AMERCO /NV/, 10-Q filed on 05 Aug 20
 | XBRL Documents
v3.20.2
Document and Entity Information - shares
 3 Months Ended
Jun. 30, 2020
Aug. 03, 2020
Document and Entity Information [Abstract]    
Entity Registrant Name AMERCO  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2021  
Trading Symbol UHAL  
Document Type 10-Q  
Document Fiscal Period Focus Q1  
Document Period End Date Jun. 30, 2020  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   19,607,788
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-11255  
Entity Tax Identification Number 88-0106815  
Entity address, address line one 5555 Kietzke Lane  
Entity address, address line two Suite 100  
Entity address, City or Town Reno  
Entity address, State or Province NV  
Entity address, postal zip code 89511  
City Area Code 775  
Local Phone Number 688-6300  
Entity Incorporation, State or Country Code NV  
Title of 12(b) Security Common Stock , $0.25 par value  
Security Exchange Name NASDAQ  
Document Quarterly Report true  
Document Transition Report false  
v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
ASSETS:    
Cash and cash equivalents $ 825,074 $ 494,352
Reinsurance recoverables and trade receivables, net 208,371 186,672
Inventories, net 100,835 101,083
Prepaid expenses 585,879 562,904
Investments, fixed maturities and marketable equities 2,393,522 2,492,738
Investments, other 395,123 360,373
Deferred policy acquisition costs, net 117,123 103,118
Other assets 70,415 71,956
Right of use Assets - Financing 1,026,928 1,080,353
Right of use Assets - Operating 106,682 106,631
Related party assets 9,406 34,784
Subtotal assets 5,839,358 5,594,964
Property, plant and equipment, at cost:    
Land 1,043,952 1,032,945
Buildings and improvements 4,752,816 4,663,461
Furniture and equipment 754,641 752,363
Property, plant and equipment (gross) 10,684,750 10,556,222
Less: Accumulated depreciation (2,811,749) (2,713,162)
Total property, plant and equipment 7,873,001 7,843,060
Total assets 13,712,359 13,438,024
Liabilities:    
Accounts payable and accrued expenses 582,356 554,353
Notes, loans and leases payable 4,777,963 4,621,291
Financing lease liability 666,316  
Operating lease liability 106,614 106,443
Policy benefits and losses, claims and loss expenses payable 998,762 997,647
Liabilities from investment contracts 1,833,617 1,802,217
Other policyholders' funds and liabilities 6,764 10,190
Deferred income 42,789 31,620
Deferred income taxes, net 1,106,312 1,093,543
Total liabilities 9,455,177 9,217,304
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:    
Additional paid-in capital 453,819 453,819
Accumulated other comprehensive loss (13,732) 34,652
Retained earnings 4,484,248 4,399,402
Unearned employee stock ownership plan shares 0 0
Total stockholders' equity 4,257,182 4,220,720
Total liabilities and stockholders' equity 13,712,359 13,438,024
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Serial Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 0 0
Amerco Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Common Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (525,653) (525,653)
Preferred Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (151,997) (151,997)
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 513,623 511,520
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 3,619,718 $ 3,595,933
v3.20.2
Condensed Consolidated Balance Sheets Parenthetical
Jun. 30, 2020
$ / shares
shares
Series Preferred Stock With or Without Par Value [Member]  
Preferred stock:  
Preferred stock, shares authorized 50,000,000
Series A Preferred Stock [Member]  
Preferred stock:  
Preferred stock, shares authorized 6,100,000
Preferred stock, shares issued 6,100,000
Series B Preferred Stock [Member]  
Preferred stock:  
Preferred stock, shares authorized 100,000
Serial Common Stock With or Without Par Value [Member]  
Common stock:  
Common stock, shares authorized 250,000,000
Serial Common Stock [Member]  
Common stock:  
Common stock, shares authorized 10,000,000
Common stock, par or stated value per share | $ / shares $ 0.25
Common Stock [Member]  
Common stock:  
Common stock, shares authorized 250,000,000
Common stock, par or stated value per share | $ / shares $ 0.25
Amerco Common Stock [Member]  
Common stock:  
Common stock, shares authorized 250,000,000
Common stock, shares, issued 41,985,700
Common stock, shares, outstanding 19,607,788
Common stock, par or stated value per share | $ / shares $ 0.25
Common Stock in Treasury [Member]  
Treasury stock:  
Treasury stock, shares 22,377,912
Preferred Stock in Treasury [Member]  
Treasury stock:  
Treasury stock, shares 6,100,000
v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Revenues:    
Self-moving equipment rentals $ 654,285 $ 748,596
Self-storage revenues 108,955 98,274
Self moving and self-storage products and service sales 91,350 80,026
Property management fees 7,347 7,156
Life insurance premiums 30,908 32,710
Property and casualty insurance premiums 13,734 13,424
Investment income interest and dividend 16,982 35,749
Other revenue 63,676 63,314
Total revenues 987,237 1,079,249
Costs and expenses:    
Operating expenses 492,662 534,472
Commission expenses 69,175 80,899
Cost of sales 52,831 48,929
Benefits and losses 39,577 49,006
Amortization of deferred policy acquisition costs 6,888 6,064
Lease expense 6,603 7,036
Depreciation, net of (gains) losses on disposals 165,671 140,600
Net (gains) losses on disposal of real estate (256) (1,622)
Total costs and expenses 833,151 865,384
Earnings from operations 154,086 213,865
Other components of net periodic benefit costs (247) (263)
Interest expense (39,521) (38,888)
Pretax earnings 114,318 174,714
Income tax expense (26,592) (42,292)
Earnings available to common stockholders $ 87,726 $ 132,422
Basic and diluted earnings per common share $ 4.47 $ 6.76
Weighted average common shares outstanding: basic and diluted 19,607,788 19,597,697
v3.20.2
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Depreciation:    
Net gain on sale of real and personal property $ (1,069) $ (16,678)
Related party:    
Related party revenues, net of eliminations 7,347 7,156
Related party, costs and expenses, net of eliminations $ 15,989 $ 17,860
v3.20.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Comprehensive income (loss) (pretax):    
Pretax earnings (loss) $ 114,318 $ 174,714
Comprehensive income (loss) (tax effect):    
Income tax expense (26,592) (42,292)
Comprehensive income (loss) (net of tax):    
Net earnings 87,726 132,422
Other comprehensive income (loss):    
Foreign currency translation (pretax) (2,917) 2,982
Foreign currency translation (tax effect) 0 0
Foreign currency translation (net of tax) (2,917) 2,982
Unrealized gain (loss) on investments (pretax) (58,962) 51,827
Unrealized gain (loss) on investments (tax effect) 13,463 (11,039)
Unrealized gain (loss) on investments (net of tax) (45,499) 40,788
Change in fair value of cash flow hedges (pretax) (705) (1,194)
Change in fair value of cash flow hedges (tax effect) 173 293
Change in fair value of cash flow hedges (net of tax) (532) (901)
Amounts reclassifed into earnings on hedging activities (pretax) 747 (59)
Amounts reclassified into earnings on hedging activities (tax effect) (183) 15
Amounts reclassified into earnings on hedging activities (net of tax) 564 (44)
Total other comprehensive income (loss) (pretax) (61,837) 53,556
Total other comprehensive income (loss) (tax effect) 13,453 (10,731)
Total other comprehensive income (loss) (net of tax) (48,384) 42,825
Total comprehensive income (pretax) 52,481 228,270
Total comprehensive income (tax effect) (13,139) (53,023)
Total comprehensive income (net of tax) $ 39,342 $ 175,247
v3.20.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Less: Unearned Employee Stock Ownership Plan Shares [Member]
Balance, beginning of period at Mar. 31, 2019 $ 3,692,389 $ 10,497 $ 453,326 $ (66,698) $ 3,976,962 $ (525,653) $ (151,997) $ (4,048)
Cosolidated statement of change in equity                
Increase in market value of released ESOP shares 209 0 209 0 0 0 0 0
Release of unearned ESOP shares 1,309 0 0 0 0 0 0 1,309
Purchase of ESOP shares (131) 0 0 0 0 0 0 (131)
Foreign currency translation 2,982 0 0 2,982 0 0 0 0
Unrealized net gain (loss) on investments, net of tax 40,788 0 0 40,788 0 0 0 0
Change in fair value of cash flow hedges, net of tax (901) 0 0 (901) 0 0 0 0
Amounts reclassified into earnings on hedging activities (44) 0 0 (44) 0 0 0 0
Net earnings 132,422 0 0 0 132,422 0 0 0
Net activity 176,634 0 209 42,825 132,422 0 0 1,178
Balance, end of period at Jun. 30, 2019 3,869,023 10,497 453,535 (23,873) 4,109,384 (525,653) (151,997) (2,870)
Balance, beginning of period at Mar. 31, 2020 4,220,720 10,497 453,819 34,652 4,399,402 (525,653) (151,997) 0
Cosolidated statement of change in equity                
Adjustment for adoption of ASU 2016-13 (2,880) 0 0 0 (2,880) 0 0 0
Increase in market value of released ESOP shares 0 0 0 0 0 0 0 0
Release of unearned ESOP shares 0 0 0 0 0 0 0 0
Purchase of ESOP shares 0 0 0 0 0 0 0 0
Foreign currency translation (2,917) 0 0 (2,917) 0 0 0 0
Unrealized net gain (loss) on investments, net of tax (45,499) 0 0 (45,499) 0 0 0 0
Change in fair value of cash flow hedges, net of tax (532) 0 0 (532) 0 0 0 0
Amounts reclassified into earnings on hedging activities 564 0 0 564 0 0 0 0
Net earnings 87,726 0 0 0 87,726 0 0 0
Net activity 36,462 0 0 (48,384) 84,846 0 0 0
Balance, end of period at Jun. 30, 2020 $ 4,257,182 $ 10,497 $ 453,819 $ (13,732) $ 4,484,248 $ (525,653) $ (151,997) $ 0
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flow from operating activities:    
Net earnings $ 87,726 $ 132,422
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 166,740 157,278
Amortization of deferred policy acquisition costs 6,888 6,064
Amortization of premiums and accretion of discounts related to investments, net 3,550 3,275
Amortization of debt issuance costs 1,297 1,053
Interest credited to policyholders 7,667 14,218
Change in allowance for losses on trade receivables 60 (162)
Change in allowance for inventory reserves (99) 367
Net gain on sale of real and personal property (1,069) (16,678)
Net losses on disposal of real estate (256) (1,622)
Net (gain) loss on sale of investments 2,014 (4,267)
Net losses on equity investments 3,989 (2,215)
Deferred income tax 27,534 29,763
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (23,594) (18,215)
Inventories 350 2,110
Prepaid expenses (22,831) (15,720)
Capitalization of deferred policy acquisition costs (7,308) (5,090)
Other assets 74 3,337
Related party assets 7,329 (1,364)
Accounts payable and accrued expenses 58,273 89,716
Policy benefits and losses, claims and loss expenses payable 528 2,318
Other policyholders' funds and liabilities (3,426) (5,281)
Deferred income 14,898 8,527
Related party liabilities (249) 1,092
Net cash provided by operating activities 330,085 380,926
Cash flow from investing activities:    
Escrow deposits 1,401 1,968
Purchase of:    
Property, plant and equipment (249,740) (847,248)
Short term investments (9,625) (8,689)
Fixed maturity investments (94,193) (76,515)
Real estate (192) (328)
Mortgage loans (33,300) (9,410)
Proceeds from sale of:    
Property, plant and equipment 76,412 160,754
Short term investments 2,448 6,982
Fixed maturity investments 110,165 38,258
Real estate 0 311
Mortgage loans 1,432 1,678
Net cash used by investing activities (195,192) (732,239)
Cash flow from financing activities:    
Borrowings from credit facilities 377,051 333,700
Principal repayments on credit facilities (154,089) (61,104)
Payment of debt issuance costs (1,677) (5)
Capital lease payments (68,554) (94,446)
Employee stock ownership plan shares 0 (131)
Common stock dividends paid 0 (9,796)
Net contribution from (to) related party 18,599 0
Investment contract deposits 75,366 61,515
Investment contract withdrawals (51,633) (37,054)
Net cash provided by (used in) financing activities 195,063 192,679
Effects of exchange rate on cash 766 4,764
Increase (decrease) in cash and cash equivalents 330,722 (153,870)
Cash and cash equivalents at the beginning of period 494,352 673,701
Cash and cash equivalents at the end of the period $ 825,074 $ 519,831
v3.20.2
Basis of Presentation
 3 Months Ended
Jun. 30, 2020
Disclosure Text Block [Abstract]  
1. Basis of Presentation AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020 and 2019 correspond to fiscal 2021 and 2020 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. The condensed consolidated balance sheet as of June 30, 2020 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the first quarter of fiscal 2021 and 2020 are unaudited. In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. 6   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Summary of Significant Accounting Polices Refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 for a summary of significant accounting policies. At the beginning of the first quarter of fiscal 2021, we adopted Accounting Standards Update 2016-13 , Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In addition, new disclosures are required. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases   We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. We modified our policy on accounting for allowance for doubtful accounts on trade accounts receivable. We perform ongoing credit evaluations of our customers and assesses each customer's credit worthiness. We monitor collections and payments from our customers and maintains an allowance for doubtful accounts based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to the opening balance of retained earnings of $2.9 million and did not have a material impact on our results of operations, financial condition or liquidity. Please see Note 16, Allowance for Credit Losses, of the Notes to Condensed Consolidated Financial Statements.
v3.20.2
Earnings Per Share
 3 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
2. Earnings Per Share Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted. 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 8,216 as of June 30, 2019.   As of June 20, 2020, all of these shares have been released.
v3.20.2
Investments
 3 Months Ended
Jun. 30, 2020
Investments Debt Equity Securities [Abstract]  
3. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 30.8 million as of June 30, 2020 and March 31, 2020. 7   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of June 30, 2020 were as follows:       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Allowance for Expected Credit Losses   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 84,814 $ 12,192 $ - $ - $ - $ 97,006 U.S. government agency mortgage-backed securities   126,599   3,458   (1)   (39)   -   130,017 Obligations of states and political subdivisions   270,476   21,364   (141)   (2)   -   291,697 Corporate securities   1,636,025   66,359   (1,759)   (37,168)   (5,407)   1,658,050 Mortgage-backed securities   197,599   2,485   (2)   (6,031)   -   194,051 Redeemable preferred stocks   1,493   14   -   (5)   -   1,502   $ 2,317,006 $ 105,872 $ (1,903) $ (43,245) $ (5,407) $ 2,372,323   Available-for-sale investments as of March 31, 2020 were as follows:       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Estimated Market Value           (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities   88,449   759   (1)   (373)   88,834 Obligations of states and political subdivisions   287,643   20,664   (155)   -   308,152 Corporate securities   1,656,425   100,302   (919)   (812)   1,754,996 Mortgage-backed securities   187,784   6,011   (1)   (107)   193,687 Redeemable preferred stocks   1,493   72   -   -   1,565   $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613   We sold available-for-sale securities with a fair value of $ 109.6 million during the first quarter of fiscal 2021. The gross realized gains on these sales totaled $ 2.8 million. We adopted   ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments as of April 1, 2020. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. 8   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:       June 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 141,789 $ 141,448 $ 128,747 $ 129,420 Due after one year through five years   537,400   541,406   547,821   566,934 Due after five years through ten years   605,305   618,209   636,036   678,636 Due after ten years   833,420   875,707   832,334   897,371     2,117,914   2,176,770   2,144,938   2,272,361                   Mortgage-backed securities   197,599   194,051   187,784   193,687 Redeemable preferred stocks   1,493   1,502   1,493   1,565   $ 2,317,006 $ 2,372,323 $ 2,334,215 $ 2,467,613   As of June 30, 2020 and March 31, 2020, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows:       June 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 16,595 $ 9,775 $ 20,015 Non-redeemable preferred stocks   5,076   4,604   5,076   5,110   $ 14,851 $ 21,199 $ 14,851 $ 25,125   9  
v3.20.2
Borrowings
 3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
4. Borrowings Long Term Debt Long term debt was as follows:                       June 30,   March 31,   2021 Rates (a)     Maturities   2020   2020                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.68 %       2023 $ 90,413 $ 92,913 Senior mortgages 3.11 % - 6.62 %   2021 - 2038   2,015,495   2,029,878 Real estate loans (revolving credit) 1.58 % - 3.25 %   2022 - 2025   535,000   519,000 Fleet loans (amortizing term) 2.04 % - 4.66 %   2020 - 2027   200,983   224,089 Fleet loans (revolving credit)       1.32 %   2022 - 2024   570,000   567,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   666,316   734,870 Finance liability (rental equipment) 1.63 % - 4.22 %   2020   2028   447,416   398,834 Other obligations 2.50 % - 8.00 %   2020 - 2049   282,524   84,484 Notes, loans and finance/capital leases payable                   4,808,147   4,651,068 Less: Debt issuance costs                     (30,184)   (29,777) Total notes, loans and finance/capital leases payable, net         $ 4,777,963 $ 4,621,291                             (a) Interest rates as of June 30, 2020, including the effect of applicable hedging instruments.         Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”).   The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.   The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2020, the applicable LIBOR was 0.18 % and the applicable margin was 1.50 %, the sum of which was 1.68 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.11 % and 6.62 %. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. 10   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. As of June 30, 2020, the outstanding balance of these loans in the aggregate was $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2022 and March 2025 . The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of June 30, 2020, the applicable LIBOR was between 0.17 % and 0.18 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.42 % and 1.67 %. Certain loans have interest rate swaps fixing the rate between 3.03 % and 3.14 % based on current margins. AMERCO is the guarantor of these loans. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $ 200.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of June 30, 2020, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is April 2023. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of June 30, 2020, the applicable LIBOR was 1.00 % and the margin was 2.25 %, the sum of which was 3.25 %. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30 % fee charged for unused capacity. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 2.04 % and 4.66 %. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of June 30, 2020, the applicable LIBOR was 0.17 % and the margin was 1.15 %, the sum of which was 1.32 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance/Capital Leases The Finance/Capital Lease balance represents our sale-leaseback transactions of rental equipment that were entered into and classified as capital leases prior to the adoption of ASC 842. The historical capital lease balance was reclassified to Right of use (“ROU”) assets-finance, net. The agreements are generally seven (7) year terms with interest rates ranging from 1.92 % to 5.04 %.   All of our finance leases and are collateralized by our rental fleet. There were no new financing leases, as assessed under the new leasing guidance, entered into during the quarter ended June 30, 2020. 11   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Finance Liabilities Finance Liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842, which substantially changed the accounting for sale-leasebacks going forward. In accordance with the new leasing guidance, we assess if sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs.   We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost.   Our finance liabilities have an average term of seven (7) years and interest rates ranging from 1.63 % to 4.22 %. These finance liabilities are collateralized by our rental fleet.   Other Obligations In May 2020, AMERCO, entered into a $ 200.0 million secured credit facility with PNC Bank, as agent and lead arranger of a syndicate of lenders.   The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin.   As of June 30, 2020, the applicable LIBOR was 0.50 % and the margin was 2.00 %, the sum of which was 2.50 %. The LIBOR has a floor of 0.50 %. As of June 30, 2020 the balance of this note was $ 200.0 million. The final maturity of this loan is May 2021 and will be paid down as the Company receives federal income tax refunds. In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club ® Indenture.   AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral, including, but not limited to, rental equipment and real estate.   U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity.   U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company's affiliates or subsidiaries. As of June 30, 2020, the aggregate outstanding principal balance of the U-Notes ® issued was $ 85.2 million, of which $ 2.7 million was held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.50 % and 8.00 % and maturity dates range between 2020 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of March 31, 2020, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 0.69 % and 2.95 % with maturities between September 28, 2020 and March 29, 2025. As of March 31, 2020, available-for-sale investments held with the FHLB totaled $ 191.4 million, of which $ 69.5 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance/Capital Leases Payable The annual maturities of our notes, loans and finance/capital leases payable, as of June 30, 2020 for the next five years and thereafter are as follows:     Year Ended June 30,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 683,816 $ 770,912 $ 778,383 $ 793,838 $ 290,267 $ 1,490,931 12   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 41,911 $ 43,331 Capitalized interest   (4,434)   (5,499) Amortization of transaction costs   1,297   1,053 Interest expense resulting from cash flow hedges   747   3 Total interest expense $ 39,521 $ 38,888 Interest paid in cash, including payments related to derivative contracts, amounted to $ 39.4 million and $ 40.5 million for the first quarter of fiscal 2021 and 2020, respectively. Interest Rates Interest rates and Company borrowings were as follows:     Revolving Credit Activity       Quarter Ended June 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   2.02 % 3.73 % Interest rate at the end of the quarter   1.67 % 3.69 % Maximum amount outstanding during the quarter $ 1,175,000 $ 990,000   Average amount outstanding during the quarter $ 1,161,385 $ 967,358   Facility fees $ 4 $ 62   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  
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.
