AMERCO /NV/, 10-Q filed on 03 Nov 21
v3.21.2
Document and Entity Information - shares
3 Months Ended
Sep. 30, 2021
Nov. 03, 2021
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 2022  
Trading Symbol UHAL  
Document Type 10-Q  
Document Fiscal Period Focus Q2  
Document Period End Date Sep. 30, 2021  
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  
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Mar. 31, 2021
ASSETS:    
Cash and cash equivalents $ 2,430,233 $ 1,194,012
Reinsurance recoverables and trade receivables, net 227,935 224,426
Inventories, net 142,955 105,577
Prepaid expenses 202,339 469,144
Investments, fixed maturities and marketable equities 2,845,147 2,695,656
Investments, other 571,942 489,759
Deferred policy acquisition costs, net 97,138 89,749
Other assets 51,626 47,730
Right of use Assets - Financing 752,990 877,038
Right of use Assets - Operating 85,237 92,505
Related party assets 38,773 35,395
Subtotal assets 7,446,315 6,320,991
Property, plant and equipment, at cost:    
Land 1,172,648 1,075,813
Buildings and improvements 5,477,544 5,163,705
Furniture and equipment 811,337 786,505
Property, plant and equipment (gross) 12,277,075 11,413,668
Less: Accumulated depreciation (3,386,162) (3,083,053)
Total property, plant and equipment 8,890,913 8,330,615
Total assets 16,337,228 14,651,606
Liabilities:    
Accounts payable and accrued expenses 694,284 645,575
Notes, loans and leases payable 5,335,278 4,668,907
Operating lease liability 85,199 92,510
Policy benefits and losses, claims and loss expenses payable 1,016,505 997,701
Liabilities from investment contracts 2,276,829 2,161,530
Other policyholders' funds and liabilities 10,943 12,420
Deferred income 51,212 42,592
Deferred income taxes, net 1,312,281 1,178,489
Total liabilities 10,782,531 9,799,724
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:    
Additional paid-in capital 453,819 453,819
Accumulated other comprehensive loss 74,207 106,857
Retained earnings 5,693,824 4,958,359
Total stockholders' equity 5,554,697 4,851,882
Total liabilities and stockholders' equity 16,337,228 14,651,606
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 536,814 477,921
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 4,278,732 $ 3,909,724
v3.21.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Self-moving equipment rentals $ 1,179,061 $ 931,030 $ 2,214,438 $ 1,585,315
Self-storage revenues 153,485 115,273 290,878 224,228
Self moving and self-storage products and service sales 92,191 98,628 197,076 189,978
Property management fees 8,747 7,840 17,196 15,187
Life insurance premiums 28,913 31,057 57,618 61,965
Property and casualty insurance premiums 22,499 15,869 39,368 29,603
Net investment and Interest income 36,780 33,333 71,779 50,315
Other revenue 142,578 91,878 248,757 155,554
Total revenues 1,664,254 1,324,908 3,137,110 2,312,145
Costs and expenses:        
Operating expenses 696,074 574,083 1,310,603 1,066,745
Commission expenses 127,896 99,365 241,045 168,540
Cost of sales 66,491 60,933 136,406 113,764
Benefits and losses 44,630 45,452 91,928 85,029
Amortization of deferred policy acquisition costs 6,750 5,552 15,573 12,440
Lease expense 7,441 6,870 15,088 13,473
Depreciation, net of (gains) losses on disposals 135,748 137,438 257,465 303,109
Net (gains) losses on disposal of real estate 523 3,425 (3,907) 3,169
Total costs and expenses 1,085,553 933,118 2,064,201 1,766,269
Earnings from operations 578,701 391,790 1,072,909 545,876
Other components of net periodic benefit costs (280) (246) (560) (493)
Interest expense (39,545) (40,525) (78,723) (80,046)
Pretax earnings 538,876 351,019 993,626 465,337
Income tax expense (128,978) (84,654) (238,553) (111,246)
Earnings available to common stockholders $ 409,898 $ 266,365 $ 755,073 $ 354,091
Basic and diluted earnings per common share $ 20.90 $ 13.58 $ 38.51 $ 18.06
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788 19,607,788 19,607,788
v3.21.2
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Depreciation:        
Net gain on sale of real and personal property     $ (86,398) $ (29,131)
Related party:        
Related party revenues, net of eliminations $ 8,747 $ 7,840 17,196 15,187
Related party, costs and expenses, net of eliminations $ 27,147 $ 21,191 $ 50,653 $ 37,180
v3.21.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 538,876 $ 351,019 $ 993,626 $ 465,337
Comprehensive income (loss) (tax effect):        
Income tax expense (128,978) (84,654) (238,553) (111,246)
Comprehensive income (loss) (net of tax):        
Net earnings 409,898 266,365 755,073 354,091
Other comprehensive income (loss):        
Foreign currency translation (pretax) 992 290 (2,400) (2,627)
Foreign currency translation (tax effect) 0 0 0 0
Foreign currency translation (net of tax) 992 290 (2,400) (2,627)
Unrealized gain (loss) on investments (pretax) 52,525 115,186 (39,926) 56,224
Unrealized gain (loss) on investments (tax effect) (11,143) (24,347) 8,281 (10,884)
Unrealized gain (loss) on investments (net of tax) 41,382 90,839 (31,645) 45,340
Change in fair value of cash flow hedges (pretax) (74) 46 (142) (659)
Change in fair value of cash flow hedges (tax effect) 18 (11) 35 162
Change in fair value of cash flow hedges (net of tax) (56) 35 (107) (497)
Amounts reclassified into earnings on hedging activities (pre tax) 1,003 961 1,990 1,708
Amounts reclassified into earnings on hedging activities (tax effect) (246) (237) (488) (420)
Amounts reclassified into earnings on hedging activities (net of tax) 757 724 1,502 1,288
Total other comprehensive income (loss) (pretax) 54,446 116,483 (40,478) 54,646
Total other comprehensive income (loss) (tax effect) (11,371) (24,595) 7,828 (11,142)
Total other comprehensive income (loss) (net of tax) 43,075 91,888 (32,650) 43,504
Total comprehensive income (loss) (pretax) 593,322 467,502 953,148 519,983
Total comprehensive income (loss) (tax effect) (140,349) (109,249) (230,725) (122,388)
Total comprehensive income (loss) (net of tax) $ 452,973 $ 358,253 $ 722,423 $ 397,595
v3.21.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Less: Unearned Employee Stock Ownership Plan Shares [Member]
Balance, beginning of period at Mar. 31, 2020 $ 4,220,720 $ 10,497 $ 453,819 $ 34,652 $ 4,399,402 $ (525,653) $ (151,997)  
Cosolidated statement of change in equity                
Adjustment for adoption of ASU 2016-13 (2,880) 0 0 0 (2,880) 0 0  
Foreign currency translation (2,627) 0 0 (2,627) 0 0 0  
Unrealized net gain (loss) on investments, net of tax 45,340 0 0 45,340 0 0 0  
Change in fair value of cash flow hedges, net of tax (497) 0 0 (497) 0 0 0  
Amounts reclassified into earnings on hedging activities, net 1,288 0 0 1,288 0 0 0  
Net earnings 354,091 0 0 0 354,091 0 0  
Common stock dividends (9,804) 0 0 0 (9,804) 0 0  
Net activity 384,911 0 0 43,504 341,407 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)  
Balance, beginning of period at Jun. 30, 2020 4,257,182 10,497 453,819 (13,732) 4,484,248 (525,653) (151,997)  
Cosolidated statement of change in equity                
Foreign currency translation 290 0 0 290 0 0 0  
Unrealized net gain (loss) on investments, net of tax 90,839 0 0 90,839 0 0 0  
Change in fair value of cash flow hedges, net of tax 35 0 0 35 0 0 0  
Amounts reclassified into earnings on hedging activities, net 724 0 0 724 0 0 0  
Net earnings 266,365 0 0 0 266,365 0 0  
Common stock dividends (9,804) 0 0 0 (9,804) 0 0  
Net activity 348,449 0 0 91,888 256,561 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)  
Balance, beginning of period at Mar. 31, 2021 4,851,882 10,497 453,819 106,857 4,958,359 (525,653) (151,997)  
Cosolidated statement of change in equity                
Foreign currency translation (2,400) 0 0 (2,400) 0 0 0 $ 0
Unrealized net gain (loss) on investments, net of tax (31,645) 0 0 (31,645) 0 0 0 0
Change in fair value of cash flow hedges, net of tax (107) 0 0 (107) 0 0 0 0
Amounts reclassified into earnings on hedging activities, net 1,502 0 0 1,502 0 0 0 $ 0
Net earnings 755,073 0 0 0 755,073 0 0  
Common stock dividends (19,608) 0 0 0 (19,608) 0 0  
Net activity 702,815 0 0 (32,650) 735,465 0 0  
Balance, end of period at Sep. 30, 2021 5,554,697 10,497 453,819 74,207 5,693,824 (525,653) (151,997)  
Balance, beginning of period at Jun. 30, 2021 5,111,528 10,497 453,819 31,132 5,293,730 (525,653) (151,997)  
Cosolidated statement of change in equity                
Foreign currency translation 992 0 0 992 0 0 0  
Unrealized net gain (loss) on investments, net of tax 41,382 0 0 41,382 0 0 0  
Change in fair value of cash flow hedges, net of tax (56) 0 0 (56) 0 0 0  
Amounts reclassified into earnings on hedging activities, net 757 0 0 757 0 0 0  
Net earnings 409,898 0 0 0 409,898 0 0  
Common stock dividends (9,804) 0 0 0 (9,804) 0 0  
Net activity 443,169 0 0 43,075 400,094 0 0  
Balance, end of period at Sep. 30, 2021 $ 5,554,697 $ 10,497 $ 453,819 $ 74,207 $ 5,693,824 $ (525,653) $ (151,997)  
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flow from operating activities:    
Net earnings $ 755,073 $ 354,091
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 343,863 332,240
Amortization of deferred policy acquisition costs 15,573 12,440
Amortization of premiums and accretion of discounts related to investments, net 9,151 6,926
Amortization of debt issuance costs 2,791 2,755
Interest credited to policyholders 31,894 24,241
Change in allowance for losses on trade receivables 222 (140)
Change in allowance for inventory reserves 8,352 106
Net gain on sale of real and personal property (86,398) (29,131)
Net losses on disposal of real estate (3,907) 3,169
Net (gain) loss on sale of investments (3,432) (1,288)
Net losses on equity investments (4,342) 2,254
Deferred income tax 138,916 80,198
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (3,771) (28,288)
Inventories (45,718) 386
Prepaid expenses 266,780 116,064
Capitalization of deferred policy acquisition costs (17,807) (13,404)
Other assets (1,327) (553)
Related party assets (2,724) 2,785
Accounts payable and accrued expenses 91,548 112,489
Policy benefits and losses, claims and loss expenses payable 18,968 16,575
Other policyholders' funds and liabilities (1,477) (4,764)
Deferred income 7,592 13,237
Related party liabilities (700) (46)
Net cash provided by operating activities 1,519,120 1,002,342
Cash flow from investing activities:    
Escrow deposits (2,341) 1,266
Purchase of:    
Property, plant and equipment (1,039,688) (662,259)
Short term investments (21,669) (19,222)
Fixed maturity investments (415,640) (160,755)
Equity securities (36) (719)
Preferred stock (8,000) (13,111)
Real estate (124) (223)
Mortgage loans (106,963) (72,316)
Proceeds from sale of:    
Property, plant and equipment 306,946 314,335
Short term investments 16,673 23,180
Fixed maturity investments 230,043 226,656
Preferred stock 1,894 72
Mortgage loans 26,612 3,219
Net cash used by investing activities (1,012,293) (359,877)
Cash flow from financing activities:    
Borrowings from credit facilities 987,048 585,723
Principal repayments on credit facilities (227,072) (386,779)
Payment of debt issuance costs (2,092) (3,477)
Capital lease payments (87,500) (122,720)
Common stock dividends paid (19,608) (9,804)
Net contribution from (to) related party   0
Investment contract deposits 199,426 114,288
Investment contract withdrawals (116,021) (102,466)
Net cash provided by (used in) financing activities 734,181 74,765
Effects on exchange rate on cash (4,787) 3,986
Increase (decrease) in cash and cash equivalents 1,236,221 721,216
Cash and cash equivalents at the beginning of period 1,194,012 494,352
Cash and cash equivalents at the end of the period $ 2,430,233 $ 1,215,568
v3.21.2
Basis of Presentation
6 Months Ended
Sep. 30, 2021
Disclosure Text Block [Abstract]  
1. Basis of Presentation 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 2021 and 2020 correspond to fiscal 2022 and 2021 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, 2021 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the second quarter and first six months of fiscal 2022 and 2021 and cash flows for the first six months of fiscal 2022 and 2021 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, 2021. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.   The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. 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.
v3.21.2
Earnings Per Share
6 Months Ended
Sep. 30, 2021
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.
