U-HAUL HOLDING CO /NV/, 10-K filed on 02 Jun 23
v3.23.1
Document and Entity Information - USD ($)
12 Months Ended
Mar. 31, 2023
May 19, 2023
Sep. 30, 2022
Document and Entity Information [Abstract]      
Entity Registrant Name U-Haul Holding Company    
Entity Central Index Key 0000004457    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Current Fiscal Year End Date --03-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 5,021,122,054
Document Fiscal Year Focus 2023    
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Period End Date Mar. 31, 2023    
Amendment Flag false    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity File Number 001-11255    
Entity Tax Identification Number 88-0106815    
Entity Address Address Line 1 5555 Kietzke Lane    
Entity Address Address Line 2 Ste. 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 Interactive Data Current Yes    
Entity Incorporation State Country Code NV    
Document Annual Report true    
Document Transition Report false    
Auditor Name BDO USA, LLP    
Auditor Location Phoenix, Arizona    
Auditor Firm ID 243    
Nonvoting Common Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   176,470,092  
Security 12b Title Series N Non-Voting Common Stock, $0.001 par value    
Trading Symbol UHAL.B    
Security Exchange Name NYSE    
Common Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   19,607,788  
Security 12b Title Common stock, $0.25 par value    
Trading Symbol UHAL    
Security Exchange Name NYSE    
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
ASSETS:    
Cash and cash equivalents $ 2,060,524 $ 2,704,137
Reinsurance recoverables and trade receivables, net 189,498 229,343
Inventories, net 151,474 158,888
Prepaid expenses 241,711 236,915
Investments, fixed maturities and marketable equities 2,770,394 2,893,399
Investments, other 575,540 543,755
Deferred policy acquisition costs, net 152,377 103,828
Other assets 51,052 60,409
Right of use assets, financing, net 474,765 620,824
Right of use assets, operating 58,917 74,382
Related party assets 48,308 47,851
Subtotal assets 6,774,560 7,673,731
Property, plant and equipment, at cost:    
Land 1,537,206 1,283,142
Buildings and improvements 7,088,810 5,974,639
Furniture and equipment 928,241 846,132
Property, plant and equipment (gross) 15,660,293 13,358,406
Less: Accumulated depreciation (4,310,205) (3,732,556)
Total property, plant and equipment 11,350,088 9,625,850
Total assets 18,124,648 17,299,581
Liabilities:    
Accounts payable and accrued expenses 761,039 677,785
Notes, loans and leases payable 6,108,042 6,022,497
Operating lease liabilities 58,373 74,197
Finance Lease Liability 223,205  
Policy benefits and losses, claims and loss expenses payable 875,034 890,254
Liabilities from investment contracts 2,398,884 2,336,238
Other policyholders' funds and liabilities 8,232 10,812
Deferred income 52,282 49,157
Deferred income taxes, net 1,334,427 1,286,149
Total liabilities 11,596,313 11,347,089
Commitments and contingencies (notes 9, 16, 17 and 18)
Stockholders' equity:    
Additional paid-in capital 453,643 453,819
Accumulated other comprehensive loss (267,046) 46,384
Retained earnings 7,008,715 6,119,442
Total stockholders' equity 6,528,335 5,952,492
Total liabilities and stockholders' equity 18,124,648 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
Series A 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 827,696 615,679
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 5,278,340 $ 4,638,814
v3.23.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Revenues:      
Self-moving equipment rentals $ 3,877,917 $ 3,958,807 $ 3,083,317
Self-storage revenues 744,492 617,120 477,262
Self-moving and self-storage products and service sales 357,286 351,447 344,929
Property management fees 37,073 35,194 31,603
Life insurance premiums 99,149 111,027 121,609
Property and casualty insurance premiums 93,209 86,518 68,779
Net investment and interest income 176,679 148,261 122,938
Other revenue 478,886 431,373 291,548
Total revenues 5,864,691 5,739,747 4,541,985
Costs and expenses:      
Operating expenses 3,024,547 2,676,541 2,187,684
Commission expenses 416,315 429,581 329,609
Cost of sales 263,026 259,585 214,059
Benefits and losses 165,553 186,647 179,512
Amortization of deferred policy acquisition costs 27,924 33,854 28,293
Lease expense 30,829 29,910 28,470
Depreciation, net of (gains) losses on disposals 486,795 482,752 609,930
Net gains on disposal of real estate 5,596 (4,120) 3,281
Total costs and expenses 4,420,585 4,094,750 3,580,838
Earnings from operations 1,444,106 1,644,997 961,147
Other components of net periodic benefit costs (1,216) (1,120) (987)