v3.20.2
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Jun. 30, 2020
Disclosure Text Block [Abstract]  
6. Comprehensive Income (Loss) A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (2,917)   -   -   -   (2,917) Unrealized net gain on investments   -   (45,499)   -   -   (45,499) Change in fair value of cash flow hedges   -   -   (532)   -   (532) Amounts reclassified into earnings on hedging activities   -   -   564   -   564 Other comprehensive income (loss)   (2,917)   (45,499)   32   -   (48,384) Balance at June 30, 2020 $ (50,152) $ 45,185 $ (6,164) $ (2,601) $ (13,732) . 7. Stockholders' Equity On June 8, 2016, our stockholders' approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of June 30, 2020 no awards had been issued under this plan. 8. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, to the Notes to Condensed Consolidated Financial Statements. 14   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheet dated June 30, 2020 and March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our balance sheet dated June 30, 2020 and March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Finanical Statements for additional information. The following table shows the components of our ROU assets, net:     As of June 30, 2020     (Unaudited)     (In thousands)                   Finance   Operating   Total Buildings and improvements $ - $ 130,241 $ 130,241 Furniture and equipment   21,111   -   21,111 Rental trailers and other rental equipment   115,967   -   115,967 Rental trucks   1,697,339   -   1,697,339 Right-of-use assets, gross   1,834,417   130,241   1,964,658 Less: Accumulated depreciation   (807,489)   (23,559)   (831,048) Right-of-use assets, net $ 1,026,928 $ 106,682 $ 1,133,610       Finance   Operating               Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 %   For the quarter ended June 30, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 7.0 million and $ 68.6 million, respectively. 15   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The components of lease costs were as follows:       Three Months Ended     June 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 7,137       Finance lease cost:     Amortization of right-of-use assets $ 40,836 Interest on lease liabilities   6,282 Total finance lease cost $ 47,118   Maturities of lease liabilities were as follows:       Finance leases   Operating leases     (Unaudited) Year ending June 30,   (In thousands)           2021 $ 194,978 $ 24,802 2022   154,457   22,598 2023   122,986   21,780 2024   92,915   20,791 2025   65,825   6,213 Thereafter   35,155   65,758 Total lease payments   666,316   161,942 Less: imputed interest   -   (55,328) Present value of lease liabilities $ 666,316 $ 106,614   9. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first quarter of fiscal 2021, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company's business, operations and financial results will continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company's results of future operations, financial position and liquidity in fiscal 2021. 16   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) CARES Act The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. We have availed ourselves of the provisions related to deferring certain payroll taxes, carrybacks of net operating losses, and will utilize the technical corrections to tax depreciation methods.   We estimate that the net operating loss carrybacks combined with the depreciation adjustments for our fiscal 2020 federal income tax return will result in a refund of approximately $ 381 million, which are reflected in Prepaid expense. As refunds are received, they will reduce this amount. We have estimated and recorded the overall effects of the CARES Act and do not anticipate a material change. It is possible future legislation could reduce or delay our ability to carryback these losses. Environmental Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO's financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management's opinion, none of these other matters will have a material effect on our financial position and results of operations. 10. Related Party Transactions As set forth in the Company's Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC self-storage are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP (“WGHLP”), which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen 17   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Related Party Revenue     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,148 $ 6,249 U-Haul management fee revenue from Mercury   1,199   907   $ 7,347 $ 7,156 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4 % and 10 % of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $ 10.1 million and $ 9.2 million from the above-mentioned entities during the first quarter of fiscal 2021 and 2020, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 657 $ 658 U-Haul commission expenses to Blackwater   15,332   17,202   $ 15,989 $ 17,860 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of June 30, 2020, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 6.1 million, expenses of $ 0.7 million and cash flows of $ 5.2 million during the first quarter of fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 63.0 million and $ 15.3 million, respectively, during the first quarter of fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $0.4 million. 18   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets       June 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 22,897 $ 25,293 U-Haul receivable from Mercury   5,555   9,893 Other (a)   (19,046)   (402)   $ 9,406 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. Our credit balance as of June 30, 2020, was due to a timing difference for a dividend paid by Oxford to AMERCO of $ 18.6 million.   19   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 11. Consolidating Financial Information by Industry Segment   AMERCO's three reportable segments are:   Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate,   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and   Life Insurance, comprised of Oxford and its subsidiaries.   Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.                           20       amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of June 30, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074 Reinsurance recoverables and trade receivables, net   83,795   87,403   37,173   -     208,371 Inventories and parts, net   100,835   -   -   -     100,835 Prepaid expenses   585,879   -   -   -     585,879 Investments, fixed maturities and marketable equities   -   270,083   2,123,439   -     2,393,522 Investments, other   20,988   96,738   277,397   -     395,123 Deferred policy acquisition costs, net   -   -   117,123   -     117,123 Other assets   67,047   1,094   2,274   -     70,415 Right of use assets - financing, net   1,026,928   -   -   -     1,026,928 Right of use assets - operating   106,202   262   218   -     106,682 Related party assets   34,035   7,024   13,474   (45,127) (c)   9,406     2,796,650   466,723   2,621,112   (45,127)     5,839,358                         Investment in subsidiaries   599,538   -   -   (599,538) (b)   -                         Property, plant and equipment, at cost:                       Land   1,043,952   -   -   -     1,043,952 Buildings and improvements   4,752,816   -   -   -     4,752,816 Furniture and equipment   754,641   -   -   -     754,641 Rental trailers and other rental equipment   513,623   -   -   -     513,623 Rental trucks   3,619,718   -   -   -     3,619,718     10,684,750   -   -   -     10,684,750 Less:   Accumulated depreciation   (2,811,749)   -   -   -     (2,811,749) Total property, plant and equipment, net   7,873,001   -   -   -     7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       21   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ -   $ 582,356 Notes, loans and finance/capital leases payable, net   4,766,564   -   11,399   -     4,777,963 Operating lease liability   106,114   271   229   -     106,614 Policy benefits and losses, claims and loss expenses payable   410,989   207,571   380,202   -     998,762 Liabilities from investment contracts   -   -   1,833,617   -     1,833,617 Other policyholders' funds and liabilities   -   1,662   5,102   -     6,764 Deferred income   42,789   -   -   -     42,789 Deferred income taxes, net   1,092,631   6,715   6,966   -     1,106,312 Related party liabilities   26,143   3,694   1,387   (31,224) (c)   - Total liabilities   7,016,703   225,194   2,244,504   (31,224)     9,455,177                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   (18,428)   3,937   36,550   (35,791) (b)   (13,732) Retained earnings   4,484,038   143,171   311,287   (454,248) (b)   4,484,248 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,252,486   241,529   376,608   (613,441)     4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         22   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       23   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         24   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statement of operations by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues   108,955   -   -   -     108,955 Self-moving and self-storage products and service sales   91,350   -   -   -     91,350 Property management fees   7,347   -   -   -     7,347 Life insurance premiums   -   -   30,908   -     30,908 Property and casualty insurance premiums   -   14,507   -   (773) (c)   13,734 Net investment and interest income   662   (873)   18,006   (813) (b)   16,982 Other revenue   63,073   -   739   (136) (b)   63,676 Total revenues   926,300   13,634   49,653   (2,350)     987,237                         Costs and expenses:                       Operating expenses   480,081   8,825   5,288   (1,532) (b,c)   492,662 Commission expenses   69,175   -   -   -     69,175 Cost of sales   52,831   -   -   -     52,831 Benefits and losses   -   4,030   35,547   -     39,577 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Lease expense   7,137   1   10   (545) (b)   6,603 Depreciation, net of gains on disposals   165,671   -   -   -     165,671 Net gains on disposal of real estate   (256)   -   -   -     (256) Total costs and expenses   774,639   12,856   47,733   (2,077)     833,151                         Earnings from operations before equity in earnings of subsidiaries   151,661   778   1,920   (273)     154,086                         Equity in earnings of subsidiaries   2,395   -   -   (2,395) (d)   -                         Earnings from operations   154,056   778   1,920   (2,668)     154,086 Other components of net periodic benefit costs   (247)   -   -   -     (247) Interest expense   (39,794)   -   -   273 (b)   (39,521) Pretax earnings   114,015   778   1,920   (2,395)     114,318 Income tax expense   (26,289)   (162)   (141)   -     (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726                         (a) Balances for the quarter ended March 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       25   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues   98,274   -   -   -     98,274 Self-moving and self-storage products and service sales   80,026   -   -   -     80,026 Property management fees   7,156   -   -   -     7,156 Life insurance premiums   -   -   32,710   -     32,710 Property and casualty insurance premiums   -   14,114   -   (690) (c)   13,424 Net investment and interest income   3,267   6,191   26,701   (410) (b)   35,749 Other revenue   62,539   -   910   (135) (b)   63,314 Total revenues   1,000,398   20,305   60,321   (1,775)     1,079,249                         Costs and expenses:                       Operating expenses   522,524   8,081   5,228   (1,361) (b,c)   534,472 Commission expenses   80,899   -   -   -     80,899 Cost of sales   48,929   -   -   -     48,929 Benefits and losses   -   3,758   45,248   -     49,006 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Lease expense   7,172   -   -   (136) (b)   7,036 Depreciation, net of gains on disposals   140,600   -   -   -     140,600 Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Total costs and expenses   798,502   11,839   56,540   (1,497)     865,384                         Earnings from operations before equity in earnings of subsidiaries   201,896   8,466   3,781   (278)     213,865                         Equity in earnings of subsidiaries   9,831   -   -   (9,831) (d)   -                         Earnings from operations   211,727   8,466   3,781   (10,109)     213,865 Other components of net periodic benefit costs   (263)   -   -   -     (263) Interest expense   (39,166)   -   -   278 (b)   (38,888) Pretax earnings   172,298   8,466   3,781   (9,831)     174,714 Income tax expense   (39,876)   (1,778)   (638)   -     (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422                         (a) Balances for the quarter ended March 31, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                         26   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726 Earnings from consolidated entities   (2,395)   -   -   2,395     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   166,740   -   -   -     166,740 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Amortization of premiums and accretion of discounts related to investments, net   -   395   3,155   -     3,550 Amortization of debt issuance costs   1,297   -   -   -     1,297 Interest credited to policyholders   -   -   7,667   -     7,667 Change in allowance for losses on trade receivables   60   -   -   -     60 Change in allowance for inventories and parts reserve   (99)   -   -   -     (99) Net gains on disposal of personal property   (1,069)   -   -   -     (1,069) Net gains on disposal of real estate   (256)   -   -   -     (256) Net (gains) losses on sales of investments   -   (13)   2,027   -     2,014 Net losses on equity investments   -   3,989   -   -     3,989 Deferred income taxes   28,939   1,070   (2,475)   -     27,534 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (24,749)   5,725   (4,570)   -     (23,594) Inventories and parts   350   -   -   -     350 Prepaid expenses   (22,831)   -   -   -     (22,831) Capitalization of deferred policy acquisition costs   -   -   (7,308)   -     (7,308) Other assets   758   (340)   (344)   -     74 Related party assets   7,302   27   -   -     7,329 Accounts payable and accrued expenses   56,522   (246)   1,997   -     58,273 Policy benefits and losses, claims and loss expenses payable   294   (2,769)   3,003   -     528 Other policyholders' funds and liabilities   -   (4,089)   663   -     (3,426) Deferred income   11,238   -   3,660   -     14,898 Related party liabilities   1,867   (834)   (1,282)   -     (249) Net cash provided by operating activities   311,694   3,531   14,860   -     330,085                         Cash flows from investing activities:                       Escrow deposits   1,401   -   -   -     1,401 Purchases of:                       Property, plant and equipment   (249,740)   -   -   -     (249,740) Short term investments   -   (8,989)   (636)   -     (9,625) Fixed maturities investments   -   (1,864)   (92,329)   -     (94,193) Real estate   -   -   (192)   -     (192) Mortgage loans   -   -   (33,300)   -     (33,300) Proceeds from sales and paydowns of:                       Property, plant and equipment   76,412   -   -   -     76,412 Short term investments   -   1,980   468   -     2,448 Fixed maturities investments   -   4,402   105,763   -     110,165 Mortgage loans   -   265   1,167   -     1,432 Net cash used by investing activities   (171,927)   (4,206)   (19,059)   -     (195,192)     (page 1 of 2) (a) Balance for the period ended March 31, 2020                       27   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   367,451   -   9,600   -     377,051 Principal repayments on credit facilities   (144,489)   -   (9,600)   -     (154,089) Payments of debt issuance costs   (1,677)   -   -   -     (1,677) Finance/capital lease payments   (68,554)   -   -   -     (68,554) Net contribution from (to) related party   18,599   -   -   -     18,599 Investment contract deposits   -   -   75,366   -     75,366 Investment contract withdrawals   -   -   (51,633)   -     (51,633) Net cash provided (used) by financing activities   171,330   -   23,733   -     195,063                         Effects of exchange rate on cash   766   -   -   -     766                         Increase (decrease) in cash and cash equivalents   311,863   (675)   19,534   -     330,722 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074     (page 2 of 2) (a) Balance for the period ended March 31, 2020                         28   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422 Earnings from consolidated entities   (9,831)   -   -   9,831     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   157,278   -   -   -     157,278 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Amortization of premiums and accretion of discounts related to investments, net   -   374   2,901   -     3,275 Amortization of debt issuance costs   1,053   -   -   -     1,053 Interest credited to policyholders   -   -   14,218   -     14,218 Change in allowance for losses on trade receivables   (162)   -   -   -     (162) Change in allowance for inventories and parts reserve   367   -   -   -     367 Net gains on disposal of personal property   (16,678)   -   -   -     (16,678) Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Net gains on sales of investments   -   (33)   (4,234)   -     (4,267) Net gains on equity investments   -   (2,215)   -   -     (2,215) Deferred income taxes   35,980   (2,564)   (3,653)   -     29,763 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (23,033)   5,078   (260)   -     (18,215) Inventories and parts   2,110   -   -   -     2,110 Prepaid expenses   (15,720)   -   -   -     (15,720) Capitalization of deferred policy acquisition costs   -   -   (5,090)   -     (5,090) Other assets   1,805   1,546   (14)   -     3,337 Related party assets   (925)   (439)   -   -     (1,364) Accounts payable and accrued expenses   86,094   2,368   1,254   -     89,716 Policy benefits and losses, claims and loss expenses payable   8,802   (6,987)   503   -     2,318 Other policyholders' funds and liabilities   -   (414)   (4,867)   -     (5,281) Deferred income   8,527   -   -   -     8,527 Related party liabilities   1,345   (315)   62   -     1,092 Net cash provided by operating activities   367,812   3,087   10,027   -     380,926                         Cash flows from investing activities:                       Escrow deposits   1,968   -   -   -     1,968 Purchases of:                       Property, plant and equipment   (847,248)   -   -   -     (847,248) Short term investments   -   (8,689)   -   -     (8,689) Fixed maturities investments   -   (5,149)   (71,366)   -     (76,515) Real estate   -   (328)   -   -     (328) Mortgage loans   -   -   (9,410)   -     (9,410) Proceeds from sales and paydowns of:                       Property, plant and equipment   160,754   -   -   -     160,754 Short term investments   -   6,942   40   -     6,982 Fixed maturities investments   -   4,196   34,062   -     38,258 Real estate   311   -   -   -     311 Mortgage loans   -   245   1,433   -     1,678 Net cash used by investing activities   (684,215)   (2,783)   (45,241)   -     (732,239)     (page 1 of 2) (a) Balance for the period ended March 31, 2019                       29   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   331,200   -   2,500   -     333,700 Principal repayments on credit facilities   (58,604)   -   (2,500)   -     (61,104) Payment of debt issuance costs   (5)   -   -   -     (5) Finance/capital lease payments   (94,446)   -   -   -     (94,446) Employee stock ownership plan stock   (131)   -   -   -     (131) Common stock dividend paid   (9,796)   -   -   -     (9,796) Investment contract deposits   -   -   61,515   -     61,515 Investment contract withdrawals   -   -   (37,054)   -     (37,054) Net cash provided by financing activities   168,218   -   24,461   -     192,679                         Effects of exchange rate on cash   4,764   -   -   -     4,764                         Increase (decrease) in cash and cash equivalents   (143,421)   304   (10,753)   -     (153,870) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ -   $ 519,831     (page 2 of 2) (a) Balance for the period ended March 31, 2019                           30       amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets   13,279,882   432,477   13,712,359               Quarter Ended June 30, 2019             Total revenues $ 1,028,574 $ 50,675 $ 1,079,249 Depreciation and amortization, net of gains on disposal   141,898   3,144   145,042 Interest expense   38,220   668   38,888 Pretax earnings   170,847   3,867   174,714 Income tax expense   41,114   1,178   42,292 Identifiable assets   12,076,714   398,030   12,474,744 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:       Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 317 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   230   241 Other components   17   22 Total other components of net periodic benefit costs   247   263 Net periodic postretirement benefit cost $ 564 $ 555   14. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability. 31   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:       Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,371 $ - $ - $ 208,371 $ 208,371 Mortgage loans, net   294,551   -   -   294,551   294,551 Other investments   100,572   -   -   100,572   100,572 Total $ 603,494 $ - $ - $ 603,494 $ 603,494                                             Liabilities                     Notes, loans and finance/capital leases payable   4,808,147   -   4,808,147   -   4,510,021 Total $ 4,808,147 $ - $ 4,808,147 $ - $ 4,510,021 32   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2020 and March 31, 2020 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of June 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 629,550 $ 629,265 $ 285 $ - Fixed maturities - available for sale   2,370,821   7,614   2,363,047   160 Preferred stock   6,106   6,106   -   - Common stock   16,595   16,595   -   - Derivatives   1,763   1,763   -   - Total $ 3,024,835 $ 661,343 $ 2,363,332 $ 160                                     Liabilities                 Derivatives   8,170   -   8,170   - Total $ 8,170 $ - $ 8,170 $ -   As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ - 33   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both June 30, 2020 and March 31, 2020. 15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2020 and March 31, 2020. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity's ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2020 did not have a material effect on our financial statements. 34   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance withTopic 842/840 The Company's self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.   Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts are being accounted for as leases.   We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 - Leases. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. 35   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:     Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,531 $ - $ - $ - $ - $ - Property lease revenues   21,223   14,785   11,960   8,422   6,746   58,195 Total $ 25,754 $ 14,785 $ 11,960 $ 8,422 $ 6,746 $ 58,195 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 - Financial Instruments. In the following table, revenue is disaggregated by timing of revenue recognition:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 44,938 $ 39,079 Revenues recognized at a point in time:   104,848   91,171 Total revenues recognized under ASC 606   149,786   130,250           Revenues recognized under ASC 842 or 840   774,694   865,204 Revenues recognized under ASC 944   45,775   48,046 Revenues recognized under ASC 320   16,982   35,749 Total revenues $ 987,237 $ 1,079,249   In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . 36   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5%. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses at June 30, 2020 was $ 2.7 million. Available-for-Sale For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment.   In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 37   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 25.8 million as of January 1, 2020 and are excluded from the estimate of credit losses. Mortgage loans, net The portfolio of mortgage loans are principally collateralized by self-storage facilities and commercial properties. Mortgage loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for our mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.   Loans that fall under the >65% LTV are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to post events, current conditions, and reasonable and supportable forecasts. When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets at January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivable Premiums receivable   were $ 3.0 million at January 1, 2020 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company's reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   43   4,905   -   4,948 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of June 30, 2020 $ 2,723 $ 5,408 $ 501 $ 8,632 17.   Accounting Pronouncements Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted ASU 2016-13 on April 1, 2020 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $ 2.9 million. 38   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. 39           Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations General We begin Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2021. This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements. AMERCO, a Nevada corporation, has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020 and 2019 correspond to fiscal 2021 and 2020 for AMERCO. Overall Strategy Our overall strategy is to maintain our leadership position in the United States and Canada “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our eMove ® capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.   Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace. Description of Operating Segments AMERCO's three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its wholly owned subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its wholly owned subsidiaries. 40     Moving and Storage Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers, and expanding the selection and availability of rental equipment to satisfy the needs of our customers. U-Haul brand self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. uhaul.com ® is an online marketplace that connects consumers to our operations as well as independent Moving Help ® service providers and thousands of independent Self-Storage Affiliates. Our network of customer rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations, has helped us to reduce our impact on the environment. Property and Casualty Insurance Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. Life Insurance Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Critical Accounting Policies and Estimates Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.. Impairment of Investments Current expected credit loss (“CECL”) has replaced the previous other-than-temporary-impairment (“OTTI”) model. Under the OTTI model, credit losses were recognized as a reduction to the cost basis of the investment with recovery of an impairment loss recognized prospectively over time as interest income and reversals of impairment were not allowed. Under CECL, a valuation allowance is recognized in earnings for credit losses. If we intend to sell a debt security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 41     Results of Operations AMERCO and Consolidated Entities Quarter Ended June 30, 2020 compared with the Quarter Ended June 30, 2019 Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2021 and the first quarter of fiscal 2020:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Self-moving equipment rentals $ 654,285 $ 748,596 Self-storage revenues   108,955   98,274 Self-moving and self-storage products and service sales   91,350   80,026 Property management fees   7,347   7,156 Life insurance premiums   30,908   32,710 Property and casualty insurance premiums   13,734   13,424 Net investment and interest income   16,982   35,749 Other revenue   63,676   63,314 Consolidated revenue $ 987,237 $ 1,079,249 Self-moving equipment rental revenues decreased $94.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   Either through force of government or personal caution, self-moving rental activity decreased as a result of COVID-19 during the first quarter of fiscal 2021.   The decline in equipment rental revenues, as compared to the same period the previous year, did improve throughout the quarter.   April, May and June revenues were down approximately 30%, 8% and 4%, respectively.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and trailers in the rental fleet.   Self-storage revenues increased $10.7 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   The average monthly number of occupied units increased by 15%, or 44,000 units during the first quarter of fiscal 2021 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations and from the addition of new capacity to the portfolio. Over the last twelve months, we added approximately 5.2 million net rentable square feet, or a 14% increase, with approximately 1.3 million of that coming on during the first quarter of fiscal 2021. Sales of self-moving and self-storage products and services increased $11.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   This is due to increased sales of hitches, moving supplies and propane. Life insurance premiums decreased $1.8 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020 due primarily to decreased life and Medicare supplement premiums. Property and casualty insurance premiums increased $0.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020 due to an increase in Safetow ® and Safestor ® sales, which is a reflection of the increased equipment and storage rental transactions. Sales decreased in the second half of March 2020 as self-moving transactions declined. Net investment and interest income decreased $18.8 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Changes in the market value of unaffiliated common stocks held in our property and casualty insurance subsidiary accounted for $6.2 million of the decrease during the quarter. A $7.9 million realized loss in derivatives used as hedges for our fixed indexed annuities at our life insurance subsidiary also contributed to the decrease during the quarter. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $4.4 million for the three months ended March 31, 2020. 42     Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2021 and the first quarter of fiscal 2020. The insurance companies' first quarters ended March 31, 2020 and 2019.     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Moving and storage         Revenues $ 926,300 $ 1,000,398 Earnings from operations before equity in earnings of subsidiaries   151,661   201,896 Property and casualty insurance           Revenues   13,634   20,305 Earnings from operations   778   8,466 Life insurance            Revenues   49,653   60,321 Earnings from operations   1,920   3,781 Eliminations         Revenues   (2,350)   (1,775) Earnings from operations before equity in earnings of subsidiaries   (273)   (278) Consolidated results         Revenues   987,237   1,079,249 Earnings from operations   154,086   213,865 Total costs and expenses decreased $32.2 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Operating expenses for Moving and Storage decreased $42.4 million.   Repair costs associated with the rental fleet experienced a $27.8 million decrease during the quarter due to fewer trucks being prepped for sale and from a reduction in rental miles.   Other decreases included personnel, liability costs and payment processing costs. Net gains from the disposal of rental equipment decreased $15.6 million from a reduction in auction activity due to COVID-19.   Depreciation expense associated with our rental fleet increased $2.5 million to $124.9 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $7.0 million to $41.9 million. Net gains on the disposal of real estate decreased $1.4 million from the condemnation of a property in the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $154.1 million for the first quarter of fiscal 2021, compared with $213.9 million for the first quarter of fiscal 2020. Interest expense for the first quarter of fiscal 2021 was $39.5 million, compared with $38.9 million for the first quarter of fiscal 2020, due to increased borrowings. Income tax expense was $26.6 million for the first quarter of fiscal 2021, compared with $42.3 million for the first quarter of fiscal 2020. As a result of the above-mentioned items, earnings available to common stockholders were $87.7 million for the first quarter of fiscal 2021, compared with $132.4 million for the first quarter of fiscal 2020. Basic and diluted earnings per share for the first quarter of fiscal 2021 were $4.47, compared with $6.76 for the first quarter of fiscal 2020. The weighted average common shares outstanding basic and diluted were 19,607,788 for the first quarter of fiscal 2021, compared with 19,597,697 for the first quarter of fiscal 2020. 43     Moving and Storage Quarter Ended June 30, 2020 compared with the Quarter Ended June 30, 2019 Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2021 and the first quarter of fiscal 2020:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Self-moving equipment rentals $ 654,913 $ 749,136 Self-storage revenues   108,955   98,274 Self-moving and self-storage products and service sales   91,350   80,026 Property management fees   7,347   7,156 Net investment and interest income   662   3,267 Other revenue   63,073   62,539 Moving and Storage revenue $ 926,300 $ 1,000,398 Self-moving equipment rental revenues decreased $94.2 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   Either through force of government or personal caution, self-moving rental activity decreased as a result of COVID-19 during the first quarter of fiscal 2021.   The decline in equipment rental revenues, as compared to the same period the previous year, did improve throughout the quarter.   April, May and June revenues were down approximately 30%, 8% and 4%, respectively.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and trailers in the rental fleet.       Self-storage revenues increased $10.7 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   The average monthly number of occupied units increased by 15%, or 44,000 units during the first quarter of fiscal 2021 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations and from the addition of new capacity to the portfolio.   Over the last twelve months, we added approximately 5.2 million net rentable square feet, or a 14% increase, with approximately 1.3 million of that coming on during the first quarter of fiscal 2021. We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands, except occupancy rate) Unit count as of June 30   516   452 Square footage as of June 30   43,393   38,175 Average monthly number of units occupied   347   302 Average monthly occupancy rate based on unit count   67.6%   68.4% Average monthly square footage occupied   31,010   27,421 Over the last twelve months we added approximately 5.2 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development. On average, the occupancy rate of this new capacity on the date it was added was 2.5%. Sales of self-moving and self-storage products and services increased $11.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   This is due to increased sales of hitches, moving supplies and propane. Net investment and interest income decreased $2.6 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.    44     Total costs and expenses decreased $23.9 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Operating expenses decreased $42.4 million.   Repair costs associated with the rental fleet experienced a $27.8 million decrease during the quarter due to fewer trucks being prepped for sale and from a reduction in rental miles.   Other decreases included personnel, liability costs and payment processing costs. Net gains from the disposal of rental equipment decreased $15.6 million from a reduction in auction activity due to COVID-19.   Depreciation expense associated with our rental fleet increased $2.5 million to $124.9 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $7.0 million to $41.9 million. Net gains on the disposal of real estate decreased $1.4 million from the condemnation of a property in the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $151.7 million for the first quarter of fiscal 2021, compared with $201.9 million for the first quarter of fiscal 2020. Equity in the earnings of AMERCO's insurance subsidiaries was $2.4 million for the first quarter of fiscal 2021, compared with $9.8 million for the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $154.1 million for the first quarter of fiscal 2021, compared with $211.7 million for the first quarter of fiscal 2020. Property and Casualty Insurance Quarter Ended March 31, 2020 compared with the Quarter Ended March 31, 2019 Net premiums were $14.5 million and $14.1 million for the quarters ended March 31, 2020 and 2019, respectively. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period. Sales decreased in the second half of March 2020 due to the COVID-19 related issues that affected self-moving equipment rental revenues. Net investment and interest income was ($0.9) million and $6.2 million for the three months ended March 31, 2020 and 2019, respectively. The main driver of the change in net investment income was the decrease in the valuation of unaffiliated common stock of $6.2 million. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $0.8 million for the three months ended March 31, 2020. Net operating expenses were $8.8 million and $8.1 million for the three months ended March 31, 2020 and 2019, respectively. The change was due to an increase in commissions, decreased loss adjusting fees and subrogation income. Benefits and losses incurred were $4.0 million and $3.8 million for the three months March 31, 2020 and 2019, respectively. The increase was due to unfavorable loss experience. As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $0.8 million and $8.5 million for the three months ended March 31, 2020 and 2019, respectively. Life Insurance Quarter Ended March 31, 2020 compared with the Quarter Ended March 31, 2019 Net premiums were $30.9 million and $32.7 million for the quarters ended March 31, 2020 and 2019, respectively. Medicare Supplement premiums decreased $2.6 million from the policy decrements offset by premium rate increases. This was partially offset by a $1.0 million increase in life premiums from the new sales.   Premiums on other lines of business decreased $0.2 million. Deferred annuity deposits were $60.4 million or $1.1 million below prior year and are accounted for on the balance sheet as deposits rather than premiums. Net investment and interest income was $18.0 million and $26.7 million for the quarters ended March 31, 2020 and 2019, respectively. The decrease was primarily due to a $7.9 million realized loss in derivatives used as hedges for our fixed indexed annuities. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $3.6 million. This was partially offset by a $1.6 million increase in realized capital gains on fixed maturities coupled with a net $1.2 million increase in investment income from the remaining invested assets on a larger assets base. 45     Net operating expenses were $5.3 million and $5.2 million for both the quarters ended March 31, 2020 and 2019, respectively. Benefits and losses incurred were $35.5 million and $45.2 million for the quarters ended March 31, 2020 and 2019, respectively. Interest credited to policyholders decreased $7.0 million from the reduction in the interest credited rates on fixed indexed annuities driven by market decline. Medicare supplement benefits decreased $2.6 million from the declined policies in force. Benefits on the remaining lines of business decreased $0.1 million. Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $6.9 million and $6.1 million for the quarters ended March 31, 2020 and 2019, respectively. The increase in DAC amortization was primarily from a higher asset base supported by continuous sales of annuities As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $1.9 million and $3.8 million for the quarters ended March 31, 2020 and 2019, respectively. Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity for the foreseeable future. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs. As of June 30, 2020, cash and cash equivalents totaled $825.1 million, compared with $494.4 million at March 31, 2020. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2020 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:     Moving & Storage   Property & Casualty Insurance (a)   Life Insurance (a)     (Unaudited)     (In thousands) Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 Other financial assets   138,818   461,248   2,451,483 Debt obligations   4,766,564   -   11,399               (a) As of March 31, 2020             As of June 30, 2020, Moving and Storage had additional cash available under existing credit facilities of $70.0 million.   The majority of invested cash at the Moving and Storage segment is held in government money market funds. During the first quarter of fiscal 2021 COVID-19 has negatively affected our operating cash flows through lower self-moving equipment rental revenues along with a significant reduction in equipment sales proceeds stemming from the closures of commercial auto auctions We believe that the Company has adequate liquidity to meet our obligations. However, there can be no assurance that market conditions resulting from COVID-19 will not worsen and have a material negative effect on our liquidity. Net cash provided by operating activities decreased $50.8 million in the first quarter of fiscal 2021 compared with the first quarter of fiscal 2020 largely as a result of reduced equipment rental activity. Net cash used in investing activities increased $537.0 million in the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Purchases of property, plant and equipment, decreased $597.5 million. Cash from the sales of property, plant and equipment decreased $84.3 million largely due to reduced fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $24.8 million due to reduced investment purchases.   46     Net cash provided by financing activities increased $2.4 million in the first quarter of fiscal 2021, as compared with the first quarter of fiscal 2020. This was due to a combination of increased debt payments of $93.0 million, decreased finance/capital lease repayments of $25.9 million, an increase in cash from borrowings of $43.4 million, a decrease in common stock dividends of $9.8 million and a decrease in net annuity deposits from Life Insurance of $0.7 million. Liquidity and Capital Resources and Requirements of Our Operating Segments Moving and Storage To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2021 the Company will reinvest in its truck and trailer rental fleet approximately $460 million, net of equipment sales and excluding any lease buyouts. Through the first quarter of fiscal 2021, the Company invested, net of sales, approximately $49 million before any lease buyouts in its truck and trailer fleet. Fleet investments in fiscal 2021 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the fiscal 2021 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options. Based upon interactions with our existing lenders, the Company does not believe that COVID-19 will materially inhibit our ability to obtain financing for the purchases of rental equipment in fiscal 2021. Should the situation severely worsen this belief could change. Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company's plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. The Company expects to fund these development projects through a combination of internally generated funds along with borrowings against existing properties as they operationally mature. For the first quarter of fiscal 2021, the Company invested $103 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2021, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and any lingering effects of COVID-19. In the first quarter of fiscal 2021, the Company has opted to slow the development of new self-storage projects to preserve liquidity. We will calibrate our capital spending based in part upon the evolving effects of COVID-19. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital. Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $173.3 million and $686.5 million for the first quarter of fiscal 2021 and 2020, respectively. The components of our net capital expenditures are provided in the following table:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Purchases of rental equipment $ 122,943 $ 560,693 Equipment lease buyouts   11,477   34,030 Purchases of real estate, construction and renovations   102,590   217,911 Other capital expenditures   12,730   34,614 Gross capital expenditures   249,740   847,248 Less: Lease proceeds   -   - Less: Sales of property, plant and equipment   (76,412)   (160,754) Net capital expenditures $ 173,328 $ 686,494 47     Moving and Storage continues to hold significant cash and has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace or reduce existing indebtedness where possible. Property and Casualty Insurance State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries. We believe that stockholders' equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations. Property and Casualty Insurance's stockholder's equity was $241.5 million and $251.1 million at March 31, 2020 and December 31, 2019, respectively. The decrease resulted from net earnings of $0.6 million, a decrease in other comprehensive income of $8.7 million and a decrease of $1.5 million to beginning retained earnings due to the implementation of ASU 2016-13.   Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio. Life Insurance Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance's net deposits for the quarter ended March 31, 2020 were $23.7 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance's assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries. Life Insurance's stockholder's equity was $376.6 million and $417.4 million as of March 31, 2020 and December 31, 2019, respectively. The decrease resulted from net earnings of $1.8 million and a decrease in other comprehensive income of $42.0 million primarily due to the effect COVID-19 had on market prices for the fixed maturity portion of the investment portfolio and a decrease of $0.6 million to beginning retained earnings due to the implementation of ASU 2016-13. Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. However, as of March 31, 2020, Oxford had outstanding deposits of $60.0 million through its membership in the FHLB system.   For a more detailed discussion of this deposit, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements. Cash Provided from Operating Activities by Operating Segments Moving and Storage Net cash provided from operating activities were $311.7 million and $367.8 million for the first quarter of fiscal 2021 and 2020, respectively largely as a result of reduced equipment rental activity. Property and Casualty Insurance Net cash provided by operating activities were $3.5 million and $3.1 million for the first quarters ended March 31, 2020 and 2019, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity. Property and Casualty Insurance's cash and cash equivalents and short-term investment portfolios amounted to $18.1 million and $11.8 million at March 31, 2020 and December 31, 2019, respectively. These balances reflect funds in transition from maturity proceeds to long term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds. Life Insurance Net cash provided by operating activities were $14.9 million and $10.0 million for the first quarter ended March 31, 2020 and 2019, respectively. The change was primarily due to an increase in the investment income received and a decrease in federal income tax payment. 48     In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance's short-term portfolio and its membership in the FHLB. As of March 31, 2020 and December 31, 2019, cash and cash equivalents and short-term investments amounted to $50.0 million and $30.5 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs. Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. As a result of the federal income tax provisions of the CARES Act, we have filed applicable forms with the IRS to carryback net operating losses and requested refunds of previous deposits totaling approximately $235 million. We believe that upon the filing of our June 30, 2020 federal income tax return additional refunds in excess of $250 million will be due to the Company. These amounts are expected to provide us additional liquidity in fiscal 2021. It is possible future legislation could negatively impact our ability to receive these tax refunds. Our borrowing strategy is primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2020, we had available borrowing capacity under existing credit facilities of $70.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long term debt and borrowing capacity, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements. Disclosures about Contractual Obligations and Commercial Commitments Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Off-Balance Sheet Arrangements We use off-balance sheet arrangements in situations where management believes that the economics and sound business principles warrant their use. Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when our overall borrowing structure was more limited. We do not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders Fiscal 2021 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control. 49     With respect to our storage business, we have added new locations and expanded at existing locations. In fiscal 2021, we are actively looking to acquire new locations, complete current projects and increase occupancy in our existing portfolio of locations. New projects and acquisitions will be considered and pursued if they fit our long term plans and meet our financial objectives. We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2021. In light of COVID-19 and its lingering effects, we may be challenged in our progress. Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities. Item 3. Quantitative and Qualitative Disclosures About Market Risk We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes. Interest Rate Risk The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations. Following is a summary of our interest rate swap agreements as of June 30, 2020:   Notional Amount     Fair Value   Effective Date   Expiration Date   Fixed Rate   Floating Rate   (Unaudited)                   (In thousands)                 $ 85,000   $ (2,761)   6/28/2019   6/15/2022   1.76%   1 Month LIBOR   75,000     (2,506)   6/28/2019   6/30/2022   1.78%   1 Month LIBOR   75,000     (2,903)   6/28/2019   10/31/2022   1.77%   1 Month LIBOR As of June 30, 2020, we had $1,395.4 million of variable rate debt obligations. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $9.6 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Additionally, our insurance subsidiaries' fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies' asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. At June 30, 2020 and March 31, 2020, these derivative hedges had a net market value of $1.8 million and $5.9 million, with notional amounts of $289.1   million and $246.8   million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets. 50     Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. Foreign Currency Exchange Rate Risk The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 4.5% of our revenue was generated in Canada during the first quarter of both fiscal 2021 and 2020. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material. Additionally, our insurance subsidiaries' fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies' asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities, assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. Cautionary Statements Regarding Forward-Looking Statements This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, the risk associated with COVID-19 or similar events on employees or customers, impact on the economic environment or demand of our products and the cost and availability of debt and capital, estimates of capital expenditures, plans for future operations, products or services, financing needs, plans and strategies, our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity and the availability of financial resources to meet our needs, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets, the impact of our compliance with environmental laws and cleanup costs, our beliefs regarding our sustainable practices, our used vehicle disposition strategy, the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans, our plan to expand our U-Haul storage affiliate program, that additional leverage can be supported by our operations and business, the availability of alternative vehicle manufacturers, our estimates of the residual values of our equipment fleet, our plans with respect to off-balance sheet arrangements, our plans to continue to invest in the U-Box ® program, the impact of interest rate and foreign currency exchange rate changes on our operations, the sufficiency of our capital resources and the sufficiency of capital of our insurance subsidiaries as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. 51     Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law. Item 4. Controls and Procedures Attached as exhibits to this Quarterly Report are certifications of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), which are required in accordance with Rule 13a-14 of the Exchange Act. This "Controls and Procedures" section includes information concerning the controls and procedures evaluation referred to in the certifications and it should be read in conjunction with the certifications for a more complete understanding of the topics presented in the section titled Evaluation of Disclosure Controls and Procedures. Evaluation of Disclosure Controls and Procedures Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end of the most recently completed fiscal quarter covered by this Quarterly Report. Our Disclosure Controls are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our Disclosure Controls are also designed to ensure that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report, our Disclosure Controls were effective at a reasonable assurance level related to the above stated design purposes. Inherent Limitations on the Effectiveness of Controls Our management, including our CEO and CFO, does not expect that our Disclosure Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of our controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. 52     Changes in Internal Control Over Financial Reporting There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II Other information Item 1. Legal Proceedings The information regarding our legal proceedings in Note 9, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein. Item 1A. Risk Factors We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Not applicable. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable. Item 5. Other Information Not applicable. Item 6. Exhibits The following documents are filed as part of this report: Exhibit Number Description Page or Method of Filing 3.1 Amended and Restated Articles of Incorporation of AMERCO Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255   3.2 Restated Bylaws of AMERCO Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255         10.1 Credit Agreement, dated as of May 22, 2020 by and among AMERCO, as the Borrower, PNC Bank, N.A., as Agent for all Lenders, and the financial institutions party thereto, as Lenders.   Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on May 27, 2020, file no. 1-11255 31.1 Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO   Filed herewith 31.2 Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of AMERCO   Filed herewith 32.1 Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   Furnished herewith 53     32.2 Certificate of Jason A. Berg, Chief Financial Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   Furnished herewith 101.INS Inline XBRL Instance Document   Filed herewith 101.SCH Inline XBRL Taxonomy Extension Schema   Filed herewith 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase   Filed herewith 101.LAB Inline XBRL Taxonomy Extension Label Linkbase   Filed herewith 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase   Filed herewith 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase   Filed herewith 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)   Filed herewith   54             SIGNATURES     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   AMERCO   Date:   August 5, 2020   /s/ Edward J. Shoen                  Edward J. Shoen     President and Chairman of the Board     (Principal Executive Officer)                   Date:   August 5, 2020   /s/ Jason A. Berg                         Jason A. Berg     Chief Financial Officer     (Principal Financial Officer)                   Date: August 5, 2020   /s/ Maria L. Bell       Maria L. Bell     (Chief Accounting Officer)                     55  
v3.20.2
Stockholders' Equity
 3 Months Ended
Jun. 30, 2020
Stockholders' Equity [Abstract]  
7. Stockholders' Equity On June 8, 2016, our stockholders' approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of June 30, 2020 no awards had been issued under this plan.
v3.20.2
Leases
 3 Months Ended
Jun. 30, 2020
Leases [Abstract]  
8. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, to the Notes to Condensed Consolidated Financial Statements. 14   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheet dated June 30, 2020 and March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our balance sheet dated June 30, 2020 and March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Finanical Statements for additional information. The following table shows the components of our ROU assets, net:     As of June 30, 2020     (Unaudited)     (In thousands)                   Finance   Operating   Total Buildings and improvements $ - $ 130,241 $ 130,241 Furniture and equipment   21,111   -   21,111 Rental trailers and other rental equipment   115,967   -   115,967 Rental trucks   1,697,339   -   1,697,339 Right-of-use assets, gross   1,834,417   130,241   1,964,658 Less: Accumulated depreciation   (807,489)   (23,559)   (831,048) Right-of-use assets, net $ 1,026,928 $ 106,682 $ 1,133,610       Finance   Operating               Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 %   For the quarter ended June 30, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 7.0 million and $ 68.6 million, respectively. 15   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The components of lease costs were as follows:       Three Months Ended     June 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 7,137       Finance lease cost:     Amortization of right-of-use assets $ 40,836 Interest on lease liabilities   6,282 Total finance lease cost $ 47,118   Maturities of lease liabilities were as follows:       Finance leases   Operating leases     (Unaudited) Year ending June 30,   (In thousands)           2021 $ 194,978 $ 24,802 2022   154,457   22,598 2023   122,986   21,780 2024   92,915   20,791 2025   65,825   6,213 Thereafter   35,155   65,758 Total lease payments   666,316   161,942 Less: imputed interest   -   (55,328) Present value of lease liabilities $ 666,316 $ 106,614   9. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first quarter of fiscal 2021, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company's business, operations and financial results will continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company's results of future operations, financial position and liquidity in fiscal 2021. 16  
v3.20.2
Contingencies
 3 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
9. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first quarter of fiscal 2021, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company's business, operations and financial results will continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company's results of future operations, financial position and liquidity in fiscal 2021. 16   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) CARES Act The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. We have availed ourselves of the provisions related to deferring certain payroll taxes, carrybacks of net operating losses, and will utilize the technical corrections to tax depreciation methods.   We estimate that the net operating loss carrybacks combined with the depreciation adjustments for our fiscal 2020 federal income tax return will result in a refund of approximately $ 381 million, which are reflected in Prepaid expense. As refunds are received, they will reduce this amount. We have estimated and recorded the overall effects of the CARES Act and do not anticipate a material change. It is possible future legislation could reduce or delay our ability to carryback these losses. Environmental Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO's financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management's opinion, none of these other matters will have a material effect on our financial position and results of operations.
v3.20.2
Related Party Transactions
 3 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
10. Related Party Transactions As set forth in the Company's Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC self-storage are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP (“WGHLP”), which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen 17   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Related Party Revenue     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,148 $ 6,249 U-Haul management fee revenue from Mercury   1,199   907   $ 7,347 $ 7,156 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4 % and 10 % of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $ 10.1 million and $ 9.2 million from the above-mentioned entities during the first quarter of fiscal 2021 and 2020, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 657 $ 658 U-Haul commission expenses to Blackwater   15,332   17,202   $ 15,989 $ 17,860 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of June 30, 2020, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 6.1 million, expenses of $ 0.7 million and cash flows of $ 5.2 million during the first quarter of fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 63.0 million and $ 15.3 million, respectively, during the first quarter of fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $0.4 million. 18   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets       June 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 22,897 $ 25,293 U-Haul receivable from Mercury   5,555   9,893 Other (a)   (19,046)   (402)   $ 9,406 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. Our credit balance as of June 30, 2020, was due to a timing difference for a dividend paid by Oxford to AMERCO of $ 18.6 million.   19  
v3.20.2
Consolidating Financial Information by Industry Segment
 3 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
11. Consolidating Financial Information by Industry Segment 11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of June 30, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074 Reinsurance recoverables and trade receivables, net   83,795   87,403   37,173   -     208,371 Inventories and parts, net   100,835   -   -   -     100,835 Prepaid expenses   585,879   -   -   -     585,879 Investments, fixed maturities and marketable equities   -   270,083   2,123,439   -     2,393,522 Investments, other   20,988   96,738   277,397   -     395,123 Deferred policy acquisition costs, net   -   -   117,123   -     117,123 Other assets   67,047   1,094   2,274   -     70,415 Right of use assets - financing, net   1,026,928   -   -   -     1,026,928 Right of use assets - operating   106,202   262   218   -     106,682 Related party assets   34,035   7,024   13,474   (45,127) (c)   9,406     2,796,650   466,723   2,621,112   (45,127)     5,839,358                         Investment in subsidiaries   599,538   -   -   (599,538) (b)   -                         Property, plant and equipment, at cost:                       Land   1,043,952   -   -   -     1,043,952 Buildings and improvements   4,752,816   -   -   -     4,752,816 Furniture and equipment   754,641   -   -   -     754,641 Rental trailers and other rental equipment   513,623   -   -   -     513,623 Rental trucks   3,619,718   -   -   -     3,619,718     10,684,750   -   -   -     10,684,750 Less:   Accumulated depreciation   (2,811,749)   -   -   -     (2,811,749) Total property, plant and equipment, net   7,873,001   -   -   -     7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       21   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ -   $ 582,356 Notes, loans and finance/capital leases payable, net   4,766,564   -   11,399   -     4,777,963 Operating lease liability   106,114   271   229   -     106,614 Policy benefits and losses, claims and loss expenses payable   410,989   207,571   380,202   -     998,762 Liabilities from investment contracts   -   -   1,833,617   -     1,833,617 Other policyholders' funds and liabilities   -   1,662   5,102   -     6,764 Deferred income   42,789   -   -   -     42,789 Deferred income taxes, net   1,092,631   6,715   6,966   -     1,106,312 Related party liabilities   26,143   3,694   1,387   (31,224) (c)   - Total liabilities   7,016,703   225,194   2,244,504   (31,224)     9,455,177                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   (18,428)   3,937   36,550   (35,791) (b)   (13,732) Retained earnings   4,484,038   143,171   311,287   (454,248) (b)   4,484,248 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,252,486   241,529   376,608   (613,441)     4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         22   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       23   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         24   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statement of operations by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues   108,955   -   -   -     108,955 Self-moving and self-storage products and service sales   91,350   -   -   -     91,350 Property management fees   7,347   -   -   -     7,347 Life insurance premiums   -   -   30,908   -     30,908 Property and casualty insurance premiums   -   14,507   -   (773) (c)   13,734 Net investment and interest income   662   (873)   18,006   (813) (b)   16,982 Other revenue   63,073   -   739   (136) (b)   63,676 Total revenues   926,300   13,634   49,653   (2,350)     987,237                         Costs and expenses:                       Operating expenses   480,081   8,825   5,288   (1,532) (b,c)   492,662 Commission expenses   69,175   -   -   -     69,175 Cost of sales   52,831   -   -   -     52,831 Benefits and losses   -   4,030   35,547   -     39,577 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Lease expense   7,137   1   10   (545) (b)   6,603 Depreciation, net of gains on disposals   165,671   -   -   -     165,671 Net gains on disposal of real estate   (256)   -   -   -     (256) Total costs and expenses   774,639   12,856   47,733   (2,077)     833,151                         Earnings from operations before equity in earnings of subsidiaries   151,661   778   1,920   (273)     154,086                         Equity in earnings of subsidiaries   2,395   -   -   (2,395) (d)   -                         Earnings from operations   154,056   778   1,920   (2,668)     154,086 Other components of net periodic benefit costs   (247)   -   -   -     (247) Interest expense   (39,794)   -   -   273 (b)   (39,521) Pretax earnings   114,015   778   1,920   (2,395)     114,318 Income tax expense   (26,289)   (162)   (141)   -     (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726                         (a) Balances for the quarter ended March 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       25   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues   98,274   -   -   -     98,274 Self-moving and self-storage products and service sales   80,026   -   -   -     80,026 Property management fees   7,156   -   -   -     7,156 Life insurance premiums   -   -   32,710   -     32,710 Property and casualty insurance premiums   -   14,114   -   (690) (c)   13,424 Net investment and interest income   3,267   6,191   26,701   (410) (b)   35,749 Other revenue   62,539   -   910   (135) (b)   63,314 Total revenues   1,000,398   20,305   60,321   (1,775)     1,079,249                         Costs and expenses:                       Operating expenses   522,524   8,081   5,228   (1,361) (b,c)   534,472 Commission expenses   80,899   -   -   -     80,899 Cost of sales   48,929   -   -   -     48,929 Benefits and losses   -   3,758   45,248   -     49,006 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Lease expense   7,172   -   -   (136) (b)   7,036 Depreciation, net of gains on disposals   140,600   -   -   -     140,600 Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Total costs and expenses   798,502   11,839   56,540   (1,497)     865,384                         Earnings from operations before equity in earnings of subsidiaries   201,896   8,466   3,781   (278)     213,865                         Equity in earnings of subsidiaries   9,831   -   -   (9,831) (d)   -                         Earnings from operations   211,727   8,466   3,781   (10,109)     213,865 Other components of net periodic benefit costs   (263)   -   -   -     (263) Interest expense   (39,166)   -   -   278 (b)   (38,888) Pretax earnings   172,298   8,466   3,781   (9,831)     174,714 Income tax expense   (39,876)   (1,778)   (638)   -     (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422                         (a) Balances for the quarter ended March 31, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                         26   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726 Earnings from consolidated entities   (2,395)   -   -   2,395     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   166,740   -   -   -     166,740 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Amortization of premiums and accretion of discounts related to investments, net   -   395   3,155   -     3,550 Amortization of debt issuance costs   1,297   -   -   -     1,297 Interest credited to policyholders   -   -   7,667   -     7,667 Change in allowance for losses on trade receivables   60   -   -   -     60 Change in allowance for inventories and parts reserve   (99)   -   -   -     (99) Net gains on disposal of personal property   (1,069)   -   -   -     (1,069) Net gains on disposal of real estate   (256)   -   -   -     (256) Net (gains) losses on sales of investments   -   (13)   2,027   -     2,014 Net losses on equity investments   -   3,989   -   -     3,989 Deferred income taxes   28,939   1,070   (2,475)   -     27,534 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (24,749)   5,725   (4,570)   -     (23,594) Inventories and parts   350   -   -   -     350 Prepaid expenses   (22,831)   -   -   -     (22,831) Capitalization of deferred policy acquisition costs   -   -   (7,308)   -     (7,308) Other assets   758   (340)   (344)   -     74 Related party assets   7,302   27   -   -     7,329 Accounts payable and accrued expenses   56,522   (246)   1,997   -     58,273 Policy benefits and losses, claims and loss expenses payable   294   (2,769)   3,003   -     528 Other policyholders' funds and liabilities   -   (4,089)   663   -     (3,426) Deferred income   11,238   -   3,660   -     14,898 Related party liabilities   1,867   (834)   (1,282)   -     (249) Net cash provided by operating activities   311,694   3,531   14,860   -     330,085                         Cash flows from investing activities:                       Escrow deposits   1,401   -   -   -     1,401 Purchases of:                       Property, plant and equipment   (249,740)   -   -   -     (249,740) Short term investments   -   (8,989)   (636)   -     (9,625) Fixed maturities investments   -   (1,864)   (92,329)   -     (94,193) Real estate   -   -   (192)   -     (192) Mortgage loans   -   -   (33,300)   -     (33,300) Proceeds from sales and paydowns of:                       Property, plant and equipment   76,412   -   -   -     76,412 Short term investments   -   1,980   468   -     2,448 Fixed maturities investments   -   4,402   105,763   -     110,165 Mortgage loans   -   265   1,167   -     1,432 Net cash used by investing activities   (171,927)   (4,206)   (19,059)   -     (195,192)     (page 1 of 2) (a) Balance for the period ended March 31, 2020                       27   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   367,451   -   9,600   -     377,051 Principal repayments on credit facilities   (144,489)   -   (9,600)   -     (154,089) Payments of debt issuance costs   (1,677)   -   -   -     (1,677) Finance/capital lease payments   (68,554)   -   -   -     (68,554) Net contribution from (to) related party   18,599   -   -   -     18,599 Investment contract deposits   -   -   75,366   -     75,366 Investment contract withdrawals   -   -   (51,633)   -     (51,633) Net cash provided (used) by financing activities   171,330   -   23,733   -     195,063                         Effects of exchange rate on cash   766   -   -   -     766                         Increase (decrease) in cash and cash equivalents   311,863   (675)   19,534   -     330,722 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074     (page 2 of 2) (a) Balance for the period ended March 31, 2020                         28   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422 Earnings from consolidated entities   (9,831)   -   -   9,831     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   157,278   -   -   -     157,278 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Amortization of premiums and accretion of discounts related to investments, net   -   374   2,901   -     3,275 Amortization of debt issuance costs   1,053   -   -   -     1,053 Interest credited to policyholders   -   -   14,218   -     14,218 Change in allowance for losses on trade receivables   (162)   -   -   -     (162) Change in allowance for inventories and parts reserve   367   -   -   -     367 Net gains on disposal of personal property   (16,678)   -   -   -     (16,678) Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Net gains on sales of investments   -   (33)   (4,234)   -     (4,267) Net gains on equity investments   -   (2,215)   -   -     (2,215) Deferred income taxes   35,980   (2,564)   (3,653)   -     29,763 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (23,033)   5,078   (260)   -     (18,215) Inventories and parts   2,110   -   -   -     2,110 Prepaid expenses   (15,720)   -   -   -     (15,720) Capitalization of deferred policy acquisition costs   -   -   (5,090)   -     (5,090) Other assets   1,805   1,546   (14)   -     3,337 Related party assets   (925)   (439)   -   -     (1,364) Accounts payable and accrued expenses   86,094   2,368   1,254   -     89,716 Policy benefits and losses, claims and loss expenses payable   8,802   (6,987)   503   -     2,318 Other policyholders' funds and liabilities   -   (414)   (4,867)   -     (5,281) Deferred income   8,527   -   -   -     8,527 Related party liabilities   1,345   (315)   62   -     1,092 Net cash provided by operating activities   367,812   3,087   10,027   -     380,926                         Cash flows from investing activities:                       Escrow deposits   1,968   -   -   -     1,968 Purchases of:                       Property, plant and equipment   (847,248)   -   -   -     (847,248) Short term investments   -   (8,689)   -   -     (8,689) Fixed maturities investments   -   (5,149)   (71,366)   -     (76,515) Real estate   -   (328)   -   -     (328) Mortgage loans   -   -   (9,410)   -     (9,410) Proceeds from sales and paydowns of:                       Property, plant and equipment   160,754   -   -   -     160,754 Short term investments   -   6,942   40   -     6,982 Fixed maturities investments   -   4,196   34,062   -     38,258 Real estate   311   -   -   -     311 Mortgage loans   -   245   1,433   -     1,678 Net cash used by investing activities   (684,215)   (2,783)   (45,241)   -     (732,239)     (page 1 of 2) (a) Balance for the period ended March 31, 2019                       29   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   331,200   -   2,500   -     333,700 Principal repayments on credit facilities   (58,604)   -   (2,500)   -     (61,104) Payment of debt issuance costs   (5)   -   -   -     (5) Finance/capital lease payments   (94,446)   -   -   -     (94,446) Employee stock ownership plan stock   (131)   -   -   -     (131) Common stock dividend paid   (9,796)   -   -   -     (9,796) Investment contract deposits   -   -   61,515   -     61,515 Investment contract withdrawals   -   -   (37,054)   -     (37,054) Net cash provided by financing activities   168,218   -   24,461   -     192,679                         Effects of exchange rate on cash   4,764   -   -   -     4,764                         Increase (decrease) in cash and cash equivalents   (143,421)   304   (10,753)   -     (153,870) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ -   $ 519,831     (page 2 of 2) (a) Balance for the period ended March 31, 2019                           30  
