EDGAR Online Inc - Financials

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 02, 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	Q2
Document Period End Date	Sep. 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
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
ASSETS:
Cash and cash equivalents	$ 1,215,568	$ 494,352
Reinsurance recoverables and trade receivables, net	213,397	186,672
Inventories, net	100,595	101,083
Prepaid expenses	447,073	562,904
Investments, fixed maturities and marketable equities	2,495,342	2,492,738
Investments, other	425,527	360,373
Deferred policy acquisition costs, net	93,407	103,118
Other assets	71,314	71,956
Right of use Assets - Financing	970,361	1,080,353
Right of use Assets - Operating	101,946	106,631
Related party assets	32,397	34,784
Subtotal assets	6,166,927	5,594,964
Property, plant and equipment, at cost:
Land	1,052,205	1,032,945
Buildings and improvements	4,863,590	4,663,461
Furniture and equipment	767,290	752,363
Property, plant and equipment (gross)	10,859,224	10,556,222
Less: Accumulated depreciation	(2,902,673)	(2,713,162)
Total property, plant and equipment	7,956,551	7,843,060
Total assets	14,123,478	13,438,024
Liabilities:
Accounts payable and accrued expenses	630,666	554,353
Notes, loans and leases payable	4,701,225	4,621,291
Operating lease liability	101,976	106,443
Policy benefits and losses, claims and loss expenses payable	1,015,189	997,647
Liabilities from investment contracts	1,838,280	1,802,217
Other policyholders' funds and liabilities	5,426	10,190
Deferred income	41,715	31,620
Deferred income taxes, net	1,183,370	1,093,543
Total liabilities	9,517,847	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	78,156	34,652
Retained earnings	4,740,809	4,399,402
Unearned employee stock ownership plan shares	0	0
Total stockholders' equity	4,605,631	4,220,720
Total liabilities and stockholders' equity	14,123,478	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	531,465	511,520
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 3,644,674	$ 3,595,933

Condensed Consolidated Balance Sheets Parenthetical	Sep. 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

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Self-moving equipment rentals	$ 931,030	$ 804,325	$ 1,585,315	$ 1,552,921
Self-storage revenues	115,273	104,965	224,228	203,239
Self moving and self-storage products and service sales	98,628	73,121	189,978	153,147
Property management fees	7,840	7,233	15,187	14,389
Life insurance premiums	31,057	32,355	61,965	65,065
Property and casualty insurance premiums	15,869	18,365	29,603	31,789
Net investment and Interest income	33,333	33,098	50,315	68,847
Other revenue	91,878	76,752	155,554	140,066
Total revenues	1,324,908	1,150,214	2,312,145	2,229,463
Costs and expenses:
Operating expenses	574,083	565,413	1,066,745	1,099,885
Commission expenses	99,365	86,099	168,540	166,998
Cost of sales	60,933	43,930	113,764	92,859
Benefits and losses	45,452	45,825	85,029	94,831
Amortization of deferred policy acquisition costs	5,552	6,515	12,440	12,579
Lease expense	6,870	6,356	13,473	13,392
Depreciation, net of (gains) losses on disposals	137,438	151,553	303,109	292,153
Net (gains) losses on disposal of real estate	3,425	(217)	3,169	(1,839)
Total costs and expenses	933,118	905,474	1,766,269	1,770,858
Earnings from operations	391,790	244,740	545,876	458,605
Other components of net periodic benefit costs	(246)	(264)	(493)	(527)
Interest expense	(40,525)	(39,122)	(80,046)	(78,010)
Pretax earnings	351,019	205,354	465,337	380,068
Income tax expense	(84,654)	(49,028)	(111,246)	(91,320)
Earnings available to common stockholders	$ 266,365	$ 156,326	$ 354,091	$ 288,748
Basic and diluted earnings per common share	$ 13.58	$ 7.97	$ 18.06	$ 14.73
Weighted average common shares outstanding: basic and diluted	19,607,788	19,602,566	19,607,788	19,600,211

Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Depreciation:
Net gain on sale of real and personal property			$ (29,131)	$ (34,677)
Related party:
Related party revenues, net of eliminations	$ 7,840	$ 7,233	15,187	14,389
Related party, costs and expenses, net of eliminations	$ 21,191	$ 19,275	$ 37,180	$ 37,135

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive income (loss) (pretax):
Pretax earnings (loss)	$ 351,019	$ 205,354	$ 465,337	$ 380,068
Comprehensive income (loss) (tax effect):
Income tax expense	(84,654)	(49,028)	(111,246)	(91,320)
Comprehensive income (loss) (net of tax):
Net earnings	266,365	156,326	354,091	288,748
Other comprehensive income (loss):
Foreign currency translation (pretax)	290	629	(2,627)	3,611
Foreign currency translation (tax effect)	0	0	0	0
Foreign currency translation (net of tax)	290	629	(2,627)	3,611
Unrealized gain (loss) on investments (pretax)	115,186	52,651	56,224	104,478
Unrealized gain (loss) on investments (tax effect)	(24,347)	(11,346)	(10,884)	(22,385)
Unrealized gain (loss) on investments (net of tax)	90,839	41,305	45,340	82,093
Change in fair value of cash flow hedges (pretax)	46	(840)	(659)	(2,034)
Change in fair value of cash flow hedges (tax effect)	(11)	207	162	500
Change in fair value of cash flow hedges (net of tax)	35	(633)	(497)	(1,534)
Amounts reclassified into earnings on hedging activities (pre tax)	961	(366)	1,708	(425)
Amounts reclassified into earnings on hedging activities (tax effect)	(237)	89	(420)	104
Amounts reclassified into earnings on hedging activities (net of tax)	724	(277)	1,288	(321)
Total other comprehensive income (loss) (pretax)	116,483	52,074	54,646	105,630
Total other comprehensive income (loss) (tax effect)	(24,595)	(11,050)	(11,142)	(21,781)
Total other comprehensive income (loss) (net of tax)	91,888	41,024	43,504	83,849
Total comprehensive income (loss) (pretax)	467,502	257,428	519,983	485,698
Total comprehensive income (loss) (tax effect)	(109,249)	(60,078)	(122,388)	(113,101)
Total comprehensive income (loss) (net of tax)	$ 358,253	$ 197,350	$ 397,595	$ 372,597

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	435	0	435	0	0	0	0	0
Release of unearned ESOP shares	2,656	0	0	0	0	0	0	2,656
Purchase of ESOP shares	(205)	0	0	0	0	0	0	(205)
Foreign currency translation	3,611	0	0	3,611	0	0	0	0
Unrealized net gain (loss) on investments, net of tax	82,093	0	0	82,093	0	0	0	0
Change in fair value of cash flow hedges, net of tax	(1,534)	0	0	(1,534)	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	(321)	0	0	(321)	0	0	0	0
Net earnings	288,748	0	0	0	288,748	0	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0	0
Net activity	365,679	0	435	83,849	278,944	0	0	2,451
Balance, end of period at Sep. 30, 2019	4,058,068	10,497	453,761	17,151	4,255,906	(525,653)	(151,997)	(1,597)
Balance, beginning of period at Jun. 30, 2019	3,869,023	10,497	453,535	(23,873)	4,109,384	(525,653)	(151,997)	(2,870)
Cosolidated statement of change in equity
Increase in market value of released ESOP shares	226	0	226	0	0	0	0	0
Release of unearned ESOP shares	1,347	0	0	0	0	0	0	1,347
Purchase of ESOP shares	(74)	0	0	0	0	0	0	(74)
Foreign currency translation	629	0	0	629	0	0	0	0
Unrealized net gain (loss) on investments, net of tax	41,305	0	0	41,305	0	0	0	0
Change in fair value of cash flow hedges, net of tax	(633)	0	0	(633)	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	(277)	0	0	(277)	0	0	0	0
Net earnings	156,326	0	0	0	156,326	0	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0	0
Net activity	189,045	0	226	41,024	146,522	0	0	1,273
Balance, end of period at Sep. 30, 2019	4,058,068	10,497	453,761	17,151	4,255,906	(525,653)	(151,997)	(1,597)
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	(2,627)	0	0	(2,627)	0	0	0	0
Unrealized net gain (loss) on investments, net of tax	45,340	0	0	45,340	0	0	0	0
Change in fair value of cash flow hedges, net of tax	(497)	0	0	(497)	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	1,288	0	0	1,288	0	0	0	0
Net earnings	354,091	0	0	0	354,091	0	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0	0
Net activity	384,911	0	0	43,504	341,407	0	0	0
Balance, end of period at Sep. 30, 2020	4,605,631	10,497	453,819	78,156	4,740,809	(525,653)	(151,997)	0
Balance, beginning of period at Jun. 30, 2020	4,257,182	10,497	453,819	(13,732)	4,484,248	(525,653)	(151,997)	0
Cosolidated statement of change in equity
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	290	0	0	290	0	0	0	0
Unrealized net gain (loss) on investments, net of tax	90,839	0	0	90,839	0	0	0	0
Change in fair value of cash flow hedges, net of tax	35	0	0	35	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	724	0	0	724	0	0	0	0
Net earnings	266,365	0	0	0	266,365	0	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0	0
Net activity	348,449	0	0	91,888	256,561	0	0	0
Balance, end of period at Sep. 30, 2020	$ 4,605,631	$ 10,497	$ 453,819	$ 78,156	$ 4,740,809	$ (525,653)	$ (151,997)	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flow from operating activities:
Net earnings	$ 354,091	$ 288,748
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	332,240	326,830
Amortization of deferred policy acquisition costs	12,440	12,579
Amortization of premiums and accretion of discounts related to investments, net	6,926	6,481
Amortization of debt issuance costs	2,755	2,100
Interest credited to policyholders	24,241	26,584
Change in allowance for losses on trade receivables	(140)	(113)
Change in allowance for inventory reserves	106	537
Net gain on sale of real and personal property	(29,131)	(34,677)
Net losses on disposal of real estate	3,169	(1,839)
Net (gain) loss on sale of investments	(1,288)	(7,595)
Net losses on equity investments	2,254	(2,553)
Deferred income tax	80,198	83,708
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(28,288)	2,471
Inventories	386	613
Prepaid expenses	116,064	(21,908)
Capitalization of deferred policy acquisition costs	(13,404)	(10,370)
Other assets	(553)	525
Related party assets	2,785	(5,019)
Accounts payable and accrued expenses	112,489	60,587
Policy benefits and losses, claims and loss expenses payable	16,575	10,709
Other policyholders' funds and liabilities	(4,764)	(4,136)
Deferred income	13,237	2,077
Related party liabilities	(46)	1,425
Net cash provided by operating activities	1,002,342	737,764
Cash flow from investing activities:
Escrow deposits	1,266	5,573
Purchase of:
Property, plant and equipment	(662,259)	(1,589,371)
Short term investments	(19,222)	(20,380)
Fixed maturity investments	(160,755)	(178,626)
Equity securities	(719)	(83)
Preferred stock	(13,111)	0
Real estate	(223)	(368)
Mortgage loans	(72,316)	(19,660)
Proceeds from sale of:
Property, plant and equipment	314,335	401,451
Short term investments	23,180	17,282
Fixed maturity investments	226,656	127,683
Preferred stock	72	0
Real estate	0	311
Mortgage loans	3,219	4,299
Net cash used by investing activities	(359,877)	(1,251,889)
Cash flow from financing activities:
Borrowings from credit facilities	585,723	658,745
Principal repayments on credit facilities	(386,779)	(143,634)
Payment of debt issuance costs	(3,477)	(2,301)
Capital lease payments	(122,720)	(180,902)
Employee stock ownership plan shares	0	(206)
Common stock dividends paid	(9,804)	(19,600)
Net contribution from (to) related party	0	21,600
Investment contract deposits	114,288	105,846
Investment contract withdrawals	(102,466)	(78,177)
Net cash provided by (used in) financing activities	74,765	361,371
Effects of exchange rate on cash	3,986	4,284
Increase (decrease) in cash and cash equivalents	721,216	(148,470)
Cash and cash equivalents at the beginning of period	494,352	673,701
Cash and cash equivalents at the end of the period	$ 1,215,568	$ 525,231

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 30, 2020
Disclosure Text Block [Abstract]
1. Basis of Presentation	AMERCO, a Nevada corporation (“AMERCO”), has a second fiscal quarter that ends on the 30 th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30 th of June 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 September 30, 2020 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders' equity for the second quarter and first six months of fiscal 2021 and 2020 and cash flows for the first six months 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 ® protectio n 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 8 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. 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 assess each customer's credit worthiness. We monitor collections and payments from our customers and maintain 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.

Earnings Per Share	6 Months Ended
Earnings Per Share	Sep. 30, 2020
Earnings Per Share [Abstract]
2. Earnings Per Share	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. As of September 30, 2020 and 2019, respectively, all of these shares were released.

Investments	6 Months Ended
Investments	Sep. 30, 2020
Investments Debt Equity Securities [Abstract]
3. Investments	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 $ 32.2 million and $ 30.8 million as of September 30, 2020 and March 31, 2020, respectively. 9 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of September 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 $ 92,389 $ 13,609 $ - $ - $ - $ 105,998 U.S. government agency mortgage-backed securities 110,514 2,808 (1) - - 113,321 Obligations of states and political subdivisions 257,153 26,803 (79) - - 283,877 Corporate securities 1,602,921 151,789 (912) (5,140) (4,258) 1,744,400 Mortgage-backed securities 198,829 11,333 (1) (128) - 210,033 Redeemable preferred stocks 1,493 37 - - - 1,530 $ 2,263,299 $ 206,379 $ (993) $ (5,268) $ (4,258) $ 2,459,159 Available-for-sale investments at 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 $ 224.3 million during the first six months of fiscal 2021. The gross realized gains on these sales totaled $ 3.1 million. The gross realized losses on these sales totaled $ 1.0 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. 10 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 first six months as of September 30, 2020. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: September 30, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Due in one year or less $ 112,348 $ 110,836 $ 128,747 $ 129,420 Due after one year through five years 532,931 562,558 547,821 566,934 Due after five years through ten years 626,777 691,999 636,036 678,636 Due after ten years 790,921 882,203 832,334 897,371 2,062,977 2,247,596 2,144,938 2,272,361 Mortgage-backed securities 198,829 210,033 187,784 193,687 Redeemable preferred stocks 1,493 1,530 1,493 1,565 $ 2,263,299 $ 2,459,159 $ 2,334,215 $ 2,467,613 As of September 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: September 30, 2020 March 31, 2020 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (Unaudited) (In thousands) Common stocks $ 9,775 $ 17,927 $ 9,775 $ 20,015 Non-redeemable preferred stocks 18,187 18,256 5,076 5,110 $ 27,962 $ 36,183 $ 14,851 $ 25,125 11

Borrowings	6 Months Ended
Borrowings	Sep. 30, 2020
Debt Disclosure [Abstract]
4. Borrowings	11 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 4. Borrowings Long Term Debt Long term debt was as follows: September 30, March 31, 2020 Rates (a) Maturities 2020 2020 (Unaudited) (In thousands) Real estate loan (amortizing term) 1.66 % 2023 $ 87,913 $ 92,913 Senior mortgages 3.11 % - 6.62 % 2021 - 2038 2,098,659 2,029,878 Real estate loans (revolving credit) 1.56 % - 3.25 % 2022 - 2025 535,000 519,000 Fleet loans (amortizing term) 2.04 % - 4.66 % 2020 - 2027 184,861 224,089 Fleet loans (revolving credit) 1.31 % - 2.36 % 2022 - 2024 510,000 567,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 % 2020 - 2026 612,150 734,870 Finance liability (rental equipment) 1.60 % - 4.22 % 2020 - 2028 528,702 398,834 Other obligations 2.50 % - 8.00 % 2020 - 2049 174,483 84,484 Notes, loans and finance/capital leases payable 4,731,768 4,651,068 Less: Debt issuance costs (30,543) (29,777) Total notes, loans and finance/capital leases payable, net $ 4,701,225 $ 4,621,291 (a) Interest rates as of September 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 September 30, 2020, the applicable LIBOR was 0.16 % and the applicable margin was 1.50 %, the sum of which was 1.66 %. 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 %. The weighted average interest rate of these loans as of September 30, 2020 was 4.32 %. 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. 12 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 September 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 September 30, 2020, the applicable LIBOR was 0.16 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.41 % and 1.66 %. 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 September 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 September 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, $ 100.0 million of this debt amount is fixed at a rate of 2.36 %. As of September 30, 2020, the applicable LIBOR was 0.16 %, and the margin was 1.15 %, the sum of which was 1.31 %. 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 are collateralized by our rental fleet. There were no new financing leases, as assessed under the new leasing guidance, entered into during the six months ended September 30, 2020. 13 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 Accounting Standards Codification (“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 1.60 % 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 September 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 September 30, 2020, the balance of this note was $ 90.7 million. The final maturity of this loan is May 2021. This loan was paid off in October 2020. 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 September 30, 2020, the aggregate outstanding principal balance of the U-Notes ® issued was $ 86.4 million, of which $ 2.6 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.5 % 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 June 30, 2020, the deposits had an aggregate balance of $ 70.0 million, for which Oxford pays fixed interest rates between 0.00 % 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 $ 181.4 million, of which $ 77.7 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 September 30, 2020 for the next five years and thereafter are as follows: Year Ended September 30, 2021 2022 2023 2024 2025 Thereafter (Unaudited) (In thousands) Notes, loans and finance/capital leases payable, secured $ 575,971 $ 840,903 $ 703,945 $ 780,395 $ 264,733 $ 1,565,821 14 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 September 30, 2020 2019 (Unaudited) (In thousands) Interest expense $ 41,600 $ 44,743 Capitalized interest (3,494) (6,669) Amortization of transaction costs 1,458 1,047 Interest expense resulting from cash flow hedges 961 1 Total interest expense $ 40,525 $ 39,122 Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands) Interest expense $ 83,511 $ 88,074 Capitalized interest (7,928) (12,168) Amortization of transaction costs 2,755 2,100 Interest expense resulting from cash flow hedges 1,708 4 Total interest expense $ 80,046 $ 78,010 Interest paid in cash, including payments related to derivative contracts, amounted to $ 39.1 million and $ 45.4 million for the second quarter of fiscal 2021 and 2020, respectively, and $ 78.5 million and $ 85.9 million for the first six months of fiscal 2021 and 2020, respectively. Interest Rates Interest rates and Company borrowings were as follows: Revolving Credit Activity Quarter Ended September 30, 2020 2019 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 1.67 % 3.50 % Interest rate at the end of the quarter 1.67 % 3.36 % Maximum amount outstanding during the quarter $ 1,105,000 $ 1,015,000 Average amount outstanding during the quarter $ 1,059,130 $ 1,004,348 Facility fees $ 90 $ 45 15 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Revolving Credit Activity Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the period 1.67 % 3.61 % Interest rate at the end of the period 1.67 % 3.36 % Maximum amount outstanding during the period $ 1,175,000 $ 1,015,000 Average amount outstanding during the period $ 1,109,978 $ 985,954 Facility fees $ 94 $ 107 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 September 30, 2020 March 31, 2020 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ - $ - Liabilities $ 7,165 $ 8,214 Notional amount $ 235,000 $ 235,000 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended September 30, 2020 September 30, 2019 (Unaudited) (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,007) $ 1,206 (Gain) loss reclassified from AOCI into income $ (961) $ 366 Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2021, we recognized a decrease in the fair value of our cash flow hedges of $ 0.5 million, net of taxes. During the first six months of fiscal 2021 we reclassified $1.7 million from AOCI to interest expense. As of September 30, 2020, we expect to reclassify $ 3.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. 16

Derivatives	6 Months Ended
Derivatives	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
5. Derivatives	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 September 30, 2020 March 31, 2020 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ - $ - Liabilities $ 7,165 $ 8,214 Notional amount $ 235,000 $ 235,000 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended September 30, 2020 September 30, 2019 (Unaudited) (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,007) $ 1,206 (Gain) loss reclassified from AOCI into income $ (961) $ 366 Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2021, we recognized a decrease in the fair value of our cash flow hedges of $ 0.5 million, net of taxes. During the first six months of fiscal 2021 we reclassified $1.7 million from AOCI to interest expense. As of September 30, 2020, we expect to reclassify $ 3.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2020
Disclosure Text Block [Abstract]
6. Comprehensive Income (Loss)	16 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 6. Accumulated Other 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 (2,627) - - - (2,627) Unrealized net gain on investments - 45,340 - - 45,340 Change in fair value of cash flow hedges - - (497) - (497) Amounts reclassified into earnings on hedging activities - - 1,288 - 1,288 Other comprehensive income (loss) (2,627) 45,340 791 - 43,504 Balance at September 30, 2020 $ (49,862) $ 136,024 $ (5,405) $ (2,601) $ 78,156

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Sep. 30, 2020
Stockholders' Equity [Abstract]
7. Stockholders' Equity	7. Stockholders' Equity The dividends declared or paid during the first six months of fiscal 2021 were as follows: Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date August 20, 2020 $ 0.50 September 7, 2020 September 21, 2020 On June 8, 2016, our stockholders' approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of September 30, 2020, no awards had been issued under this plan.