Interest expense (223,958) (167,424) (163,502)
Fees and amortization on early extinguishment of debt (1,009) (956) 0
Pretax earnings 1,217,923 1,475,497 796,658
Income tax expense (294,925) (352,211) (185,802)
Earnings available to common shareholders 922,998 1,123,286 610,856
Common Stock [Member]      
Costs and expenses:      
Earnings available to common shareholders $ 0 $ 0 $ 0
Basic and diluted earnings per common share $ 5.54 $ 7.08 $ 5.37
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]      
Costs and expenses:      
Earnings available to common shareholders $ 0 $ 0 $ 0
Basic and diluted earnings per common share $ 4.62 $ 5.58 $ 2.87
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]      
Costs and expenses:      
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880
v3.23.1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Depreciation:      
Net gains on disposal of personal property $ (247,084) $ (214,203) $ (54,071)
v3.23.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Comprehensive income (loss) (pretax):      
Net earnings $ 1,217,923 $ 1,475,497 $ 796,658
Comprehensive income (loss) (tax effect):      
Net earnings (294,925) (352,211) (185,802)
Comprehensive income (loss) (net of tax):      
Net earnings 922,998 1,123,286 610,856
Other comprehensive income (loss):      
Foreign currency translation (pretax) (782) (2,828) (5,694)
Foreign currency translation (tax effect) 0 0 0
Foreign currency translation (net of tax) (782) (2,828) (5,694)
Unrealized gain (loss) on investments (pretax) (405,144) (78,452) 96,170
Unrealized gain (loss) on investments (tax effect) 85,954 15,826 (19,201)
Unrealized gain (loss) on investments (net of tax) (319,190) (62,626) 76,969
Change in fair value cash flow hedges (pretax) 6,672 605 (569)
Change in fair value of cash flow hedges (tax effect) (1,639) (148) 140
Change in fair value of cash flow hedges, (net of tax) 5,033 457 (429)
Amounts reclassified into earnings on hedging activities, (pre tax) (772) 3,948 3,640
Amounts reclassified into earnings on hedging activities (tax effect) 190 (970) (894)
Amounts reclassified into earnings on hedging,( net of tax) (582) 2,978 2,746
Postretirement benefit obligation gain (loss) (pretax) 2,772 2,049 (1,838)
Postretirement benefit obligation gain (loss) (tax effect) (681) (503) 451
Postretirement benefit obligation gain (loss) (net of tax) 2,091 1,546 (1,387)
Total other comprehensive income (loss) (pretax) (397,254) (74,678) 91,709
Total other comprehensive income (loss) (tax effect) 83,824 14,205 (19,504)
Total other comprehensive income loss, net (313,430) (60,473) 72,205
Total comprehensive income (pretax) 820,669 1,400,819 888,367
Total comprehensive income (tax effect) (211,101) (338,006) (205,306)
Total comprehensive income (loss) ( net of tax) $ 609,568 $ 1,062,813 $ 683,061
v3.23.1
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]
Nonvoting Common Stock [Member]
Balance at Mar. 31, 2020 $ 4,287,929 $ 10,497 $ 453,819 $ 34,652 $ 4,466,611 $ (525,653) $ (151,997) $ 0
Consolidated statement of change in equity                
Adjustment for adoption of ASU 2016-13 (2,880) 0 0 0 (2,880) 0 0 0
Foreign currency translation (5,694) 0 0 (5,694) 0 0 0 0
Unrealized net gain (loss) on investments, net of tax 76,969 0 0 76,969 0 0 0 0
Change in fair value of cash flow hedges, net of tax (429) 0 0 (429) 0 0 0 0
Amounts reclassified into earnings on hedging activities 2,746 0 0 2,746 0 0 0 0
Change in post retirement benefit obligations (1,387) 0 0 (1,387) 0 0 0 0
Net earnings 610,856 0 0 0 610,856 0 0 0
Common stock dividends (49,019) 0 0 0 (49,019) 0 0 0
Series N Non-Voting Common Stock Dividends 0              
Net activity 631,162 0 0 72,205 558,957 0 0 0
Balance at Mar. 31, 2021 4,919,091 10,497 453,819 106,857 5,025,568 (525,653) (151,997) 0
Consolidated statement of change in equity                
Foreign currency translation (2,828) 0 0 (2,828) 0 0 0 0
Unrealized net gain (loss) on investments, net of tax (62,626) 0 0 (62,626) 0 0 0 0
Change in fair value of cash flow hedges, net of tax 457 0 0 457 0 0 0 0
Amounts reclassified into earnings on hedging activities 2,978 0 0 2,978 0 0 0 0
Change in post retirement benefit obligations 1,546 0 0 1,546 0 0 0 0
Net earnings 1,123,286 0 0 0 1,123,286 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 1,033,401 0 0 (60,473) 1,093,874 0 0 0
Balance at Mar. 31, 2022 5,952,492 10,497 453,819 46,384 6,119,442 (525,653) (151,997) 0
Consolidated statement of change in equity                
Common stock dividend 0 0 (176) 0 0 0 0 176
Foreign currency translation (782) 0 0 (782) 0 0 0 0
Unrealized net gain (loss) on investments, net of tax (319,190) 0 0 (319,190) 0 0 0 0