v3.21.2
Investments
6 Months Ended
Sep. 30, 2021
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 $ 25.4 million and $ 27.7 million as of September 30, 2021 and March 31, 2021, respectively. Available-for-Sale Investments Available-for-sale investments as of September 30, 2021 were as follows:       Cost Amortized   Unrealized Gains Gross   Unrealized Losses More than 12 Months Gross   Unrealized Losses Less than 12 Months Gross   Allowance for Expected Credit Losses   Market Value Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 103,378 $   9,917 $   – $   (508) $   – $ 112,787 U.S. government agency mortgage-backed securities   58,978   478   –   (1,890)   –   57,566 Obligations of states and political subdivisions   203,429   19,461   (76)   (283)   –   222,531 Corporate securities   2,048,283   169,072   (90)   (3,615)   (179)   2,213,471 Mortgage-backed securities   172,606   11,284   (1)   (1)   –   183,888   $ 2,586,674 $   210,212 $   ( 167 ) $   ( 6,297 ) $   ( 179 ) $ 2,790,243   Available-for-sale investments as of March 31, 2021 were as follows:       Cost Amortized   Unrealized Gains Gross   Unrealized Losses More than 12 Months Gross   Unrealized Losses Less than 12 Months Gross   Allowance for Expected Credit Losses   Market Value Estimated           (In thousands) U.S. treasury securities and government obligations $ 92,429 $   12,941 $   – $   – $   – $   105,370 U.S. government agency mortgage-backed securities   61,427   911   (1)   (132)   –   62,205 Obligations of states and political subdivisions   230,521   25,249   (59)   (3)   –   255,708 Corporate securities   1,846,507   199,447   (163)   (641)   (1,319)   2,043,831 Mortgage-backed securities   174,728   11,706   (1)   (8)   –   186,425   $ 2,405,612 $   250,254 $   ( 224 ) $   ( 784 ) $   ( 1,319 ) $   2,653,539   We sold available-for-sale securities with a fair value of $ 224.0 million during the first six months of fiscal 2022. The gross realized gains on these sales totaled $ 3.7 million. The gross realized losses on these sales totaled $ 2.2 million. 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. 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, 2021.   The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:       September 30, 2021   March 31, 2021     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 48,717 $ 49,480 $ 90,142 $ 91,190 Due after one year through five years   575,511   613,941   562,442   601,818 Due after five years through ten years   693,842   768,285   672,733   754,536 Due after ten years   1,095,998   1,174,649   905,567   1,019,570     2,414,068   2,606,355   2,230,884   2,467,114                   Mortgage-backed securities   172,606   183,888   174,728   186,425   $ 2,586,674 $ 2,790,243 $ 2,405,612 $ 2,653,539   As of September 30, 2021 and March 31, 2021, 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, 2021   March 31, 2021     Amortized   Estimated   Amortized   Estimated     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 24,728 $ 9,775 $ 20,440 Non-redeemable preferred stocks   28,034   30,176   20,034   21,677   $ 37,809 $ 54,904 $ 29,809 $ 42,117
v3.21.2
Derivatives
6 Months Ended
Sep. 30, 2021
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. 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 condensed consolidated balance sheet were as follows:       Derivatives Fair Values as of     September 30, 2021   March 31, 2021     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ – Liabilities $ 3,292 $ 5,141 Notional amount $ 235,000 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         September 30, 2021   September 30, 2020     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (929) $ (1,007) (Gain) loss reclassified from AOCI into income $ ( 1,003 ) $ ( 961 )   Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2022, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first six months of fiscal 2022 we reclassified $1.5 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of September 30, 2021, we expect to reclassify $3.2 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.
v3.21.2
Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Sep. 30, 2021
Disclosure Text Block [Abstract]  
6. Comprehensive Income (Loss) 6. Accumulated Other Comprehensive Income (Loss) A summary of AOCI 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 as of March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $   106,857 Foreign currency translation   (2,400)   –   –   –   (2,400) Unrealized net gain on investments   –   (31,645)   –   –   (31,645) Change in fair value of cash flow hedges   –   –   (107)   –   (107) Amounts reclassified into earnings on hedging activities   –   –   1,502   –   1,502 Other comprehensive income (loss)   (2,400)   (31,645)   1,395   –   (32,650) Balance as of September 30, 2021 $ ( 55,329 ) $   136,008 $   ( 2,484 ) $   ( 3,988 ) $   74,207
v3.21.2
Stockholders' Equity
6 Months Ended
Sep. 30, 2021
Stockholders' Equity [Abstract]  
7. Stockholders' Equity 7. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal year 2022:   Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 October 6, 2021 $ 0.50   October 18, 2021   October 29, 2021   As of September 30, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan.
v3.21.2
Leases
6 Months Ended
Sep. 30, 2021
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. 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, net and operating lease liability in our condensed consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our balance sheets.   ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements for additional information. The following tables show the components of our ROU assets:     As of September 30, 2021     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 136,568 $ 136,568 Furniture and equipment   18,316   –   18,316 Rental trailers and other rental equipment   182,741   –   182,741 Rental trucks   1,325,624   –   1,325,624 Right-of-use assets, gross   1,526,681   136,568   1,663,249 Less: Accumulated depreciation   (773,691)   (51,331)   (825,022) Right-of-use assets, net $ 752,990 $ 85,237 $ 838,227       As of March 31, 2021     Finance   Operating   Total         (In thousands)                                 Buildings and improvements $ – $ 132,901 $ 132,901 Furniture and equipment   22,316   –   22,316 Rental trailers and other rental equipment   203,594   –   203,594 Rental trucks   1,494,098   –   1,494,098 Right-of-use assets, gross   1,720,008   132,901   1,852,909 Less: Accumulated depreciation   (842,970)   (40,396)   (883,366) Right-of-use assets, net $ 877,038   92,505   969,543 As of September 30, 2021 and March 31, 2021, we had finance leases for the ROU assets, net of $426.2 million and $513.6 million, respectively and operating leases of $85.2 million and $92.5 million, respectively.         Finance leases       September 30,   March 31,       2021   2021   Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.6 % 3.6 %       Operating leases       September 30,   March 31,       2021   2021   Weighted average remaining lease term (years)   15.2   14.7   Weighted average discount rate   4.6 % 4.6 % For the six months ended September 30, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 15.2 million and $ 14.2 million, respectively, and our financing cash flow activities were $ 87.5 million and $ 122.7 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.8 million and $5.2 million for the first six months of fiscal 2022 and 2021, respectively. The components of lease costs were as follows:       Six Months Ended     September 30, 2021   September 30, 2020     (Unaudited)     (In thousands)           Operating lease costs $ 16,101 $ 14,540           Finance lease cost:         Amortization of right-of-use assets $ 62,243 $ 79,259 Interest on lease liabilities   8,780   12,082 Total finance lease cost $ 71,023 $ 91,341 Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending September 30,   (In thousands)           2022 $ 155,818 $ 24,757 2023   129,840   22,610 2024   87,728   17,921 2025   62,633   6,045 2026   20,956   3,135 Thereafter   –   60,834 Total lease payments   456,975   135,302 Less: imputed interest   (30,820)   (50,103) Present value of lease liabilities $ 426,155 $ 85,199
v3.21.2
Contingencies
6 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
9. Contingencies   9. Contingencies COVID-19 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. 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 2022 and beyond. CARES Act The Coronavirus Aid, Relief and Economic Security Act (“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. As a result of the federal income tax provisions of the CARES Act, we have filed applicable forms with the Internal Revenue Service (“IRS”) to carryback net operating losses. These refund claims total approximately $ 366 million, of which we have received approximately $243 million in the first six months of fiscal 2022, 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. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on AMERCO’s financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.
v3.21.2
Related Party Transactions
6 Months Ended
Sep. 30, 2021
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, LLC 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. Related Party Revenue       Quarter Ended September 30,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,428 $ 6,644 U-Haul management fee revenue from Mercury   1,319   1,196   $ 8,747 $ 7,840       Six Months Ended September 30,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 14,608 $ 12,792 U-Haul management fee revenue from Mercury   2,588   2,395   $ 17,196 $ 15,187   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 $ 19.4 million and $ 17.5 million from the above-mentioned entities during the first six months of fiscal 2022 and 2021, 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,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 611 $ 658 U-Haul commission expenses to Blackwater   26,536   20,533   $ 27,147 $ 21,191       Six Months Ended September 30,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,237 $ 1,315 U-Haul commission expenses to Blackwater   49,416   35,865   $ 50,653 $ 37,180   We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of September 30, 2021, 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 $ 14.6 million, expenses of $ 1.2 million and cash flows of $ 13.3 million during the first six months of fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 234.6 million and $ 49.4 million, respectively, during the first six months of fiscal 2022. Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation 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,     2021   2021     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 34,189 $ 27,116 U-Haul receivable from Mercury   4,610   9,632 Other (a)   (26)   (1,353)   $ 38,773 $ 35,395 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.  
v3.21.2
Consolidating Financial Information by Industry Segment
6 Months Ended
Sep. 30, 2021
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.
v3.21.2
Industry Segment and Geographic Area Data
6 Months Ended
Sep. 30, 2021
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, 2021             Total revenues $ 1,576,830 $ 87,424 $ 1,664,254 Depreciation and amortization, net of (gains) on disposal   141,956   1,065   143,021 Interest expense   38,588   957   39,545 Pretax earnings   521,658   17,218   538,876 Income tax expense   124,620   4,358   128,978 Identifiable assets   15,849,380   487,848   16,337,228               Quarter Ended September 30, 2020             Total revenues $ 1,261,235 $ 63,673 $ 1,324,908 Depreciation and amortization, net of (gains) 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       United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Six Months Ended September 30, 2021             Total revenues $ 2,973,191 $ 163,919 $ 3,137,110 Depreciation and amortization, net of (gains) on disposal   269,606   (475)   269,131 Interest expense   76,716   2,007   78,723 Pretax earnings   959,607   34,019   993,626 Income tax expense   229,922   8,631   238,553 Identifiable assets   15,849,380   487,848   16,337,228               Six Months Ended September 30, 2020             Total revenues $ 2,204,038 $ 108,107 $ 2,312,145 Depreciation and amortization, net of (gains) 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
v3.21.2
Employee Benefit Plans
6 Months Ended
Sep. 30, 2021
Compensation and Retirement Disclosure [Abstract]  
13. Employee Benefit Plans   13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:     Quarter Ended September 30,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 351 $   316 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   227   229 Other components   53   17 Total other components of net periodic benefit costs   280   246 Net periodic postretirement benefit cost $ 631 $   562       Six Months Ended September 30,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 701 $   633 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   454   459 Other components   106   34 Total other components of net periodic benefit costs   560   493 Net periodic postretirement benefit cost $ 1,261 $   1,126
v3.21.2
Fair Value Measurements
6 Months Ended
Sep. 30, 2021
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.   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, 2021   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 227,935 $ – $ – $ 227,935 $ 227,935 Mortgage loans, net   471,566   –   –   471,566   471,566 Other investments   100,376   –   –   100,376   100,376 Total $ 799,877 $ – $ – $ 799,877 $ 799,877                                             Liabilities                     Notes, loans and finance leases payable   5,364,279   –   5,364,279   –   5,127,100 Total $ 5,364,279 $ – $ 5,364,279 $ – $ 5,127,100       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2021   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,426 $ – $ – $ 224,426 $ 224,426 Mortgage loans, net   391,230   –   –   391,230   391,230 Other investments   98,529   –   –   98,529   98,529 Total $ 714,185 $ – $ – $ 714,185 $ 714,185                                             Liabilities                     Notes, loans and finance leases payable   4,698,615   –   4,698,615   –   4,449,691 Total $ 4,698,615 $ – $ 4,698,615 $ – $ 4,449,691     The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of September 30, 2021 and March 31, 2021 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.   As of September 30, 2021   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,215,846 $ 2,215,846 $ – $ – Fixed maturities - available for sale   2,790,243   6,721   2,783,407   115 Preferred stock   30,176   30,176   –   – Common stock   24,728   24,728   –   – Derivatives   5,754   5,754   –   – Total $ 5,066,747 $ 2,283,225 $ 2,783,407 $ 115                                     Liabilities                 Derivatives   3,292   –   3,292   – Total $ 3,292 $ – $ 3,292 $ – As of March 31, 2021   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 839,250 $ 839,250 $ – $ – Fixed maturities - available for sale   2,653,539   6,967   2,646,415   157 Preferred stock   21,677   21,677   –   – Common stock   20,440   20,440   –   – Derivatives   6,601   6,601   –   – Total $ 3,541,507 $ 894,935 $ 2,646,415 $ 157                                     Liabilities                 Derivatives   5,141   –   5,141   – Total $ 5,141 $ – $ 5,141 $ – The fair value measurements for our assets using significant unobservable inputs (Level 3) were $0.1 million and $0.2 million for September 30, 2021 and March 31, 2021, respectively.