Leases	6 Months Ended
Leases	Sep. 30, 2020
Leases [Abstract]
8. Leases	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. 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 sheets dated September 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 sheets dated September 30, 2020 and March 31, 2020. 17 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 amortized 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: As of September 30, 2020 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ - $ 131,218 $ 131,218 Furniture and equipment 20,965 - 20,965 Rental trailers and other rental equipment 115,875 - 115,875 Rental trucks 1,637,456 - 1,637,456 Right-of-use assets, gross 1,774,296 131,218 1,905,514 Less: Accumulated depreciation (803,935) (29,272) (833,207) Right-of-use assets, net $ 970,361 $ 101,946 $ 1,072,307 Finance Operating (Unaudited) Weighted average remaining lease term (years) 4 14 Weighted average discount rate 3.5 % 4.6 % For the first six months ended September 30, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 7.4 million and $ 122.7 million, respectively. 18 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The components of lease costs were as follows: Six Months Ended September 30, 2020 (Unaudited) (In thousands) Operating lease costs $ 14,540 Finance lease cost: Amortization of right-of-use assets $ 79,259 Interest on lease liabilities 12,082 Total finance lease cost $ 91,341 Maturities of lease liabilities were as follows: Finance leases Operating leases (Unaudited) Year ending September 30, (In thousands) 2021 $ 183,067 $ 24,731 2022 143,263 22,413 2023 121,509 21,605 2024 82,967 17,181 2025 60,569 5,717 Thereafter 20,775 64,484 Total lease payments 612,150 156,131 Less: imputed interest - (54,155) Present value of lease liabilities $ 612,150 $ 101,976 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 six months 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. 19

Contingencies	6 Months Ended
Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
9. Contingencies	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 six months 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. 19 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 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.

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2020
Related Party Transactions [Abstract]
10. Related Party Transactions	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. 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. 20 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Related Party Revenue Quarter Ended September 30, 2020 2019 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 6,644 $ 6,318 U-Haul management fee revenue from Mercury 1,196 915 $ 7,840 $ 7,233 Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 12,792 $ 12,567 U-Haul management fee revenue from Mercury 2,395 1,822 $ 15,187 $ 14,389 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 $ 17.5 million and $ 16.3 million from the above-mentioned entities during the first six months 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 September 30, 2020 2019 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 658 $ 658 U-Haul commission expenses to Blackwater 20,533 18,617 $ 21,191 $ 19,275 Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 1,315 $ 1,316 U-Haul commission expenses to Blackwater 35,865 35,819 $ 37,180 $ 37,135 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. 21 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) As of September 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 $ 12.8 million, expenses of $ 1.3 million and cash flows of $ 11.3 million during the first six months of fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 167.8 million and $ 35.9 million, respectively, during the first six months of fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $0.4 million. Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under 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 September 30, March 31, 2020 2020 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 28,246 $ 25,293 U-Haul receivable from Mercury 4,838 9,893 Other (a) (687) (402) $ 32,397 $ 34,784 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. 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. 22

Consolidating Financial Information by Industry Segment	6 Months Ended
Consolidating Financial Information by Industry Segment	Sep. 30, 2020
Segment Reporting [Abstract]
11. Consolidating Financial Information by Industry Segment	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.

Industry Segment and Geographic Area Data	6 Months Ended
Industry Segment and Geographic Area Data	Sep. 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 September 30, 2020 Total revenues $ 1,261,235 $ 63,673 $ 1,324,908 Depreciation and amortization, net of (gains) losses on disposal 144,222 2,193 146,415 Interest expense 39,983 542 40,525 Pretax earnings 340,200 10,819 351,019 Income tax expense 81,624 3,030 84,654 Identifiable assets 13,693,016 430,462 14,123,478 Quarter Ended September 30, 2019 Total revenues $ 1,092,762 $ 57,452 $ 1,150,214 Depreciation and amortization, net of (gains) losses on disposal 154,968 2,883 157,851 Interest expense 38,261 861 39,122 Pretax earnings 200,112 5,242 205,354 Income tax expense 47,534 1,494 49,028 Identifiable assets 12,441,917 414,285 12,856,202 United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Six Months Ended September 30, 2020 Total revenues $ 2,204,038 $ 108,107 $ 2,312,145 Depreciation and amortization, net of (gains) losses on disposal 312,748 5,970 318,718 Interest expense 78,637 1,409 80,046 Pretax earnings 452,149 13,188 465,337 Income tax expense 107,407 3,839 111,246 Identifiable assets 13,693,016 430,462 14,123,478 Six Months Ended September 30, 2019 Total revenues $ 2,121,336 $ 108,127 $ 2,229,463 Depreciation and amortization, net of (gains) losses on disposal 296,866 6,027 302,893 Interest expense 76,481 1,529 78,010 Pretax earnings 370,959 9,109 380,068 Income tax expense 88,648 2,672 91,320 Identifiable assets 12,441,917 414,285 12,856,202

