U-Haul 2009 Annual Report Download - page 71

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
In April 2009, the FASB issued (FSP) FAS 107-1 and APB 28-1, Disclosures about Fair Value of Financial
Instruments, which increases the frequency of fair value disclosures to a quarterly instead of annual basis. The guidance
relates to fair value disclosures for any financial instruments that are not currently reflected on the balance sheet at fair
value. Effective for interim and annual periods ending after June 15, 2009, but entities may early adopt the FSP for the
interim and annual periods ending after March 15, 2009. The Company does not believe that the adoption of this statement
will have a material impact on our financial statements.
In April 2009, the FASB issued (FSP) FAS 157-4, Determining Fair Value When the Volume and Level of Activity for
the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, which provides
guidelines for a broad interpretation of when to apply market-based fair value measurements. The FSP reaffirms
management's need to use judgment to determine when a market that was once active has become inactive and in
determining fair values in markets that are no longer active. Effective for interim and annual periods ending after June 15,
2009, but entities may early adopt the FSP for the interim and annual periods ending after March 15, 2009.
Note 4: Earnings Per Share
Net earnings for purposes of computing earnings per common share are net earnings less preferred stock dividends.
Preferred stock dividends include accrued dividends of AMERCO.
The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that
have not been committed to be released. The unreleased shares net of shares committed to be released were 244,452,
294,369, and 344,288 as of March 31, 2009, 2008, and 2007, respectively.
6,100,000 shares of preferred stock have been excluded from the weighted average shares outstanding calculation
because they are not common stock and they are not convertible into common stock.
Note 5: Reinsurance Recoverables and Trade Receivables, Net
Reinsurance recoverables and trade receivables, net were as follows:
2009 2008
Reinsurance recoverable $ 173,472 $ 164,695
Trade accounts receivable 18,545 21,324
Paid losses recoverable 8,457 4,177
Accrued investment income 6,877 7,807
Premiums and agents' balances 2,503 2,098
Independent dealer receivable 707 720
Other receivable 4,763 3,432
215,324 204,253
Less: Allowance for doubtful accounts (1,471) (1,488)
$ 213,853 $ 202,765
March 31,
(In thousands)
Note 6: Notes and Mortgage Receivables, Net
Notes and mortgage receivables, net were as follows:
2009 2008
Notes, mortgage receivables and other $ 2,937 $ 2,403
Less: Allowance for doubtful accounts (6) (315)
$ 2,931 $ 2,088
March 31,
(In thousands)
F-16