U-HAUL HOLDING CO /NV/, 10-Q filed on 08 Feb 23
 | XBRL Documents
v3.22.4
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2022
Feb. 04, 2023
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
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 2023  
Document Type 10-Q  
Document Fiscal Period Focus Q3  
Document Period End Date Dec. 31, 2022  
Amendment Flag false  
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-11255  
Entity Tax Identification Number 88-0106815  
Entity Address Address Line 1 5555 Kietzke Lane  
Entity Address Address Line 2 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 Country Code NV  
Document Quarterly Report true  
Document Transition Report false  
Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL  
Entity Common Stock, Shares Outstanding   19,607,788
Security 12 b Title Common Stock, $0.25 par value  
Security Exchange Name NYSE  
Nonvoting Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL.B  
Entity Common Stock, Shares Outstanding   176,470,092
Security 12 b Title Series N Non-Voting Common Stock, $0.001 par value  
Security Exchange Name NYSE  
v3.22.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Mar. 31, 2022
ASSETS:    
Cash and cash equivalents $ 2,510,619 $ 2,704,137
Reinsurance recoverables and trade receivables, net 208,182 229,343
Inventories, net 150,140 158,888
Prepaid expenses 228,260 236,915
Investments, fixed maturities and marketable equities 2,723,201 2,893,399
Investments, other 518,455 543,755
Deferred policy acquisition costs, net 159,924 103,828
Other assets 57,272 60,409
Right of use Assets - Financing 504,640 620,824
Right of use Assets - Operating 63,856 74,382
Related party assets 75,549 47,851
Subtotal assets 7,200,098 7,673,731
Property, plant and equipment, at cost:    
Land 1,504,507 1,283,142
Buildings and improvements 6,728,424 5,974,639
Furniture and equipment 898,468 846,132
Property, plant and equipment (gross) 15,082,961 13,358,406
Less: Accumulated depreciation (4,166,731) (3,732,556)
Total property, plant and equipment 10,916,230 9,625,850
Total assets 18,116,328 17,299,581
Liabilities:    
Accounts payable and accrued expenses 703,412 677,785
Notes, loans and leases payable 6,200,397 6,022,497
Financing lease liability 252,102  
Operating lease liability 63,402 74,197
Policy benefits and losses, claims and loss expenses payable 980,200 978,254
Liabilities from investment contracts 2,396,702 2,336,238
Other policyholders' funds and liabilities 12,579 10,812
Deferred income 45,222 49,157
Deferred income taxes, net 1,301,037 1,265,358
Total liabilities 11,702,951 11,414,298
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:    
Common stock, value, issued 176  
Additional paid-in capital 453,643 453,819
Accumulated other comprehensive loss (284,116) 46,384
Retained earnings 6,910,827 6,052,233
Total stockholders' equity 6,413,377 5,885,283
Total liabilities and stockholders' equity 18,116,328 17,299,581
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
Nonvoting Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 176 0
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 784,394 615,679
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 5,167,168 $ 4,638,814
v3.22.4
Condensed Consolidated Balance Sheets Parenthetical - $ / shares
Dec. 31, 2022
Mar. 31, 2022
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]    
Preferred stock:    
Preferred stock, shares authorized 250,000,000 10,000,000
Preferred stock, no par value $ 0.25  
Serial Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000  
Common stock, par or stated value per share $ 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 $ 0.25  
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000  
Common stock, shares, issued 176,470,092  
Common stock, par or stated value per share $ 0.001  
Common Stock in Treasury [Member]    
Treasury stock:    
Treasury stock, shares 22,377,912  
Preferred Stock in Treasury [Member]    
Treasury stock:    
Treasury stock, shares 6,100,000  
v3.22.4
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Revenues:        
Self-moving equipment rentals $ 898,819 $ 975,552 $ 3,151,619 $ 3,189,990
Self-storage revenues 190,483 159,424 549,246 450,302
Self moving and self-storage products and service sales 74,851 75,402 281,066 272,478