Change in fair value of cash flow hedges, net of tax 5,033 0 0 5,033 0 0 0 0
Amounts reclassified into earnings on hedging activities (582) 0 0 (582) 0 0 0 0
Change in post retirement benefit obligations 2,091 0 0 2,091 0 0 0 0
Net earnings 922,998 0 0 0 922,998 0 0 0
Common stock dividends (19,608) 0 0 0 (19,608) 0 0 0
Series N Non-Voting Common Stock Dividends (14,117) 0 0 0 (14,117) 0 0 0
Net activity 575,843 0 (176) (313,430) 889,273 0 0 176
Balance at Mar. 31, 2023 $ 6,528,335 $ 10,497 $ 453,643 $ (267,046) $ 7,008,715 $ (525,653) $ (151,997) $ 176
v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Cash flow from operating activities:      
Net earnings $ 922,998 $ 1,123,286 $ 610,856
Adjustments to reconcile net earnings to cash provided by operations:      
Depreciation 733,879 696,955 664,001
Amortization of deferred policy acquisition costs 27,924 33,854 28,293
Amortization of premiums and accretion of discounts related to investments, inc 20,066 19,749 14,229
Amortization of debt issuance costs 7,087 5,659 5,948
Interest credited to policyholders 55,822 64,692 55,321
Change in allowance for losses on trade receivables (4,860) 4,227 1,206
Change in allowance for inventory reserves 9,490 15,235 1,298
Net gains on disposal of personal property (247,084) (214,203) (54,071)
Net gains on disposal of real estate 5,596 (4,120) 3,281
Net gains on sales of investments 8,300 (11,872) (10,058)
Net (gains) losses on equity investments 9,091 (7,837) (394)
Deferred income taxes 131,754 101,091 68,411
Net change in other operating assets and liabilities:      
Reinsurance recoverables and trade receivables 44,714 (9,187) (39,516)
Inventories and parts (2,225) (68,536) (5,775)
Prepaid expenses (5,575) 232,342 94,359
Capitalization of deferred policy acquisition costs (25,202) (32,626) (36,162)
Other assets 16,027 15,349 44,251
Related party assets (544) (10,357) (487)
Accounts payable and accrued expenses 34,263 10,514 78,718
Policy benefits and losses, claims and loss expenses payable (13,708) (19,692) (1,992)
Other policyholders' funds and liabilities (2,580) (1,608) 2,230
Deferred income 5,137 5,399 11,388
Related party liabilities (760) (2,079) 60
Net cash provided by operating activities 1,729,610 1,946,235 1,535,395
Cash flow from investing activities:      
Escrow deposits 9,298 (9,328) (5,221)
Purchase of:      
Property, plant and equipment (2,723,901) (2,136,537) (1,441,475)
Short term investments (60,037) (74,418) (69,929)
Fixed maturities investments (563,452) (627,326) (606,233)
Equity Securities (4,932) (19,299) (962)
Preferred stock 0 (8,000) (16,144)
Real estate (8,685) (261) (622)
Mortgage loans (204,579) (158,147) (158,071)
Proceeds from sale and paydowns of:      
Property, plant and equipment 701,331 623,235 537,484
Short term investments 74,457 51,591 69,718
Fixed maturities investments 196,635 360,937 529,239
Equity Securities 1,286 2,046 207
Preferred stock 0 2,000 2,700
Real estate 0 113 255
Mortgage loans 161,194 126,218 29,525
Net cash used by investing activities (2,421,385) (1,867,176) (1,129,529)
Cash flow from financing activities:      
Borrowings from credit facilities 1,017,898 1,969,474 922,008
Principal repayments on credit facilities (801,994) (437,506) (662,588)
Debt issuance costs (5,237) (13,156) (5,793)
Capital lease payments (124,188) (166,262) (221,247)
Securitization deposits 217 0 0
Voting Common stock dividends paid (19,608) (29,412) (49,019)
Series N Non-Voting Common Stock Dividends (14,117) 0 0
Investment contract deposits 341,483 347,520 517,856
Investment contract withdrawals (334,659) (237,503) (213,864)
Net cash provided by financing activities 59,795 1,433,155 287,353
Effects of exchange rate on cash (11,633) (2,089) 6,441
Increase (decrease) cash and cash equivalents (643,613) 1,510,125 699,660
Cash and cash equivalents at beginning of period 2,704,137 1,194,012 494,352
Cash and cash equivalents at the end of period $ 2,060,524 $ 2,704,137 $ 1,194,012
v3.23.1
Basis of Presentation
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Basis of Presentation U-Haul Holding Company, a Nevada Corporation, formerly known as AMERCO (“U-Haul Holding Company”), has a fiscal year that ends on the 31 st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31 st of December 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 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, 2021 and 2020 correspond to fiscal 2023, 2022 and 2021 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.   Please see Note 3, Accounting Policies – Adoption of New Accounting Pronouncements, of the Notes to Consolidated Financial Statements.
v3.23.1
Principles of Consolidation
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Principles of Consolidation We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation to absorb the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control. A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary. We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events. Please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which are consolidated under the voting interest model. 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.   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. 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 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. 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.
v3.23.1
Earnings Per Share
12 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
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 years ending March 31, 2023, 2022 and 2021 for our Voting Common Stock and Non-Voting Common Stock is as follows:     For the Year Ending     March 31,     2023   2022   2021               (In thousands, except share and per share amounts)               Weighted average shares outstanding of Voting Common Stock   19,607,788   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   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%   10%               Net earnings available to common stockholders $ 922,998 $ 1,123,286 $ 610,856 Voting Common Stock dividends declared   (19,608)   (29,412)   (49,019) Non-Voting Common Stock dividends declared   (14,117)   –   – Undistributed earnings available to common stockholders $ 889,273 $ 1,093,874 $ 561,837 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 88,927 $ 109,387 $ 56,184               Undistributed earnings per share of Voting Common Stock $ 4.54 $ 5.58 $ 2.87 Dividends declared per share of Voting Common Stock $ 1.00 $ 1.50 $ 2.50 Basic and diluted earnings per share of Voting Common Stock $ 5.54 $ 7.08 $ 5.37                             Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   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   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%   90%               Net earnings available to common stockholders $ 922,998 $ 1,123,286 $ 610,856 Voting Common Stock dividends declared   (19,608)   (29,412)   (49,019) Non-Voting Common Stock dividends declared   (14,117)   –   – Undistributed earnings available to common stockholders $ 889,273 $ 1,093,874 $ 561,837 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 800,346 $ 984,487 $ 505,653               Undistributed earnings per share of Non-Voting Common Stock $ 4.54 $ 5.58 $ 2.87 Dividends declared per share of Non-Voting Common Stock $ 0.08 $ – $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 4.62 $ 5.58 $ 2.87   Please see Note 13, Stockholders’ Equity, of the Notes to Consolidated Financial Statements for more information on the Non-Voting Common Stock.
v3.23.1
Reinsurance Recoverables and Trade Receivables, Net
12 Months Ended
Mar. 31, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Recoverables and Trade Receivables, Net Note 5.   Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows:     March 31,     2023   2022     (In thousands) Reinsurance recoverable $ 42,362 $ 50,586 Trade accounts receivable   110,281   150,285 Paid losses recoverable   400   345 Accrued investment income   29,553   28,689 Premiums and agents' balances   4,075   1,650 Independent dealer receivable   292   73 Other receivables   6,324   6,364     193,287   237,992 Less: Allowance for credit losses   (3,789)   (8,649)   $ 189,498 $ 229,343
v3.23.1
Other Assets
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Other Assets Note 7.   Other Assets Other assets were as follows:     March 31,     2023   2022     (In thousands) Deposits (debt-related) $ 35,573 $ 37,588 Deposits (real estate related)   15,479   22,821   $ 51,052 $ 60,409
v3.23.1
Net Investment and Interest Income
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Net Investment and Interest Income Note 8.   Net Investment and Interest Income Net investment and interest income, were as follows:       Years Ended March 31,     2023   2022   2021     (In thousands) Fixed maturities $ 171,814 $ 111,625 $ 102,021 Real estate   5,734   5,648   5,769 Insurance policy loans   869   705   829 Mortgage loans   23,854   25,850   18,248 Short-term, amounts held by ceding reinsurers, net and other investments   (17,257)   11,713   3,103 Investment income   185,014   155,541   129,970 Less: investment expenses   (8,335)   (7,280)   (7,032) Net investment and interest income $ 176,679 $ 148,261 $ 122,938
v3.23.1
Borrowings
12 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowings Note 9.   Borrowings Long-Term Debt Long-term debt was as follows:                     March 31,   2023 Rates   Maturities   2023   2022                     (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 6.14 % 2027   2037 $ 289,647 $ 50,259 Senior mortgages 2.70 % - 5.50 % 2024 - 2042   2,371,231   2,206,268 Real estate loans (revolving credit) – % - – %     2027   –   535,000 Fleet loans (amortizing term) 1.61 % - 5.68 % 2023 - 2029   111,856   124,651 Fleet loans (revolving credit) 2.36 % - 5.97 % 2025 - 2027   615,000   560,000 Finance leases (rental equipment) 2.18 % - 5.04 % 2023 - 2026   223,205   347,393 Finance liability (rental equipment) 1.60 % - 5.98 % 2024 - 2031   1,255,763   949,936 Private placements 2.43 % - 2.88 % 2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 % 2023 - 2049   76,648   86,206 Notes, loans and finance leases payable                 $ 6,143,350 $ 6,059,713 Less: Debt issuance costs                   (35,308)   (37,216) Total notes, loans and finance leases payable, net         $ 6,108,042 $ 6,022,497                           (a) Certain loans have interest rate swaps fixing the rate between 2.72% and 2.86% based on current margin         Real Estate Backed Loans Real Estate Loan 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 $ 206.3 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 March 31, 2023, the applicable SOFR was between 4.62 % and 4.83 % and applicable margin was between 0.65 % and 1.38 %, the sum of which, including the credit spread, was between 5.58 % and 6.14 %. The remaining $ 83.3 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. We are in compliance with the covenants as of March 31, 2023. 