v3.20.2
Industry Segment and Geographic Area Data
 3 Months Ended
Jun. 30, 2020
Segments, Geographical Areas [Abstract]  
12. Industry Segment and Geographic Area Data 12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets   13,279,882   432,477   13,712,359               Quarter Ended June 30, 2019             Total revenues $ 1,028,574 $ 50,675 $ 1,079,249 Depreciation and amortization, net of gains on disposal   141,898   3,144   145,042 Interest expense   38,220   668   38,888 Pretax earnings   170,847   3,867   174,714 Income tax expense   41,114   1,178   42,292 Identifiable assets   12,076,714   398,030   12,474,744
v3.20.2
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2020
Compensation and Retirement Disclosure [Abstract]  
13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:       Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 317 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   230   241 Other components   17   22 Total other components of net periodic benefit costs   247   263 Net periodic postretirement benefit cost $ 564 $ 555
v3.20.2
Fair Value Measurements
 3 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
14. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability. 31   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:       Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,371 $ - $ - $ 208,371 $ 208,371 Mortgage loans, net   294,551   -   -   294,551   294,551 Other investments   100,572   -   -   100,572   100,572 Total $ 603,494 $ - $ - $ 603,494 $ 603,494                                             Liabilities                     Notes, loans and finance/capital leases payable   4,808,147   -   4,808,147   -   4,510,021 Total $ 4,808,147 $ - $ 4,808,147 $ - $ 4,510,021 32   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2020 and March 31, 2020 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of June 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 629,550 $ 629,265 $ 285 $ - Fixed maturities - available for sale   2,370,821   7,614   2,363,047   160 Preferred stock   6,106   6,106   -   - Common stock   16,595   16,595   -   - Derivatives   1,763   1,763   -   - Total $ 3,024,835 $ 661,343 $ 2,363,332 $ 160                                     Liabilities                 Derivatives   8,170   -   8,170   - Total $ 8,170 $ - $ 8,170 $ -   As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ - 33   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both June 30, 2020 and March 31, 2020. 15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2020 and March 31, 2020. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity's ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2020 did not have a material effect on our financial statements. 34  
v3.20.2
Revenue Recognition
 3 Months Ended
Jun. 30, 2020
Revenue From Contract With Customer [Abstract]  
Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2020 and March 31, 2020. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity's ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2020 did not have a material effect on our financial statements. 34   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance withTopic 842/840 The Company's self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.   Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts are being accounted for as leases.   We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 - Leases. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. 35   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:     Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,531 $ - $ - $ - $ - $ - Property lease revenues   21,223   14,785   11,960   8,422   6,746   58,195 Total $ 25,754 $ 14,785 $ 11,960 $ 8,422 $ 6,746 $ 58,195 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 - Financial Instruments. In the following table, revenue is disaggregated by timing of revenue recognition:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 44,938 $ 39,079 Revenues recognized at a point in time:   104,848   91,171 Total revenues recognized under ASC 606   149,786   130,250           Revenues recognized under ASC 842 or 840   774,694   865,204 Revenues recognized under ASC 944   45,775   48,046 Revenues recognized under ASC 320   16,982   35,749 Total revenues $ 987,237 $ 1,079,249   In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . 36   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5%. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses at June 30, 2020 was $ 2.7 million. Available-for-Sale For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment.   In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 37  
v3.20.2
Allowance for Credit Losses
 3 Months Ended
Jun. 30, 2020
Allowance For Credit Loss [Abstract]  
Allowance For Credit Losses [Text Block] Trade Receivables Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5%. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses at June 30, 2020 was $ 2.7 million. Available-for-Sale For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment.   In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 37   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 25.8 million as of January 1, 2020 and are excluded from the estimate of credit losses. Mortgage loans, net The portfolio of mortgage loans are principally collateralized by self-storage facilities and commercial properties. Mortgage loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for our mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.   Loans that fall under the >65% LTV are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to post events, current conditions, and reasonable and supportable forecasts. When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets at January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivable Premiums receivable   were $ 3.0 million at January 1, 2020 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company's reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   43   4,905   -   4,948 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of June 30, 2020 $ 2,723 $ 5,408 $ 501 $ 8,632
v3.20.2
Accounting Pronouncements
 3 Months Ended
Jun. 30, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
New Accounting Pronouncements And Changes In Accounting Principles [Text Block] Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted ASU 2016-13 on April 1, 2020 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $ 2.9 million. 38   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.
v3.20.2
Investments (Table Text Block)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Investments Debt Equity Securities [Abstract]    
Available-for-Sale Investments     Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Allowance for Expected Credit Losses   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 84,814 $ 12,192 $ - $ - $ - $ 97,006 U.S. government agency mortgage-backed securities   126,599   3,458   (1)   (39)   -   130,017 Obligations of states and political subdivisions   270,476   21,364   (141)   (2)   -   291,697 Corporate securities   1,636,025   66,359   (1,759)   (37,168)   (5,407)   1,658,050 Mortgage-backed securities   197,599   2,485   (2)   (6,031)   -   194,051 Redeemable preferred stocks   1,493   14   -   (5)   -   1,502   $ 2,317,006 $ 105,872 $ (1,903) $ (43,245) $ (5,407) $ 2,372,323     Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Estimated Market Value           (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities   88,449   759   (1)   (373)   88,834 Obligations of states and political subdivisions   287,643   20,664   (155)   -   308,152 Corporate securities   1,656,425   100,302   (919)   (812)   1,754,996 Mortgage-backed securities   187,784   6,011   (1)   (107)   193,687 Redeemable preferred stocks   1,493   72   -   -   1,565   $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613
Adjusted Cost and Estimated Market Value of Available-for-sale Investments     June 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 141,789 $ 141,448 $ 128,747 $ 129,420 Due after one year through five years   537,400   541,406   547,821   566,934 Due after five years through ten years   605,305   618,209   636,036   678,636 Due after ten years   833,420   875,707   832,334   897,371     2,117,914   2,176,770   2,144,938   2,272,361                   Mortgage-backed securities   197,599   194,051   187,784   193,687 Redeemable preferred stocks   1,493   1,502   1,493   1,565   $ 2,317,006 $ 2,372,323 $ 2,334,215 $ 2,467,613  
Available for sale equity investments     June 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 16,595 $ 9,775 $ 20,015 Non-redeemable preferred stocks   5,076   4,604   5,076   5,110   $ 14,851 $ 21,199 $ 14,851 $ 25,125  
v3.20.2
Borrowings (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Debt Instruments [Abstract]  
Long-Term Debt                       June 30,   March 31,   2021 Rates (a)     Maturities   2020   2020                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.68 %       2023 $ 90,413 $ 92,913 Senior mortgages 3.11 % - 6.62 %   2021 - 2038   2,015,495   2,029,878 Real estate loans (revolving credit) 1.58 % - 3.25 %   2022 - 2025   535,000   519,000 Fleet loans (amortizing term) 2.04 % - 4.66 %   2020 - 2027   200,983   224,089 Fleet loans (revolving credit)       1.32 %   2022 - 2024   570,000   567,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   666,316   734,870 Finance liability (rental equipment) 1.63 % - 4.22 %   2020   2028   447,416   398,834 Other obligations 2.50 % - 8.00 %   2020 - 2049   282,524   84,484 Notes, loans and finance/capital leases payable                   4,808,147   4,651,068 Less: Debt issuance costs                     (30,184)   (29,777) Total notes, loans and finance/capital leases payable, net         $ 4,777,963 $ 4,621,291                             (a) Interest rates as of June 30, 2020, including the effect of applicable hedging instruments.        
Annual Maturities of Notes, Loans and Leases Payable     Year Ended June 30,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 683,816 $ 770,912 $ 778,383 $ 793,838 $ 290,267 $ 1,490,931
Components of interest expense     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 41,911 $ 43,331 Capitalized interest   (4,434)   (5,499) Amortization of transaction costs   1,297   1,053 Interest expense resulting from cash flow hedges   747   3 Total interest expense $ 39,521 $ 38,888
Interest rates and company borrowings     Revolving Credit Activity       Quarter Ended June 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   2.02 % 3.73 % Interest rate at the end of the quarter   1.67 % 3.69 % Maximum amount outstanding during the quarter $ 1,175,000 $ 990,000   Average amount outstanding during the quarter $ 1,161,385 $ 967,358   Facility fees $ 4 $ 62  
v3.20.2
Derivatives (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Derivative Instrument Detail [Abstract]  
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet     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
Effect of Interest Rate Contracts on the Statement of Operations     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
v3.20.2
Accumulated Other Comprehensive Income (loss) (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Table Text Block Supplement [Abstract]  
Summary of accumulated other comprehensive income (loss) components, net of tax     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (2,917)   -   -   -   (2,917) Unrealized net gain on investments   -   (45,499)   -   -   (45,499) Change in fair value of cash flow hedges   -   -   (532)   -   (532) Amounts reclassified into earnings on hedging activities   -   -   564   -   564 Other comprehensive income (loss)   (2,917)   (45,499)   32   -   (48,384) Balance at June 30, 2020 $ (50,152) $ 45,185 $ (6,164) $ (2,601) $ (13,732) . 7. Stockholders' Equity On June 8, 2016, our stockholders' approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of June 30, 2020 no awards had been issued under this plan. 8. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, to the Notes to Condensed Consolidated Financial Statements. 14   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheet dated June 30, 2020 and March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our balance sheet dated June 30, 2020 and March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Finanical Statements for additional information. The following table shows the components of our ROU assets, net:     As of June 30, 2020     (Unaudited)     (In thousands)                   Finance   Operating   Total Buildings and improvements $ - $ 130,241 $ 130,241 Furniture and equipment   21,111   -   21,111 Rental trailers and other rental equipment   115,967   -   115,967 Rental trucks   1,697,339   -   1,697,339 Right-of-use assets, gross   1,834,417   130,241   1,964,658 Less: Accumulated depreciation   (807,489)   (23,559)   (831,048) Right-of-use assets, net $ 1,026,928 $ 106,682 $ 1,133,610       Finance   Operating               Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 %   For the quarter ended June 30, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 7.0 million and $ 68.6 million, respectively. 15   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The components of lease costs were as follows:       Three Months Ended     June 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 7,137       Finance lease cost:     Amortization of right-of-use assets $ 40,836 Interest on lease liabilities   6,282 Total finance lease cost $ 47,118   Maturities of lease liabilities were as follows:       Finance leases   Operating leases     (Unaudited) Year ending June 30,   (In thousands)           2021 $ 194,978 $ 24,802 2022   154,457   22,598 2023   122,986   21,780 2024   92,915   20,791 2025   65,825   6,213 Thereafter   35,155   65,758 Total lease payments   666,316   161,942 Less: imputed interest   -   (55,328) Present value of lease liabilities $ 666,316 $ 106,614   9. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first quarter of fiscal 2021, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company's business, operations and financial results will continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company's results of future operations, financial position and liquidity in fiscal 2021. 16   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) CARES Act The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. We have availed ourselves of the provisions related to deferring certain payroll taxes, carrybacks of net operating losses, and will utilize the technical corrections to tax depreciation methods.   We estimate that the net operating loss carrybacks combined with the depreciation adjustments for our fiscal 2020 federal income tax return will result in a refund of approximately $ 381 million, which are reflected in Prepaid expense. As refunds are received, they will reduce this amount. We have estimated and recorded the overall effects of the CARES Act and do not anticipate a material change. It is possible future legislation could reduce or delay our ability to carryback these losses. Environmental Compliance with environmental requirements of federal, state and local governments may significantly affect Real Estate's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO's financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management's opinion, none of these other matters will have a material effect on our financial position and results of operations. 10. Related Party Transactions As set forth in the Company's Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC self-storage are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP (“WGHLP”), which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen 17   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Related Party Revenue     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,148 $ 6,249 U-Haul management fee revenue from Mercury   1,199   907   $ 7,347 $ 7,156 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4 % and 10 % of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $ 10.1 million and $ 9.2 million from the above-mentioned entities during the first quarter of fiscal 2021 and 2020, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 657 $ 658 U-Haul commission expenses to Blackwater   15,332   17,202   $ 15,989 $ 17,860 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of June 30, 2020, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 6.1 million, expenses of $ 0.7 million and cash flows of $ 5.2 million during the first quarter of fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 63.0 million and $ 15.3 million, respectively, during the first quarter of fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $0.4 million. 18   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets       June 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 22,897 $ 25,293 U-Haul receivable from Mercury   5,555   9,893 Other (a)   (19,046)   (402)   $ 9,406 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. Our credit balance as of June 30, 2020, was due to a timing difference for a dividend paid by Oxford to AMERCO of $ 18.6 million.   19   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 11. Consolidating Financial Information by Industry Segment   AMERCO's three reportable segments are:   Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate,   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and   Life Insurance, comprised of Oxford and its subsidiaries.   Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.                           20       amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   11. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of June 30, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074 Reinsurance recoverables and trade receivables, net   83,795   87,403   37,173   -     208,371 Inventories and parts, net   100,835   -   -   -     100,835 Prepaid expenses   585,879   -   -   -     585,879 Investments, fixed maturities and marketable equities   -   270,083   2,123,439   -     2,393,522 Investments, other   20,988   96,738   277,397   -     395,123 Deferred policy acquisition costs, net   -   -   117,123   -     117,123 Other assets   67,047   1,094   2,274   -     70,415 Right of use assets - financing, net   1,026,928   -   -   -     1,026,928 Right of use assets - operating   106,202   262   218   -     106,682 Related party assets   34,035   7,024   13,474   (45,127) (c)   9,406     2,796,650   466,723   2,621,112   (45,127)     5,839,358                         Investment in subsidiaries   599,538   -   -   (599,538) (b)   -                         Property, plant and equipment, at cost:                       Land   1,043,952   -   -   -     1,043,952 Buildings and improvements   4,752,816   -   -   -     4,752,816 Furniture and equipment   754,641   -   -   -     754,641 Rental trailers and other rental equipment   513,623   -   -   -     513,623 Rental trucks   3,619,718   -   -   -     3,619,718     10,684,750   -   -   -     10,684,750 Less:   Accumulated depreciation   (2,811,749)   -   -   -     (2,811,749) Total property, plant and equipment, net   7,873,001   -   -   -     7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       21   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ -   $ 582,356 Notes, loans and finance/capital leases payable, net   4,766,564   -   11,399   -     4,777,963 Operating lease liability   106,114   271   229   -     106,614 Policy benefits and losses, claims and loss expenses payable   410,989   207,571   380,202   -     998,762 Liabilities from investment contracts   -   -   1,833,617   -     1,833,617 Other policyholders' funds and liabilities   -   1,662   5,102   -     6,764 Deferred income   42,789   -   -   -     42,789 Deferred income taxes, net   1,092,631   6,715   6,966   -     1,106,312 Related party liabilities   26,143   3,694   1,387   (31,224) (c)   - Total liabilities   7,016,703   225,194   2,244,504   (31,224)     9,455,177                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   (18,428)   3,937   36,550   (35,791) (b)   (13,732) Retained earnings   4,484,038   143,171   311,287   (454,248) (b)   4,484,248 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,252,486   241,529   376,608   (613,441)     4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         22   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       23   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         24   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statement of operations by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues   108,955   -   -   -     108,955 Self-moving and self-storage products and service sales   91,350   -   -   -     91,350 Property management fees   7,347   -   -   -     7,347 Life insurance premiums   -   -   30,908   -     30,908 Property and casualty insurance premiums   -   14,507   -   (773) (c)   13,734 Net investment and interest income   662   (873)   18,006   (813) (b)   16,982 Other revenue   63,073   -   739   (136) (b)   63,676 Total revenues   926,300   13,634   49,653   (2,350)     987,237                         Costs and expenses:                       Operating expenses   480,081   8,825   5,288   (1,532) (b,c)   492,662 Commission expenses   69,175   -   -   -     69,175 Cost of sales   52,831   -   -   -     52,831 Benefits and losses   -   4,030   35,547   -     39,577 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Lease expense   7,137   1   10   (545) (b)   6,603 Depreciation, net of gains on disposals   165,671   -   -   -     165,671 Net gains on disposal of real estate   (256)   -   -   -     (256) Total costs and expenses   774,639   12,856   47,733   (2,077)     833,151                         Earnings from operations before equity in earnings of subsidiaries   151,661   778   1,920   (273)     154,086                         Equity in earnings of subsidiaries   2,395   -   -   (2,395) (d)   -                         Earnings from operations   154,056   778   1,920   (2,668)     154,086 Other components of net periodic benefit costs   (247)   -   -   -     (247) Interest expense   (39,794)   -   -   273 (b)   (39,521) Pretax earnings   114,015   778   1,920   (2,395)     114,318 Income tax expense   (26,289)   (162)   (141)   -     (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726                         (a) Balances for the quarter ended March 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       25   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues   98,274   -   -   -     98,274 Self-moving and self-storage products and service sales   80,026   -   -   -     80,026 Property management fees   7,156   -   -   -     7,156 Life insurance premiums   -   -   32,710   -     32,710 Property and casualty insurance premiums   -   14,114   -   (690) (c)   13,424 Net investment and interest income   3,267   6,191   26,701   (410) (b)   35,749 Other revenue   62,539   -   910   (135) (b)   63,314 Total revenues   1,000,398   20,305   60,321   (1,775)     1,079,249                         Costs and expenses:                       Operating expenses   522,524   8,081   5,228   (1,361) (b,c)   534,472 Commission expenses   80,899   -   -   -     80,899 Cost of sales   48,929   -   -   -     48,929 Benefits and losses   -   3,758   45,248   -     49,006 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Lease expense   7,172   -   -   (136) (b)   7,036 Depreciation, net of gains on disposals   140,600   -   -   -     140,600 Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Total costs and expenses   798,502   11,839   56,540   (1,497)     865,384                         Earnings from operations before equity in earnings of subsidiaries   201,896   8,466   3,781   (278)     213,865                         Equity in earnings of subsidiaries   9,831   -   -   (9,831) (d)   -                         Earnings from operations   211,727   8,466   3,781   (10,109)     213,865 Other components of net periodic benefit costs   (263)   -   -   -     (263) Interest expense   (39,166)   -   -   278 (b)   (38,888) Pretax earnings   172,298   8,466   3,781   (9,831)     174,714 Income tax expense   (39,876)   (1,778)   (638)   -     (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422                         (a) Balances for the quarter ended March 31, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                         26   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726 Earnings from consolidated entities   (2,395)   -   -   2,395     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   166,740   -   -   -     166,740 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Amortization of premiums and accretion of discounts related to investments, net   -   395   3,155   -     3,550 Amortization of debt issuance costs   1,297   -   -   -     1,297 Interest credited to policyholders   -   -   7,667   -     7,667 Change in allowance for losses on trade receivables   60   -   -   -     60 Change in allowance for inventories and parts reserve   (99)   -   -   -     (99) Net gains on disposal of personal property   (1,069)   -   -   -     (1,069) Net gains on disposal of real estate   (256)   -   -   -     (256) Net (gains) losses on sales of investments   -   (13)   2,027   -     2,014 Net losses on equity investments   -   3,989   -   -     3,989 Deferred income taxes   28,939   1,070   (2,475)   -     27,534 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (24,749)   5,725   (4,570)   -     (23,594) Inventories and parts   350   -   -   -     350 Prepaid expenses   (22,831)   -   -   -     (22,831) Capitalization of deferred policy acquisition costs   -   -   (7,308)   -     (7,308) Other assets   758   (340)   (344)   -     74 Related party assets   7,302   27   -   -     7,329 Accounts payable and accrued expenses   56,522   (246)   1,997   -     58,273 Policy benefits and losses, claims and loss expenses payable   294   (2,769)   3,003   -     528 Other policyholders' funds and liabilities   -   (4,089)   663   -     (3,426) Deferred income   11,238   -   3,660   -     14,898 Related party liabilities   1,867   (834)   (1,282)   -     (249) Net cash provided by operating activities   311,694   3,531   14,860   -     330,085                         Cash flows from investing activities:                       Escrow deposits   1,401   -   -   -     1,401 Purchases of:                       Property, plant and equipment   (249,740)   -   -   -     (249,740) Short term investments   -   (8,989)   (636)   -     (9,625) Fixed maturities investments   -   (1,864)   (92,329)   -     (94,193) Real estate   -   -   (192)   -     (192) Mortgage loans   -   -   (33,300)   -     (33,300) Proceeds from sales and paydowns of:                       Property, plant and equipment   76,412   -   -   -     76,412 Short term investments   -   1,980   468   -     2,448 Fixed maturities investments   -   4,402   105,763   -     110,165 Mortgage loans   -   265   1,167   -     1,432 Net cash used by investing activities   (171,927)   (4,206)   (19,059)   -     (195,192)     (page 1 of 2) (a) Balance for the period ended March 31, 2020                       27   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   367,451   -   9,600   -     377,051 Principal repayments on credit facilities   (144,489)   -   (9,600)   -     (154,089) Payments of debt issuance costs   (1,677)   -   -   -     (1,677) Finance/capital lease payments   (68,554)   -   -   -     (68,554) Net contribution from (to) related party   18,599   -   -   -     18,599 Investment contract deposits   -   -   75,366   -     75,366 Investment contract withdrawals   -   -   (51,633)   -     (51,633) Net cash provided (used) by financing activities   171,330   -   23,733   -     195,063                         Effects of exchange rate on cash   766   -   -   -     766                         Increase (decrease) in cash and cash equivalents   311,863   (675)   19,534   -     330,722 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074     (page 2 of 2) (a) Balance for the period ended March 31, 2020                         28   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422 Earnings from consolidated entities   (9,831)   -   -   9,831     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   157,278   -   -   -     157,278 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Amortization of premiums and accretion of discounts related to investments, net   -   374   2,901   -     3,275 Amortization of debt issuance costs   1,053   -   -   -     1,053 Interest credited to policyholders   -   -   14,218   -     14,218 Change in allowance for losses on trade receivables   (162)   -   -   -     (162) Change in allowance for inventories and parts reserve   367   -   -   -     367 Net gains on disposal of personal property   (16,678)   -   -   -     (16,678) Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Net gains on sales of investments   -   (33)   (4,234)   -     (4,267) Net gains on equity investments   -   (2,215)   -   -     (2,215) Deferred income taxes   35,980   (2,564)   (3,653)   -     29,763 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (23,033)   5,078   (260)   -     (18,215) Inventories and parts   2,110   -   -   -     2,110 Prepaid expenses   (15,720)   -   -   -     (15,720) Capitalization of deferred policy acquisition costs   -   -   (5,090)   -     (5,090) Other assets   1,805   1,546   (14)   -     3,337 Related party assets   (925)   (439)   -   -     (1,364) Accounts payable and accrued expenses   86,094   2,368   1,254   -     89,716 Policy benefits and losses, claims and loss expenses payable   8,802   (6,987)   503   -     2,318 Other policyholders' funds and liabilities   -   (414)   (4,867)   -     (5,281) Deferred income   8,527   -   -   -     8,527 Related party liabilities   1,345   (315)   62   -     1,092 Net cash provided by operating activities   367,812   3,087   10,027   -     380,926                         Cash flows from investing activities:                       Escrow deposits   1,968   -   -   -     1,968 Purchases of:                       Property, plant and equipment   (847,248)   -   -   -     (847,248) Short term investments   -   (8,689)   -   -     (8,689) Fixed maturities investments   -   (5,149)   (71,366)   -     (76,515) Real estate   -   (328)   -   -     (328) Mortgage loans   -   -   (9,410)   -     (9,410) Proceeds from sales and paydowns of:                       Property, plant and equipment   160,754   -   -   -     160,754 Short term investments   -   6,942   40   -     6,982 Fixed maturities investments   -   4,196   34,062   -     38,258 Real estate   311   -   -   -     311 Mortgage loans   -   245   1,433   -     1,678 Net cash used by investing activities   (684,215)   (2,783)   (45,241)   -     (732,239)     (page 1 of 2) (a) Balance for the period ended March 31, 2019                       29   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   331,200   -   2,500   -     333,700 Principal repayments on credit facilities   (58,604)   -   (2,500)   -     (61,104) Payment of debt issuance costs   (5)   -   -   -     (5) Finance/capital lease payments   (94,446)   -   -   -     (94,446) Employee stock ownership plan stock   (131)   -   -   -     (131) Common stock dividend paid   (9,796)   -   -   -     (9,796) Investment contract deposits   -   -   61,515   -     61,515 Investment contract withdrawals   -   -   (37,054)   -     (37,054) Net cash provided by financing activities   168,218   -   24,461   -     192,679                         Effects of exchange rate on cash   4,764   -   -   -     4,764                         Increase (decrease) in cash and cash equivalents   (143,421)   304   (10,753)   -     (153,870) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ -   $ 519,831     (page 2 of 2) (a) Balance for the period ended March 31, 2019                           30       amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets   13,279,882   432,477   13,712,359               Quarter Ended June 30, 2019             Total revenues $ 1,028,574 $ 50,675 $ 1,079,249 Depreciation and amortization, net of gains on disposal   141,898   3,144   145,042 Interest expense   38,220   668   38,888 Pretax earnings   170,847   3,867   174,714 Income tax expense   41,114   1,178   42,292 Identifiable assets   12,076,714   398,030   12,474,744 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:       Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 317 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   230   241 Other components   17   22 Total other components of net periodic benefit costs   247   263 Net periodic postretirement benefit cost $ 564 $ 555   14. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability. 31   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:       Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,371 $ - $ - $ 208,371 $ 208,371 Mortgage loans, net   294,551   -   -   294,551   294,551 Other investments   100,572   -   -   100,572   100,572 Total $ 603,494 $ - $ - $ 603,494 $ 603,494                                             Liabilities                     Notes, loans and finance/capital leases payable   4,808,147   -   4,808,147   -   4,510,021 Total $ 4,808,147 $ - $ 4,808,147 $ - $ 4,510,021 32   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2020 and March 31, 2020 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of June 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 629,550 $ 629,265 $ 285 $ - Fixed maturities - available for sale   2,370,821   7,614   2,363,047   160 Preferred stock   6,106   6,106   -   - Common stock   16,595   16,595   -   - Derivatives   1,763   1,763   -   - Total $ 3,024,835 $ 661,343 $ 2,363,332 $ 160                                     Liabilities                 Derivatives   8,170   -   8,170   - Total $ 8,170 $ - $ 8,170 $ -   As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ - 33   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both June 30, 2020 and March 31, 2020. 15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2020 and March 31, 2020. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity's ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2020 did not have a material effect on our financial statements. 