Property management fees 10,080 9,651 28,496 26,847
Life insurance premiums 24,399 27,010 75,636 84,628
Property and casualty insurance premiums 26,852 25,618 72,542 64,986
Net investment and interest income 52,294 31,184 116,376 102,963
Other revenue 97,558 100,495 401,059 349,252
Total revenues 1,375,336 1,404,336 4,676,040 4,541,446
Costs and expenses:        
Operating expenses 733,469 658,095 2,278,230 1,968,698
Commission expenses 95,980 105,155 339,814 346,200
Cost of sales 54,616 57,042 206,912 193,448
Benefits and losses 41,372 47,266 122,835 139,194
Amortization of deferred policy acquisition costs 6,979 7,947 21,623 23,520
Lease expense 7,792 7,394 22,951 22,482
Depreciation, net of (gains) losses on disposals 113,866 103,736 344,980 361,201
Net (gains) losses on disposal of real estate 859 977 5,038 (2,930)
Total costs and expenses 1,054,933 987,612 3,342,383 3,051,813
Earnings from operations 320,403 416,724 1,333,657 1,489,633
Other components of net periodic benefit costs (304) (280) (912) (840)
Interest expense (59,041) (44,042) (166,033) (122,765)
Fees on early extinguishment of debt (50) (956) (1,009) (956)
Pretax earnings 261,008 371,446 1,165,703 1,365,072
Income tax expense (61,764) (89,980) (280,442) (328,533)
Earnings available to common stockholders 199,244 281,466 885,261 1,036,539
Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per share of Common Stock $ 0.98 $ 1.89 $ 5.38 $ 6.64
Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per share of Common Stock $ 1.02 $ 1.39 $ 4.42 $ 5.14
Weighted average shares outstanding of Common Stock: Basic and diluted 176,470,092 176,470,092 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]        
Costs and expenses:        
Weighted average shares outstanding of Common Stock: Basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.22.4
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Depreciation:        
Net gain on sale of real and personal property     $ (199,196) $ (157,980)
Related party:        
Related party revenues, net of eliminations $ 10,080 $ 9,651 28,496 26,847
Related party, costs and expenses, net of eliminations $ 20,620 $ 21,690 $ 73,095 $ 72,343
v3.22.4
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 261,008 $ 371,446 $ 1,165,703 $ 1,365,072
Comprehensive income (loss) (tax effect):        
Income tax expense (61,764) (89,980) (280,442) (328,533)
Comprehensive income (loss) (net of tax):        
Net earnings 199,244 281,466 885,261 1,036,539
Other comprehensive income (loss):        
Foreign currency translation (pretax) (215) 112 (757) (2,288)
Foreign currency translation (tax effect) 0 0 0 0
Foreign currency translation (net of tax) (215) 112 (757) (2,288)
Unrealized gain (loss) on investments (pretax) (116,073) (15,187) (426,955) (55,113)
Unrealized gain (loss) on investments (tax effect) 24,523 3,195 90,579 11,476
Unrealized gain (loss) on investments (net of tax) (91,550) (11,992) (336,376) (43,637)
Change in fair value cash flow hedges (pretax) 153 235 8,659 93
Change in fair value of cash flow hedges (tax effect) (38) (57) (2,127) (22)
Change in fair value of cash flow hedges, (net of tax) 115 178 6,532 71
Amounts reclassified into earnings on hedging activities, (pre tax) (455) 1,007 134 2,997
Amounts reclassified into earnings on hedging activities (tax effect) 110 (248) (33) (736)
Amounts reclassified into earnings on hedging activities (net of tax) (345) 759 101 2,261
Total other comprehensive income (loss) (pretax) (116,590) (13,833) (418,919) (54,311)
Total other comprehensive income (loss) (tax effect) 24,595 2,890 88,419 10,718
Total other comprehensive income (loss), (net of tax) (91,995) (10,943) (330,500) (43,593)
Total comprehensive income (pretax) 144,418 357,613 746,784 1,310,761
Total comprehensive income (tax effect) (37,169) (87,090) (192,023) (317,815)
Total comprehensive income (loss) (net of tax) $ 107,249 $ 270,523 $ 554,761 $ 992,946
v3.22.4
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]
Nonvoting Common Stock [Member]
Balance, beginning of period at Mar. 31, 2021 $ 4,851,882 $ 10,497 $ 453,819 $ 106,857 $ 4,958,359 $ (525,653) $ (151,997)   $ 0
Cosolidated statement of change in equity                  
Foreign currency translation (2,288) 0 0 (2,288) 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (43,637) 0 0 (43,637) 0 0 0   0