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Sep. 30, 2020
Compensation and Retirement Disclosure [Abstract]
13. Employee Benefit Plans	35 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter Ended September 30, 2020 2019 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 316 $ 292 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 229 241 Other components 17 23 Total other components of net periodic benefit costs 246 264 Net periodic postretirement benefit cost $ 562 $ 556 Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 633 $ 584 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 459 482 Other components 34 45 Total other components of net periodic benefit costs 493 527 Net periodic postretirement benefit cost $ 1,126 $ 1,111

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Sep. 30, 2020
Fair Value Disclosures [Abstract]
14. Fair Value Measurements	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. 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. 36 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 September 30, 2020 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 213,397 $ - $ - $ 213,397 $ 213,397 Mortgage loans, net 331,772 - - 331,772 331,772 Other investments 93,755 - - 93,755 93,755 Total $ 638,924 $ - $ - $ 638,924 $ 638,924 Liabilities Notes, loans and finance/capital leases payable 4,731,768 - 4,731,768 - 4,462,111 Total $ 4,731,768 $ - $ 4,731,768 $ - $ 4,462,111 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 finance/capital leases payable 4,651,068 - 4,651,068 - 4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 37 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of September 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 September 30, 2020 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Short-term investments $ 1,003,057 $ 1,002,755 $ 302 $ - Fixed maturities - available for sale 2,457,629 7,651 2,449,818 160 Preferred stock 19,786 19,786 - - Common stock 17,927 17,927 - - Derivatives 5,666 5,666 - - Total $ 3,504,065 $ 1,053,785 $ 2,450,120 $ 160 Liabilities Derivatives 7,165 - 7,165 - Total $ 7,165 $ - $ 7,165 $ - 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 $ - The fair value measurements for our assets using significant unobservable inputs (Level 3) were $0.2 million for both September 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 disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 38

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue Recognition	6 Months Ended
Revenue Recognition	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	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 disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 38 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 September 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 second quarter of fiscal 2021 did not have a material effect on our financial statements. 39 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 Condensed 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. 40 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 $ 4,477 $ - $ - $ - $ - $ - Property lease revenues 19,871 13,565 10,465 7,497 5,835 57,082 Total $ 24,348 $ 13,565 $ 10,465 $ 7,497 $ 5,835 $ 57,082 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 tables, revenue is disaggregated by timing of revenue recognition: Quarter Ended September 30, 2020 2019 (Unaudited) (In thousands) Revenues recognized over time: $ 69,346 $ 48,986 Revenues recognized at a point in time: 114,854 86,265 Total revenues recognized under ASC 606 184,200 135,251 Revenues recognized under ASC 842 or 840 1,060,950 929,790 Revenues recognized under ASC 944 46,425 52,075 Revenues recognized under ASC 320 33,333 33,098 Total revenues $ 1,324,908 $ 1,150,214 41 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Six Months Ended September 30, 2020 2019 (Unaudited) (In thousands) Revenues recognized over time: $ 114,284 $ 88,065 Revenues recognized at a point in time: 219,702 177,436 Total revenues recognized under ASC 606 333,986 265,501 Revenues recognized under ASC 842 or 840 1,835,644 1,794,994 Revenues recognized under ASC 944 92,200 100,121 Revenues recognized under ASC 320 50,315 68,847 Total revenues $ 2,312,145 $ 2,229,463 In the above tables, 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 . 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 September 30, 2020 was $ 2.3 million. 42

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
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-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Section 50
-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Allowance For Credit Losses	6 Months Ended
Allowance For Credit Losses	Sep. 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 September 30, 2020 was $ 2.3 million. 42 amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 a