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 March 31, 2023 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. We are in compliance with the covenants as of March 31, 2023. There are limited restrictions regarding our use of the funds. Real Estate Loans (Revolving Credit) U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of March 31, 2023, the maximum credit commitment is $ 465.0 million. As of March 31, 2023, 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. We are in compliance with the covenants as of March 31, 2023. 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. We are in compliance with the covenants as of March 31, 2023. The net book value of the corresponding rental equipment was $213.1 million and $253.3 million as of March 31, 2023 and 2022, respectively. 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 March 31, 2023 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 March 31, 2023, SOFR was between 4.52 % and 4.67 % and the margin was between 1.15 % and 1.25 %, the sum of which, including the credit spread, was between 5.77 % and 5.97 %. 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $822.0 million and $654.6 million as of March 31, 2023 and 2022, respectively. 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 2.18% to 5.04%.  All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $474.8 million and $620.8 million as of March 31, 2023 and March 31, 2022, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2023. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 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 $1,499.1 million and $1,068.3 million as of March 31, 2023 and March 31, 2022, respectively. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. 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 March 31, 2023, the aggregate outstanding principal balance of the U-Notes ® issued was $ 78.4 million, of which $ 1.7 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 December 31, 2022, the deposits had an aggregate balance of $60.0 million, with an availability of $78.9 million, for which Oxford pays fixed interest rates between 0.49% and 4.21% with maturities between March 30, 2023 and September 30, 2027. As of December 31, 2022, available-for-sale investments held with the FHLB totaled $88.4 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 March 31, 2023 for the next five years and thereafter are as follows:     Years Ended March 31,     2024   2025   2026   2027   2028   Thereafter   Total     (In thousands) Notes, loans and finance leases payable, secured $ 563,153 $ 698,301 $ 667,490 $ 819,153 $ 647,409 $ 2,747,844 $ 6,143,350
v3.23.1
Interest on Borrowings
12 Months Ended
Mar. 31, 2023
Interest Expense, Borrowings [Abstract]  
Interest on Borrowings Note 10.   Interest on Borrowings Interest Expense Components of interest expense include the following:       Years Ended March 31,     2023   2022   2021     (In thousands) Interest expense $ 229,559 $ 167,618 $ 165,484 Capitalized interest   (11,814)   (9,700)   (11,573) Amortization of transaction costs   6,987   5,556   5,949 Interest expense resulting from cash flow hedges   (774)   3,950   3,642 Total interest expense   223,958   167,424   163,502   Interest paid in cash amounted to $ 225.8 million, $ 166.1 million and $ 166.4 million for fiscal 2023, 2022 and 2021, respectively. Interest paid (received) in cash on derivative contracts was ($0.8) million, $4.0 million and $3.6 million, for fiscal 2023, 2022 and 2021, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows:       Revolving Credit Activity       Years Ended March 31,       2023   2022   2021       (In thousands, except interest rates)   Weighted average interest rate during the year   3.93 % 1.40 % 1.40 % Interest rate at year end   5.89 % 1.49 % 1.40 % Maximum amount outstanding during the year $ 1,105,000 $ 1,105,000 $ 1,175,000   Average amount outstanding during the year $ 824,211 $ 1,085,074 $ 1,088,293   Facility fees $ 733 $ 253 $ 261  
v3.23.1
Derivatives
12 Months Ended
Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives Note 11.   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 consolidated balance sheet were as follows:           March 31, 2023   March 31, 2022     (In thousands) Interest rate swaps designated as cash flow hedges         Assets $ 5,311 $ – Liabilities   –   587 Notional amount   206,347   235,000       The Effect of Interest Rate     Contracts on the Statements of Operations     Years Ended March 31,     2023   2022   2021     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (5,900) $ (4,553) $ (3,071) (Gain) loss reclassified from AOCI into income $ 772 $ (3,948) $ (3,640)   (Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During fiscal years 2023, 2022 and 2021, we recognized an increase (decrease) in the fair value of our cash flow hedges of $5.0, $0.5 million and ($0.4) million, respectively, net of taxes. During fiscal years 2023, 2022 and 2021, we reclassified ($0.8) million, $3.9 million and $3.6 million, respectively, from AOCI to interest expense. As of March 31, 2023, we expect to reclassify $ 3.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to economically 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.  At December 31, 2022 and 2021, these derivative hedges had a fair value of $4.3 million and $7.5 million, with notional amounts of $465.7 million and $416.7 million, respectively. At December 31, 2022 and 2021, these derivative instruments are included in Investments, other, on the consolidated balance sheets. Net (gains) losses recognized in net investment and interest income for fiscal year 2023, 2022 and 2021 were $8.9 million, ($3.7) million and ($2.6) million, 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     March 31, 2023   March 31, 2022               (In thousands) Equity market contracts as economic hedging instruments         Assets $ 4,295 $ 7,474 Liabilities $ – $ – Notional amount $ 465,701 $ 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 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 changes 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.
v3.23.1
Accumulated Other Comprehensive Income
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Other Comprehensive Income Noncontrolling Interest [Text Block] Note 12.   Accumulated Other Comprehensive Income (Loss) A summary of our AOCI components, net of tax, were as follows:       Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)           (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $   (2,601) $   34,652 Foreign currency translation   (5,694)   –   –   –   (5,694) Unrealized net gain on investments   –   76,969   –   –   76,969 Change in fair value of cash flow hedges   –   –   (429)   –   (429) Amounts reclassified into earnings on hedging activities   –   –   2,746   –   2,746 Change in post retirement benefit obligations   –   –   –   (1,387)   (1,387) Other comprehensive income (loss)   (5,694)   76,969   2,317   (1,387)   72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $   (3,988) $   106,857 Foreign currency translation   (2,828)   –   –   –   (2,828) Unrealized net loss on investments   –   (62,626)   –   –   (62,626) Change in fair value of cash flow hedges   –   –   457   –   457 Amounts reclassified into earnings on hedging activities   –   –   2,978   –   2,978 Change in post retirement benefit obligations   –   –   –   1,546   1,546 Other comprehensive income (loss)   (2,828)   (62,626)   3,435   1,546   (60,473) Balance as of March 31, 2022 $ (55,757) $ 105,027 $ (444) $   (2,442) $ 46,384 Foreign currency translation   (782)   –   –   –   (782) Unrealized net loss on investments   –   (319,190)   –   –   (319,190) Change in fair value of cash flow hedges   –   –   5,033   –   5,033 Amounts reclassified into earnings on hedging activities   –   –   (582)   –   (582) Change in post retirement benefit obligations   –   –   –   2,091   2,091 Other comprehensive income (loss)   (782)   (319,190)   4,451   2,091   (313,430) Balance as of March 31, 2023$( 56,539 )$( 214,163 )$ 4,007 $ ( 351 )$ (267,046)
v3.23.1
Stockholders' Equity
12 Months Ended
Mar. 31, 2023
Stockholders' Equity Attributable to Parent [Abstract]  
Stockholders' Equity Note 13. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal years 2023 and 2022. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               August 18, 2022 $ 0.50   September 6, 2022   September 20, 2022 April 6, 2022 $ 0.50   April 18, 2022   April 29, 2022 October 6, 2021 $ 0.50   October 18, 2021   October 29, 2021 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021   Non-Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               March 3, 2023 $ 0.04   March 14, 2023   March 27, 2023 December 7, 2022 $ 0.04   December 19, 2022   December 30, 2022   As of March 31, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan. 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.
v3.23.1
Provision for Taxes
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Provision for Taxes Note 14.   Provision for Taxes Earnings before taxes and the provision for taxes consisted of the following:     Years Ended March 31,     2023   2022   2021     (In thousands) Pretax earnings:             U.S. $ 1,178,264 $ 1,431,155 $ 773,030 Non-U.S.   39,659   44,342   23,628 Total pretax earnings $ 1,217,923 $ 1,475,497 $ 796,658               Current provision             Federal $ 115,171 $ 189,488 $ 100,521 State   42,121   55,518   16,572 Non-U.S.   5,150   6,893   3,404     162,442   251,899   120,497 Deferred provision             Federal   114,355   90,852   53,957 State   14,077   6,355   9,795 Non-U.S.   4,051   3,105   1,553     132,483   100,312   65,305               Provision for income tax expense $ 294,925 $ 352,211 $ 185,802               Income taxes paid (received) $ 145,680 $ ( 4,548 ) $ 29,044   The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:     Years Ended March 31,       2023   2022   2021       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               State taxes, net of federal benefit   3.56 % 3.24 % 2.53 % Foreign rate differential   0.08 % 0.05 % – % Federal tax credits   (0.48) % (0.19) % (0.99) % Tax-exempt income   (0.08) % (0.03) % (0.08) % Dividend received deduction   (0.01) % – % (0.01) % Other   0.15 % (0.20) % 0.87 % Actual tax expense of operations   24.22 % 23.87 % 23.32 % Significant components of our deferred tax assets and liabilities were as follows:     March 31,     2023   2022 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 33,778 $ 36,394 Accrued expenses   112,971   103,723 Policy benefit and losses, claims and loss expenses payable, net   31,436   30,572 Unrealized losses on investments   48,179   – Operating leases   12,058   15,540 Total deferred tax assets $ 238,422 $ 186,229           Deferred tax liabilities:         Property, plant and equipment $ 1,545,628 $ 1,405,604 Operating leases   12,175   15,540 Deferred policy acquisition costs   12,038   12,962 Unrealized gains on investments   –   36,299 Other   3,008   1,973 Total deferred tax liabilities   1,572,849   1,472,378 Net deferred tax liability $ 1,334,427 $ 1,286,149 On March 27, 2020, former President Trump signed into U.S. federal law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was aimed at providing emergency assistance and health care for individuals, families, and businesses affected by COVID-19 global pandemic and generally supporting the U.S. economy.   The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. In particular, the CARES Act allows for net operating losses (“NOL“) generated in 2018, 2019, or 2020 to be carried back 5 years.    As a result, we filed applicable forms with the IRS to carryback NOLs. The statutory tax rate for the carryback years was 35% as compared to 21% at present.   Consequently, we recognized a benefit amount of $ 146 million for fiscal year 2020. These refund claims total approximately $ 366 million, of which we have received approximately $ 243 million in fiscal 2022 and 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. As a result, the NOL and credit carry-forwards in the above table are primarily attributable to state NOLs. As of March 31, 2023 and 2022, we had state NOLs of $ 480.0 million and $ 458.5 million, respectively, that will begin to expire March 31, 2024, if not utilized. On March 3, 2021, the IRS notifiied us that our federal inome tax returns for the tax years March 31, 2014, 2015, 2016, 2018 and 2019 were selected for examination. The IRS agent in charged confirmed that this is a limited scope examination arising out of NOL carryback claims and is a standard procedure for the IRS to process the refund. As such, the scope of the exam is expected to be limited to the items reported on Forms 1139 and related schedules only. As of now, we are still working with the IRS agent and there is no audit adjustment for any of the above tax periods. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable. We account for uncertainty in income taxes by recognizing the tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits and expenses recognized in the consolidated financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. A reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period are as follows:     Unrecognized Tax Benefits     March 31,     2023   2022     (In thousands)           Unrecognized tax benefits beginning balance $ 48,851 $ 31,069 Additions based on tax positions related to the current year   7,226   8,257 Reductions for tax positions of prior years   (443)   – Additions for tax provisions of prior years   2,473   9,525 Unrecognized tax benefits ending balance $ 58,107 $ 48,851 We recognize interest related to unrecognized tax benefits as interest expense, and penalties as income tax expenses. As of March 31, 2023 and 2022, the amount of interest accrued on unrecognized tax benefits was $ 17.7 million and $ 15.7 million, respectively, net of tax. During the current year, we recorded expense from interest in the amount of $ 2.0 million, net of tax. We file income tax returns in the U.S. federal jurisdiction, and various states and Canadian jurisdictions. While the Company has ongoing audits in Canada and various state jurisdictions, there have been no proposed or anticipated adjustments that would materially impact the financial statements. With some exceptions, we are no longer subject to audit for years prior to the fiscal year ended March 31, 2020.
