XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivatives | 3 Months Ended
--- | ---
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
5. Derivatives | We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the balance sheet were as follows: Derivatives Fair Values as of June 30, 2020 March 31, 2020 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ - $ - Liabilities $ 8,170 $ 8,214 Notional amount $ 235,000 $ 235,000 13 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2020 June 30, 2019 (Unaudited) (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (42) $ 1,253 (Gain) loss reclassified from AOCI into income $ 747 $ 3 Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2021, we recognized an increase in the fair value of our cash flow hedges of $0.5 million, net of taxes. During the first quarter of fiscal 2021, we reclassified $0.7 million from AOCI to interest expense. As of June 30, 2020, we expect to reclassify $ 3.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

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

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration