| 2019 Rate (a) |  | Maturities |  | 2019 |  | 2018
|  |  |  |  | (In thousands)
Real estate loan (amortizing term) | 3.99% |  | 2023 | $ | 102,913 | $ | 135,287
Senior mortgages | 3.72% - 6.62% |  | 2021 - 2038 |  | 1,741,652 |  | 1,487,645
Real estate loans (revolving credit) | 3.74% - 3.99% |  | 2021 - 2024 |  | 429,400 |  | 55,000
Fleet loans (amortizing term) | 1.95% - 4.66% |  | 2019 - 2025 |  | 263,209 |  | 342,971
Fleet loans (revolving credit) | 3.64% |  | 2021 - 2023 |  | 530,000 |  | 460,000
Capital leases (rental equipment) | 1.92% - 5.04% |  | 2019 - 2026 |  | 1,042,652 |  | 984,217
Other obligations | 2.75% - 8.00% |  | 2019 - 2048 |  | 82,417 |  | 73,579
Notes, loans and leases payable |  |  |  | $ | 4,192,243 | $ | 3,538,699
Less: Debt issuance costs |  |  |  |  | (28,920) |  | (25,623)
Total notes, loans and leases payable, net |  |  |  | $ | 4,163,323 | $ | 3,513,076
(a) Interest rate as of March 31, 2019, taking into account the effect of applicable hedging instruments
Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of March 31, 2019, the applicable LIBOR was 2.49% and the applicable margin was 1.50%, the sum of which was 3.99%. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.72% and 6.62%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of 335.0 million. As of March 31, 2019, the outstanding balance of these loans in the aggregate was $329.4 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2021 and February 2024. The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2019, the applicable LIBOR was between 2.49% and 2.50% and the margin was between 1.25% and 1.50%, the sum of which was between 3.74% and 3.99%. AMERCO is the guarantor of these loans. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $150.0 million, which can be increased to $300.0 million by bringing in other lenders. As of March 31, 2019, the outstanding balance was $100.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is September 2021. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2019, the applicable LIBOR was 2.49% and the margin was 1.38%, the sum of which was 3.87%. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30% fee charged for unused capacity. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margins. As of March 31, 2019, the applicable LIBOR was between 2.48% and 2.49% and applicable margins were between 1.72% and 1.75%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 3.00% based on current margins. Additionally, $241.4 million of these loans are carried at fixed rates ranging between 1.95% and 4.66%. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $555.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of March 31, 2019, the applicable LIBOR was 2.49%, and the margin was 1.15%, the sum of which was 3.64%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. In April 2019, the rental truck revolving loan that was scheduled to mature in January 2021 was extended to May 2024 and availability increased by $10.0 million. Capital Leases We regularly enter into capital leases for new equipment with the terms of the leases between five and seven years. During fiscal 2019, we entered into $348.4 million of new capital leases. As of March 31, 2019 the interest rates were between 1.92% and 5.04%. The net book value of the corresponding capitalized assets was $1,574.0 million and $1,407.6 million as of March 31, 2019 and March 31, 2018, respectively. Other Obligations In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club® Indenture. AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes®”). The U-Notes® are secured by various types of collateral including, but not limited to, rental equipment and real estate. U-Notes® are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of March 31, 2019, the aggregate outstanding principal balance of the U-Notes® issued was $85.6 million, of which $3.2 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.75% and 8.00% and maturity dates range between 2019 and 2048. Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of December 31, 2018, the deposits had an aggregate balance of $60.0 million, for which Oxford pays fixed interest rates between 1.67% and 2.95% with maturities between September 29, 2019 and March 29, 2021. As of December 31, 2018, available-for-sale investments held with the FHLB totaled $124.4 million, of which $69.8 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Leases Payable The annual maturities of our notes, loans and leases payable as of March 31, 2019 for the next five years and thereafter are as follows:
|  | Years Ended March 31,
|  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
|  | (In thousands)
Notes, loans and leases payable, secured | $ | 475,898 | $ | 544,868 | $ | 749,209 | $ | 540,888 | $ | 524,778 | $ | 1,356,602 | $ | 4,192,243

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration