U-Haul 2016 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2016 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-23
Gains or losses recognized in income on derivatives are recorded as interest expense in the
statements of operations. During fiscal 2016, we recognized an increase in the fair value of our cash
flows hedges of $6.0 million, net of taxes. Embedded in this change was $12.6 million of losses
reclassified from accumulated other comprehensive income to interest expense during the year, net of
taxes. At March 31, 2016, we expect to reclassify $9.0 million of net losses on interest rate contracts from
accumulated other comprehensive income (loss) to earnings as interest expense over the next twelve
months. Please see Note 3, Accounting Policies in the Notes to Consolidated Financial Statements.
Note 12. Stockholders’ Equity
Common Stock Dividends
Declared Date
Per Share Amount
Record Date
Dividend Date
March 15, 2016
$
1.00
April 5, 2016
April 21, 2016
August 28, 2015
3.00
September 16, 2015
October 2, 2015
June 4, 2015
1.00
June 19, 2015
July 1, 2015
February 4, 2015
1.00
March 6, 2015
March 17, 2015
December 4, 2013
1.00
January 10, 2014
February 14, 2014
Note 13. Provision for Taxes
Earnings before taxes and the provision for taxes consisted of the following:
Years Ended March 31,
2016
2015
2014
(In thousands)
Pretax earnings:
U.S.
$
745,194
$
541,371
$
516,207
Non-U.S.
23,717
20,047
21,315
Total pretax earnings
$
768,911
$
561,418
$
537,522
Current provision (benefit)
Federal
$
118,974
$
112,634
$
131,246
State
15,988
14,248
12,641
Non-U.S.
3,303
2,599
3,787
138,265
129,481
147,674
Deferred provision (benefit)
Federal
125,950
67,306
37,979
State
12,561
5,256
7,553
Non-U.S.
3,134
2,634
1,925
141,645
75,196
47,457
Provision for income tax expense
$
279,910
$
204,677
$
195,131
Income taxes paid (net of income tax refunds received)
$
141,901
$
195,072
$
138,384