v3.23.1
Employee Benefit Plans
12 Months Ended
Mar. 31, 2023
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans Note 15.   Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2023, 2022 or 2021. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations.  In fiscal 2021 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute.  ESOP compensation expense was $22.1 million, $23.0 million and $23.0 million for fiscal 2023, 2022 and 2021, respectively, which are included in operating expenses in the consolidated statements of operations. In fiscal 2023, 2022 and 2021, the Company made non-leveraged contributions of $ 22.1 million, $ 23.0 million and $ 23.0 million, respectively to the Plan Trust. During fiscal 2023, ESOP purchased for allocation 424,484 of non-leveraged Non-Voting Common Stock shares and during fiscal 2022, ESOP purchased for allocation 33,954 of non-leveraged Voting Common Stock shares.   Shares held by the ESOP were as follows:     Years Ended March 31,     2023   2022     (In thousands) Allocated shares - Voting Common Stock   836   890 Allocated shares - Non-Voting Common Stock   7,821   –   Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are for amounts requested that are paid out of pocket after Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows:     Years Ended March 31,     2023   2022   2021     (In thousands) Service cost for benefits earned during the period $ 1,326 $ 1,401 $ 1,267 Other components of net periodic benefit costs:             Interest cost on accumulated postretirement benefit   1,148   908   919 Other components   68   212   68 Total other components of net periodic benefit costs   1,216   1,120   987 Net periodic postretirement benefit cost $ 2,542 $ 2,521 $ 2,254 The fiscal 2023 and fiscal 2022 post retirement benefit liability included the following components:     Years Ended March 31,     2023   2022     (In thousands) Beginning of year $ 30,206 $ 30,755 Service cost for benefits earned during the period   1,326   1,401 Interest cost on accumulated post retirement benefit   1,148   908 Net benefit payments and expense   (1,207)   (1,021) Actuarial gain   (2,703)   (1,837) Accumulated postretirement benefit obligation   28,770   30,206           Current liabilities   1,625   1,449 Non-current liabilities   27,145   28,757           Total post retirement benefit liability recognized in statement of financial position   28,770   30,206 Components included in accumulated other comprehensive income (loss):         Unrecognized net loss   (465)   (3,237) Cumulative net periodic benefit cost (in excess of employer contribution) $ 28,305 $ 26,969   The discount rate assumptions in computing the information above were as follows:     Years Ended March 31,     2023 2022 2021     (In percentages)   Accumulated postretirement benefit obligation   5.08 % 3.76 % 2.93 %   In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2023 was 6.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2047. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2022 (and used to measure the fiscal 2023 net periodic benefit cost) was 4.9% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2046. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows:     Future Net Benefit Payments     (In thousands) Year-ended:     2024 $ 1,546 2025   1,768 2026   2,021 2027   2,270 2028   2,532 2029 Through 2033   13,291 Total $ 23,428
v3.23.1
Fair Value Measurements
12 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Note 16.   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 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 are based on quoted market prices. Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows. Fair values on interest rate swap contracts are based on using pricing valuation models which include broker quotes. Fair values of long-term investments and mortgage loans and notes on real estate 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. 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 As of March 31, 2023   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 189,498 $ – $ – $ 189,498 $ 189,498 Mortgage loans, net   466,531   –   –   444,957   444,957 Other investments   109,009   –   –   109,009   109,009 Total $ 765,038 $ – $ – $ 743,464 $ 743,464                                             Liabilities                     Notes, loans and finance leases payable $ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 Total $ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735   .   Fair Value Hierarchy As of March 31, 2022   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net   423,163   –   –   450,347   450,347 Other investments   120,592   –   –   120,592   120,592 Total $ 773,098 $ – $ – $ 800,282 $ 800,282                                             Liabilities                     Notes, loans and finance leases payable $ 5,875,781   – $ 5,875,781 $ – $ 5,875,781 Total $ 5,875,781 $ – $ 5,875,781 $ – $ 5,875,781 The following tables represent the financial assets and liabilities on the consolidated balance sheets as of March 31, 2023 and 2022, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.   As of March 31, 2023   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 1,809,441 $ 1,808,797 $ 644 $ – Fixed maturities - available for sale   2,709,037   251,832   2,457,146   59 Preferred stock   21,982   21,982   –   – Common stock   39,375   39,375   –   – Derivatives   9,606   4,295   5,311   – Total $ 4,589,441 $ 2,126,281 $ 2,463,101 $ 59                                     Liabilities                 Derivatives $ – $ – $ – $ – Total $ – $ – $ – $ –   As of March 31, 2022   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale   2,821,092   26,914   2,794,086   92 Preferred stock   26,095   26,095   –   – Common stock   46,212   46,212   –   – Derivatives   7,474   7,474   –   – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92                                     Liabilities                 Derivatives $ 587 $ – $ 587 $ – Total $ 587 $ – $ 587 $ –   The fair value measurement of our assets using significant unobservable inputs (Level 3) were $0.1 million for both March 31, 2023 and 2022, respectively.
v3.23.1
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable
12 Months Ended
Mar. 31, 2023
Disclosure Text Block [Abstract]  
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable Note 17.   Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $150,000.     Direct Amount (a)   Ceded to Other Companies   Assumed from Other Companies   Net Amount (a)   Percentage of Amount Assumed to Net       (In thousands)   Year ended December 31, 2022                       Life insurance in force $ 970,454 $ 48 $