34   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance withTopic 842/840 The Company's self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.   Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts are being accounted for as leases.   We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 - Leases. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. 35   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:     Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,531 $ - $ - $ - $ - $ - Property lease revenues   21,223   14,785   11,960   8,422   6,746   58,195 Total $ 25,754 $ 14,785 $ 11,960 $ 8,422 $ 6,746 $ 58,195 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 - Financial Instruments. In the following table, revenue is disaggregated by timing of revenue recognition:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 44,938 $ 39,079 Revenues recognized at a point in time:   104,848   91,171 Total revenues recognized under ASC 606   149,786   130,250           Revenues recognized under ASC 842 or 840   774,694   865,204 Revenues recognized under ASC 944   45,775   48,046 Revenues recognized under ASC 320   16,982   35,749 Total revenues $ 987,237 $ 1,079,249   In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . 36   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5%. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses at June 30, 2020 was $ 2.7 million. Available-for-Sale For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment.   In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 37   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 25.8 million as of January 1, 2020 and are excluded from the estimate of credit losses. Mortgage loans, net The portfolio of mortgage loans are principally collateralized by self-storage facilities and commercial properties. Mortgage loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for our mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.   Loans that fall under the >65% LTV are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to post events, current conditions, and reasonable and supportable forecasts. When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets at January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivable Premiums receivable   were $ 3.0 million at January 1, 2020 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company's reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   43   4,905   -   4,948 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of June 30, 2020 $ 2,723 $ 5,408 $ 501 $ 8,632 17.   Accounting Pronouncements Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted ASU 2016-13 on April 1, 2020 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $ 2.9 million. 38   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. 39           Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations General We begin Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2021. This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements. AMERCO, a Nevada corporation, has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020 and 2019 correspond to fiscal 2021 and 2020 for AMERCO. Overall Strategy Our overall strategy is to maintain our leadership position in the United States and Canada “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our eMove ® capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.   Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace. Description of Operating Segments AMERCO's three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its wholly owned subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its wholly owned subsidiaries. 40     Moving and Storage Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers, and expanding the selection and availability of rental equipment to satisfy the needs of our customers. U-Haul brand self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. uhaul.com ® is an online marketplace that connects consumers to our operations as well as independent Moving Help ® service providers and thousands of independent Self-Storage Affiliates. Our network of customer rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations, has helped us to reduce our impact on the environment. Property and Casualty Insurance Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. Life Insurance Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Critical Accounting Policies and Estimates Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.. Impairment of Investments Current expected credit loss (“CECL”) has replaced the previous other-than-temporary-impairment (“OTTI”) model. Under the OTTI model, credit losses were recognized as a reduction to the cost basis of the investment with recovery of an impairment loss recognized prospectively over time as interest income and reversals of impairment were not allowed. Under CECL, a valuation allowance is recognized in earnings for credit losses. If we intend to sell a debt security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. There were no incremental impairment charges recorded during the quarter ended June 30, 2020. 41     Results of Operations AMERCO and Consolidated Entities Quarter Ended June 30, 2020 compared with the Quarter Ended June 30, 2019 Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2021 and the first quarter of fiscal 2020:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Self-moving equipment rentals $ 654,285 $ 748,596 Self-storage revenues   108,955   98,274 Self-moving and self-storage products and service sales   91,350   80,026 Property management fees   7,347   7,156 Life insurance premiums   30,908   32,710 Property and casualty insurance premiums   13,734   13,424 Net investment and interest income   16,982   35,749 Other revenue   63,676   63,314 Consolidated revenue $ 987,237 $ 1,079,249 Self-moving equipment rental revenues decreased $94.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   Either through force of government or personal caution, self-moving rental activity decreased as a result of COVID-19 during the first quarter of fiscal 2021.   The decline in equipment rental revenues, as compared to the same period the previous year, did improve throughout the quarter.   April, May and June revenues were down approximately 30%, 8% and 4%, respectively.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and trailers in the rental fleet.   Self-storage revenues increased $10.7 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   The average monthly number of occupied units increased by 15%, or 44,000 units during the first quarter of fiscal 2021 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations and from the addition of new capacity to the portfolio. Over the last twelve months, we added approximately 5.2 million net rentable square feet, or a 14% increase, with approximately 1.3 million of that coming on during the first quarter of fiscal 2021. Sales of self-moving and self-storage products and services increased $11.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   This is due to increased sales of hitches, moving supplies and propane. Life insurance premiums decreased $1.8 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020 due primarily to decreased life and Medicare supplement premiums. Property and casualty insurance premiums increased $0.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020 due to an increase in Safetow ® and Safestor ® sales, which is a reflection of the increased equipment and storage rental transactions. Sales decreased in the second half of March 2020 as self-moving transactions declined. Net investment and interest income decreased $18.8 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Changes in the market value of unaffiliated common stocks held in our property and casualty insurance subsidiary accounted for $6.2 million of the decrease during the quarter. A $7.9 million realized loss in derivatives used as hedges for our fixed indexed annuities at our life insurance subsidiary also contributed to the decrease during the quarter. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $4.4 million for the three months ended March 31, 2020. 42     Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2021 and the first quarter of fiscal 2020. The insurance companies' first quarters ended March 31, 2020 and 2019.     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Moving and storage         Revenues $ 926,300 $ 1,000,398 Earnings from operations before equity in earnings of subsidiaries   151,661   201,896 Property and casualty insurance           Revenues   13,634   20,305 Earnings from operations   778   8,466 Life insurance            Revenues   49,653   60,321 Earnings from operations   1,920   3,781 Eliminations         Revenues   (2,350)   (1,775) Earnings from operations before equity in earnings of subsidiaries   (273)   (278) Consolidated results         Revenues   987,237   1,079,249 Earnings from operations   154,086   213,865 Total costs and expenses decreased $32.2 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Operating expenses for Moving and Storage decreased $42.4 million.   Repair costs associated with the rental fleet experienced a $27.8 million decrease during the quarter due to fewer trucks being prepped for sale and from a reduction in rental miles.   Other decreases included personnel, liability costs and payment processing costs. Net gains from the disposal of rental equipment decreased $15.6 million from a reduction in auction activity due to COVID-19.   Depreciation expense associated with our rental fleet increased $2.5 million to $124.9 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $7.0 million to $41.9 million. Net gains on the disposal of real estate decreased $1.4 million from the condemnation of a property in the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $154.1 million for the first quarter of fiscal 2021, compared with $213.9 million for the first quarter of fiscal 2020. Interest expense for the first quarter of fiscal 2021 was $39.5 million, compared with $38.9 million for the first quarter of fiscal 2020, due to increased borrowings. Income tax expense was $26.6 million for the first quarter of fiscal 2021, compared with $42.3 million for the first quarter of fiscal 2020. As a result of the above-mentioned items, earnings available to common stockholders were $87.7 million for the first quarter of fiscal 2021, compared with $132.4 million for the first quarter of fiscal 2020. Basic and diluted earnings per share for the first quarter of fiscal 2021 were $4.47, compared with $6.76 for the first quarter of fiscal 2020. The weighted average common shares outstanding basic and diluted were 19,607,788 for the first quarter of fiscal 2021, compared with 19,597,697 for the first quarter of fiscal 2020. 43     Moving and Storage Quarter Ended June 30, 2020 compared with the Quarter Ended June 30, 2019 Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2021 and the first quarter of fiscal 2020:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Self-moving equipment rentals $ 654,913 $ 749,136 Self-storage revenues   108,955   98,274 Self-moving and self-storage products and service sales   91,350   80,026 Property management fees   7,347   7,156 Net investment and interest income   662   3,267 Other revenue   63,073   62,539 Moving and Storage revenue $ 926,300 $ 1,000,398 Self-moving equipment rental revenues decreased $94.2 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   Either through force of government or personal caution, self-moving rental activity decreased as a result of COVID-19 during the first quarter of fiscal 2021.   The decline in equipment rental revenues, as compared to the same period the previous year, did improve throughout the quarter.   April, May and June revenues were down approximately 30%, 8% and 4%, respectively.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and trailers in the rental fleet.       Self-storage revenues increased $10.7 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   The average monthly number of occupied units increased by 15%, or 44,000 units during the first quarter of fiscal 2021 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations and from the addition of new capacity to the portfolio.   Over the last twelve months, we added approximately 5.2 million net rentable square feet, or a 14% increase, with approximately 1.3 million of that coming on during the first quarter of fiscal 2021. We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands, except occupancy rate) Unit count as of June 30   516   452 Square footage as of June 30   43,393   38,175 Average monthly number of units occupied   347   302 Average monthly occupancy rate based on unit count   67.6%   68.4% Average monthly square footage occupied   31,010   27,421 Over the last twelve months we added approximately 5.2 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development. On average, the occupancy rate of this new capacity on the date it was added was 2.5%. Sales of self-moving and self-storage products and services increased $11.3 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.   This is due to increased sales of hitches, moving supplies and propane. Net investment and interest income decreased $2.6 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020.    44     Total costs and expenses decreased $23.9 million during the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Operating expenses decreased $42.4 million.   Repair costs associated with the rental fleet experienced a $27.8 million decrease during the quarter due to fewer trucks being prepped for sale and from a reduction in rental miles.   Other decreases included personnel, liability costs and payment processing costs. Net gains from the disposal of rental equipment decreased $15.6 million from a reduction in auction activity due to COVID-19.   Depreciation expense associated with our rental fleet increased $2.5 million to $124.9 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $7.0 million to $41.9 million. Net gains on the disposal of real estate decreased $1.4 million from the condemnation of a property in the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $151.7 million for the first quarter of fiscal 2021, compared with $201.9 million for the first quarter of fiscal 2020. Equity in the earnings of AMERCO's insurance subsidiaries was $2.4 million for the first quarter of fiscal 2021, compared with $9.8 million for the first quarter of fiscal 2020. As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $154.1 million for the first quarter of fiscal 2021, compared with $211.7 million for the first quarter of fiscal 2020. Property and Casualty Insurance Quarter Ended March 31, 2020 compared with the Quarter Ended March 31, 2019 Net premiums were $14.5 million and $14.1 million for the quarters ended March 31, 2020 and 2019, respectively. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period. Sales decreased in the second half of March 2020 due to the COVID-19 related issues that affected self-moving equipment rental revenues. Net investment and interest income was ($0.9) million and $6.2 million for the three months ended March 31, 2020 and 2019, respectively. The main driver of the change in net investment income was the decrease in the valuation of unaffiliated common stock of $6.2 million. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $0.8 million for the three months ended March 31, 2020. Net operating expenses were $8.8 million and $8.1 million for the three months ended March 31, 2020 and 2019, respectively. The change was due to an increase in commissions, decreased loss adjusting fees and subrogation income. Benefits and losses incurred were $4.0 million and $3.8 million for the three months March 31, 2020 and 2019, respectively. The increase was due to unfavorable loss experience. As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $0.8 million and $8.5 million for the three months ended March 31, 2020 and 2019, respectively. Life Insurance Quarter Ended March 31, 2020 compared with the Quarter Ended March 31, 2019 Net premiums were $30.9 million and $32.7 million for the quarters ended March 31, 2020 and 2019, respectively. Medicare Supplement premiums decreased $2.6 million from the policy decrements offset by premium rate increases. This was partially offset by a $1.0 million increase in life premiums from the new sales.   Premiums on other lines of business decreased $0.2 million. Deferred annuity deposits were $60.4 million or $1.1 million below prior year and are accounted for on the balance sheet as deposits rather than premiums. Net investment and interest income was $18.0 million and $26.7 million for the quarters ended March 31, 2020 and 2019, respectively. The decrease was primarily due to a $7.9 million realized loss in derivatives used as hedges for our fixed indexed annuities. In addition, the adoption of ASU 2016-13 resulted in net credit loss expense of $3.6 million. This was partially offset by a $1.6 million increase in realized capital gains on fixed maturities coupled with a net $1.2 million increase in investment income from the remaining invested assets on a larger assets base. 45     Net operating expenses were $5.3 million and $5.2 million for both the quarters ended March 31, 2020 and 2019, respectively. Benefits and losses incurred were $35.5 million and $45.2 million for the quarters ended March 31, 2020 and 2019, respectively. Interest credited to policyholders decreased $7.0 million from the reduction in the interest credited rates on fixed indexed annuities driven by market decline. Medicare supplement benefits decreased $2.6 million from the declined policies in force. Benefits on the remaining lines of business decreased $0.1 million. Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $6.9 million and $6.1 million for the quarters ended March 31, 2020 and 2019, respectively. The increase in DAC amortization was primarily from a higher asset base supported by continuous sales of annuities As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $1.9 million and $3.8 million for the quarters ended March 31, 2020 and 2019, respectively. Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity for the foreseeable future. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs. As of June 30, 2020, cash and cash equivalents totaled $825.1 million, compared with $494.4 million at March 31, 2020. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2020 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:     Moving & Storage   Property & Casualty Insurance (a)   Life Insurance (a)     (Unaudited)     (In thousands) Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 Other financial assets   138,818   461,248   2,451,483 Debt obligations   4,766,564   -   11,399               (a) As of March 31, 2020             As of June 30, 2020, Moving and Storage had additional cash available under existing credit facilities of $70.0 million.   The majority of invested cash at the Moving and Storage segment is held in government money market funds. During the first quarter of fiscal 2021 COVID-19 has negatively affected our operating cash flows through lower self-moving equipment rental revenues along with a significant reduction in equipment sales proceeds stemming from the closures of commercial auto auctions We believe that the Company has adequate liquidity to meet our obligations. However, there can be no assurance that market conditions resulting from COVID-19 will not worsen and have a material negative effect on our liquidity. Net cash provided by operating activities decreased $50.8 million in the first quarter of fiscal 2021 compared with the first quarter of fiscal 2020 largely as a result of reduced equipment rental activity. Net cash used in investing activities increased $537.0 million in the first quarter of fiscal 2021, compared with the first quarter of fiscal 2020. Purchases of property, plant and equipment, decreased $597.5 million. Cash from the sales of property, plant and equipment decreased $84.3 million largely due to reduced fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $24.8 million due to reduced investment purchases.   46     Net cash provided by financing activities increased $2.4 million in the first quarter of fiscal 2021, as compared with the first quarter of fiscal 2020. This was due to a combination of increased debt payments of $93.0 million, decreased finance/capital lease repayments of $25.9 million, an increase in cash from borrowings of $43.4 million, a decrease in common stock dividends of $9.8 million and a decrease in net annuity deposits from Life Insurance of $0.7 million. Liquidity and Capital Resources and Requirements of Our Operating Segments Moving and Storage To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2021 the Company will reinvest in its truck and trailer rental fleet approximately $460 million, net of equipment sales and excluding any lease buyouts. Through the first quarter of fiscal 2021, the Company invested, net of sales, approximately $49 million before any lease buyouts in its truck and trailer fleet. Fleet investments in fiscal 2021 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the fiscal 2021 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options. Based upon interactions with our existing lenders, the Company does not believe that COVID-19 will materially inhibit our ability to obtain financing for the purchases of rental equipment in fiscal 2021. Should the situation severely worsen this belief could change. Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company's plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. The Company expects to fund these development projects through a combination of internally generated funds along with borrowings against existing properties as they operationally mature. For the first quarter of fiscal 2021, the Company invested $103 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2021, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and any lingering effects of COVID-19. In the first quarter of fiscal 2021, the Company has opted to slow the development of new self-storage projects to preserve liquidity. We will calibrate our capital spending based in part upon the evolving effects of COVID-19. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital. Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $173.3 million and $686.5 million for the first quarter of fiscal 2021 and 2020, respectively. The components of our net capital expenditures are provided in the following table:     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) Purchases of rental equipment $ 122,943 $ 560,693 Equipment lease buyouts   11,477   34,030 Purchases of real estate, construction and renovations   102,590   217,911 Other capital expenditures   12,730   34,614 Gross capital expenditures   249,740   847,248 Less: Lease proceeds   -   - Less: Sales of property, plant and equipment   (76,412)   (160,754) Net capital expenditures $ 173,328 $ 686,494 47     Moving and Storage continues to hold significant cash and has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace or reduce existing indebtedness where possible. Property and Casualty Insurance State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries. We believe that stockholders' equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations. Property and Casualty Insurance's stockholder's equity was $241.5 million and $251.1 million at March 31, 2020 and December 31, 2019, respectively. The decrease resulted from net earnings of $0.6 million, a decrease in other comprehensive income of $8.7 million and a decrease of $1.5 million to beginning retained earnings due to the implementation of ASU 2016-13.   Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio. Life Insurance Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance's net deposits for the quarter ended March 31, 2020 were $23.7 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance's assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries. Life Insurance's stockholder's equity was $376.6 million and $417.4 million as of March 31, 2020 and December 31, 2019, respectively. The decrease resulted from net earnings of $1.8 million and a decrease in other comprehensive income of $42.0 million primarily due to the effect COVID-19 had on market prices for the fixed maturity portion of the investment portfolio and a decrease of $0.6 million to beginning retained earnings due to the implementation of ASU 2016-13. Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. However, as of March 31, 2020, Oxford had outstanding deposits of $60.0 million through its membership in the FHLB system.   For a more detailed discussion of this deposit, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements. Cash Provided from Operating Activities by Operating Segments Moving and Storage Net cash provided from operating activities were $311.7 million and $367.8 million for the first quarter of fiscal 2021 and 2020, respectively largely as a result of reduced equipment rental activity. Property and Casualty Insurance Net cash provided by operating activities were $3.5 million and $3.1 million for the first quarters ended March 31, 2020 and 2019, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity. Property and Casualty Insurance's cash and cash equivalents and short-term investment portfolios amounted to $18.1 million and $11.8 million at March 31, 2020 and December 31, 2019, respectively. These balances reflect funds in transition from maturity proceeds to long term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds. Life Insurance Net cash provided by operating activities were $14.9 million and $10.0 million for the first quarter ended March 31, 2020 and 2019, respectively. The change was primarily due to an increase in the investment income received and a decrease in federal income tax payment. 48     In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance's short-term portfolio and its membership in the FHLB. As of March 31, 2020 and December 31, 2019, cash and cash equivalents and short-term investments amounted to $50.0 million and $30.5 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs. Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. As a result of the federal income tax provisions of the CARES Act, we have filed applicable forms with the IRS to carryback net operating losses and requested refunds of previous deposits totaling approximately $235 million. We believe that upon the filing of our June 30, 2020 federal income tax return additional refunds in excess of $250 million will be due to the Company. These amounts are expected to provide us additional liquidity in fiscal 2021. It is possible future legislation could negatively impact our ability to receive these tax refunds. Our borrowing strategy is primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2020, we had available borrowing capacity under existing credit facilities of $70.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long term debt and borrowing capacity, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements. Disclosures about Contractual Obligations and Commercial Commitments Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Off-Balance Sheet Arrangements We use off-balance sheet arrangements in situations where management believes that the economics and sound business principles warrant their use. Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when our overall borrowing structure was more limited. We do not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders Fiscal 2021 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control. 49     With respect to our storage business, we have added new locations and expanded at existing locations. In fiscal 2021, we are actively looking to acquire new locations, complete current projects and increase occupancy in our existing portfolio of locations. New projects and acquisitions will be considered and pursued if they fit our long term plans and meet our financial objectives. We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2021. In light of COVID-19 and its lingering effects, we may be challenged in our progress. Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities. Item 3. Quantitative and Qualitative Disclosures About Market Risk We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes. Interest Rate Risk The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations. Following is a summary of our interest rate swap agreements as of June 30, 2020:   Notional Amount     Fair Value   Effective Date   Expiration Date   Fixed Rate   Floating Rate   (Unaudited)                   (In thousands)                 $ 85,000   $ (2,761)   6/28/2019   6/15/2022   1.76%   1 Month LIBOR   75,000     (2,506)   6/28/2019   6/30/2022   1.78%   1 Month LIBOR   75,000     (2,903)   6/28/2019   10/31/2022   1.77%   1 Month LIBOR As of June 30, 2020, we had $1,395.4 million of variable rate debt obligations. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $9.6 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Additionally, our insurance subsidiaries' fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies' asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. At June 30, 2020 and March 31, 2020, these derivative hedges had a net market value of $1.8 million and $5.9 million, with notional amounts of $289.1   million and $246.8   million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets. 50     Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. Foreign Currency Exchange Rate Risk The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 4.5% of our revenue was generated in Canada during the first quarter of both fiscal 2021 and 2020. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material. Additionally, our insurance subsidiaries' fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies' asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities, assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates. Cautionary Statements Regarding Forward-Looking Statements This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, the risk associated with COVID-19 or similar events on employees or customers, impact on the economic environment or demand of our products and the cost and availability of debt and capital, estimates of capital expenditures, plans for future operations, products or services, financing needs, plans and strategies, our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity and the availability of financial resources to meet our needs, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets, the impact of our compliance with environmental laws and cleanup costs, our beliefs regarding our sustainable practices, our used vehicle disposition strategy, the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans, our plan to expand our U-Haul storage affiliate program, that additional leverage can be supported by our operations and business, the availability of alternative vehicle manufacturers, our estimates of the residual values of our equipment fleet, our plans with respect to off-balance sheet arrangements, our plans to continue to invest in the U-Box ® program, the impact of interest rate and foreign currency exchange rate changes on our operations, the sufficiency of our capital resources and the sufficiency of capital of our insurance subsidiaries as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. 51     Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law. Item 4. Controls and Procedures Attached as exhibits to this Quarterly Report are certifications of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), which are required in accordance with Rule 13a-14 of the Exchange Act. This "Controls and Procedures" section includes information concerning the controls and procedures evaluation referred to in the certifications and it should be read in conjunction with the certifications for a more complete understanding of the topics presented in the section titled Evaluation of Disclosure Controls and Procedures. Evaluation of Disclosure Controls and Procedures Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end of the most recently completed fiscal quarter covered by this Quarterly Report. Our Disclosure Controls are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our Disclosure Controls are also designed to ensure that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report, our Disclosure Controls were effective at a reasonable assurance level related to the above stated design purposes. Inherent Limitations on the Effectiveness of Controls Our management, including our CEO and CFO, does not expect that our Disclosure Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of our controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. 52     Changes in Internal Control Over Financial Reporting There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II Other information Item 1. Legal Proceedings The information regarding our legal proceedings in Note 9, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein. Item 1A. Risk Factors We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Not applicable. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable. Item 5. Other Information Not applicable. Item 6. Exhibits The following documents are filed as part of this report: Exhibit Number Description Page or Method of Filing 3.1 Amended and Restated Articles of Incorporation of AMERCO Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255   3.2 Restated Bylaws of AMERCO Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255         10.1 Credit Agreement, dated as of May 22, 2020 by and among AMERCO, as the Borrower, PNC Bank, N.A., as Agent for all Lenders, and the financial institutions party thereto, as Lenders.   Incorporated by reference to AMERCO's Current Report on Form 8-K, filed on May 27, 2020, file no. 1-11255 31.1 Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO   Filed herewith 31.2 Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of AMERCO   Filed herewith 32.1 Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   Furnished herewith 53     32.2 Certificate of Jason A. Berg, Chief Financial Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   Furnished herewith 101.INS Inline XBRL Instance Document   Filed herewith 101.SCH Inline XBRL Taxonomy Extension Schema   Filed herewith 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase   Filed herewith 101.LAB Inline XBRL Taxonomy Extension Label Linkbase   Filed herewith 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase   Filed herewith 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase   Filed herewith 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)   Filed herewith   54             SIGNATURES     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   AMERCO   Date:   August 5, 2020   /s/ Edward J. Shoen                  Edward J. Shoen     President and Chairman of the Board     (Principal Executive Officer)                   Date:   August 5, 2020   /s/ Jason A. Berg                         Jason A. Berg     Chief Financial Officer     (Principal Financial Officer)                   Date: August 5, 2020   /s/ Maria L. Bell       Maria L. Bell     (Chief Accounting Officer)                     55  
v3.20.2
Leases (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases     As of June 30, 2020     (Unaudited)     (In thousands)                   Finance   Operating   Total Buildings and improvements $ - $ 130,241 $ 130,241 Furniture and equipment   21,111   -   21,111 Rental trailers and other rental equipment   115,967   -   115,967 Rental trucks   1,697,339   -   1,697,339 Right-of-use assets, gross   1,834,417   130,241   1,964,658 Less: Accumulated depreciation   (807,489)   (23,559)   (831,048) Right-of-use assets, net $ 1,026,928 $ 106,682 $ 1,133,610
Summary of Weighted-average remaining lease terms and Discount rates     Finance   Operating               Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 %
Components of Lease Expense     Three Months Ended     June 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 7,137       Finance lease cost:     Amortization of right-of-use assets $ 40,836 Interest on lease liabilities   6,282 Total finance lease cost $ 47,118
Maturities of Lease Liabilities     Finance leases   Operating leases     (Unaudited) Year ending June 30,   (In thousands)           2021 $ 194,978 $ 24,802 2022   154,457   22,598 2023   122,986   21,780 2024   92,915   20,791 2025   65,825   6,213 Thereafter   35,155   65,758 Total lease payments   666,316   161,942 Less: imputed interest   -   (55,328) Present value of lease liabilities $ 666,316 $ 106,614
v3.20.2
Related Party Transations (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Related Party Revenue [Abstract]  
Related Party Revenue     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,148 $ 6,249 U-Haul management fee revenue from Mercury   1,199   907   $ 7,347 $ 7,156
Related Party costs and expenses     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 657 $ 658 U-Haul commission expenses to Blackwater   15,332   17,202   $ 15,989 $ 17,860
Related party assets     June 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 22,897 $ 25,293 U-Haul receivable from Mercury   5,555   9,893 Other (a)   (19,046)   (402)   $ 9,406 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. Our credit balance as of June 30, 2020, was due to a timing difference for a dividend paid by Oxford to AMERCO of $ 18.6 million.