v3.21.2
Revenue Recognition
6 Months Ended
Sep. 30, 2021
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 disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.   We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of September 30, 2021 and March 31, 2021. 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 2022 did not have a material effect on our financial statements. 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 with Topic 842 The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.   Please see Note 8, Leases, of the Notes to the 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. 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. 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,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 6,186 $ – $ – $ – $ – $ – Property lease revenues   16,213   12,287   8,560   6,161   4,581   48,866 Total $ 22,399 $ 12,287 $ 8,560 $ 6,161 $ 4,581 $ 48,866   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,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   108,038 $   69,346 Revenues recognized at a point in time:   110,924   114,854 Total revenues recognized under ASC 606   218,962   184,200           Revenues recognized under ASC 842   1,355,934   1,060,950 Revenues recognized under ASC 944   52,578   46,425 Revenues recognized under ASC 320   36,780   33,333 Total revenues $   1,664,254 $   1,324,908       Six Months Ended September 30,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   187,853 $   114,284 Revenues recognized at a point in time:   231,642   219,702 Total revenues recognized under ASC 606   419,495   333,986           Revenues recognized under ASC 842   2,546,944   1,835,644 Revenues recognized under ASC 944   98,892   92,200 Revenues recognized under ASC 320   71,779   50,315 Total revenues $   3,137,110 $   2,312,145 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.
v3.21.2
Allowance For Credit Losses
6 Months Ended
Sep. 30, 2021
Allowance For Credit Loss [Abstract]  
Allowance For Credit Losses [Text Block] 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). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2 %. 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 as of September 30, 2021 was $ 3.4 million. Available-for-Sale For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.   For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment.   In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.   If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.   The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended September 30, 2021. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $29.5 million as of June 30, 2021 and are excluded from the estimate of credit losses.   As outlined in subtopic 326-20-30-5A, we have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income (in accordance with subtopic 326-20-35-8A). Mortgage loans, net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets at January 1, 2021 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premiums receivables   were $ 2.7 million as of June 30, 2021 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:       Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change   531   (1,141)   8   (602) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of September 30, 2021 $ 3,366 $ 179 $ 509 $ 4,054
v3.21.2
Accounting Pronouncements
6 Months Ended
Sep. 30, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
New Accounting Pronouncements And Changes In Accounting Principles [Text Block]   17.   Accounting Pronouncements Adoption of New Accounting Pronouncements In April 1, 2021, we adopted ASU 2020-08, Clarifying Guidance on Amortization of the Excess of the Cost Basis of Certain Callable Debt Securities Over the Amount Repayable . This standard requires that, for each reporting period, callable debt securities be reevaluated to determine if they remain subject to the guidance, which will depend on the amortized cost basis of the security and the terms of the next call option. The guidance is effective for fiscal years beginning after December 15, 2020. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendment prescribes standardized liability discount rate, consistency in measurement of market risk benefits, simplified amortization of deferred acquisition costs and enhanced disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. In November 2020, FASB issued ASU 2020-11, Financial Services – Insurance (Topic 944) , which deferred the effective date of ASU 2018-12 to years beginning after December 15, 2022. We are currently in the process of evaluating the impact of the adoption of ASU 2018-12 on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This standard provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our consolidated financial statements. In January 2021, FASB issued ASU 2021-01, Refinance Rate Reform (Topic 848) , (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. We adopted ASU 2021-01 on a prospective basis effect and there was no impact to our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.
v3.21.2
Investments (Table Text Block)
6 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Investments Debt Equity Securities [Abstract]    
Available-for-Sale Investments     Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 103,378 $   9,917 $   – $   (508) $   – $ 112,787 U.S. government agency mortgage-backed securities   58,978   478   –   (1,890)   –   57,566 Obligations of states and political subdivisions   203,429   19,461   (76)   (283)   –   222,531 Corporate securities   2,048,283   169,072   (90)   (3,615)   (179)   2,213,471 Mortgage-backed securities   172,606   11,284   (1)   (1)   –   183,888  $ 2,586,674 $  210,212 $ ( 167 )$ ( 6,297 )$ ( 179 )$ 2,790,243     Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated           (In thousands) U.S. treasury securities and government obligations $ 92,429 $   12,941 $   – $   – $   – $   105,370 U.S. government agency mortgage-backed securities   61,427   911   (1)   (132)   –   62,205 Obligations of states and political subdivisions   230,521   25,2