Pay vs Performance Disclosure - USD ($)
|
12 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Pay vs Performance Disclosure [Table] |
|
|
|
Pay vs Performance [Table Text Block] |
In accordance with Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation and certain measures of the Company’s financial performance. SEC rules prescribe the disclosure included in this section; however, the information does not necessarily align with how the Company or the Compensation Committee view the link between the Company’s performance and the pay of its NEOs. For Fiscal 2023, and for the fiscal years ended March 31, 2022 and 2021, the Compensation Committee did not utilize any benchmarking measure and traditionally has not tied compensation directly to a specific performance measurement, market value of the Company’s Voting Common Stock or Non-Voting Common Stock, or benchmark related to any established peer or industry group. For a description of the Company’s compensation philosophy, objectives and other relevant policies and its determination of compensation for the Company’s executive officers for Fiscal 2023, see “Compensation Discussion and Analysis” in this Proxy Statement. The Compensation Committee did not consider the pay versus performance disclosure below in making its compensation decisions for any of the years shown.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Compensation Table total for PEO (1) ($) |
|
|
Compensation Actually Paid to PEO (1)(2)(3) ($) |
|
|
|
|
|
Average Compensation Actually Paid to non-PEO NEOs (1)(2)(3) ($) |
|
|
Value of initial fixed $100 investment based on: |
|
|
Net income (In thousands)($) |
|
|
|
|
|
Total Shareholder Return ($) |
|
|
Peer group total shareholder return (4) ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
(b) |
|
|
(c) |
|
|
(d) |
|
|
(e) |
|
|
(f) |
|
|
(g) |
|
|
(h) |
|
|
(i) |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
1,011,616 |
|
|
|
1,012,158 |
|
|
|
632,132 |
|
|
|
632,821 |
|
|
|
UHAL 223.16 |
|
|
|
149.94 |
|
|
|
922,998 |
|
|
|
1,888,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHAL.B 193.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
1,011,744 |
|
|
|
1,011,423 |
|
|
|
617,660 |
|
|
|
617,100 |
|
|
|
UHAL 225.76 |
|
|
|
159.27 |
|
|
|
1,123,286 |
|
|
|
2,055,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHAL.B 225.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
997,545 |
|
|
|
1,014,417 |
|
|
|
562,506 |
|
|
|
578,547 |
|
|
|
UHAL 228.10 |
|
|
|
151.16 |
|
|
|
610,856 |
|
|
|
1,520,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHAL.B 228.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Edward J. Shoen was our principal executive officer (“PEO”) for each year presented. The individuals comprising the Non-PEO named executive officers for each year presented are the same individuals reported as the Company’s Named Executive Officers for Fiscal 2023 in the “Compensation Discussion and Analysis” in this Proxy Statement. |
|
(2) |
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. |
|
(3) |
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Compensation Table Total ($) |
|
|
|
|
|
Add Fiscal Year End Value of Current Year Equity Awards ($) |
|
|
Change in Value of Prior Equity Awards ($) |
|
|
Total Compensation Actually Paid ($) |
|
2023 |
|
PEO |
|
|
1,011,616 |
|
|
|
(8,487 |
) |
|
|
9,036 |
|
|
|
(7 |
) |
|
|
1,012,158 |
|
|
|
|
|
|
632,132 |
|
|
|
(10,579 |
) |
|
|
11,276 |
|
|
|
(8 |
) |
|
|
632,821 |
|
2022 |
|
PEO |
|
|
1,011,744 |
|
|
|
(9,740 |
) |
|
|
9,420 |
|
|
|
(1 |
) |
|
|
1,011,423 |
|
|
|
|
|
|
617,660 |
|
|
|
(11,514 |
) |
|
|
11,062 |
|
|
|
(108 |
) |
|
|
617,100 |
|
2021 |
|
PEO |
|
|
997,545 |
|
|
|
(41 |
) |
|
|
58 |
|
|
|
16,855 |
|
|
|
1,014,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Compensation Table Total ($) |
|
|
|
|
|
Add Fiscal Year End Value of Current Year Equity Awards ($) |
|
|
Change in Value of Prior Equity Awards ($) |
|
|
Total Compensation Actually Paid ($) |
|
|
|
|
|
|
|
|
562,506 |
|
|
|
(2,983 |
) |
|
|
4,225 |
|
|
|
14,799 |
|
|
|
578,547 |
|
|
(4) |
The Peer Group TSR set forth in this table reflects the Dow Jones U.S. Total Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended March 31, 2023. The comparison assumes $100 was invested for the period starting April 1, 2020, through the end of the listed year in the Company and in the Dow Jones US Total Index, respectively and that all dividends were reinvested. Historical stock performance is not necessarily indicative of future stock performance. |
|
(5) |
We determined Moving and Storage segments EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in Fiscal 2023. Moving and Storage EBITDA may not have been the most important financial performance measure for the fiscal years ended March 31, 2022 and 2021 and we may determine a different financial performance measure to be the most important financial performance measure in future years. | Moving and Storage EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) (Unaudited) |
|
March 31,
2023 |
|
|
March 31,
2022 |
|
|
March 31,
2021 |
|
Earnings from operations * |
|
$ |
1,396,122 |
|
|
$ |
1,577,226 |
|
|
$ |
906,863 |
|
Depreciation |
|
|
733,879 |
|
|
|
696,955 |
|
|
|
664,001 |
|
Net gains on disposals |
|
|
(247,084 |
) |
|
|
(214,203 |
) |
|
|
(54,071 |
) |
Net (gains) losses on disposal of real estate |
|
|
5,596 |
|
|
|
(4,120 |
) |
|
|
3,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, net of (gains) losses on disposals |
|
|
492,391 |
|
|
|
478,632 |
|
|
|
613,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
before insurance subsidiaries |
|
|
|
Named Executive Officers, Footnote [Text Block] |
|
(1) |
Edward J. Shoen was our principal executive officer (“PEO”) for each year presented. The individuals comprising the Non-PEO named executive officers for each year presented are the same individuals reported as the Company’s Named Executive Officers for Fiscal 2023 in the “Compensation Discussion and Analysis” in this Proxy Statement. |
|
|
|
Peer Group Issuers, Footnote [Text Block] |
|
(4) |
The Peer Group TSR set forth in this table reflects the Dow Jones U.S. Total Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended March 31, 2023. The comparison assumes $100 was invested for the period starting April 1, 2020, through the end of the listed year in the Company and in the Dow Jones US Total Index, respectively and that all dividends were reinvested. Historical stock performance is not necessarily indicative of future stock performance. |
|
|
|
PEO Total Compensation Amount |
$ 1,011,616
|
$ 1,011,744
|
$ 997,545
|
PEO Actually Paid Compensation Amount |
1,012,158
|
1,011,423
|
1,014,417
|
Non-PEO NEO Average Total Compensation Amount |
632,132
|
617,660
|
562,506
|
Non-PEO NEO Average Compensation Actually Paid Amount |
$ 632,821
|
617,100
|
578,547
|
Compensation Actually Paid vs. Total Shareholder Return [Text Block] |
Description of Relationship Between Compensation Actually Paid and Company Total Shareholder Return (“TSR”). The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.
|
|
|
Compensation Actually Paid vs. Net Income [Text Block] |
Description of Relationship Between Compensation Actually Paid and Net Income. The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during each of the three most recently completed fiscal years.
|
|
|
Compensation Actually Paid vs. Company Selected Measure [Text Block] |
Description of Relationship Between Compensation Actually Paid and Moving and Storage EBITDA. The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and Moving and Storage EBITDA (in thousands) during each of the three most recently completed fiscal years.
|
|
|
Total Shareholder Return Vs Peer Group [Text Block] |
Description of Relationship Between Company TSR and Peer Group TSR. The following chart compares our cumulative TSR over each of the three most recently completed fiscal years to that of the Dow Jones US Total Index over the same period.
|
|
|
Tabular List [Table Text Block] |
Tabular List of Most Important Financial Performance Measures. The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and Non-PEO NEOs for Fiscal 2023 to Company performance. The measures in this table are not ranked.
|
Most Important Financial Measures |
Moving and Storage EBITDA |
Moving and Storage Combined Moving Transactions and Occupied Storage Unit Count |
Moving and Storage Operating Cash Flows |
|
|
|
Peer Group Total Shareholder Return Amount |
$ 149.94
|
159.27
|
151.16
|
Net Income (Loss) |
$ 922,998,000
|
$ 1,123,286,000
|
$ 610,856,000
|
Company Selected Measure Amount |
1,888,513,000
|
2,055,858,000
|
1,520,074,000
|
Measure [Axis]: 1 |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Measure Name |
Moving and Storage EBITDA
|
|
|
Non-GAAP Measure Description [Text Block] |
|
(5) |
We determined Moving and Storage segments EBITDA to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in Fiscal 2023. Moving and Storage EBITDA may not have been the most important financial performance measure for the fiscal years ended March 31, 2022 and 2021 and we may determine a different financial performance measure to be the most important financial performance measure in future years. |
|
|
|
Measure [Axis]: 2 |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Measure Name |
Moving and Storage Combined Moving Transactions and Occupied Storage Unit Count
|
|
|
Measure [Axis]: 3 |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Measure Name |
Moving and Storage Operating Cash Flows
|
|
|
UHAL [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Total Shareholder Return Amount |
$ 223.16
|
$ 225.76
|
$ 228.1
|
UHAL.B [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Total Shareholder Return Amount |
193.98
|
225.76
|
228.1
|
PEO [Member] | Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
(8,487)
|
(9,740)
|
(41)
|
PEO [Member] | Fiscal Year End Value of Current Year Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
9,036
|
9,420
|
58
|
PEO [Member] | Change in Value of Prior Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
(7)
|
(1)
|
16,855
|
Non-PEO NEO [Member] | Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
(10,579)
|
(11,514)
|
(2,983)
|
Non-PEO NEO [Member] | Fiscal Year End Value of Current Year Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
11,276
|
11,062
|
4,225
|
Non-PEO NEO [Member] | Change in Value of Prior Equity Awards [Member] |
|
|
|
Pay vs Performance Disclosure [Table] |
|
|
|
Adjustment to Compensation Amount |
$ (8)
|
$ (108)
|
$ 14,799
|