U-Haul 2016 Annual Report Download - page 82

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-26
Leveraged contributions to the Plan Trust during fiscal 2016, 2015 and 2014 were $0.4 million, $1.0
million and $0.7 million, respectively. In fiscal 2016 and 2015, the Company made non-leveraged
contributions of $4.0 and $8.0 million, respectively to the Plan Trust. In fiscal 2014, $0.6 million of
common stock dividends paid to unallocated shares was applied towards debt service.
Shares held by the Plan were as follows:
Years Ended March 31,
2016
2015
(In thousands)
Allocated shares
1,203
1,249
Unreleased shares - leveraged
22
14
Fair value of unreleased shares - leveraged
$
8,072
$
4,781
Unreleased shares - non-leveraged
8
25
Fair value of unreleased shares - non-leveraged
$
2,756
$
8,242
The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such
shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the
trading value of such shares as of March 31, 2016 and March 31, 2015, respectively.
Post Retirement and Post Employment Benefits
We provide medical and life insurance benefits to our eligible employees and their dependents upon
retirement from the Company. The retirees must have attained age sixty-five and earned twenty years of
full-time service upon retirement for coverage under the medical plan. The medical benefits are capped at
a $20,000 lifetime maximum per covered person. The benefits are coordinated with Medicare and any
other medical policies in force. Retirees who have attained age sixty-five and earned at least ten years of
full-time service upon retirement from the Company are entitled to group term life insurance benefits. The
life insurance benefit is $2,000 plus $100 for each year of employment over ten years. The plan is not
funded and claims are paid as they are incurred. We use a March 31 measurement date for our post
retirement benefit disclosures.
The components of net periodic post retirement benefit cost were as follows:
Years Ended March 31,
2016
2015
2014
(In thousands)
Service cost for benefits earned during the period
$
961
$
827
$
726
Interest cost on accumulated postretirement benefit
752
720
564
Other components
35
14
19
Net periodic postretirement benefit cost
$
1,748
$
1,561
$
1,309