Change in fair value of cash flow hedges 71 0 0 71 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 2,261 0 0 2,261 0 0 0   0
Net earnings 1,036,539 0 0 0 1,036,539 0 0   0
Common stock dividends (29,412) 0 0 0 (29,412) 0 0   0
Series N Non-Voting Common Stock dividends 0                
Net activity 963,534 0 0 (43,593) 1,007,127 0 0   0
Balance, end of period at Dec. 31, 2021 5,815,416 10,497 453,819 63,264 5,965,486 (525,653) (151,997)   0
Balance, beginning of period at Sep. 30, 2021 5,554,697 10,497 453,819 74,207 5,693,824 (525,653) (151,997)   0
Cosolidated statement of change in equity                  
Foreign currency translation 112 0 0 112 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (11,992) 0 0 (11,992) 0 0 0   0
Change in fair value of cash flow hedges 178 0 0 178 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 759 0 0 759 0 0 0   0
Net earnings 281,466 0 0 0 281,466 0 0   0
Common stock dividends (9,804) 0 0 0 (9,804) 0 0   0
Net activity 260,719 0 0 (10,943) 271,662 0 0   0
Balance, end of period at Dec. 31, 2021 5,815,416 10,497 453,819 63,264 5,965,486 (525,653) (151,997)   0
Balance, beginning of period at Mar. 31, 2022 5,885,283 10,497 453,819 46,384 6,052,233 (525,653) (151,997)   0
Cosolidated statement of change in equity                  
Common Stock Dividend 0 0 (176) 0 0 0 0   176
Foreign currency translation (757) 0 0 (757) 0 0 0 $ 0 0
Unrealized net gain (loss) on investments, net of tax (336,376) 0 0 (336,376) 0 0 0 0 0
Change in fair value of cash flow hedges 6,532 0 0 6,532 0 0 0 0 0
Amounts reclassified into earnings on hedging activities, net 101 0 0 101 0 0 0 $ 0 0
Net earnings 885,261 0 0 0 885,261 0 0   0
Common stock dividends (19,608) 0 0 0 (19,608) 0 0   0
Series N Non-Voting Common Stock dividends (7,059) 0 0 0 (7,059) 0 0   0
Net activity 528,094 0 (176) (330,500) 858,594 0 0   176
Balance, end of period at Dec. 31, 2022 6,413,377 10,497 453,643 (284,116) 6,910,827 (525,653) (151,997)   176
Balance, beginning of period at Sep. 30, 2022 6,313,187 10,497 453,819 (192,121) 6,718,642 (525,653) (151,997)   0
Cosolidated statement of change in equity                  
Common Stock Dividend 0 0 (176) 0 0 0 0   176
Foreign currency translation (215) 0 0 (215) 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (91,550) 0 0 (91,550) 0 0 0   0
Change in fair value of cash flow hedges 115 0 0 115 0 0 0   0
Amounts reclassified into earnings on hedging activities, net (345) 0 0 (345) 0 0 0   0
Net earnings 199,244 0 0 0 199,244 0 0   0
Series N Non-Voting Common Stock dividends (7,059) 0 0 0 (7,059) 0 0   0
Net activity 100,190 0 (176) (91,995) 192,185 0 0   176
Balance, end of period at Dec. 31, 2022 $ 6,413,377 $ 10,497 $ 453,643 $ (284,116) $ 6,910,827 $ (525,653) $ (151,997)   $ 176
v3.22.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities:    
Net earnings $ 885,261 $ 1,036,539
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 544,176 519,181
Amortization of deferred policy acquisition costs 21,623 23,520
Amortization of premiums and accretion of discounts related to investments, inc 15,232 14,486
Amortization of debt issuance costs 5,694 4,200
Interest credited to policyholders 39,048 47,181
Change in allowance for losses on trade receivables (4,617) 1,243
Change in allowance for inventory reserves 6,991 9,799
Net gain on sale of real and personal property (199,196) (157,980)
Net losses on disposal of real estate 5,038 (2,930)
Net (gain) loss on sale of investments 8,695 (3,495)
Net losses on equity investments 10,906 (3,695)
Deferred income tax 121,707 130,760
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 25,853 (7,371)
Inventories 1,682 (70,796)
Prepaid expenses 7,867 257,591
Capitalization of deferred policy acquisition costs (20,406) (25,703)
Other assets 2,683 1,178
Related party assets (26,775) (18,683)
Accounts payable and accrued expenses 62,430 33,258
Policy benefits and losses, claims and loss expenses payable 3,490 6,411
Other policyholders' funds and liabilities 1,767 (2,810)
Deferred income (2,168) (526)
Related party liabilities (1,301) (2,207)
Net cash provided by operating activities 1,515,680 1,789,151
Cash flow from investing activities:    
Escrow deposits 159 5,695
Purchase of:    
Property, plant and equipment (2,076,424) (1,652,984)
Short term investments (49,801) (31,074)
