U-HAUL HOLDING CO /NV/, 10-Q filed on 08 Nov 23
 | XBRL Documents
v3.23.3
Document and Entity Information
 3 Months Ended
Sep. 30, 2023
shares
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 2024
Document Type 10-Q
Document Fiscal Period Focus Q2
Document Period End Date Sep. 30, 2023
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 one 5555 Kietzke Lane
Entity address, address line two Suite 100
Entity address, City or Town Reno
Entity address, State or Province NV
Entity address, postal zip code 89511
City Area Code 775
Local Phone Number 688-6300
Entity Incorporation, State or Country Code NV
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
Title of 12(b) Security 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
Title of 12(b) Security Series N Non-Voting Common Stock, $0.001 par value
Security Exchange Name NYSE
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
ASSETS:    
Cash and cash equivalents $ 2,145,131 $ 2,060,524
Reinsurance recoverables and trade receivables, net 212,565 189,498
Inventories, net 161,535 151,474
Prepaid expenses 263,541 241,711
Investments, fixed maturities and marketable equities 2,534,164 2,770,394
Investments, other 650,151 575,540
Deferred policy acquisition costs, net 121,365 128,463
Other assets 52,769 51,052
Right of use Assets - Financing 377,733 474,765
Right of use Assets - Operating 65,316 58,917
Related Parties Amounts Due 40,140 48,308
Subtotal assets 6,624,410 6,750,646
Property, plant and equipment, at cost:    
Land 1,613,871 1,537,206
Buildings and improvements 7,649,849 7,088,810
Furniture and equipment 966,211 928,241
Property, plant and equipment (gross) 17,063,484 15,660,293
Less: Accumulated depreciation (4,666,444) (4,310,205)
Total property, plant and equipment 12,397,040 11,350,088
Total assets 19,021,450 18,100,734
Liabilities:    
Accounts payable and accrued expenses 757,988 761,039
Notes, loans and leases payable 6,400,899 6,108,042
Operating lease liability 64,580 58,373
Policy benefits and losses, claims and loss expenses payable 865,397 880,202
Liabilities from investment contracts 2,393,590 2,398,884
Other policyholders' funds and liabilities 7,677 8,232
Deferred income 56,821 52,282
Deferred income taxes, net 1,444,120 1,329,489
Total liabilities 11,991,072 11,596,543
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:    
Common stock, value, issued   176
Additional paid-in capital 453,643 453,643
Accumulated other comprehensive loss (275,664) (285,623)
Retained earnings 7,519,376 7,003,148
Total stockholders' equity 7,030,378 6,504,191
Total liabilities and stockholders' equity 19,021,450 18,100,734
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 176 176
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 912,046 827,696
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 5,921,507 $ 5,278,340
v3.23.3
Condensed Consolidated Balance Sheets Parenthetical
Sep. 30, 2023
$ / shares
shares
Sep. 30, 2023
د.إ / shares
shares
Series Preferred Stock With or Without Par Value [Member]    
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Series A Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 6,100,000 6,100,000
Preferred stock, shares issued 6,100,000 6,100,000
Series B Preferred Stock [Member]    
Preferred stock:    
Preferred stock, shares authorized 100,000 100,000
Serial Common Stock With or Without Par Value [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, par or stated value per share | $ / shares $ 0.25  
Serial Common Stock [Member]    
Common stock:    
Common stock, shares authorized 10,000,000 10,000,000
Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, par or stated value per share | $ / shares $ 0.25  
Amerco Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 41,985,700 41,985,700
Common stock, shares, outstanding 19,607,788 19,607,788
Common stock, par or stated value per share | $ / shares $ 0.25  
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, outstanding 176,470,092 176,470,092
Common stock, par or stated value per share | د.إ / shares   د.إ 0.001
Common Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 22,377,912 22,377,912
Preferred Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 6,100,000 6,100,000
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Self-moving equipment rentals $ 1,069,405 $ 1,162,025 $ 2,068,611 $ 2,252,800
Self-storage revenues 208,890 185,586 407,851 358,763
Self moving and self-storage products and service sales 91,571 96,864 192,443 206,215
Property management fees 9,267 9,277 18,444 18,416
Life insurance premiums 22,498 25,456 45,629 51,237
Property and casualty insurance premiums 25,571 25,718 45,893 45,690
Net investment and Interest income 64,738 30,509 129,330 64,082
Other revenue 157,920 167,429 281,967 303,501
Total revenues 1,649,860 1,702,864 3,190,168 3,300,704
Costs and expenses:        
Operating expenses 835,258 811,594 1,598,499 1,544,761
Commission expenses 111,961 125,341 218,888 243,834
Cost of sales 66,620 72,625 137,295 152,296
Benefits and losses 42,553 39,512 87,897 79,269
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Lease expense 8,450 7,684 16,033 15,159
Depreciation, net of (gains) losses on disposals 154,122 117,318 291,936 231,114
Net (gains) losses on disposal of real estate 1,715 1,872 2,736 4,179
Total costs and expenses 1,227,505 1,182,918 2,368,155 2,285,256
Earnings from operations 422,355 519,946 822,013 1,015,448
Other components of net periodic benefit costs (364) (304) (729) (608)
Interest expense (63,943) (57,193) (124,541) (106,992)
Fees and amortization on early extinguishment of debt 0 (959) 0 (959)
Pretax earnings 358,048 461,490 696,743 906,889
Income tax expense (84,540) (111,624) (166,397) (218,678)
Earnings available to common stockholders 273,508 349,866 530,346 688,211
Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per common share $ 1.36 $ 2.23 $ 2.63 $ 4.41
Weighted average common shares outstanding: 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 common share $ 1.40 $ 1.73 $ 2.71 $ 3.41
Weighted average common shares outstanding: 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 common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.23.3
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Depreciation:        
Net gain on sale of real and personal property $ (46,803) $ (64,342) $ (102,464) $ (128,690)
Related party:        
Related party, costs and expenses, net of eliminations $ 25,607 $ 26,989 $ 49,263 $ 52,475
v3.23.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 358,048 $ 461,490 $ 696,743 $ 906,889
Comprehensive income (loss) (tax effect):        
Income tax expense (84,540) (111,624) (166,397) (218,678)
Comprehensive income (loss) (net of tax):        
Net earnings 273,508 349,866 530,346 688,211
Other comprehensive income (loss):        
Foreign currency translation (pretax) (2,849) (739) (2,380) (542)
Foreign currency translation (tax effect) 0 0 0 0
Foreign currency translation (net of tax) (2,849) (739) (2,380) (542)
Unrealized gain (loss) on investments (pretax) (16,867) (137,836) 8,676 (310,882)
Unrealized gain (loss) on investments (tax effect) 3,570 29,392 (1,629) 66,056
Unrealized gain (loss) on investments (net of tax) (13,297) (108,444) 7,047 (244,826)
Change in fair value cash flow hedges (pretax) 4,418 8,336 9,511 8,506
Change in fair value of cash flow hedges (tax effect) (1,085) (2,047) (2,336) (2,089)
Change in fair value of cash flow hedges, (net of tax) 3,333 6,289 7,175 6,417
Amounts reclassified into earnings on hedging activities (pre tax) (1,345) 24 (2,495) 590
Amounts reclassified into earnings on hedging activities (tax effect) 330 (5) 612 (144)
Amounts reclassified into earnings on hedging activities (net of tax) (1,015) 19 (1,883) 446
Total other comprehensive income (loss) (pretax) (16,643) (130,215) 13,312 (302,328)
Total other comprehensive income (loss) (tax effect) 2,815 27,340 (3,353) 63,823
Total other comprehensive income (loss) (net of tax) (13,828) (102,875) 9,959 (238,505)
Total comprehensive income (loss) (pretax) 341,405 331,275 710,055 604,561
Total comprehensive income (loss) (tax effect) (81,725) (84,284) (169,750) (154,855)
Total comprehensive income (loss) (net of tax) $ 259,680 $ 246,991 $ 540,305 $ 449,706
v3.23.3
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, 2022 $ 5,894,075 $ 10,497 $ 453,819 $ (4,992) $ 6,112,401 $ (525,653) $ (151,997)   $ 0
Cosolidated statement of change in equity                  
Foreign currency translation (542) 0 0 (542) 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (244,826) 0 0 (244,826) 0 0 0   0
Change in fair value of cash flow hedges 6,417 0 0 6,417 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 446 0 0 446 0 0 0   0
Net earnings 688,211 0 0 0 688,211 0 0   0
Common stock dividends (19,608) 0 0 0 (19,608) 0 0   0
Net activity 430,098 0 0 (238,505) 668,603 0 0   0
Balance, end of period at Sep. 30, 2022 6,324,173 10,497 453,819 (243,497) 6,781,004 (525,653) (151,997)   0
Balance, beginning of period at Jun. 30, 2022 6,086,986 10,497 453,819 (140,622) 6,440,942 (525,653) (151,997)   0
Cosolidated statement of change in equity                  
Foreign currency translation (739) 0 0 (739) 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (108,444) 0 0 (108,444) 0 0 0   0
Change in fair value of cash flow hedges 6,289 0 0 6,289 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 19 0 0 19 0 0 0   0
Net earnings 349,866 0 0 0 349,866 0 0   0
Common stock dividends (9,804) 0 0 0 (9,804) 0 0   0
Net activity 237,187 0 0 (102,875) 340,062 0 0   0
Balance, end of period at Sep. 30, 2022 6,324,173 10,497 453,819 (243,497) 6,781,004 (525,653) (151,997)   0
Balance, beginning of period at Mar. 31, 2023 6,504,191 10,497 453,643 (285,623) 7,003,148 (525,653) (151,997)   176
Cosolidated statement of change in equity                  
Foreign currency translation (2,380) 0 0 (2,380) 0 0 0 $ 0 0
Unrealized net gain (loss) on investments, net of tax 7,047 0 0 7,047 0 0 0 0 0
Change in fair value of cash flow hedges 7,175 0 0 7,175 0 0 0 0 0
Amounts reclassified into earnings on hedging activities, net (1,883) 0 0 (1,883) 0 0 0 $ 0 0
Net earnings 530,346 0 0 0 530,346 0 0   0
Common stock dividends (14,118) 0 0 0 (14,118) 0 0   0
Net activity 526,187 0 0 9,959 516,228 0 0   0
Balance, end of period at Sep. 30, 2023 7,030,378 10,497 453,643 (275,664) 7,519,376 (525,653) (151,997)   176
Balance, beginning of period at Jun. 30, 2023 6,777,757 10,497 453,643 (261,836) 7,252,927 (525,653) (151,997)   176
Cosolidated statement of change in equity                  
Foreign currency translation (2,849) 0 0 (2,849) 0 0 0   0
Unrealized net gain (loss) on investments, net of tax (13,297) 0 0 (13,297) 0 0 0   0
Change in fair value of cash flow hedges 3,333 0 0 3,333 0 0 0   0
Amounts reclassified into earnings on hedging activities, net (1,015) 0 0 (1,015) 0 0 0   0
Net earnings 273,508 0 0 0 273,508 0 0   0
Common stock dividends (7,059) 0 0 0 (7,059) 0 0   0
Net activity 252,621 0 0 (13,828) 266,449 0 0   0
Balance, end of period at Sep. 30, 2023 $ 7,030,378 $ 10,497 $ 453,643 $ (275,664) $ 7,519,376 $ (525,653) $ (151,997)   $ 176
v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Common Stock, Dividends, Per Share, Declared $ 0.04 $ 0.50 $ 0.08 $ 1.00
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flow from operating activities:    
Net earnings $ 530,346 $ 688,211
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 394,400 359,804
Amortization of deferred policy acquisition costs 14,871 14,644
Amortization of premiums and accretion of discounts related to investments, inc 8,441 10,249
Amortization of debt issuance costs 3,427 3,356
Interest credited to policyholders 36,329 24,690
Change in allowance for losses on trade receivables 578 (5,494)
Change in allowance for inventory reserves 3,461 7,125
Net gain on sale of real and personal property (102,464) (128,690)
Net losses on disposal of real estate 2,736 4,179
Net (gain) loss on sale of investments (917) 7,207
Net losses on equity investments (2,745) 7,963
Deferred income tax 107,751 103,828
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (23,402) 32,342
Inventories (13,520) (14,416)
Prepaid expenses (21,824) 3
Capitalization of deferred policy acquisition costs (7,773) (14,900)
Other assets (8,751) 2,432
Related party assets 7,403 (1,640)
Accounts payable and accrued expenses 23,248 64,297
Policy benefits and losses, claims and loss expenses payable (18,553) 11,460
Other policyholders' funds and liabilities (554) 1,314
Deferred income 4,115 9,458
Related party liabilities 828 742
Net cash provided by operating activities 937,431 1,188,164
Cash flow from investing activities:    
Escrow deposits 573 9,688
Purchase of:    
Property, plant and equipment (1,664,387) (1,335,528)
Short term investments (44,903) (36,173)
Fixed maturity investments (106,777) (202,265)
Equity securities (309) (4,356)
Real estate (537) (4,931)
Mortgage loans (97,702) (75,635)
Proceeds from sale of:    
Property, plant and equipment 408,279 329,611
Short term investments 15,959 33,373
Fixed maturity investments 389,216 106,527
Equity securities 300 717
Preferred stock 913 717
Mortgage loans 13,049 74,165
Net cash used by investing activities (1,086,326) (1,104,807)
Cash flow from financing activities:    
Borrowings from credit facilities 704,960 792,654
Principal repayments on credit facilities (351,893) (441,019)
Payment of debt issuance costs (4,018) (3,942)
Capital lease payments (59,752) (65,831)
Securitization deposits 151 49
Common stock dividends paid (14,118) (19,608)
Investment contract deposits 132,630 169,017
Investment contract withdrawals (174,256) (139,917)
Net cash provided by (used in) financing activities 233,704 291,403
Effects on exchange rate on cash (202) (13,782)
Increase (decrease) in cash and cash equivalents 84,607 360,978
Cash and cash equivalents at the beginning of period 2,060,524 2,704,137
Cash and cash equivalents at the end of period $ 2,145,131 $ 3,065,115
v3.23.3
Basis of Presentation
 3 Months Ended
Sep. 30, 2023
Disclosure Text Block [Abstract]  
1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) noted below, the year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which include all disclosures required by GAAP. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements.  Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense.  Temporary differences create deferred tax assets and liabilities.  Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years which we have already recorded in our financial statements.  Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements.  We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the six months ended September 30, 2023 and 2022 was a provision of 23.9% and 24.17%, respectively.  Such rates differed from the Federal Statutory rate of 21.0% primarily due to state and local income taxes for both periods.

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.

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.

Accounting Policy Updates: 

The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of ASU 2018-12. Please refer to Note 17, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard.

Deferred Policy Acquisition Costs

Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts and are essential for the acquisition of new insurance business. Deferred acquisition costs (“DAC“) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (“VOBA“), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.

Policy Benefits and Losses, Claims and Loss Expenses Payable

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 83% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability

 for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of stockholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period expected cash flows.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in Accounting Standards Codification (“ASC“) 820, Fair Value Measurement. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.
v3.23.3
Earnings Per Share
 3 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
2. Earnings Per Share We calculate earnings per share using the two-class method in accordance with ASC 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 quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For the Quarters Ended

 

 

September 30,

 

 

2023

2022

 

 

(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

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

–

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

–

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

26,645

$

34,006

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Voting Common Stock

$

–

$

0.50

Basic and diluted earnings per share of Voting Common Stock

$

1.36

$

2.23

 

 

 

 

 

 

 

 

 

 

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

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

–

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

–

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

239,804

$

306,056

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Non-Voting Common Stock

$

0.04

$

–

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.40

$

1.73

 

The calculation of basic and diluted earnings per share for the six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

For Six Months Ended

 

 

September 30,

 

 

2023

2022

 

 

(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

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

–

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

–

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

51,623

$

66,860

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Voting Common Stock

$

–

$

1.00

Basic and diluted earnings per share of Voting Common Stock

$

2.63

$

4.41

 

 

 

 

 

 

 

 

 

 

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

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

–

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

–

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

464,605

$

601,743

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Non-Voting Common Stock

$

0.08

$

–

Basic and diluted earnings per share of Non-Voting Common Stock

$

2.71

$

3.41
v3.23.3
Investments
 3 Months Ended
Sep. 30, 2023
Investments Debt Equity Securities [Abstract]  
3. Investments We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.2 million and $23.4 million as of September 30, 2023 and March 31, 2023, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2023 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Fair Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

172,987

$

335

$

(2,315)

$

(116)

$

–

$

170,891

U.S. government agency mortgage-backed securities

 

99,230

 

1

 

(3,703)

 

(5,009)

 

–

 

90,519

Obligations of states and political subdivisions

 

154,547

 

441

 

(4,261)

 

(5,064)

 

–

 

145,663

Corporate securities

 

1,817,003

 

983

 

(154,177)

 

(47,305)

 

(1,697)

 

1,614,807

Mortgage-backed securities

 

514,679

 

206

 

(40,394)

 

(24,243)

 

–

 

450,248

 

$

2,758,446

$

1,966

$

(204,850)

$

(81,737)

$

(1,697)

$

2,472,128

Available-for-sale investments as of March 31, 2023 were as follows:

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Fair Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

353,189

$

3,061

$

(7,639)

$

(3,935)

$

–

$

344,676

U.S. government agency mortgage-backed securities

 

34,126

 

40

 

(6,707)

 

(228)

 

–

 

27,231

Obligations of states and political subdivisions

 

161,960

 

649

 

(4,014)

 

(8,090)

 

–

 

150,505

Corporate securities

 

2,086,432

 

1,491

 

(60,224)

 

(156,365)

 

(2,101)

 

1,869,233

Mortgage-backed securities

 

370,880

 

78

 

(40,359)

 

(13,207)

 

–

 

317,392

 

$

3,006,587

$

5,319

$

(118,943)

$

(181,825)

$

(2,101)

$

2,709,037

We sold available-for-sale securities with a fair value of $165.4 million and $105.5 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized gains on these sales totaled $1.5 million and $0.8 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized losses on these sales totaled $1.1 million and $0.3 million during the first six months of fiscal 2024 and 2023, respectively. In the first six months of fiscal 2024, we received $225.0 million from the Moving and Storage Treasuries that matured.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.  For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.  If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.  The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental

 impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($0.4) million and $1.9 million net impairment charge recorded in the first six months ended September 30, 2023 and 2022, respectively.

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.

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:

 

 

September 30, 2023

 

March 31, 2023

 

 

Amortized

Cost

 

Fair Market

Value

 

Amortized

Cost

 

Fair Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

251,106

$

249,366

$

354,875

$

354,184

Due after one year through five years

 

599,626

 

569,012

 

754,175

 

717,552

Due after five years through ten years

 

659,400

 

590,567

 

736,089

 

665,708

Due after ten years

 

733,486

 

612,788

 

790,568

 

654,201

 

 

2,243,618

 

2,021,733

 

2,635,707

 

2,391,645

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

514,828

 

450,395

 

370,880

 

317,392

 

$

2,758,446

$

2,472,128

$

3,006,587

$

2,709,037

Equity investments of common stock and non-redeemable preferred stock were as follows:

 

 

September 30, 2023

 

March 31, 2023

 

 

Amortized

Cost

 

Fair Market

Value

 

Amortized

Cost

 

Fair Market

Value

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Common stocks

$

29,602

$

42,045

$

29,577

$

39,375

Non-redeemable preferred stocks

 

25,144

 

19,991

 

26,054

 

21,982

 

$

54,746

$

62,036

$

55,631

$

61,357

Investments, other

The carrying value of the other investments was as follows:

 

 

September 30,

 

March 31,

 

 

2023

 

2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

 

 

 

 

Mortgage loans, net

$

550,913

$

466,531

Short-term investments

 

–

 

15,921

Real estate

 

72,036

 

72,178

Policy loans

 

10,986

 

10,921

Other equity investments

 

16,216

 

9,989

 

$

650,151

$

575,540
v3.23.3
Borrowings
 3 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
4. Borrowings

Long Term Debt

Long term debt was as follows:

 

Fiscal Year 2024 Interest Rates

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

September 30, 2023

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Real estate loans (amortizing term) (a)

4.30

%

-

6.80

%

 

2027

-

2037

 

5.89

%

$

283,707

$

289,647

Senior mortgages

2.70

%

-

5.66

%

 

2024

-

2042

 