v3.20.2
Consolidating Financial Information By Industry Segment (Table Text Block)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Table Text Block Supplement [Abstract]      
Consolidated Balance Sheet by Industry Segment Consolidating balance sheets by industry segment as of June 30, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074 Reinsurance recoverables and trade receivables, net   83,795   87,403   37,173   -     208,371 Inventories and parts, net   100,835   -   -   -     100,835 Prepaid expenses   585,879   -   -   -     585,879 Investments, fixed maturities and marketable equities   -   270,083   2,123,439   -     2,393,522 Investments, other   20,988   96,738   277,397   -     395,123 Deferred policy acquisition costs, net   -   -   117,123   -     117,123 Other assets   67,047   1,094   2,274   -     70,415 Right of use assets - financing, net   1,026,928   -   -   -     1,026,928 Right of use assets - operating   106,202   262   218   -     106,682 Related party assets   34,035   7,024   13,474   (45,127) (c)   9,406     2,796,650   466,723   2,621,112   (45,127)     5,839,358                         Investment in subsidiaries   599,538   -   -   (599,538) (b)   -                         Property, plant and equipment, at cost:                       Land   1,043,952   -   -   -     1,043,952 Buildings and improvements   4,752,816   -   -   -     4,752,816 Furniture and equipment   754,641   -   -   -     754,641 Rental trailers and other rental equipment   513,623   -   -   -     513,623 Rental trucks   3,619,718   -   -   -     3,619,718     10,684,750   -   -   -     10,684,750 Less:   Accumulated depreciation   (2,811,749)   -   -   -     (2,811,749) Total property, plant and equipment, net   7,873,001   -   -   -     7,873,001 Total assets $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       21   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of June 30, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 571,473 $ 5,281 $ 5,602 $ -   $ 582,356 Notes, loans and finance/capital leases payable, net   4,766,564   -   11,399   -     4,777,963 Operating lease liability   106,114   271   229   -     106,614 Policy benefits and losses, claims and loss expenses payable   410,989   207,571   380,202   -     998,762 Liabilities from investment contracts   -   -   1,833,617   -     1,833,617 Other policyholders' funds and liabilities   -   1,662   5,102   -     6,764 Deferred income   42,789   -   -   -     42,789 Deferred income taxes, net   1,092,631   6,715   6,966   -     1,106,312 Related party liabilities   26,143   3,694   1,387   (31,224) (c)   - Total liabilities   7,016,703   225,194   2,244,504   (31,224)     9,455,177                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   (18,428)   3,937   36,550   (35,791) (b)   (13,732) Retained earnings   4,484,038   143,171   311,287   (454,248) (b)   4,484,248 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,252,486   241,529   376,608   (613,441)     4,257,182 Total liabilities and stockholders' equity $ 11,269,189 $ 466,723 $ 2,621,112 $ (644,665)   $ 13,712,359                         (a) Balances as of March 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                             Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       23   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020, continued     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                      
Consolidated Statement of Operations by Industry Segment     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 654,913 $ - $ - $ (628) (c) $ 654,285 Self-storage revenues   108,955   -   -   -     108,955 Self-moving and self-storage products and service sales   91,350   -   -   -     91,350 Property management fees   7,347   -   -   -     7,347 Life insurance premiums   -   -   30,908   -     30,908 Property and casualty insurance premiums   -   14,507   -   (773) (c)   13,734 Net investment and interest income   662   (873)   18,006   (813) (b)   16,982 Other revenue   63,073   -   739   (136) (b)   63,676 Total revenues   926,300   13,634   49,653   (2,350)     987,237                         Costs and expenses:                       Operating expenses   480,081   8,825   5,288   (1,532) (b,c)   492,662 Commission expenses   69,175   -   -   -     69,175 Cost of sales   52,831   -   -   -     52,831 Benefits and losses   -   4,030   35,547   -     39,577 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Lease expense   7,137   1   10   (545) (b)   6,603 Depreciation, net of gains on disposals   165,671   -   -   -     165,671 Net gains on disposal of real estate   (256)   -   -   -     (256) Total costs and expenses   774,639   12,856   47,733   (2,077)     833,151                         Earnings from operations before equity in earnings of subsidiaries   151,661   778   1,920   (273)     154,086                         Equity in earnings of subsidiaries   2,395   -   -   (2,395) (d)   -                         Earnings from operations   154,056   778   1,920   (2,668)     154,086 Other components of net periodic benefit costs   (247)   -   -   -     (247) Interest expense   (39,794)   -   -   273 (b)   (39,521) Pretax earnings   114,015   778   1,920   (2,395)     114,318 Income tax expense   (26,289)   (162)   (141)   -     (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726                         (a) Balances for the quarter ended March 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                           Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 749,136 $ - $ - $ (540) (c) $ 748,596 Self-storage revenues   98,274   -   -   -     98,274 Self-moving and self-storage products and service sales   80,026   -   -   -     80,026 Property management fees   7,156   -   -   -     7,156 Life insurance premiums   -   -   32,710   -     32,710 Property and casualty insurance premiums   -   14,114   -   (690) (c)   13,424 Net investment and interest income   3,267   6,191   26,701   (410) (b)   35,749 Other revenue   62,539   -   910   (135) (b)   63,314 Total revenues   1,000,398   20,305   60,321   (1,775)     1,079,249                         Costs and expenses:                       Operating expenses   522,524   8,081   5,228   (1,361) (b,c)   534,472 Commission expenses   80,899   -   -   -     80,899 Cost of sales   48,929   -   -   -     48,929 Benefits and losses   -   3,758   45,248   -     49,006 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Lease expense   7,172   -   -   (136) (b)   7,036 Depreciation, net of gains on disposals   140,600   -   -   -     140,600 Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Total costs and expenses   798,502   11,839   56,540   (1,497)     865,384                         Earnings from operations before equity in earnings of subsidiaries   201,896   8,466   3,781   (278)     213,865                         Equity in earnings of subsidiaries   9,831   -   -   (9,831) (d)   -                         Earnings from operations   211,727   8,466   3,781   (10,109)     213,865 Other components of net periodic benefit costs   (263)   -   -   -     (263) Interest expense   (39,166)   -   -   278 (b)   (38,888) Pretax earnings   172,298   8,466   3,781   (9,831)     174,714 Income tax expense   (39,876)   (1,778)   (638)   -     (42,292) Earnings available to common stockholders $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422                         (a) Balances for the quarter ended March 31, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                        
Consolidated Cash Flow Statement by Industry Segment     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726 Earnings from consolidated entities   (2,395)   -   -   2,395     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   166,740   -   -   -     166,740 Amortization of deferred policy acquisition costs   -   -   6,888   -     6,888 Amortization of premiums and accretion of discounts related to investments, net   -   395   3,155   -     3,550 Amortization of debt issuance costs   1,297   -   -   -     1,297 Interest credited to policyholders   -   -   7,667   -     7,667 Change in allowance for losses on trade receivables   60   -   -   -     60 Change in allowance for inventories and parts reserve   (99)   -   -   -     (99) Net gains on disposal of personal property   (1,069)   -   -   -     (1,069) Net gains on disposal of real estate   (256)   -   -   -     (256) Net (gains) losses on sales of investments   -   (13)   2,027   -     2,014 Net losses on equity investments   -   3,989   -   -     3,989 Deferred income taxes   28,939   1,070   (2,475)   -     27,534 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (24,749)   5,725   (4,570)   -     (23,594) Inventories and parts   350   -   -   -     350 Prepaid expenses   (22,831)   -   -   -     (22,831) Capitalization of deferred policy acquisition costs   -   -   (7,308)   -     (7,308) Other assets   758   (340)   (344)   -     74 Related party assets   7,302   27   -   -     7,329 Accounts payable and accrued expenses   56,522   (246)   1,997   -     58,273 Policy benefits and losses, claims and loss expenses payable   294   (2,769)   3,003   -     528 Other policyholders' funds and liabilities   -   (4,089)   663   -     (3,426) Deferred income   11,238   -   3,660   -     14,898 Related party liabilities   1,867   (834)   (1,282)   -     (249) Net cash provided by operating activities   311,694   3,531   14,860   -     330,085                         Cash flows from investing activities:                       Escrow deposits   1,401   -   -   -     1,401 Purchases of:                       Property, plant and equipment   (249,740)   -   -   -     (249,740) Short term investments   -   (8,989)   (636)   -     (9,625) Fixed maturities investments   -   (1,864)   (92,329)   -     (94,193) Real estate   -   -   (192)   -     (192) Mortgage loans   -   -   (33,300)   -     (33,300) Proceeds from sales and paydowns of:                       Property, plant and equipment   76,412   -   -   -     76,412 Short term investments   -   1,980   468   -     2,448 Fixed maturities investments   -   4,402   105,763   -     110,165 Mortgage loans   -   265   1,167   -     1,432 Net cash used by investing activities   (171,927)   (4,206)   (19,059)   -     (195,192)     (page 1 of 2) (a) Balance for the period ended March 31, 2020                       27   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   367,451   -   9,600   -     377,051 Principal repayments on credit facilities   (144,489)   -   (9,600)   -     (154,089) Payments of debt issuance costs   (1,677)   -   -   -     (1,677) Finance/capital lease payments   (68,554)   -   -   -     (68,554) Net contribution from (to) related party   18,599   -   -   -     18,599 Investment contract deposits   -   -   75,366   -     75,366 Investment contract withdrawals   -   -   (51,633)   -     (51,633) Net cash provided (used) by financing activities   171,330   -   23,733   -     195,063                         Effects of exchange rate on cash   766   -   -   -     766                         Increase (decrease) in cash and cash equivalents   311,863   (675)   19,534   -     330,722 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 770,941 $ 4,119 $ 50,014 $ -   $ 825,074     (page 2 of 2) (a) Balance for the period ended March 31, 2020                           Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 132,422 $ 6,688 $ 3,143 $ (9,831)   $ 132,422 Earnings from consolidated entities   (9,831)   -   -   9,831     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   157,278   -   -   -     157,278 Amortization of deferred policy acquisition costs   -   -   6,064   -     6,064 Amortization of premiums and accretion of discounts related to investments, net   -   374   2,901   -     3,275 Amortization of debt issuance costs   1,053   -   -   -     1,053 Interest credited to policyholders   -   -   14,218   -     14,218 Change in allowance for losses on trade receivables   (162)   -   -   -     (162) Change in allowance for inventories and parts reserve   367   -   -   -     367 Net gains on disposal of personal property   (16,678)   -   -   -     (16,678) Net gains on disposal of real estate   (1,622)   -   -   -     (1,622) Net gains on sales of investments   -   (33)   (4,234)   -     (4,267) Net gains on equity investments   -   (2,215)   -   -     (2,215) Deferred income taxes   35,980   (2,564)   (3,653)   -     29,763 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (23,033)   5,078   (260)   -     (18,215) Inventories and parts   2,110   -   -   -     2,110 Prepaid expenses   (15,720)   -   -   -     (15,720) Capitalization of deferred policy acquisition costs   -   -   (5,090)   -     (5,090) Other assets   1,805   1,546   (14)   -     3,337 Related party assets   (925)   (439)   -   -     (1,364) Accounts payable and accrued expenses   86,094   2,368   1,254   -     89,716 Policy benefits and losses, claims and loss expenses payable   8,802   (6,987)   503   -     2,318 Other policyholders' funds and liabilities   -   (414)   (4,867)   -     (5,281) Deferred income   8,527   -   -   -     8,527 Related party liabilities   1,345   (315)   62   -     1,092 Net cash provided by operating activities   367,812   3,087   10,027   -     380,926                         Cash flows from investing activities:                       Escrow deposits   1,968   -   -   -     1,968 Purchases of:                       Property, plant and equipment   (847,248)   -   -   -     (847,248) Short term investments   -   (8,689)   -   -     (8,689) Fixed maturities investments   -   (5,149)   (71,366)   -     (76,515) Real estate   -   (328)   -   -     (328) Mortgage loans   -   -   (9,410)   -     (9,410) Proceeds from sales and paydowns of:                       Property, plant and equipment   160,754   -   -   -     160,754 Short term investments   -   6,942   40   -     6,982 Fixed maturities investments   -   4,196   34,062   -     38,258 Real estate   311   -   -   -     311 Mortgage loans   -   245   1,433   -     1,678 Net cash used by investing activities   (684,215)   (2,783)   (45,241)   -     (732,239)     (page 1 of 2) (a) Balance for the period ended March 31, 2019                       29   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   Consolidating cash flow statements by industry segment for the quarter ended June 30, 2019, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   331,200   -   2,500   -     333,700 Principal repayments on credit facilities   (58,604)   -   (2,500)   -     (61,104) Payment of debt issuance costs   (5)   -   -   -     (5) Finance/capital lease payments   (94,446)   -   -   -     (94,446) Employee stock ownership plan stock   (131)   -   -   -     (131) Common stock dividend paid   (9,796)   -   -   -     (9,796) Investment contract deposits   -   -   61,515   -     61,515 Investment contract withdrawals   -   -   (37,054)   -     (37,054) Net cash provided by financing activities   168,218   -   24,461   -     192,679                         Effects of exchange rate on cash   4,764   -   -   -     4,764                         Increase (decrease) in cash and cash equivalents   (143,421)   304   (10,753)   -     (153,870) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 500,497 $ 6,061 $ 13,273 $ -   $ 519,831     (page 2 of 2) (a) Balance for the period ended March 31, 2019                        
v3.20.2
Industry Segment and Geographic Area Data (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Geographic Areas, Long-Lived Assets [Abstract]  
Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets   13,279,882   432,477   13,712,359               Quarter Ended June 30, 2019             Total revenues $ 1,028,574 $ 50,675 $ 1,079,249 Depreciation and amortization, net of gains on disposal   141,898   3,144   145,042 Interest expense   38,220   668   38,888 Pretax earnings   170,847   3,867   174,714 Income tax expense   41,114   1,178   42,292 Identifiable assets   12,076,714   398,030   12,474,744
v3.20.2
Employee Benefit Plans (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Post Retirement Benefit Cost     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 317 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   230   241 Other components   17   22 Total other components of net periodic benefit costs   247   263 Net periodic postretirement benefit cost $ 564 $ 555
v3.20.2
Fair Value Measurements (Table Text Block)
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Financial Instruments, Carrying and Estimated fair values     Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,371 $ - $ - $ 208,371 $ 208,371 Mortgage loans, net   294,551   -   -   294,551   294,551 Other investments   100,572   -   -   100,572   100,572 Total $ 603,494 $ - $ - $ 603,494 $ 603,494                                             Liabilities                     Notes, loans and finance/capital leases payable   4,808,147   -   4,808,147   -   4,510,021 Total $ 4,808,147 $ - $ 4,808,147 $ - $ 4,510,021     Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis As of June 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 629,550 $ 629,265 $ 285 $ - Fixed maturities - available for sale   2,370,821   7,614   2,363,047   160 Preferred stock   6,106   6,106   -   - Common stock   16,595   16,595   -   - Derivatives   1,763   1,763   -   - Total $ 3,024,835 $ 661,343 $ 2,363,332 $ 160                                     Liabilities                 Derivatives   8,170   -   8,170   - Total $ 8,170 $ - $ 8,170 $ - As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ -
v3.20.2
Revenue Recognition (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Revenue From Contract With Customer [Abstract]  
Next five years and thereafter revenue     Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,531 $ - $ - $ - $ - $ - Property lease revenues   21,223   14,785   11,960   8,422   6,746   58,195 Total $ 25,754 $ 14,785 $ 11,960 $ 8,422 $ 6,746 $ 58,195
Disaggregation Of Revenue     Quarter Ended June 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 44,938 $ 39,079 Revenues recognized at a point in time:   104,848   91,171 Total revenues recognized under ASC 606   149,786   130,250           Revenues recognized under ASC 842 or 840   774,694   865,204 Revenues recognized under ASC 944   45,775   48,046 Revenues recognized under ASC 320   16,982   35,749 Total revenues $ 987,237 $ 1,079,249
v3.20.2
Allowance For Credit Losses (Table Text Block)
 3 Months Ended
Jun. 30, 2020
Allowance For Credit Loss [Abstract]  
Accounts Receivable Allowance For Credit Loss [Table Text Block]     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   43   4,905   -   4,948 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of June 30, 2020 $ 2,723 $ 5,408 $ 501 $ 8,632
v3.20.2
Basis of Presentation (Narratives) (Details)
 3 Months Ended
Jun. 30, 2020
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Number of reportable segments 3
v3.20.2
Earnings Per Share (Narratives) (Details)
 3 Months Ended
Jun. 30, 2019
shares
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]  
Post 1992 shares of the employee stock ownership plan that have not been committed to be released 8,216
v3.20.2
Investments (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Insurance Regulatory Authorites:  
Assets held by insurance regulators $ 30.8
Available for sale securities:  
Fair value of sold available for sale securites 109.6
Available-for-sale securities, gross realized gains $ 2.8
v3.20.2
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Available-for-sale Securities [Abstract]    
Amortized cost $ 2,317,006 $ 2,334,215
Gross Unrealized Gains 105,872 135,767
Gross unrealized losses more than 12 months (1,903) (1,077)
Gross unrealized losses less than 12 months (43,245) (1,292)
Allowance for Expected Credit Losses (5,407)  
Estimated market value 2,372,323 2,467,613
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 84,814 112,421
Gross Unrealized Gains 12,192 7,959
Gross unrealized losses more than 12 months 0 (1)
Gross unrealized losses less than 12 months 0 0
Allowance for Expected Credit Losses 0  
Estimated market value 97,006 120,379
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 126,599 88,449
Gross Unrealized Gains 3,458 759
Gross unrealized losses more than 12 months (1) (1)
Gross unrealized losses less than 12 months (39) (373)
Allowance for Expected Credit Losses 0  
Estimated market value 130,017 88,834
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 270,476 287,643
Gross Unrealized Gains 21,364 20,664
Gross unrealized losses more than 12 months (141) (155)
Gross unrealized losses less than 12 months (2) 0
Allowance for Expected Credit Losses 0  
Estimated market value 291,697 308,152
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 1,636,025 1,656,425
Gross Unrealized Gains 66,359 100,302
Gross unrealized losses more than 12 months (1,759) (919)
Gross unrealized losses less than 12 months (37,168) (812)
Allowance for Expected Credit Losses (5,407)  
Estimated market value 1,658,050 1,754,996
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 197,599 187,784
Gross Unrealized Gains 2,485 6,011
Gross unrealized losses more than 12 months (2) (1)
Gross unrealized losses less than 12 months (6,031) (107)
Allowance for Expected Credit Losses 0  
Estimated market value 194,051 193,687
Redeemable preferred stocks [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 1,493 1,493
Gross Unrealized Gains 14 72
Gross unrealized losses more than 12 months 0 0
Gross unrealized losses less than 12 months (5) 0
Allowance for Expected Credit Losses 0  
Estimated market value $ 1,502 $ 1,565
v3.20.2
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,317,006 $ 2,334,215
Available-for-sale securities, fair value:    
Estimated market value 2,372,323 2,467,613
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 141,789 128,747
Due after one year through five years 537,400 547,821
Due after five years through ten years 605,305 636,036
Due after ten years 833,420 832,334
Amortized cost 2,117,914 2,144,938
Available-for-sale securities, fair value:    
Due in one year or less 141,448 129,420
Due after one year through five years 541,406 566,934
Due after five years through ten years 618,209 678,636
Due after ten years 875,707 897,371
Estimated market value 2,176,770 2,272,361
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 197,599 187,784
Available-for-sale securities, fair value:    
Estimated market value 194,051 193,687
Redeemable preferred stocks [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 1,493 1,493
Available-for-sale securities, fair value:    
Estimated market value $ 1,502 $ 1,565
v3.20.2
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Jun. 30, 2019
Marketable Securities [Abstract]    
Amortized cost, equity investments $ 14,851 $ 14,851
Estimated market value, equity investments 21,199 25,125
Common stocks [Member]    
Marketable Securities [Abstract]    
Amortized cost, equity investments 9,775 9,775
Estimated market value, equity investments 16,595 20,015
Non-redeemable preferred stocks [Member]    
Marketable Securities [Abstract]    
Amortized cost, equity investments 5,076 5,076
Estimated market value, equity investments $ 4,604 $ 5,110
v3.20.2
Borrowings (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Debt instruments, face, payment, and remaining balance amount:      
Notes, loans and leases payable $ 4,777,963   $ 4,621,291
Debt instruments, issuance and maturity dates:      
Remaining Lease Term Finance Lease Weighted Average 4    
Interest paid related to derivative contracts [Abstract]      
Interest paid in cash $ 39,400 $ 40,500  
Real estate loan [Member]      
Debt instruments, interest rate, effective percentage:      
LIBOR 0.18%    
Applicable margin interest rate 1.50%    
Sum of LIBOR and margin, maximum rate 1.68%    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2023    
Real estate loans (revolving credit) [Member] | AMERCO [Member]      
Debt instruments, interest rate, effective percentage:      
LIBOR 1.00%    
Applicable margin interest rate 2.25%    
Sum of LIBOR and margin, maximum rate 3.25%    
Unused capacity fee 0.30%    
Debt instruments, face, payment, and remaining balance amount:      
Line of credit facility, maximum borrowing capacity $ 300,000    
Line of credit, current borrowing capacity 200,000    
Line of credit facility, remaining borrowing capacity $ 150,000    
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 1.92%    
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 5.04%    
Finance Lease [Member] | AMERCO [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 1.63%    
Finance Lease [Member] | AMERCO [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 4.22%    
Other Obligations [Member] | AMERCO [Member]      
Debt instruments, interest rate, effective percentage:      
LIBOR 0.50%    
Applicable margin interest rate 2.00%    
Debt instrument, interest rate at period end 0.50%    
Sum of LIBOR and margin, maximum rate 2.50%    
Debt instruments, face, payment, and remaining balance amount:      
Debt instrument, face amount $ 200,000    
Line of credit facility increase, amount $ 200,000    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2021    
Amerco Real Estate Company [Member] | Working capital loans two [Member] | AMERCO [Member]      
