U-Haul 2011 Annual Report Download - page 73

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Investments, other
The carrying value of other investments was as follows:
2011 2010
Short-term investments $ 77,745 $ 127,385
Mortgage loans, net 79,635 72,438
Real estate 18,777 17,621
Policy loans 4,404 4,190
Other equity investments 21,307 5,852
$ 201,868 $ 227,486
March 31,
(In thousands)
Short-term investments consist primarily of investments in money market funds, mutual funds and any other
investments with short-term characteristics that have original maturities of less than one year at acquisition.
These investments are recorded at cost, which approximates fair value.
Mortgage loans are carried at the unpaid balance, less an allowance for probable losses and any
unamortized premium or discount. The allowance for probable losses was $0.4 million as of March 31, 2011 and
2010. The estimated fair value of these loans as of March 31, 2011 and 2010 approximated the carrying value.
These loans represent first lien mortgages held by the Company.
Real estate obtained through foreclosure and held for sale is carried at the lower of fair value at time of
foreclosure or current estimated fair value less cost to sell. Equity investments are carried at cost and assessed
for impairment.
Insurance policy loans are carried at their unpaid balance.
Note 7: Other Assets
Other assets were as follows:
2011 2010
Deposits $ 103,191 $ 47,323
Income taxes recoverable 2,850 37,790
Cash surrender value of life insurance policies 28,784 27,825
Deferred charges 13,076 15,330
Excess of loss reinsurance recoverable 15,000 15,000
Other 3,732 2,596
$ 166,633 $ 145,864
March 31,
(In thousands)
F-17