4.18

%

 

2,487,320

 

2,371,231

Real estate loans (revolving credit)

-

%

-

-

%

 

-

-

2027

 

-

%

 

–

 

–

Fleet loans (amortizing term)

1.61

%

-

5.68

%

 

2024

-

2029

 

3.76

%

 

90,071

 

111,856

Fleet loans (revolving credit) (b)

2.36

%

-

6.68

%

 

2026

-

2028

 

5.97

%

 

593,889

 

615,000

Finance leases (rental equipment)

2.39

%

-

5.01

%

 

2023

-

2026

 

4.00

%

 

163,453

 

223,205

Finance liabilities (rental equipment)

1.60

%

-

6.48

%

 

2024

-

2031

 

4.38

%

 

1,544,608

 

1,255,763

Private placements

2.43

%

-

2.88

%

 

2029

-

2035

 

2.65

%

 

1,200,000

 

1,200,000

Other obligations

1.50

%

-

8.00

%

 

2023

-

2049

 

6.10

%

 

73,752

 

76,648

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

6,436,800

 

6,143,350

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,901)

 

(35,308)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

$

6,400,899

$

6,108,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.

 

(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.

 

(c) Weighted average rates as of September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Backed Loans

Real Estate Loans (Amortizing Term)

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 $202.1 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 September 30, 2023, the applicable SOFR was 5.33% and applicable margin was between 0.65% and 1.38%, the sum of which, including the credit spread, was between 6.08% and 6.80%. The remaining $81.6 million of these loans was fixed with an interest rate of 4.30%. 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 September 30, 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. 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. 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 September 30, 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 September 30, 2023, the maximum credit commitment is $465.0 million. As of September 30, 2023, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. If there was a loan outstanding as of September 30, 2023, the applicable SOFR would be 5.33% and applicable margin would be 1.55% the sum of which would be 6.88% 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 September 30, 2023. There is a 0.30% fee charged for unused capacity.

Fleet Loans

Rental Truck Amortizing Loans

The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates are fixed rates.  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 September 30, 2023. The net book value of the corresponding rental equipment was $202.6 million and $213.1 million as of September 30, 2023 and March 31, 2023, 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 interest rates are SOFR plus the applicable margin and a credit spread adjustment of 0.10%. As of September 30, 2023, SOFR was between 5.31% and 5.33% and the margin was between 1.15% and 1.25%, the sum of which, including the credit spread, was between 6.56% and 6.68%. Of the $593.9 million outstanding, $88.9 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 September 30, 2023. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $772.3 million and $822.0 million as of September 30, 2023 and March 31, 2023, respectively.

Finance Leases

The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms.  All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $377.7 million and $474.8 million as of September 30, 2023 and March 31, 2023, respectively. There were no new financing leases entered into during the first six months of fiscal 2024. 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 September 30, 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. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,815.2 million and $1,499.1 million as of September 30, 2023 and March 31, 2023, respectively. 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2023, the aggregate outstanding principal balance of the U-Notes® issued was $75.4 million, of which $1.7 million is held by our insurance subsidiaries and eliminated in consolidation.

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 September 30, 2023 for the next five years and thereafter are as follows:

 

 

Year Ending September 30,

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

Total

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

 

Notes, loans and finance leases payable

$

657,998

$

487,551

$

829,219

$

1,023,289

$

513,160

$

2,925,583

$

6,436,800

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

67,524

$

57,604

Capitalized interest

 

(3,669)

 

(2,248)

Amortization of transaction costs

 

1,432

 

1,814

Interest expense resulting from cash flow hedges

 

(1,344)

 

23

Total interest expense

$

63,943

$

57,193

 

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

131,924

$

108,009

Capitalized interest

 

(7,732)

 

(4,866)

Amortization of transaction costs

 

2,843

 

3,260

Interest expense resulting from cash flow hedges

 

(2,494)

 

589

Total interest expense

$

124,541

$

106,992

Interest paid in cash was $74.2 million and $63.1 million for the second quarter of fiscal 2024 and 2023, respectively, and $129.7 million and $104.8 million for the first six months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.3) million and $0.0 million for the second quarter of fiscal 2024 and 2023, respectively.  Interest paid (received) in cash on derivative contracts was ($2.3) million and $0.6 million for the first six months of fiscal 2024 and 2023, respectively.

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

 

 

 

Revolving Credit Activity

 

 

 

Quarter Ended September 30,

 

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the quarter

 

6.51

%

3.32

%

Interest rate at the end of the quarter

 

6.61

%

3.80

%

Maximum amount outstanding during the quarter

$

605,000

$

1,102,000

 

Average amount outstanding during the quarter

$

596,322

$

877,522

 

Facility fees

$

306

$

111

 

 

 

 

Revolving Credit Activity

 

 

 

Six Months Ended September 30,

 

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the period

 

6.38

%

2.66

%

Interest rate at the end of the period

 

6.61

%

3.80

%

Maximum amount outstanding during the period

$

715,000

$

1,105,000

 

Average amount outstanding during the period

$

628,151

$

984,464

 

Facility fees

$

571

$

169

 
v3.23.3
Derivatives
 3 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
5. Derivatives

We manage exposure to changes in market interest rates. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in 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 in the consolidated balance sheet were as follows:

 

 

Derivatives Fair Values as of

 

 

September 30, 2023

 

March 31, 2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

Interest rate swaps designated as cash flow hedges:

Assets

$

12,328

$

5,311

Notional amount

$

302,107

$

206,347

 

 

 

The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended

 

 

 

 

September 30, 2023

 

September 30, 2022

 

 

(Unaudited)

 

 

(In thousands)

Gain recognized in AOCI on interest rate contracts

$

(3,073)

$

(8,360)

(Gain) loss reclassified from AOCI into income

$

1,345

$

(24)

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first six months of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $7.2 million and $6.4 million, respectively, net of taxes. During the first six months of fiscal 2024 and 2023, we reclassified $1.9 million and $0.4 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2023, we expect to reclassify $5.7 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 contract holder 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 consolidated balance sheets. 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. Net (gains) losses recognized in net investment and interest income for the first six months of June 30, 2023 and 2022 were ($4.7) million and $7.8 million, respectively.

 

 

Derivatives Fair Values as of

 

 

September 30, 2023

 

March 31, 2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

Equity market contracts as economic hedging instruments:

 

 

 

 

Assets

$

10,526

$

4,295

Notional amount

$

509,519

$

465,701

 

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 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.
v3.23.3
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Sep. 30, 2023
Disclosure Text Block [Abstract]  
6. Comprehensive Income (Loss)

A summary of AOCI components, net of tax, were as follows:

 

 

Foreign Currency Translation

 

Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates

 

Fair Market Value of Cash Flow Hedges

 

Postretirement Benefit Obligation Net Loss

 

Accumulated Other Comprehensive Loss

 

 

(Unaudited)

 

 

(In thousands)

Balance as of March 31, 2023

$

(56,539)

$

(232,740)

$

4,007

$

(351)

$

(285,623)

Foreign currency translation

 

(2,380)

 

–

 

–

 

–

 

(2,380)

Unrealized net gain on investments

 

–

 

7,047

 

–

 

–

 

7,047

Change in fair value of cash flow hedges

 

–

 

–

 

7,175

 

–

 

7,175

Amounts reclassified into earnings on hedging activities

 

–

 

–

 

(1,883)

 

–

 

(1,883)

Other comprehensive income (loss)

 

(2,380)

 

7,047

 

5,292

 

–

 

9,959

Balance as of September 30, 2023

$

(58,919)

$

(225,693)

$

9,299

$

(351)

$

(275,664)
v3.23.3
Stockholders' Equity
 3 Months Ended
Sep. 30, 2023
Stockholders' Equity [Abstract]  
7. Stockholders' Equity

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2024 and 2023:

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

August 17, 2023

$

0.04

 

September 19, 2023

 

September 29, 2023

June 7, 2023

 

0.04

 

June 20, 2023

 

June 30, 2023

 

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

As of September 30, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan.
v3.23.3
Leases
 3 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

The following tables show the components of our right-of-use (“ROU“) assets, net:

 

 

As of September 30, 2023

 

 

Finance

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

Buildings and improvements

$

–

$

142,467

$

142,467

Furniture and equipment

 

7,109

 

–

 

7,109

Rental trailers and other rental equipment

 

115,072

 

–

 

115,072

Rental trucks

 

816,075

 

–

 

816,075

Right-of-use assets, gross

 

938,256

 

142,467

 

1,080,723

Less: Accumulated depreciation

 

(560,523)

 

(77,151)

 

(637,674)

Right-of-use assets, net

$

377,733

$

65,316

$

443,049

 

 

 

As of March 31, 2023

 

 

Finance

 

Operating

 

Total

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

–

$

128,221

$

128,221

Furniture and equipment

 

9,687

 

–

 

9,687

Rental trailers and other rental equipment

 

152,294

 

–

 

152,294

Rental trucks

 

949,838

 

–

 

949,838

Right-of-use assets, gross

 

1,111,819

 

128,221

 

1,240,040

Less: Accumulated depreciation

 

(637,054)

 

(69,304)

 

(706,358)

Right-of-use assets, net

$

474,765

$

58,917

$

533,682

As of September 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $163.5 million and $223.2 million, respectively and operating lease liabilities of $64.6 million and $58.4 million, respectively.

 

 

Finance leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

2

 

2

 

Weighted average discount rate

 

4.0

%

3.8

%

 

 

 

Operating leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

18.9

 

19.2

 

Weighted average discount rate

 

4.6

%

4.7

%

 

For the six months ended September 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $17.4 million and $16.0 million, respectively, and our financing cash flow activities were $59.8 million and $65.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $14.4 million and $3.6 million for the first six months of fiscal 2024 and 2023, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:

 

 

Six Months Ended

 

 

September 30, 2023

 

September 30, 2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Operating lease costs

$

16,033

$

16,181

 

 

 

 

 

Finance lease cost:

 

 

 

 

Amortization of right-of-use assets

$

31,465

$

43,173

Interest on lease liabilities

 

4,002

 

6,142

Total finance lease cost

$

35,467

$

49,315

 

The short-term lease costs for the first six months of fiscal 2024 and 2023 were not material.

Maturities of lease liabilities were as follows:

 

 

Finance leases

 

Operating leases

 

 

(Unaudited)

Year ending March 31,

 

(In thousands)

 

 

 

 

 

2024 (6 months)

$

85,789

$

22,913

2025

 

61,189

 

10,059

2026

 

24,371

 

6,879

2027

 

–

 

6,265

2028

 

–

 

5,708

Thereafter

 

–

 

60,853

Total lease payments

 

171,349

 

112,677

Less: imputed interest

 

(7,896)

 

(48,097)

Present value of lease liabilities

$

163,453

$

64,580
v3.23.3
Related Party Transactions
 3 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
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 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 September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul management fee revenue from Blackwater

$

7,754

$

7,827

U-Haul management fee revenue from Mercury

 

1,513

 

1,450

 

$

9,267

$

9,277

 

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul management fee revenue from Blackwater

$

15,450

$

15,556

U-Haul management fee revenue from Mercury

 

2,994

 

2,860

 

$

18,444

$

18,416

 

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $17.0 million and $16.9 million from the above-mentioned entities during the first six months of fiscal 2024 and 2023, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting 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; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties.

Related Party Costs and Expenses

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

604

$

604

U-Haul printing expenses to Blackwater

 

968

 

–

U-Haul commission expenses to Blackwater

 

24,035

 

26,385

 

$

25,607

$

26,989

 

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

1,208

$

1,208

U-Haul printing expenses to Blackwater

 

1,317

 

–

U-Haul commission expenses to Blackwater

 

46,738

 

51,267

 

$

49,263

$

52,475

 

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.

On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of September 30, 2023, 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 $15.4 million and $15.6 million, expenses of $1.2 million and $1.2 million and cash flows of $14.3 million and $14.3 million, respectively, during the first six months of fiscal 2024 and 2023. Revenues were $214.5 million and $245.0 million and commission expenses were $46.7 million and $51.3 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2024 and 2023.

Management determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater.

Related Party Assets

 

 

September 30,

 

March 31,

 

 

2023

 

2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

U-Haul receivable from Blackwater

$

37,791

$

42,141

U-Haul receivable from Mercury

 

6,654

 

8,402

Other (a)

 

(4,305)

 

(2,235)

 

$

40,140

$

48,308

(a)      Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. 
v3.23.3
Consolidating Financial Information by Industry Segment
 3 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
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 consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries
v3.23.3
Industry Segment and Geographic Area Data
 3 Months Ended
Sep. 30, 2023
Segments, Geographical Areas [Abstract]  
12. Industry Segment and Geographic Area Data

12. Geographic Area Data

 

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Quarter Ended September 30, 2023

 

 

 

 

 

 

Total revenues

$

1,559,205

$

90,655

$

1,649,860

Depreciation and amortization, net of (gains) on disposals

 

161,085

 

1,578

 

162,663

Interest expense

 

63,182

 

761

 

63,943

Pretax earnings

 

348,442

 

9,606

 

358,048

Income tax expense

 

82,035

 

2,505

 

84,540

Identifiable assets

 

18,279,234

 

742,216

 

19,021,450

 

 

 

 

 

 

 

Quarter Ended September 30, 2022

 

 

 

 

 

 

Total revenues

$

1,610,067

$

92,797

$

1,702,864

Depreciation and amortization, net of (gains) on disposals

 

124,735

 

1,427

 

126,162

Interest expense

 

56,477

 

716

 

57,193

Pretax earnings

 

444,220

 

17,270

 

461,490

Income tax expense

 

107,254

 

4,370

 

111,624

Identifiable assets

 

17,515,009

 

628,334

 

18,143,343

 

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Six Months Ended September 30, 2023

 

 

 

 

 

 

Total revenues

$

3,020,489

$

169,679

$

3,190,168

Depreciation and amortization, net of (gains) on disposals

 

309,398

 

145

 

309,543

Interest expense

 

123,128

 

1,413

 

124,541

Pretax earnings

 

675,514

 

21,229

 

696,743

Income tax expense

 

160,630

 

5,767

 

166,397

Identifiable assets

 

18,279,234

 

742,216

 

19,021,450

 

 

 

 

 

 

 

Six Months Ended September 30, 2022

 

 

 

 

 

 

Total revenues

$

3,120,453

$

180,251

$

3,300,704

Depreciation and amortization, net of (gains) on disposals

 

245,721

 

4,216

 

249,937

Interest expense

 

105,425

 

1,567

 

106,992

Pretax earnings

 

876,101

 

30,788

 

906,889

Income tax expense

 

210,867

 

7,811

 

218,678

Identifiable assets

 

17,515,009

 

628,334

 

18,143,343
v3.23.3
Employee Benefit Plans
 3 Months Ended
Sep. 30, 2023
Compensation and Retirement Disclosure [Abstract]  
13. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

 

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

297

$

331

Other components of net periodic benefit costs:

 

 

 

 

Interest cost on accumulated postretirement benefit

 

368

 

287

Other components

 

(4)

 

17

Total other components of net periodic benefit costs

 

364

 

304

Net periodic postretirement benefit cost

$

661

$

635

 

 

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

594

$

663

Other components of net periodic benefit costs:

 

 

 

 

Interest cost on accumulated postretirement benefit

 

735

 

574

Other components

 

(6)

 

34

Total other components of net periodic benefit costs

 

729

 

608

Net periodic postretirement benefit cost

$

1,323

$

1,271
v3.23.3
Fair Value Measurements
 3 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
14. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; 

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of short-term investments 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 investment and mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows.  Fair values of reinsurance recoverables and 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 loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans 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 are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:

 

 

Fair Value Hierarchy

 

 

Carrying

 

 

 

 

 

 

 

Total Estimated

As of September 30, 2023

 

Value

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

 

 

(Unaudited)

Assets

 

(In thousands)

Reinsurance recoverables and trade receivables, net

$

212,565

$

–

$

–

$

212,565

$

212,565

Mortgage loans, net

 

550,913

 

–

 

–

 

521,831

 

521,831

Other investments

 

88,712

 

–

 

–

 

88,712

 

88,712

Total

$

852,190

$

–

$

–

$

823,108

$

823,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

$

6,436,800

$

–

$

5,961,511

$

–

$

5,961,511

Total

$

6,436,800

$

–

$

5,961,511

$

–

$

5,961,511

 

 

 

Fair Value Hierarchy

 

 

Carrying

 

 

 

 

 

 

 

Total Estimated

As of March 31, 2023

 

Value

 

Level 1

 

Level 2

 

Level 3

 

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

 

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of September 30, 2023 and March 31, 2023 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

 

As of September 30, 2023

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(Unaudited)

Assets

 

(In thousands)

Short-term investments

$

1,808,130

$

1,807,142

$

988

$

–

Fixed maturities - available for sale

 

2,472,128

 

168,287

 

2,303,782

 

59

Preferred stock

 

19,991

 

19,991

 

–

 

–

Common stock

 

42,045

 

42,045

 

–

 

–

Derivatives

 

22,854

 

10,526

 

12,328

 

–

Total

$

4,365,148

$

2,047,991

$

2,317,098

$

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Embedded derivatives

$

9,630

$

–

$

–

$

9,630

Total

$

9,630

$

–

$

–

$

9,630

 

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
v3.23.3
Revenue Recognition
 3 Months Ended
Sep. 30, 2023
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers (Topic 606), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of September 30, 2023 and March 31, 2023.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the second quarter of fiscal 2024 did not have a material effect on our financial statements.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment

 is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Revenue Recognized in Accordance with Topic 842

ASC Topic 842, Leases (Topic 842), the Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:

 

 

 

Years Ending September 30,

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

7,139

$

–

$

–

$

–

$

–

$

–

Property lease revenues

 

20,722

 

14,491

 

11,509

 

8,275

 

5,678

 

37,972

Total

$

27,861

$

14,491

$

11,509

$

8,275

$

5,678

$

37,972

 

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

In the following tables, revenue is disaggregated by timing of revenue recognition:

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Revenues recognized over time:

$

118,368

$

127,091

Revenues recognized at a point in time:

 

111,759

 

118,966

Total revenues recognized under ASC 606

 

230,127

 

246,057

 

 

 

 

 

Revenues recognized under ASC 842

 

1,305,523

 

1,373,925

Revenues recognized under ASC 944

 

49,472

 

52,373

Revenues recognized under ASC 320

 

64,738

 

30,509

Total revenues

$

1,649,860

$

1,702,864

 

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Revenues recognized over time:

$

209,683

$

230,285

Revenues recognized at a point in time:

 

229,352

 

245,321

Total revenues recognized under ASC 606

 

439,035

 

475,606

 

 

 

 

 

Revenues recognized under ASC 842

 

2,527,839

 

2,661,956

Revenues recognized under ASC 944

 

93,964

 

99,060

Revenues recognized under ASC 320

 

129,330

 

64,082

Total revenues

$

3,190,168

$

3,300,704

In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues.

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

v3.23.3
Allowance For Credit Losses
 3 Months Ended
Sep. 30, 2023
Allowance For Credit Loss [Abstract]  
Allowance For Credit Losses [Text Block]

Trade Receivables

Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment.  For credit card receivables, the Company uses a trailing 13 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).  To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of September 30, 2023 and March 31, 2023, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of September 30, 2023 and March 31, 2023 was $4.4 million and $3.8 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.7 million, and $29.6 million as of June 30, 2023 and December 31, 2022, respectively and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.  Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.  Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.  Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of June 30, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $7.0 million and $4.1 million as of June 30, 2023 and December 31, 2022, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

 

 

Allowance for Credit Losses

 

 

Trade Receivables

 

Investments, Fixed Maturities

 

Investments, other

 

Total

 

 

(Unaudited)

 

 

(in thousands)

Balance as of March 31, 2022

$

8,649

$

60

$

501

$

9,210

Provision for (reversal of) credit losses

 

(4,860)

 

2,041

 

16

 

(2,803)

Write-offs against allowance

 

–

 

–

 

–

 

–

Recoveries

 

–

 

–

 

–

 

–

Balance as of March 31, 2023

$

3,789

$

2,101

$

517

$

6,407

Provision for (reversal of) credit losses

 

578

 

(429)

 

300

 

449

Write-offs against allowance

 

–

 

–

 

–

 

–

Recoveries

 

–

 

–

 

–

 

–

Balance as of September 30, 2023

$

4,367

$

1,672

$

817

$

6,856
v3.23.3
Accounting Pronouncements
 3 Months Ended
Sep. 30, 2023
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
New Accounting Pronouncements And Changes In Accounting Principles [Text Block]

Adoption of new Accounting Pronouncements

On April 1, 2023, the Company adopted ASU 2018-12 which is applicable to Oxford. The Company adopted ASU 2018-12 effective April 1, 2023 and used the modified retrospective method with a transition date of April 1, 2021.