Debt instruments, face, payment, and remaining balance amount:      
Line of credit facility, maximum borrowing capacity $ 385,000    
Notes, loans and leases payable $ 385,000    
Amerco Real Estate Company [Member] | Working capital loans two [Member] | AMERCO [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 3.03%    
Debt instruments, interest rate, effective percentage:      
LIBOR 0.17%    
Applicable margin interest rate 1.25%    
Sum of LIBOR and margin, maximum rate 1.42%    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2022    
Amerco Real Estate Company [Member] | Working capital loans two [Member] | AMERCO [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 3.14%    
Debt instruments, interest rate, effective percentage:      
LIBOR 0.18%    
Applicable margin interest rate 1.50%    
Sum of LIBOR and margin, maximum rate 1.67%    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2025    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 3.11%    
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage   6.62%  
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member]      
Debt instruments, interest rate, effective percentage:      
LIBOR 0.17%    
Applicable margin interest rate 1.15%    
Sum of LIBOR and margin, maximum rate 1.32%    
Debt instruments, face, payment, and remaining balance amount:      
Line of credit facility, maximum borrowing capacity $ 590,000    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.04%    
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 4.66%    
Amerco, Us Bank, National Association, Trustee [Member] | Uhaul International, Inc [Member]      
Debt instruments, face, payment, and remaining balance amount:      
Notes, loans and leases payable $ 85,200    
Subsidiary holdings of parent company debt $ 2,700    
Amerco, Us Bank, National Association, Trustee [Member] | Uhaul International, Inc [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.50%    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2020    
Amerco, Us Bank, National Association, Trustee [Member] | Uhaul International, Inc [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 8.00%    
Debt instruments, issuance and maturity dates:      
Debt instrument, maturity year 2049    
Life Insurance [Member] | Federal Home Loan Bank [Member]      
Federal Home Loan Bank, Advances, Activity for the year [Abstract]      
Aggregate deposit amount $ 60,000    
Available for sale equity securities, noncurrent 191,400    
Available for sale equity securities pledged as collateral $ 69,500    
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 0.69%    
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.95%    
v3.20.2
Borrowings (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Debt instrument, maturities:    
Notes, loans and finance/capital leases payable $ 4,808,147 $ 4,651,068
Less: Debt issuance costs (30,184) (29,777)
Total notes, loans and finance/capital leases payable, net $ 4,777,963 $ 4,621,291
Real estate loan (amortizing term) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year 2023  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.68%  
Senior Mortgages [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2021  
Debt instrument, maturity year range, end 2038  
Senior Mortgages [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 3.11%  
Senior Mortgages [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.62%  
Real estate loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2022  
Debt instrument, maturity year range, end 2025  
Real estate loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.58%  
Real estate loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 3.25%  
Fleet loans (amortizing term) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2020  
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.04%  
Fleet loans (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.66%  
Fleet loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2022  
Debt instrument, maturity year range, end 2024  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.32%  
Capital Leases (rental equipment) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2020  
Debt instrument, maturity year range, end 2026  
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.92%  
Capital Leases (rental equipment) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.04%  
Finance capital lease [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2020  
Debt instrument, maturity year range, end 2028  
Finance capital lease [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.63%  
Finance capital lease [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.22%  
Other Obligations [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2020  
Debt instrument, maturity year range, end 2049  
Other Obligations [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.50%  
Other Obligations [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
v3.20.2
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Jun. 30, 2020
USD ($)
Long-term debt, by Maturity:  
2021 $ 683,816
2022 770,912
2023 778,383
2024 793,838
2025 290,267
Thereafter $ 1,490,931
v3.20.2
Borrowings (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Interest expense, borrowings:    
Interest expense $ 41,911 $ 43,331
Capitalized interest (4,434) (5,499)
Amortization of transaction costs 1,297 1,053
Interest expense resulting from derivatives 747 3
Total interest expense $ 39,521 $ 38,888
v3.20.2
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Interest and debt expense:    
Weighted average interest rate during the quarter 2.02% 3.73%
Interest rate at quarter end 1.67% 3.69%
Maximum amount outstanding during the quarter $ 1,175,000 $ 990,000
Average amount outstanding during the quarter 1,161,385 967,358
Facility fees $ 4 $ 62
v3.20.2
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Interest Rate Derivatives [Abstract]    
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax $ (532) $ (901)
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months $ 3,700  
v3.20.2
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Interest Rate Fair Value Hedges [Abstract]    
Assets $ 0 $ 0
Liabilities 8,170 8,214
Notional amount (debt) $ 235,000 $ 235,000
v3.20.2
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
The effect of interest rate contracts on the statement of operations:    
(Gain) loss recognized in AOCI on interest rate contracts (effective portion) $ (42) $ 1,253
Loss recognized in income on interest rate contracts $ 747 $ 3
v3.20.2
Accumulated other comprehensive income (loss) components of net of tax (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 $ 34,652  
Foreign currency translation (2,917) $ 2,982
Unrealized net gain on investments (45,499) 40,788
Change in fair value of cash flow hedges (532) (901)
Amounts reclassified into earnings on hedging activities 564 (44)
Other comprehensive income (loss) (48,384) 42,825
Balance as of June 30, 2020 (13,732)  
Foreign Currency Translation [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 (47,235)  
Foreign currency translation (2,917)  
Unrealized net gain on investments 0  
Change in fair value of cash flow hedges 0  
Amounts reclassified into earnings on hedging activities 0  
Other comprehensive income (loss) (2,917)  
Balance as of June 30, 2020 (50,152)  
Unrealized Net Gain on Investments [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 90,684  
Foreign currency translation 0  
Unrealized net gain on investments (45,499)  
Change in fair value of cash flow hedges 0  
Amounts reclassified into earnings on hedging activities 0  
Other comprehensive income (loss) (45,499)  
Balance as of June 30, 2020 45,185  
Fair Market Value of Cash Flow Hedges [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 (6,196)  
Foreign currency translation 0  
Unrealized net gain on investments 0  
Change in fair value of cash flow hedges (532)  
Amounts reclassified into earnings on hedging activities 564  
Other comprehensive income (loss) 32  
Balance as of June 30, 2020 (6,164)  
Postretirement Benefit Obligation Gain [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 (2,601)  
Foreign currency translation 0 0
Unrealized net gain on investments 0 0
Change in fair value of cash flow hedges 0 0
Amounts reclassified into earnings on hedging activities 0 0
Other comprehensive income (loss) 0  
Balance as of June 30, 2020 (2,601)  
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2020 34,652  
Foreign currency translation (2,917) 2,982
Unrealized net gain on investments (45,499) 40,788
Change in fair value of cash flow hedges (532) (901)
Amounts reclassified into earnings on hedging activities 564 $ (44)
Other comprehensive income (loss) (48,384)  
Balance as of June 30, 2020 $ (13,732)  
v3.20.2
Leases (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Leases [Abstract]  
Cash paid for operating leases $ 7.0
Cash paid for finance leases $ 68.6
v3.20.2
Leases (Components of our right-of-use assets) (Details)
$ in Thousands
Jun. 30, 2020
USD ($)
Finance Lease [Abstract]  
Buildings and Improvements $ 130,241
Furniture and equipment 21,111
Rental trailers and other rental equipment 115,967
Rental trucks 1,697,339
Right-of-use assets, gross 1,964,658
Less: Accumulated depreciation (831,048)
Right of use assets, net 1,133,610
Finance Lease [Member]  
Finance Lease [Abstract]  
Buildings and Improvements 0
Furniture and equipment 21,111
Rental trailers and other rental equipment 115,967
Rental trucks 1,697,339
Right-of-use assets, gross 1,834,417
Less: Accumulated depreciation (807,489)
Right of use assets, net 1,026,928
Operating Lease [Member]  
Finance Lease [Abstract]  
Buildings and Improvements 130,241
Furniture and equipment 0
Rental trailers and other rental equipment 0
Rental trucks 0
Right-of-use assets, gross 130,241
Less: Accumulated depreciation (23,559)
Right of use assets, net $ 106,682
v3.20.2
Leases (Weighted average discount rate) (Details)
 3 Months Ended
Jun. 30, 2020
Weighted Average Remaining Lease Term [Abstract]  
Finance leases 4
Operating leases 14
Weighted Average Discount Rate [Abstract]  
Finance leases 3.50%
Operating leases 4.60%
v3.20.2
Leases (Components Of Lease Expense) (Details)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
USD ($)
Lease cost:  
Operating lease costs $ 7,137
Finance lease cost:  
Amortization of right of use assets 40,836
Interest on lease liabilities 6,282
Total finance lease cost $ 47,118
v3.20.2
Leases (Maturities of lease liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Finance Lease Liabilities Payments Due [Abstract]    
2020 $ 194,978  
2021 154,457  
2022 122,986  
2023 92,915  
2024 65,825  
Thereafter 35,155  
Total lease payments 666,316  
Less: imputed interest 0  
Financing lease liability 666,316  
Operating Lease Liabilities Payments Due [Abstract]    
2020 24,802  
2021 22,598  
2022 21,780  
2023 20,791  
2024 6,213  
Thereafter 65,758  
Total lease payments 161,942  
Less: inputed interest (55,328)  
Operating lease liability $ 106,614 $ 106,443
v3.20.2
Contingencies (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Covid 19 Pandemic  
Unusual Or Infrequent Item Net Gain Loss [Abstract]  
CARES act, refund estimate $ 381.0
v3.20.2
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]    
Property Management Fee [Abstract]    
Property Management Fee Revenue $ 10.1 $ 9.2
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]    
Property Management Fee [Abstract]    
Management fee rate 4.00%  
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]    
Property Management Fee [Abstract]    
Management fee rate 10.00%  
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]    
Related party costs and expenses:    
Revenue, excluding dealer agreement commissions and expenses $ 6.1  
Expenses, related parties 0.7  
Cash flow, related party 5.2  
Revenue generated by the dealer agreement from related parties 63.0  
Commission expenses, generated from dealer agreement with related parties $ 15.3  
v3.20.2
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Related party transactions:    
Management fee revenue $ 7,347 $ 7,156
Revenue from related parties 7,347 7,156
Blackwater [Member]    
Related party transactions:    
Management fee revenue 6,148 6,249
Mercury [Member]    
Related party transactions:    
Management fee revenue $ 1,199 $ 907
v3.20.2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Related party cost and expense:    
Related party expenses, total $ 15,989 $ 17,860
Blackwater [Member]    
Related party cost and expense:    
U-Haul lease expenses 657 658
U-Haul commission expenses $ 15,332 $ 17,202
v3.20.2
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Related party assets:    
Amounts due to related parties $ (19,046) $ (402)
Related party assets 9,406 34,784
Blackwater [Member]    
Related party assets:    
Notes receivable 22,897 25,293
Mercury [Member]    
Related party assets:    
Notes receivable $ 5,555 $ 9,893
v3.20.2
Related Party Transactions (Related Party Assets) Parenthetical (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Related Party Transaction, Due from (to) Related Party [Abstract]    
Dividend from related party $ 18,599 $ 0
Insurance group    
Related Party Transaction, Due from (to) Related Party [Abstract]    
Dividend from related party $ 18,600  
v3.20.2
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
ASSETS:        
Cash and cash equivalents $ 825,074 $ 494,352 $ 519,831 $ 673,701
Reinsurance recoverables and trade receivables, net 208,371 186,672    
Inventories, net 100,835 101,083    
Prepaid expenses 585,879 562,904    
Investments, fixed maturities and marketable equities 2,393,522 2,492,738    
Investments, other 395,123 360,373    
Deferred policy acquisition costs, net 117,123 103,118    
Other assets 70,415 71,956    
Right of use Assets - Financing 1,026,928 1,080,353    
Right of use Assets - Operating 106,682 106,631    
Related party assets 9,406 34,784    
Subtotal assets 5,839,358 5,594,964    
Investments in subsidiaries 0 0    
Property, plant and equipment, at cost:        
Land 1,043,952 1,032,945    
Buildings and improvements 4,752,816 4,663,461    
Furniture and equipment 754,641 752,363    
Property, plant and equipment (gross) 10,684,750 10,556,222    
Less: Accumulated depreciation (2,811,749) (2,713,162)    
Total property, plant and equipment 7,873,001 7,843,060    
Total assets 13,712,359 13,438,024 12,474,744  
Liabilities:        
Accounts payable and accrued expenses 582,356 554,353    
Notes, loans and leases payable 4,777,963 4,621,291    
Financing lease liability 666,316      
Operating lease liability 106,614 106,443    
Policy benefits and losses, claims and loss expenses payable 998,762 997,647    
Liabilities from investment contracts 1,833,617 1,802,217    
Other policyholders' funds and liabilities 6,764 10,190    
Deferred income 42,789 31,620    
Deferred income taxes, net 1,106,312 1,093,543    
Related party liabilities 0 0    
Total liabilities 9,455,177 9,217,304    
Stockholders' equity:        
Additional paid-in capital 453,819 453,819    
Accumulated other comprehensive loss (13,732) 34,652    
Retained earnings 4,484,248 4,399,402    
Unearned employee stock ownership plan shares 0 0    
Total stockholders' equity 4,257,182 4,220,720    
Total liabilities and stockholders' equity 13,712,359 13,438,024    
Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 513,623 511,520    
Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 3,619,718 3,595,933    
Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Serial Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 0 0    
Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 10,497 10,497    
Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (525,653) (525,653)    
Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (151,997) (151,997)    
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
ASSETS:        
Cash and cash equivalents 770,941 459,078 500,497 643,918
Reinsurance recoverables and trade receivables, net 83,795 60,073    
Inventories, net 100,835 101,083    
Prepaid expenses 585,879 562,904    
Investments, fixed maturities and marketable equities 0 0    
Investments, other 20,988 20,988    
Deferred policy acquisition costs, net 0 0    
Other assets 67,047 69,128    
Right of use Assets - Financing 1,026,928 1,080,353    
Right of use Assets - Operating 106,202 106,631    
Related party assets 34,035 41,027    
Subtotal assets 2,796,650 2,501,265    
Investments in subsidiaries 599,538 668,498    
Property, plant and equipment, at cost:        
Land 1,043,952 1,032,945    
Buildings and improvements 4,752,816 4,663,461    
Furniture and equipment 754,641 752,363    
Property, plant and equipment (gross) 10,684,750 10,556,222    
Less: Accumulated depreciation (2,811,749) (2,713,162)    
Total property, plant and equipment 7,873,001 7,843,060    
Total assets 11,269,189 11,012,823    
Liabilities:        
Accounts payable and accrued expenses 571,473 545,685    
Notes, loans and leases payable 4,766,564 4,609,844    
Operating lease liability 106,114 106,443    
Policy benefits and losses, claims and loss expenses payable 410,989 410,107    
Liabilities from investment contracts 0 0    
Other policyholders' funds and liabilities 0 0    
Deferred income 42,789 31,620    
Deferred income taxes, net 1,092,631 1,063,681    
Related party liabilities 26,143 24,275    
Total liabilities 7,016,703 6,791,655    
Stockholders' equity:        
Additional paid-in capital 454,029 454,029    
Accumulated other comprehensive loss (18,428) 35,100    
Retained earnings 4,484,038 4,399,192    
Unearned employee stock ownership plan shares 0 0    
Total stockholders' equity 4,252,486 4,221,168    
Total liabilities and stockholders' equity 11,269,189 11,012,823    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 513,623 511,520    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 3,619,718 3,595,933    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 0 0    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 10,497 10,497    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (525,653) (525,653)    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value (151,997) (151,997)    
Operating Segments [Member] | Property and Casualty Insurance [Member]        
ASSETS:        
Cash and cash equivalents 4,119 4,794 6,061 5,757
Reinsurance recoverables and trade receivables, net 87,403 93,995    
Inventories, net 0 0    
Prepaid expenses 0 0    
Investments, fixed maturities and marketable equities 270,083 288,998    
Investments, other 96,738 90,145    
Deferred policy acquisition costs, net 0 0    
Other assets 1,094 680    
Right of use Assets - Financing 0 0    
Right of use Assets - Operating 262 0    
Related party assets 7,024 7,137    
Subtotal assets 466,723 485,749    
Investments in subsidiaries 0 0    
Property, plant and equipment, at cost:        
Land 0 0    
Buildings and improvements 0 0    
Furniture and equipment 0 0    
Property, plant and equipment (gross) 0 0    
Less: Accumulated depreciation 0 0    
Total property, plant and equipment 0 0    
Total assets 466,723 485,749    
Liabilities:        
Accounts payable and accrued expenses 5,281 5,530    
Notes, loans and leases payable 0 0    
Operating lease liability 271 0    
Policy benefits and losses, claims and loss expenses payable 207,571 210,341    
Liabilities from investment contracts 0 0    
Other policyholders' funds and liabilities 1,662 5,751    
Deferred income 0 0    
Deferred income taxes, net 6,715 8,447    
Related party liabilities 3,694 4,616    
Total liabilities 225,194 234,685    
Stockholders' equity:        
Additional paid-in capital 91,120 91,120    
Accumulated other comprehensive loss 3,937 12,581    
Retained earnings 143,171 144,062    
Unearned employee stock ownership plan shares 0 0    
Total stockholders' equity 241,529 251,064    
Total liabilities and stockholders' equity 466,723 485,749    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 3,301 3,301    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value 0 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value 0 0    
Operating Segments [Member] | Life Insurance [Member]        
ASSETS:        
Cash and cash equivalents 50,014 30,480 13,273 24,026
Reinsurance recoverables and trade receivables, net 37,173 32,604    
Inventories, net 0 0    
Prepaid expenses 0 0    
Investments, fixed maturities and marketable equities 2,123,439 2,203,740    
Investments, other 277,397 249,240    
Deferred policy acquisition costs, net 117,123 103,118    
Other assets 2,274 2,148    
Right of use Assets - Financing 0 0    
Right of use Assets - Operating 218 0    
Related party assets 13,474 18,629    
Subtotal assets 2,621,112 2,639,959    
Investments in subsidiaries 0 0    
Property, plant and equipment, at cost:        
Land 0 0    
Buildings and improvements 0 0    
Furniture and equipment 0 0    
Property, plant and equipment (gross) 0 0    
Less: Accumulated depreciation 0 0    
Total property, plant and equipment 0 0    
Total assets 2,621,112 2,639,959    
Liabilities:        
Accounts payable and accrued expenses 5,602 3,138    
Notes, loans and leases payable 11,399 11,447    
Operating lease liability 229 0    
Policy benefits and losses, claims and loss expenses payable 380,202 377,199    
Liabilities from investment contracts 1,833,617 1,802,217    
Other policyholders' funds and liabilities 5,102 4,439    
Deferred income 0 0    
Deferred income taxes, net 6,966 21,415    
Related party liabilities 1,387 2,670    
Total liabilities 2,244,504 2,222,525    
Stockholders' equity:        
Additional paid-in capital 26,271 26,271    
Accumulated other comprehensive loss 36,550 78,550    
Retained earnings 311,287 310,113    
Unearned employee stock ownership plan shares 0 0    
Total stockholders' equity 376,608 417,434    
Total liabilities and stockholders' equity 2,621,112 2,639,959    
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 0 0    
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 2,500 2,500    
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value 0 0    
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value 0 0    
Consolidation, Eliminations [Member]        
ASSETS:        
Cash and cash equivalents 0 0 $ 0 $ 0
Reinsurance recoverables and trade receivables, net 0 0    
Inventories, net 0 0    
Prepaid expenses 0 0    
Investments, fixed maturities and marketable equities 0 0    
Investments, other 0 0    
Deferred policy acquisition costs, net 0 0    
Other assets 0 0    
Right of use Assets - Financing 0 0    
Right of use Assets - Operating 0 0    
Related party assets (45,127) (32,009)    
Subtotal assets (45,127) (32,009)    
Investments in subsidiaries (599,538) (668,498)    
Property, plant and equipment, at cost:        
Land 0 0    
Buildings and improvements 0 0    
Furniture and equipment 0 0    
Property, plant and equipment (gross) 0 0    
Less: Accumulated depreciation 0 0    
Total property, plant and equipment 0 0    
Total assets (644,665) (700,507)    
Liabilities:        
Accounts payable and accrued expenses 0 0    
Notes, loans and leases payable 0 0    
Operating lease liability 0 0    
Policy benefits and losses, claims and loss expenses payable 0 0    
Liabilities from investment contracts 0 0    
Other policyholders' funds and liabilities 0 0    
Deferred income 0 0    
Deferred income taxes, net 0 0    
Related party liabilities (31,224) (31,561)    
Total liabilities (31,224) (31,561)    
Stockholders' equity:        
Additional paid-in capital (117,601) (117,601)    
Accumulated other comprehensive loss (35,791) (91,579)    
Retained earnings (454,248) (453,965)    
Unearned employee stock ownership plan shares 0 0    
Total stockholders' equity (613,441) (668,946)    
Total liabilities and stockholders' equity (644,665) (700,507)    
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Consolidation, Eliminations [Member] | Rental Trucks [Member]        
Property, plant and equipment, at cost:        
Property subject to or available for operating lease, gross 0 0    
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]        
Stockholders' equity:        
Preferred stock, value, issued 0 0    
Consolidation, Eliminations [Member] | Serial Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued 0 0    
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]        
Stockholders' equity:        
Common stock, value, issued (5,801) (5,801)    
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value 0 0    
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]        
Stockholders' equity:        
Treasury stock, value $ 0 $ 0    
v3.20.2
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Revenues:    
Self-moving equipment rentals $ 654,285 $ 748,596
Self-storage revenues 108,955 98,274
Self moving and self-storage products and service sales 91,350 80,026
Property management fees 7,347 7,156
Life insurance premiums 30,908 32,710
Property and casualty insurance premiums 13,734 13,424
Investment income interest and dividend 16,982 35,749
Other revenue 63,676 63,314
Total revenues 987,237 1,079,249
Costs and expenses:    
Operating expenses 492,662 534,472
Commission expenses 69,175 80,899
Cost of sales 52,831 48,929
Benefits and losses 39,577 49,006
Amortization of deferred policy acquisition costs 6,888 6,064