Fixed maturity investments (491,431) (448,283)
Equity securities (4,828) (1,380)
Preferred stock 0 (8,000)
Real estate (7,854) (190)
Mortgage loans (148,017) (131,633)
Proceeds from sale of:    
Property, plant and equipment 533,595 483,783
Short term investments 67,062 20,669
Fixed maturity investments 148,290 284,347
Equity securities 1,187 2,026
Preferred stock 0 2,000
Real estate 0  
Mortgage loans 156,292 28,064
Net cash used by investing activities (1,871,770) (1,446,960)
Cash flow from financing activities:    
Borrowings from credit facilities 975,966 1,202,412
Principal repayments on credit facilities (695,321) (333,419)
Payment of debt issuance costs (4,962) (8,006)
Capital lease payments (95,290) (129,150)
Securitization deposits 137 0
Voting Common Stock dividends paid (19,608) (29,412)
Series N Non-Voting Common Stock dividends (7,059) 0
Investment contract deposits 258,157 271,657
Investment contract withdrawals (236,742) (177,777)
Net cash provided by (used in) financing activities 175,278 796,305
Effects of exchange rate on cash (12,706) (5,046)
Increase (decrease) in cash and cash equivalents (193,518) 1,133,450
Cash and cash equivalents at beginning of period 2,704,137 1,194,012
Cash and cash equivalents at the end of period $ 2,510,619 $ 2,327,462
v3.22.4
Basis of Presentation
 9 Months Ended
Dec. 31, 2022
Disclosure Text Block [Abstract]  
1. Basis of Presentation U-Haul Holding Company and consolidated subsidiaries notes to condensed consolidated financial statements 1.Basis of Presentation U-Haul Holding Company, a Nevada corporation formerly known as AMERCO (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September 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 2022 and 2021 correspond to fiscal 2023 and 2022 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.   The condensed consolidated balance sheet as of December 31, 2022, and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months of fiscal 2023 and 2022 and cash flows for the first nine months of fiscal 2023 and 2022 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 the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Intercompany accounts and transactions have been eliminated. Description of Legal Entities U-Haul Holding Company 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 U-Haul Holding Company and all of its legal subsidiaries. Description of Operating Segments U-Haul Holding Company 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 U-Haul Holding Company, 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. 8 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.
v3.22.4
Earnings Per Share
 9 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
2. Earnings Per Share 2. Earnings per Share We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $ 0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $ 0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10 % and 90 %, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarter and nine months ended December 31, 2022 and 2021 for our Voting Common Stock and Non-Voting Common Stock were as follows:     For the Quarter Ended     December 31,     2022 2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 19,219 $ 27,166           Undistributed earnings per share of Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Voting Common Stock $ – $ 0.50 Basic and diluted earnings per share of Voting Common Stock $ 0.98 $ 1.89                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 172,967 $ 244,496           Undistributed earnings per share of Non-Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 1.02 $ 1.39         For the Nine Months Ended     December 31,     2022   2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 85,859 $ 100,713           Undistributed earnings per share of Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Voting Common Stock $ 1.00 $ 1.50 Basic and diluted earnings per share of Voting Common Stock $ 5.38 $ 6.64                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 772,735 $ 906,414           Undistributed earnings per share of Non-Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 4.42 $ 5.14 Please see note 7, Stockholders’ Equity, of the Notes to Condensed Consolidated Financial Statements for more information on the Non-Voting Common Stock.
v3.22.4
Investments
 9 Months Ended
Dec. 31, 2022
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 $21.4 million and $27.1 million as of December 31, 2022 and March 31, 2022, respectively. Available-for-Sale Investments Available-for-sale investments as of December 31, 2022 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 $ 353,331 $   582 $   (3,844) $   (7,761) $   – $   342,308 U.S. government agency mortgage-backed securities   34,920   58   (6,263)   (602)   –   28,113 Obligations of states and political subdivisions   164,547   503   (3,458)   (10,609)   –   150,983 Corporate securities   2,060,503   790   (39,556)   (210,257)   (2,243)   1,809,237 Mortgage-backed securities   375,819   30   –   (42,962)   –   332,887   $ 2,989,120 $   1,963 $   ( 53,121 ) $   ( 272,191 ) $   ( 2,243 ) $   2,663,528 Available-for-sale investments as of March 31, 2022 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 $ 128,078 $   7,984 $   – $   (969) $   – $   135,093 U.S. government agency mortgage-backed securities   44,678   280   (42)   (3,111)   –   41,805 Obligations of states and political subdivisions   178,040   15,450   –   (508)   –   192,982 Corporate securities   1,989,212   138,909   (402)   (6,604)   (60)   2,121,055 Mortgage-backed securities   324,029   7,671   (1)   (1,542)   –   330,157   $ 2,664,037 $   170,294 $   ( 445 ) $   ( 12,734 ) $   ( 60 ) $   2,821,092 We sold available-for-sale securities with a fair value of $ 147.6 million during the first nine months of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 1.1 million during the first nine months of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022. The gross realized losses on these sales totaled $ 0.5 million during the first nine months of fiscal 2023 and $ 1.4 million for the full year of fiscal 2022. 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 quality 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 was a $ 2.2 million net impairment charge recorded in the first nine months ended December 31, 2022. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     December 31, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 333,984 $ 333,803 $ 97,969 $ 99,432 Due after one year through five years   602,861   575,794   541,840   570,135 Due after five years through ten years   756,691   674,055   704,295   765,073 Due after ten years   919,765   746,989   995,904   1,056,295     2,613,301   2,330,641   2,340,008   2,490,935                   Mortgage-backed securities   375,819   332,887   324,029   330,157   $ 2,989,120 $ 2,663,528 $ 2,664,037 $ 2,821,092   As of December 31, 2022 and March 31, 2022, 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:     December 31, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)             (In thousands)                   Common stocks $ 29,686 $ 37,619 $ 27,674 $ 46,212 Non-redeemable preferred stocks   26,054   22,054   26,054   26,095   $ 55,740 $ 59,673 $ 53,728 $ 72,307   Investments, other The carrying value of the other investments was as follows:     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands)           Mortgage loans, net $ 414,886 $ 423,163 Short-term investments   13,306   30,916 Real estate   71,707   67,824 Policy loans   10,680   10,309 Other equity investments   7,876   11,543   $ 518,455 $ 543,755
v3.22.4
Borrowings
 9 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
4. Borrowings 4. Borrowings Long-Term Debt Long-term debt was as follows:                       December 31,   March 31,   2023 Rates     Maturities   2022   2022                 (Unaudited)                     (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 5.60 %   2027 - 2037 $ 292,617 $   50,259 Senior mortgages 2.70 % - 5.50 %   2024 - 2042   2,389,419   2,206,268 Real estate loans (revolving credit) – % - – %       2027   –   535,000 Fleet loans (amortizing term) 1.61 % - 5.68 %   2023 - 2029   123,986   124,651 Fleet loans (revolving credit) 2.36 % - 5.44 %   2025 - 2027   615,000   560,000 Finance leases (rental equipment) 2.16 % - 5.04 %   2023 - 2026   252,102   347,393 Finance liabilities (rental equipment) 1.60 % - 5.98 %   2024 - 2030   1,286,299   949,936 Private placements 2.43 % - 2.88 %   2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 %   2023 - 2049   77,399   86,206 Notes, loans and finance leases payable                   6,236,822   6,059,713 Less: Debt issuance costs                     (36,425)   (37,216) Total notes, loans and finance leases payable, net         $ 6,200,397 $   6,022,497                             (a) Certain loans have interest rate swaps fixing the rates between 2.72% and 2.86% based on current margins.         Real Estate Backed Loans Real Estate Loans Certain subsidiaries of Real Estate and U-Haul Company of Florida are borrowers under real estate loans. These loans require monthly or quarterly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans are secured by various properties owned by the borrowers. The interest rates, per the provisions of $ 208.5 million of these loans, are the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margins and a credit spread adjustment of 0.10 %. As of December 31, 2022, the applicable SOFR was between 3.79 % and 4.12 % and applicable margin was between 0.65 % and 1.38 %, the sum of which, including the credit spread, was between 4.54 % and 5.60 %. The remaining $ 84.2 million of these loans was fixed with an interest rate of 4.29 %. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. 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 2.70% and 5.50%. The weighted average interest rate of these loans as of December 31, 2022 was 4.09%.  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. Real Estate Loan (Revolving Credit) U-Haul Holding Company is a borrower under a real estate loan. As of December 31, 2022, the maximum credit commitment is $ 465.0 million. As of December 31, 2022, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. 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. This loan was amended in October 2022 and the maximum credit limit was increased from $ 150 million to $ 465 million, the maturity extended to October 2027 and LIBOR based rates were replaced with SOFR based rates. 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 1.61 % and 5.68 %.   All of our rental truck amortizing loans are collateralized by the rental equipment purchased.   The majority of these loans are funded at 70%, but some may be funded at 100%. U-Haul Holding Company, 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 $ 615.0 million. The aggregate outstanding balance for these revolvers as of December 31, 2022 was $ 615.0 million. The interest rates, per the provision of the loan agreements, are SOFR plus the applicable margin and a credit spread adjustment of 0.10 %. As of December 31, 2022,   SOFR was between 3.70 % and 4.12 % and the margin was between 1.15 % and 1.25 %, the sum of which, including the credit spread, was between 4.95 % and 5.44 %. Of the $ 615.0 million outstanding, $ 100.0 million was fixed with an interest rate of 2.36 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance Leases The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms with interest rates ranging from 2.16 % to 5.04 %.   All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $ 504.6 million and $ 620.8 million as of December 31, 2022 and March 31, 2022, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first nine months of fiscal 2023. Finance Liabilities Finance liabilities represent our rental equipment financing transactions, and we assess if these 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, these sale-leasebacks are accounted for as a financial liability and the leased assets are capitalized at cost.   Our finance liabilities have an average term of seven (7) years and interest rates ranging from 1.60% to 5.98%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,399.5 million and $1,068.3 million as of December 31, 2022 and March 31, 2022, respectively. Private Placements In September 2021, U-Haul Holding Company entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering.   These notes consist of four tranches each totaling $ 150.0 million and funded in September 2021.   The fixed interest rates range between 2.43 % and 2.78 % with maturities between 2029 and 2033 .   Interest is payable semiannually.   In December 2021, U-Haul Holding Company entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes consist of three tranches each totaling $ 100.0 million and two tranches each totaling $ 150.0 million.   The fixed interest rates range between 2.55 % and 2.88 % with maturities between 2030 and 2035 .   Interest is payable semiannually.   Other Obligations In February 2011, U-Haul Holding Company and U.S. Bank Trust Company, NA, as successor in interest to U.S. Bank National Association (the “Trustee”), entered into the U-Haul Investors Club ® Indenture.   U-Haul Holding Company 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, certain 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 December 31, 2022, the aggregate outstanding principal balance of the U-Notes ® issued was $ 79.2 million, of which $ 1.8 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 1.50 % and 8.00 % and maturity dates range between 2023 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 September 30, 2022, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 0.69 % and 4.21 % with maturities between March 30, 2023 and September 30, 2027. As of September 30, 2022, available-for-sale investments held with the FHLB totaled $ 88.9 million, of which $ 62.8 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2022 for the next five years and thereafter are as follows:     Year Ending December 31,     2023   2024   2025   2026   2027   Thereafter   Total     (Unaudited)         (In thousands)     Notes, loans and finance leases payable, secured $ 517,406 $ 693,638 $ 596,395 $ 861,298 $ 771,004 $ 2,797,081 $ 6,236,822 Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 60,978 $ 43,850 Capitalized interest   (3,818)   (2,222) Amortization of transaction costs   2,336   1,407 Interest expense resulting from cash flow hedges   (455)   1,007 Total interest expense $ 59,041 $ 44,042       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 168,987 $ 122,589 Capitalized interest   (8,684)   (6,974) Amortization of transaction costs   5,596   4,153 Interest expense resulting from cash flow hedges   134   2,997 Total interest expense $ 166,033 $ 122,765   Interest paid in cash, including payments related to derivative contracts, amounted to $ 51.3 million and $ 41.1 million for the third quarter of fiscal 2023 and 2022, respectively, and $ 156.8 million and $ 122.8 million for the first nine months of fiscal 2023 and 2022, respectively. Interest Rates Interest rates and Company borrowings related to our revolving credit facilities were as follows:       Revolving Credit Activity       Quarter Ended December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   4.68 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 765,000 $ 1,085,000   Average amount outstanding during the period $ 710,109 $ 1,081,283   Facility fees $ 270 $ 66         Revolving Credit Activity       Nine Months Ended December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   3.34 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 1,105,000 $ 1,093,000   Average amount outstanding during the period $ 892,680 $ 1,081,571   Facility fees $ 439 $ 198  
v3.22.4
Derivatives
 9 Months Ended
Dec. 31, 2022
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 SOFR swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt.   The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. 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     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Interest rate contracts designated as cash flow hedging instruments:         Assets $ 8,206 $ – Liabilities $ – $ 587 Notional amount $ 208,467 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2022   December 31, 2021     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ 302 $ (1,242) (Gain) loss reclassified from AOCI into income $ 455 $ (1,007)   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 nine months of fiscal 2023 and 2022, we recognized an increase in the fair value of our cash flow hedges of $6.5 million and $0.1 million, respectively, net of taxes. During the first nine months of fiscal 2023 and 2022, we reclassified $0.1 million and $2.3 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2022, we expect to reclassify $2.3 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other, on the condensed consolidated balance sheets. Net (gains) losses recognized in net investment and interest income for the third quarters of fiscal 2023 and 2022 were $ 1.4 million and $ 0.1 million, respectively and $ 9.2 million and ($ 1.8 ) million for the first nine months of fiscal 2023 and fiscal 2022, respectively. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy.       Derivatives Fair Values as of     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Equity market contracts as hedging instruments         Assets $ 2,181 $ 7,474 Liabilities $ – $ – Notional amount $ 456,419 $ 416,739 Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under generally accepted accounting principles (“GAAP”). Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
v3.22.4
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Dec. 31, 2022
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 Gains (Losses) 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, 2022 $ (55,757) $   105,027 $   (444) $   (2,442) $   46,384 Foreign currency translation   (757)   –   –   –   (757) Unrealized net loss on investments   –   (336,376)   –   –   (336,376) Change in fair value of cash flow hedges   –   –   6,532   –   6,532 Amounts reclassified into earnings on hedging activities   –   –   101   –   101 Other comprehensive income (loss)   (757)   (336,376)   6,633   –   (330,500) Balance as of December 31, 2022 $ ( 56,514 ) $   ( 231,349 ) $   6,189 $   ( 2,442 ) $   (284,116)
v3.22.4
Stockholders' Equity
 9 Months Ended
Dec. 31, 2022
Stockholders' Equity [Abstract]  
7. Stockholders' Equity 7. Stockholders’ Equity The following tables list the dividends that have been declared and issued during the first nine months of fiscal 2023 on our Voting and Non-Voting Common Stocks: Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022 $ 0.50   April 18, 2022   April 29, 2022 August 18, 2022 $ 0.50   September 6, 2022   September 20, 2022 Non-Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               December 7, 2022 $ 0.04   December 19, 2022   December 30, 2022   As of December 31, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan. Background of the Independent Special Committee The Board of Directors of the Company (the “Board”) created an Independent Special Committee (the “Committee”) to consider various matters and actions. The Committee retained outside advisors to help examine multiple options aimed at enhancing the marketability and liquidity of the Company’s stock. The Committee paid particular attention to actions intended to make stock ownership more inclusive and accessible for retail investors, including team members and customers of the Company. The Committee approved the following actions. Creation of the Series N Non-Voting Common Stock Effective October 24, 2022, the Company created a new series of common stock, designated as Non-Voting Common Stock. The Non-Voting Common Stock has a par value of $ 0.001 per share, 250,000,000 shares authorized and trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “UHAL.B”.   Shares of the Company’s Voting Common Stock also trade on the NYSE under the ticker symbol ”UHAL.” 9-for-1 Stock Dividend Involving Non-Voting Common Stock On October 24, 2022, the Company issued shares of the Non-Voting Common Stock through a stock dividend, on a 9-for-1 basis, to then-existing holders of the Company’s Voting Common Stock. The shares of Non-Voting Common Stock were distributed after the close of trading on November 9, 2022, to stockholders of record of Voting Common Stock at the close of business on November 3, 2022. Trading of the 176,470,092 shares of Non-Voting Common Stock began on November 10, 2022. Dividend Policy for Non-Voting Common Stock In response to the Committee’s recommendation to consider a dividend policy, the Board adopted a dividend policy for the new Non-Voting Common Stock. Unless the Board in its sole discretion determines otherwise, it shall be the policy of the Company to declare and pay a quarterly cash dividend on each share of the Company’s Non-Voting Common Stock, in the amount of $ 0.04 per share. This policy commenced in the third quarter of fiscal year 2023. On December 19, 2022, the Company transferred the listings of both UHAL and UHAL.B to the NYSE from the NASDAQ Global Select Market.
v3.22.4
Leases
 9 Months Ended
Dec. 31, 2022
Leases [Abstract]  
8. Leases 8. Leases The following tables show the components of our Right-of-Use (“ROU“) assets:     As of December 31, 2022     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 142,748 $ 142,748 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   152,867   –   152,867 Rental trucks   982,119   –   982,119 Right-of-use assets, gross   1,149,717   142,748   1,292,465 Less: Accumulated depreciation   (645,077)   (78,892)   (723,969) Right-of-use assets, net $ 504,640 $ 63,856 $ 568,496       As of March 31, 2022     Finance   Operating   Total     (In thousands)               Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   169,514   –   169,514 Rental trucks   1,114,248   –   1,114,248 Right-of-use assets, gross   1,298,493   136,444   1,434,937 Less: Accumulated depreciation   (677,669)   (62,062)   (739,731) Right-of-use assets, net $ 620,824 $ 74,382 $ 695,206 As of December 31, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $252.1 million and $347.4 million, respectively and operating lease liabilities of $63.4 million and $74.2 million, respectively.     Finance leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   2   3   Weighted average discount rate   3.8 % 3.7 %       Operating leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   18.0   16.5   Weighted average discount rate   4.6 % 4.6 % For the first nine months ended December 31, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 24.0 million and $ 22.6 million, respectively, and our financing cash flow activities were $ 95.3 million and $ 129.2 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $ 5.1 million and $ 3.5 million for the first nine months of fiscal 2023 and 2022, respectively.   The components of lease costs, including leases of less than 12 months, were as follows:     Nine Months Ended     December 31, 2022   December 31, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 24,483 $ 24,018           Finance lease cost:         Amortization of right of use assets $ 62,782 $ 90,056 Interest on lease liabilities   8,799   14,290 Total finance lease cost $ 71,581 $ 104,346 The short-term lease costs for the first nine months of fiscal 2023 and 2022 were not material. Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2023 $ 121,093 $ 24,511 2024   85,188   15,398 2025   48,126   5,710 2026   12,114   3,579 2027   –   3,018 Thereafter   –   57,288 Total lease payments   266,521   109,504 Less: imputed interest   (14,419)   (46,102) Present value of lease liabilities $ 252,102 $ 63,402
v3.22.4
Contingencies
 9 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
9. Contingencies 9. Contingencies Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Hauls information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers‘ information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities. Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona and will be vigorously defended by the Company, however the outcome of such lawsuits cannot be predicted or guaranteed with any certainty. 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 the Company’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, including various class actions related to the Company’s cybersecurity incident described above. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.
v3.22.4
Related Party Transactions
 9 Months Ended
Dec. 31, 2022
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 the NYSE Listed Company Manual, 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 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, accounting and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. U-Haul Holding Company 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, 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 December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,170 $ 6,972 U-Haul management fee revenue from Mercury   2,910   2,679   $ 10,080 $ 9,651       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 22,726 $ 21,580 U-Haul management fee revenue from Mercury   5,770   5,267   $ 28,496 $ 26,847   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 $24.9 million and $27.1 million from the above-mentioned entities during the first nine months of fiscal 2023 and 2022, respectively.  The decrease in management fees received in the first nine months of fiscal 2023 compared with the first nine months of fiscal 2022 was due to a timing difference of the incentive fee of $4.0 million being paid in March of fiscal 2022. 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 (is the brother of Edward J. Shoen and Mark V. 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 December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul commission expenses to Blackwater   20,016   21,086   $ 20,620 $ 21,690       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,812 $ 1,841 U-Haul commission expenses to Blackwater   71,283   70,502   $ 73,095 $ 72,343   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 December 31, 2022, 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 $ 22.7 million and $ 21.6 million, expenses of $ 1.8 million and $ 1.8 million and cash flows of $ 21.0 million and $ 19.8 million, respectively during the first nine months of fiscal 2023 and 2022. Revenues were $ 339.5 million and $ 335.3 million and commission expenses were $ 71.3 million and $ 70.5 million, respectively, related to the Dealer Agreements during the first nine months of fiscal 2023 and 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     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 64,055 $ 41,364 U-Haul receivable from Mercury   11,961   5,708 Other (a)   (467)   779   $ 75,549 $ 47,851 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods .
v3.22.4
Consolidating Financial Information by Industry Segment
 9 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
11. Consolidating Financial Information by Industry Segment 11. Consolidating Financial Information by Industry Segment: U-Haul Holding Company’s three reportable segments are:   Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul 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 U-Haul Holding Company, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.
v3.22.4
Industry Segment and Geographic Area Data
 9 Months Ended
Dec. 31, 2022
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 December 31, 2022             Total revenues $ 1,311,117 $ 64,219 $ 1,375,336 Depreciation and amortization, net of (gains) on disposal   119,864   1,840   121,704 Interest expense   58,367   674   59,041 Pretax earnings   253,778   7,230   261,008 Income tax expense   59,774   1,990   61,764 Identifiable assets