The updated accounting guidance required changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare supplement products and our long-term care business. Entities will be required to review, and update if there is a change to cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in other comprehensive income.

The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. The Company uses a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company groups its long-duration contracts into calendar year cohorts based on the contract issue date.

DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: (1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, (2) the requirement to no longer accrue and amortize interest on our DAC balances, and (3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business.

Upon adoption, the Company made adjustments to AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during fiscal 2024, but could become material with a large increase in sales.

Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value.  Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed life withdrawal benefits, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12.

Also in consideration of market risk benefits, upon adoption, there were impacts to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption significantly expanded the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption had no economic impact on the cash flows of our business nor influence on our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, or capital management philosophies.

The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022.

 

 

Year Ended March 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Total Assets

 

 

 

 

Prior to adoption

$

18,124,648

$

17,299,581

Effect of adoption:

 

 

 

 

Derecognition of shadow DAC

 

(25,141)

 

26,131

Re-measurement due to discount rate

 

–

 

–

Other adjustments

 

1,227

 

1,471

Subtotal

$

(23,914)

$

27,602

 

 

 

 

 

After adoption

$

18,100,734

$

17,327,183

 

 

 

Year Ended March 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Total Liabilities

 

 

 

 

Prior to adoption

$

11,596,313

$

11,347,089

Effect of adoption:

 

 

 

 

Deferred income tax adjustment on Shadow removal

 

(5,280)

 

5,488

Re-measurement due to discount rate

 

(1,626)

 

87,258

Deferred income tax adjustment on discount rate

 

342

 

(18,324)

Other adjustments

 

6,794

 

8,511

Subtotal

$

230

$

82,933

 

 

 

 

 

After adoption

$

11,596,543

$

11,430,022

 

 

 

Year Ended March 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Accumulated other comprehensive income (loss)

 

 

 

 

Prior to adoption

$

(267,046)

$

46,384

Effect of adoption:

 

 

 

 

Derecognition on shadow DAC (tax effect)

 

(19,861)

 

20,644

Re-measurement due to discount rate

 

1,626

 

(87,258)

Re-measurement due to discount rate (tax effect)

 

(342)

 

18,324

Other adjustments

 

–

 

–

Subtotal

$

(18,577)

$

(48,290)

 

 

 

 

 

After adoption

$

(285,623)

$

(1,906)

 

 

 

Year Ended March 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Total Stockholders' equity

 

 

 

 

Prior to adoption

$

6,528,335

$

5,952,492

Effect of adoption:

 

 

 

 

Derecognition on shadow DAC (tax effect)

 

(19,861)

 

20,644

Re-measurement due to discount rate (tax effect)

 

1,284

 

(68,934)

Other adjustments

 

(5,567)

 

(7,042)

Subtotal

$

(24,144)

$

(55,332)

 

 

 

 

 

After adoption

$

6,504,191

$

5,897,160

 

 

Year Ended March 31, 2023

 

 

As previously reported

 

Adoption impact

 

As adjusted

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

Deferred policy acquisition costs, net

$

152,377

 

(23,914)

$

128,463

Total assets

 

18,124,648

 

(23,914)

 

18,100,734

Policy benefits and losses, claims and loss expenses payable

 

875,034

 

5,168

 

880,202

Deferred income taxes, net

 

1,334,427

 

(4,938)

 

1,329,489

Total liabilities

 

11,596,313

 

230

 

11,596,543

Accumulated other comprehensive loss

 

(267,046)

 

(18,577)

 

(285,623)

Retained earnings

 

7,008,715

 

(5,567)

 

7,003,148

Total stockholders' equity

 

6,528,335

 

(24,144)

 

6,504,191

Total liabilities and stockholders' equity

 

18,124,648

 

(23,914)

 

18,100,734

 

 

 

April 1, 2021

 

March 31, 2021

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Deferred policy acquisition costs, net

$

131,187

$

89,749

Total assets

 

14,693,044

 

14,651,606

Policy benefits and losses, claims and loss expenses payable

 

1,040,951

 

909,701

Deferred income taxes, net

 

1,182,123

 

1,199,280

Total liabilities

 

9,846,608

 

9,732,515

Accumulated other comprehensive income

 

42,319

 

106,857

Retained earnings

 

5,017,451

 

5,025,568

Total stockholders' equity

 

4,846,436

 

4,919,091

Total liabilities and stockholders' equity

 

14,693,044

 

14,651,606

 

The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford.

Deferred Policy Acquisition Costs

 

Payout Annuities

 

Life Insurance

 

Health Insurance

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Balance, end of year March 31, 2021

$

15,654

$

64,552

$

9,543

$

89,749

Adjustments for removal of related balances in accumulated other comprehensive income

 

41,438

 

–

 

–

 

41,438

Adjusted balance, beginning of year April 1, 2021

$

57,092

$

64,552

$

9,543

$

131,187

Future Policy Benefit

 

Payout Annuities

 

Life Insurance

 

Health Insurance

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Balance, end of year March 31, 2021

$

8,370

$

310,311

$

18,341

$

337,022

Change in discount rate assumptions

 

2,307

 

115,978

 

4,847

 

123,132

Change in cash flow assumptions, effect of net premiums exceeding gross premiums

 

–

 

1,747

 

–

 

1,747

Change in cash flow assumptions, effect of decrease of the deferred profit liability

 

–

 

2,580

 

–

 

2,580

Adjusted balance, beginning of year April 1, 2021

$

10,677

$

430,616

$

23,188

$

464,481

 

Market Risk Benefits

 

 

 

 

 

 

 

Deferred Annuities

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Balance, end of year March 31, 2021

 

 

 

 

 

 

$

7,339

Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk

 

 

 

 

 

 

 

3,791

Adjusted balance, beginning of year April 1, 2021

 

 

 

 

 

 

$

11,130

 

 

 

 

 

 

 

Retained Earnings

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Liability for future policy benefits

 

 

 

 

$

(4,327)

$

(123,132)

Market risk benefits

 

 

 

 

 

(3,791)

 

–

Deferred acquisition costs and related asset balances

 

 

 

 

 

–

 

41,438

Tax effect

 

 

 

 

 

–

 

17,156

Total

 

 

 

 

$

(8,118)

$

(64,538)

Recent Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842 – Common Control Arrangements (“ASU 2023-01”). ASU 2023-01, accounting for leasehold improvements, requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease.  The amendment is effective for fiscal years beginning after December 15, 2023. We are currently in the process of evaluating the impact if any of the adoption of ASU 2023-01

 on our financial statements.
v3.23.3
Deferred Policy Acquisition Costs, Net
 3 Months Ended
Sep. 30, 2023
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs [Text Block1]

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the six-month periods ended September 30, 2023 and 2022.