Lease expense 6,603 7,036
Depreciation, net of (gains) losses on disposals 165,671 140,600
Net (gains) losses on disposal of real estate (256) (1,622)
Total costs and expenses 833,151 865,384
Earnings (loss) from operations before equity in earnings of subsidiaries 154,086 213,865
Equity in earnings of subsidiaries 0 0
Earnings from operations 154,086 213,865
Other components of net periodic benefit costs (247) (263)
Interest expense (39,521) (38,888)
Pretax earnings 114,318 174,714
Income tax expense (26,592) (42,292)
Earnings available to common stockholders 87,726 132,422
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Revenues:    
Self-moving equipment rentals 654,913 749,136
Self-storage revenues 108,955 98,274
Self moving and self-storage products and service sales 91,350 80,026
Property management fees 7,347 7,156
Life insurance premiums 0 0
Property and casualty insurance premiums 0 0
Investment income interest and dividend 662 3,267
Other revenue 63,073 62,539
Total revenues 926,300 1,000,398
Costs and expenses:    
Operating expenses 480,081 522,524
Commission expenses 69,175 80,899
Cost of sales 52,831 48,929
Benefits and losses 0 0
Amortization of deferred policy acquisition costs 0 0
Lease expense 7,137 7,172
Depreciation, net of (gains) losses on disposals 165,671 140,600
Net (gains) losses on disposal of real estate (256) (1,622)
Total costs and expenses 774,639 798,502
Earnings (loss) from operations before equity in earnings of subsidiaries 151,661 201,896
Equity in earnings of subsidiaries 2,395 9,831
Earnings from operations 154,056 211,727
Other components of net periodic benefit costs (247) (263)
Interest expense (39,794) (39,166)
Pretax earnings 114,015 172,298
Income tax expense (26,289) (39,876)
Earnings available to common stockholders 87,726 132,422
Operating Segments [Member] | Property and Casualty Insurance [Member]    
Revenues:    
Self-moving equipment rentals 0 0
Self-storage revenues 0 0
Self moving and self-storage products and service sales 0 0
Property management fees 0 0
Life insurance premiums 0 0
Property and casualty insurance premiums 14,507 14,114
Investment income interest and dividend (873) 6,191
Other revenue 0 0
Total revenues 13,634 20,305
Costs and expenses:    
Operating expenses 8,825 8,081
Commission expenses 0 0
Cost of sales 0 0
Benefits and losses 4,030 3,758
Amortization of deferred policy acquisition costs 0 0
Lease expense 1 0
Depreciation, net of (gains) losses on disposals 0 0
Net (gains) losses on disposal of real estate 0 0
Total costs and expenses 12,856 11,839
Earnings (loss) from operations before equity in earnings of subsidiaries 778 8,466
Equity in earnings of subsidiaries 0 0
Earnings from operations 778 8,466
Other components of net periodic benefit costs 0 0
Interest expense 0 0
Pretax earnings 778 8,466
Income tax expense (162) (1,778)
Earnings available to common stockholders 616 6,688
Operating Segments [Member] | Life Insurance [Member]    
Revenues:    
Self-moving equipment rentals 0 0
Self-storage revenues 0 0
Self moving and self-storage products and service sales 0 0
Property management fees 0 0
Life insurance premiums 30,908 32,710
Property and casualty insurance premiums 0 0
Investment income interest and dividend 18,006 26,701
Other revenue 739 910
Total revenues 49,653 60,321
Costs and expenses:    
Operating expenses 5,288 5,228
Commission expenses 0 0
Cost of sales 0 0
Benefits and losses 35,547 45,248
Amortization of deferred policy acquisition costs 6,888 6,064
Lease expense 10 0
Depreciation, net of (gains) losses on disposals 0 0
Net (gains) losses on disposal of real estate 0 0
Total costs and expenses 47,733 56,540
Earnings (loss) from operations before equity in earnings of subsidiaries 1,920 3,781
Equity in earnings of subsidiaries 0 0
Earnings from operations 1,920 3,781
Other components of net periodic benefit costs 0 0
Interest expense 0 0
Pretax earnings 1,920 3,781
Income tax expense (141) (638)
Earnings available to common stockholders 1,779 3,143
Consolidation, Eliminations [Member]    
Revenues:    
Self-moving equipment rentals (628) (540)
Self-storage revenues 0 0
Self moving and self-storage products and service sales 0 0
Property management fees 0 0
Life insurance premiums 0 0
Property and casualty insurance premiums (773) (690)
Investment income interest and dividend (813) (410)
Other revenue (136) (135)
Total revenues (2,350) (1,775)
Costs and expenses:    
Operating expenses (1,532) (1,361)
Commission expenses 0 0
Cost of sales 0 0
Benefits and losses 0 0
Amortization of deferred policy acquisition costs 0 0
Lease expense (545) (136)
Depreciation, net of (gains) losses on disposals 0 0
Net (gains) losses on disposal of real estate 0 0
Total costs and expenses (2,077) (1,497)
Earnings (loss) from operations before equity in earnings of subsidiaries (273) (278)
Equity in earnings of subsidiaries (2,395) (9,831)
Earnings from operations (2,668) (10,109)
Other components of net periodic benefit costs 0 0
Interest expense 273 278
Pretax earnings (2,395) (9,831)
Income tax expense 0 0
Earnings available to common stockholders $ (2,395) $ (9,831)
v3.20.2
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flow from operating activities:    
Net earnings $ 87,726 $ 132,422
Earnings from consolidated entities 0 0
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 166,740 157,278
Amortization of deferred policy acquisition costs 6,888 6,064
Amortization of premiums and accretion of discounts related to investments, net 3,550 3,275
Amortization of debt issuance costs 1,297 1,053
Interest credited to policyholders 7,667 14,218
Change in allowance for losses on trade receivables 60 (162)
Change in allowance for inventory reserves (99) 367
Net gain on sale of real and personal property (1,069) (16,678)
Net losses on disposal of real estate (256) (1,622)
Net (gain) loss on sale of investments 2,014 (4,267)
Net losses on equity investments 3,989 (2,215)
Deferred income tax 27,534 29,763
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (23,594) (18,215)
Inventories 350 2,110
Prepaid expenses (22,831) (15,720)
Capitalization of deferred policy acquisition costs (7,308) (5,090)
Other assets 74 3,337
Related party assets 7,329 (1,364)
Accounts payable and accrued expenses 58,273 89,716
Policy benefits and losses, claims and loss expenses payable 528 2,318
Other policyholders' funds and liabilities (3,426) (5,281)
Deferred income 14,898 8,527
Related party liabilities (249) 1,092
Net cash provided by operating activities 330,085 380,926
Cash flow from investing activities:    
Escrow deposits 1,401 1,968
Purchase of:    
Property, plant and equipment (249,740) (847,248)
Short term investments (9,625) (8,689)
Fixed maturity investments (94,193) (76,515)
Real estate (192) (328)
Mortgage loans (33,300) (9,410)
Proceeds from sale of:    
Property, plant and equipment 76,412 160,754
Short term investments 2,448 6,982
Fixed maturity investments 110,165 38,258
Real estate 0 311
Mortgage loans 1,432 1,678
Net cash used by investing activities (195,192) (732,239)
Cash flow from financing activities:    
Borrowings from credit facilities 377,051 333,700
Principal repayments on credit facilities (154,089) (61,104)
Payment of debt issuance costs (1,677) (5)
Capital lease payments (68,554) (94,446)
Net contribution from (to) related party 18,599 0
Employee stock ownership plan shares 0 (131)
Common stock dividends paid 0 (9,796)
Investment contract deposits 75,366 61,515
Investment contract withdrawals (51,633) (37,054)
Net cash provided by (used in) financing activities 195,063 192,679
Effects of exchange rate on cash 766 4,764
Increase (decrease) in cash and cash equivalents 330,722 (153,870)
Cash and cash equivalents at the beginning of period 494,352 673,701
Cash and cash equivalents at the end of the period 825,074 519,831
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Cash flow from operating activities:    
Net earnings 87,726 132,422
Earnings from consolidated entities (2,395) (9,831)
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 166,740 157,278
Amortization of deferred policy acquisition costs 0 0
Amortization of premiums and accretion of discounts related to investments, net 0 0
Amortization of debt issuance costs 1,297 1,053
Interest credited to policyholders 0 0
Change in allowance for losses on trade receivables 60 (162)
Change in allowance for inventory reserves (99) 367
Net gain on sale of real and personal property (1,069) (16,678)
Net losses on disposal of real estate (256) (1,622)
Net (gain) loss on sale of investments 0 0
Net losses on equity investments 0 0
Deferred income tax 28,939 35,980
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (24,749) (23,033)
Inventories 350 2,110
Prepaid expenses (22,831) (15,720)
Capitalization of deferred policy acquisition costs 0 0
Other assets 758 1,805
Related party assets 7,302 (925)
Accounts payable and accrued expenses 56,522 86,094
Policy benefits and losses, claims and loss expenses payable 294 8,802
Other policyholders' funds and liabilities 0 0
Deferred income 11,238 8,527
Related party liabilities 1,867 1,345
Net cash provided by operating activities 311,694 367,812
Cash flow from investing activities:    
Escrow deposits 1,401 1,968
Purchase of:    
Property, plant and equipment (249,740) (847,248)
Short term investments 0 0
Fixed maturity investments 0 0
Real estate 0 0
Mortgage loans 0 0
Proceeds from sale of:    
Property, plant and equipment 76,412 160,754
Short term investments 0 0
Fixed maturity investments 0 0
Real estate   311
Mortgage loans 0 0
Net cash used by investing activities (171,927) (684,215)
Cash flow from financing activities:    
Borrowings from credit facilities 367,451 331,200
Principal repayments on credit facilities (144,489) (58,604)
Payment of debt issuance costs (1,677) (5)
Capital lease payments (68,554) (94,446)
Net contribution from (to) related party 18,599  
Employee stock ownership plan shares   (131)
Common stock dividends paid   (9,796)
Investment contract deposits 0 0
Investment contract withdrawals 0 0
Net cash provided by (used in) financing activities 171,330 168,218
Effects of exchange rate on cash 766 4,764
Increase (decrease) in cash and cash equivalents 311,863 (143,421)
Cash and cash equivalents at the beginning of period 459,078 643,918
Cash and cash equivalents at the end of the period 770,941 500,497
Operating Segments [Member] | Property and Casualty Insurance [Member]    
Cash flow from operating activities:    
Net earnings 616 6,688
Earnings from consolidated entities 0 0
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 0 0
Amortization of deferred policy acquisition costs 0 0
Amortization of premiums and accretion of discounts related to investments, net 395 374
Amortization of debt issuance costs 0 0
Interest credited to policyholders 0 0
Change in allowance for losses on trade receivables 0 0
Change in allowance for inventory reserves 0 0
Net gain on sale of real and personal property 0 0
Net losses on disposal of real estate 0 0
Net (gain) loss on sale of investments (13) (33)
Net losses on equity investments 3,989 (2,215)
Deferred income tax 1,070 (2,564)
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 5,725 5,078
Inventories 0 0
Prepaid expenses 0 0
Capitalization of deferred policy acquisition costs 0 0
Other assets (340) 1,546
Related party assets 27 (439)
Accounts payable and accrued expenses (246) 2,368
Policy benefits and losses, claims and loss expenses payable (2,769) (6,987)
Other policyholders' funds and liabilities (4,089) (414)
Deferred income 0 0
Related party liabilities (834) (315)
Net cash provided by operating activities 3,531 3,087
Cash flow from investing activities:    
Escrow deposits 0 0
Purchase of:    
Property, plant and equipment 0 0
Short term investments (8,989) (8,689)
Fixed maturity investments (1,864) (5,149)
Real estate 0 (328)
Mortgage loans 0 0
Proceeds from sale of:    
Property, plant and equipment 0 0
Short term investments 1,980 6,942
Fixed maturity investments 4,402 4,196
Real estate   0
Mortgage loans 265 245
Net cash used by investing activities (4,206) (2,783)
Cash flow from financing activities:    
Borrowings from credit facilities 0 0
Principal repayments on credit facilities 0 0
Payment of debt issuance costs 0 0
Capital lease payments 0 0
Net contribution from (to) related party 0  
Employee stock ownership plan shares   0
Common stock dividends paid   0
Investment contract deposits 0 0
Investment contract withdrawals 0 0
Net cash provided by (used in) financing activities 0 0
Effects of exchange rate on cash 0 0
Increase (decrease) in cash and cash equivalents (675) 304
Cash and cash equivalents at the beginning of period 4,794 5,757
Cash and cash equivalents at the end of the period 4,119 6,061
Operating Segments [Member] | Life Insurance [Member]    
Cash flow from operating activities:    
Net earnings 1,779 3,143
Earnings from consolidated entities 0 0
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 0 0
Amortization of deferred policy acquisition costs 6,888 6,064
Amortization of premiums and accretion of discounts related to investments, net 3,155 2,901
Amortization of debt issuance costs 0 0
Interest credited to policyholders 7,667 14,218
Change in allowance for losses on trade receivables 0 0
Change in allowance for inventory reserves 0 0
Net gain on sale of real and personal property 0 0
Net losses on disposal of real estate 0 0
Net (gain) loss on sale of investments 2,027 (4,234)
Net losses on equity investments 0 0
Deferred income tax (2,475) (3,653)
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (4,570) (260)
Inventories 0 0
Prepaid expenses 0 0
Capitalization of deferred policy acquisition costs (7,308) (5,090)
Other assets (344) (14)
Related party assets 0 0
Accounts payable and accrued expenses 1,997 1,254
Policy benefits and losses, claims and loss expenses payable 3,003 503
Other policyholders' funds and liabilities 663 (4,867)
Deferred income 3,660 0
Related party liabilities (1,282) 62
Net cash provided by operating activities 14,860 10,027
Cash flow from investing activities:    
Escrow deposits 0 0
Purchase of:    
Property, plant and equipment 0 0
Short term investments (636) 0
Fixed maturity investments (92,329) (71,366)
Real estate (192) 0
Mortgage loans (33,300) (9,410)
Proceeds from sale of:    
Property, plant and equipment 0 0
Short term investments 468 40
Fixed maturity investments 105,763 34,062
Real estate   0
Mortgage loans 1,167 1,433
Net cash used by investing activities (19,059) (45,241)
Cash flow from financing activities:    
Borrowings from credit facilities 9,600 2,500
Principal repayments on credit facilities (9,600) (2,500)
Payment of debt issuance costs 0 0
Capital lease payments 0 0
Net contribution from (to) related party 0  
Employee stock ownership plan shares   0
Common stock dividends paid   0
Investment contract deposits 75,366 61,515
Investment contract withdrawals (51,633) (37,054)
Net cash provided by (used in) financing activities 23,733 24,461
Effects of exchange rate on cash 0 0
Increase (decrease) in cash and cash equivalents 19,534 (10,753)
Cash and cash equivalents at the beginning of period 30,480 24,026
Cash and cash equivalents at the end of the period 50,014 13,273
Consolidation, Eliminations [Member]    
Cash flow from operating activities:    
Net earnings (2,395) (9,831)
Earnings from consolidated entities 2,395 9,831
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 0 0
Amortization of deferred policy acquisition costs 0 0
Amortization of premiums and accretion of discounts related to investments, net 0 0
Amortization of debt issuance costs 0 0
Interest credited to policyholders 0 0
Change in allowance for losses on trade receivables 0 0
Change in allowance for inventory reserves 0 0
Net gain on sale of real and personal property 0 0
Net losses on disposal of real estate 0 0
Net (gain) loss on sale of investments 0 0
Net losses on equity investments 0 0
Deferred income tax 0 0
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 0 0
Inventories 0 0
Prepaid expenses 0 0
Capitalization of deferred policy acquisition costs 0 0
Other assets 0 0
Related party assets 0 0
Accounts payable and accrued expenses 0 0
Policy benefits and losses, claims and loss expenses payable 0 0
Other policyholders' funds and liabilities 0 0
Deferred income 0 0
Related party liabilities 0 0
Net cash provided by operating activities 0 0
Cash flow from investing activities:    
Escrow deposits 0 0
Purchase of:    
Property, plant and equipment 0 0
Short term investments 0 0
Fixed maturity investments 0 0
Real estate 0 0
Mortgage loans 0 0
Proceeds from sale of:    
Property, plant and equipment 0 0
Short term investments 0 0
Fixed maturity investments 0 0
Real estate   0
Mortgage loans 0 0
Net cash used by investing activities 0 0
Cash flow from financing activities:    
Borrowings from credit facilities 0 0
Principal repayments on credit facilities 0 0
Payment of debt issuance costs 0 0
Capital lease payments 0 0
Net contribution from (to) related party 0  
Employee stock ownership plan shares   0
Common stock dividends paid   0
Investment contract deposits 0 0
Investment contract withdrawals 0 0
Net cash provided by (used in) financing activities 0 0
Effects of exchange rate on cash 0 0
Increase (decrease) in cash and cash equivalents 0 0
Cash and cash equivalents at the beginning of period 0 0
Cash and cash equivalents at the end of the period $ 0 $ 0
v3.20.2
Industry Segment and Geographic Area Data (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2020
Quarter ended:      
Total revenues $ 987,237 $ 1,079,249  
Depreciation and amortization, net of (gains) losses on disposals 172,303 145,042  
Interest expense 39,521 38,888  
Pretax earnings (loss) 114,318 174,714  
Income tax expense 26,592 42,292  
Identifiable assets 13,712,359 12,474,744 $ 13,438,024
United States [Member]      
Quarter ended:      
Total revenues 942,803 1,028,574  
Depreciation and amortization, net of (gains) losses on disposals 168,526 141,898  
Interest expense 38,654 38,220  
Pretax earnings (loss) 111,949 170,847  
Income tax expense 25,783 41,114  
Identifiable assets 13,279,882 12,076,714  
Canada [Member]      
Quarter ended:      
Total revenues 44,434 50,675  
Depreciation and amortization, net of (gains) losses on disposals 3,777 3,144  
Interest expense 867 668  
Pretax earnings (loss) 2,369 3,867  
Income tax expense 809 1,178  
Identifiable assets $ 432,477 $ 398,030  
v3.20.2
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Postemployment Benefits [Abstract]    
Service cost for benefits earned during the period $ 317 $ 292
Other components of net periodic benefit costs:    
Interest cost on accumulated postretirement benefit 230 241
Other components 17 22
Total other components of net periodic benefit costs 247 263
Net periodic postretirement benefit cost $ 564 $ 555
v3.20.2
Fair Value Measurements (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Fair Value Disclosures [Abstract]  
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales $ 0.2
v3.20.2
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Assets    
Reinsurance recoverables and trade receivables, net $ 208,371 $ 186,672
Mortgage loans, net 294,551 262,688
Other investments 100,572 97,685
Total 603,494 547,045
Liabilities    
Notes, loans and leases payable, gross 4,510,021 4,342,308
Total 4,510,021 4,342,308
Level 1 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 0 0
Mortgage loans, net 0 0
Other investments 0 0
Total 0 0
Liabilities    
Notes, loans and leases payable, gross 0 0
Total 0 0
Level 2 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 0 0
Mortgage loans, net 0 0
Other investments 0 0
Total 0 0
Liabilities    
Notes, loans and leases payable, gross 4,808,147 4,651,068
Total 4,808,147 4,651,068
Level 3 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 208,371 186,672
Mortgage loans, net 294,551 262,688
Other investments 100,572 97,685
Total 603,494 547,045
Liabilities    
Notes, loans and leases payable, gross 0 0
Total 0 0
Carrying Value [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 208,371 186,672
Mortgage loans, net 294,551 262,688
Other investments 100,572 97,685
Total 603,494 547,045
Liabilities    
Notes, loans and leases payable, gross 4,808,147 4,651,068
Total $ 4,808,147 $ 4,651,068
v3.20.2
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Assets:    
Short-term investments $ 629,550 $ 369,279
Fixed maturities - available for sale 2,370,821 2,466,048
Preferred stock 6,106 6,675
Common stock 16,595 20,015
Derivatives 1,763 5,944
Total 3,024,835 2,867,961
Liabilities:    
Derivatives 8,170 8,214
Total 8,170 8,214
Level 1 [Member]    
Assets:    
Short-term investments 629,265 368,968
Fixed maturities - available for sale 7,614 7,156
Preferred stock 6,106 6,675
Common stock 16,595 20,015
Derivatives 1,763 5,944
Total 661,343 408,758
Liabilities:    
Derivatives 0 0
Total 0 0
Level 2 [Member]    
Assets:    
Short-term investments 285 311
Fixed maturities - available for sale 2,363,047 2,458,731
Preferred stock 0 0
Common stock 0 0
Derivatives 0 0
Total 2,363,332 2,459,042
Liabilities:    
Derivatives 8,170 8,214
Total 8,170 8,214
Level 3 [Member]    
Assets:    
Short-term investments 0 0
Fixed maturities - available for sale 160 161
Preferred stock 0 0
Common stock 0 0
Derivatives 0 0
Total 160 161
Liabilities:    
Derivatives 0 0
Total $ 0 $ 0
v3.20.2
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Revenue From Contract With Customer [Abstract]    
Revenues Recognized Over Time $ 44,938 $ 39,079
Revenues recognized at a point in time 104,848 91,171
Total revenues recognized under ASC 606 149,786 130,250
Revenues recognized under ASC 840 774,694 865,204
Revenues recognized under ASC 944 45,775 48,046
Revenues recognized under ASC 320 16,982 35,749
Total revenues $ 987,237 $ 1,079,249
v3.20.2
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
Mar. 31, 2020
USD ($)
Contract With Customer Liability [Abstract]  
2020 $ 25,754
2021 14,785
2022 11,960
2023 8,422
2024 6,746
Thereafter 58,195
Self Moving Equipment [Member]  
Contract With Customer Liability [Abstract]  
2020 4,531
2021 0
2022 0
2023 0
2024 0
Thereafter 0
Property Lease Revenue [Member]  
Contract With Customer Liability [Abstract]  
2020 21,223
2021 14,785
2022 11,960
2023 8,422
2024 6,746
Thereafter $ 58,195
v3.20.2
Allowance For Credit Losses (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Allowance For Credit Loss [Abstract]  
Gains Losses On Sales Of Credit Card Portfolio $ 2.7
Accrued interest receivables $ 25.8
Contracts In Force Subject To Participation Through Reinsurance Percentage 1.00%
Premiums Receivable Gross $ 3.0
v3.20.2
Allowance For Credit Losses (Reserve Allowance For Various Credit Loss) (Details)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
USD ($)
Valuation And Qualifying Accounts [Abstract]  
Balance as of March 31, 2020 $ 3,684
Transition adjustment current expected credit losses 4,948
Write-offs against allowance 0
Recoveries 0
Balance as of June 30, 2020 8,632
Trade Receivables  
Valuation And Qualifying Accounts [Abstract]  
Balance as of March 31, 2020 2,680
Transition adjustment current expected credit losses 43
Write-offs against allowance 0
Recoveries 0
Balance as of June 30, 2020 2,723
Investments, Fixed Maturities  
Valuation And Qualifying Accounts [Abstract]  
Balance as of March 31, 2020 503
Transition adjustment current expected credit losses 4,905
Write-offs against allowance 0
Recoveries 0
Balance as of June 30, 2020 5,408
Investments, Other  
Valuation And Qualifying Accounts [Abstract]  
Balance as of March 31, 2020 501
Transition adjustment current expected credit losses 0
Write-offs against allowance 0
Recoveries 0
Balance as of June 30, 2020 $ 501
v3.20.2
Accounting Pronouncements (Narratives) (Details)
$ in Thousands
 3 Months Ended
Jun. 30, 2020
USD ($)
Allowance For Credit Loss [Abstract]  
Allowance For Doubtful Accounts Provision For Credit Losses $ 2,880
Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 201613 [Member]  
Allowance For Credit Loss [Abstract]  
Allowance For Doubtful Accounts Provision For Credit Losses $ 2,900
v3.20.2
Label Element Value
Finance Lease [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount $ 447,416,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 398,834,000
Fleet Loans Revolving Credit [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 570,000,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 567,000,000
Real estate loan (amortizing term) [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 90,413,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 92,913,000
Capital Lease Obligations [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 666,316,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 734,870,000
Senior Loans [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 2,015,495,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 2,029,878,000
Working Capital Loans [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 535,000,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 519,000,000
Rental Truck (amortizing loans) First Loan [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 200,983,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 224,089,000
Other Obligations [Member]  
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount 282,524,000
Debt Instrument Carrying Amount us-gaap_DebtInstrumentCarryingAmount $ 84,484,000