 

 

 

Six Months Ended September 30, 2023

 

 

Payout Annuities

 

Life Insurance

 

Health Insurance

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

55,396

$

66,954

$

6,113

$

128,463

Capitalization

 

5,441

 

2,212

 

120

 

7,773

Amortization expense

 

(9,631)

 

(4,515)

 

(725)

 

(14,871)

Balance, end of period

$

51,206

$

64,651

$

5,508

$

121,365

 

 

 

Six Months Ended September 30, 2022

 

 

Payout Annuities

 

Life Insurance

 

Health Insurance

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

56,175

$

68,676

$

8,718

$

133,569

Capitalization

 

10,468

 

4,212

 

220

 

14,900

Amortization expense

 

(9,457)

 

(3,872)

 

(1,315)

 

(14,644)

Balance, end of period

$

57,186

$

69,016

$

7,623

$

133,825
v3.23.3
Life Insurance Liabilities
 3 Months Ended
Sep. 30, 2023
Insurance [Abstract]  
Insurance Disclosure [Text Block]

The following tables present the balances and changes in the policy benefits  and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.

 

Six Months Ended September 30, 2023

 

 

Life Insurance

 

Health Insurance

 

Total

 

(Unaudited)

 

(In thousands)

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

223,118

$

196,569

$

419,687

Beginning balance at original discount rate

$

225,071

$

212,454

$

437,525

Effect of changes in cash flow assumptions

 

–

 

–

 

–

Effect of actual variances from expected experience

 

(187)

 

(5,644)

 

(5,831)

Adjusted beginning of year balance

$

224,884

$

206,810

$

431,694

Issuances

 

5,072

 

77

 

5,149

Interest accrual

 

5,554

 

4,096

 

9,650

Net premium collected

 

(19,833)

 

(13,357)

 

(33,190)

Other

 

–

 

–

 

–

Ending balance at original discount rate

$

215,677

$

197,626

$

413,303

Effect of changes in discount rate assumptions (AOCI)

 

(1,650)

 

(14,337)

 

(15,987)

Balance, end of period

$

214,027

$

183,289

$

397,316

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

530,938

$

210,054

$

740,992

Beginning balance at original discount rate

$

533,688

$

226,510

$

760,198

Effect of changes in cash flow assumptions

 

–

 

–

 

–

Effect of actual variances from expected experiences

 

(565)

 

(4,215)

 

(4,780)

Adjusted beginning of year balance

$

533,123

$

222,295

$

755,418

Issuances

 

5,211

 

77

 

5,288

Interest accrual

 

13,166

 

4,402

 

17,568

Benefit payments

 

(27,720)

 

(16,162)

 

(43,882)

Other

 

–

 

–

 

–

Ending balance at original discount rate

$

523,780

$

210,612

$

734,392

Effect of changes in discount rate assumptions (AOCI)

 

949

 

(14,760)

 

(13,811)

Balance, end of period

$

524,729

$

195,852

$

720,581

End of period, LFPB net

 

 

 

 

 

323,265

Payout annuities and market risk benefits

 

 

 

 

 

30,685

Life and annuity ICOS and IBNR / Reinsurance losses payable

 

 

 

 

 

10,101

Life DPL / Other life and health

 

 

 

 

 

26,556

Oxford end of period balance

 

 

 

 

 

390,607

Moving and Storage balance

 

 

 

 

 

324,642

Property and Casualty balance

 

 

 

 

 

150,148

Policy benefit and losses, claims and loss expense balance, end of period

 

 

 

 

$

865,397

 

 

Six Months Ended September 30, 2022

 

 

Life Insurance

 

Health Insurance

 

Total

 

(Unaudited)

 

(In thousands)

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

280,371

$

280,732

$

561,103

Beginning balance at original discount rate

$

242,741

$

253,307

$

496,048

Effect of changes in cash flow assumptions

 

–

 

–

 

–

Effect of actual variances from expected experience

 

748

 

1,026

 

1,774

Adjusted beginning of year balance

$

243,489

$

254,333

$

497,822

Issuances

 

14,083

 

2,453

 

16,536

Interest accrual

 

6,037

 

5,062

 

11,099

Net premium collected

 

(21,946)

 

(15,041)

 

(36,987)

Other

 

–

 

–

 

–

Ending balance at original discount rate

$

241,663

$

246,807

$

488,470

Effect of changes in discount rate assumptions (AOCI)

 

7,814

 

(7,959)

 

(145)

Balance, end of period

$

249,477

$

238,848

$

488,325

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

$

672,254

$

299,628

$

971,882

Beginning balance at original discount rate

$

552,109

$

269,177

$

821,286

Effect of changes in cash flow assumptions

 

–

 

–

 

–

Effect of actual variances from expected experiences

 

1,031

 

1,713

 

2,744

Adjusted beginning of year balance

$

553,140

$

270,890

$

824,030

Issuances

 

14,083

 

2,453

 

16,536

Interest accrual

 

13,714

 

5,391

 

19,105

Benefit payments

 

(29,783)

 

(17,653)

 

(47,436)

Other

 

–

 

–

 

–

Ending balance at original discount rate

$

551,154

$

261,081

$

812,235

Effect of changes in discount rate assumptions (AOCI)

 

25,907

 

(7,779)

 

18,128

Balance, end of period

$

577,061

$

253,302

$

830,363

End of period, LFPB net

 

 

 

 

 

342,038

Payout annuities and market risk benefits

 

 

 

 

 

33,157

Life and annuity ICOS and IBNR / Reinsurance losses payable

 

 

 

 

 

11,226

Life DPL / Other life and health

 

 

 

 

 

37,130

Oxford end of period balance

 

 

 

 

 

423,551

Moving and Storage balance

 

 

 

 

 

348,854

Property and Casualty balance

 

 

 

 

 

156,998

Policy benefit and losses, claims and loss expense balance, end of period

 

 

 

 

$

929,403

 

Six Months Ended September 30, 2023

 

 

Life Insurance

 

Health Insurance

 

Total

 

(Unaudited)

 

(In thousands, except for percentages and weighted average information)

 

 

 

 

 

 

 

Expected gross premiums

 

 

 

 

 

 

Undiscounted balance

$

387,141

$

331,852

$

718,993

Discounted balance at original discount rate

$

299,161

$

256,658

$

555,819

Discounted balance at current discount rate

$

296,505

$

239,939

$

536,444

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

Undiscounted balance

$

761,261

$

273,079

$

1,034,340

Discounted balance at original discount rate

$

523,777

$

210,612

$

734,389

Discounted balance at current discount rate

$

524,726

$

195,852

$

720,578

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

Mortality actual experience

 

5.02

%

–

%

 

Mortality expected experience

 

5.06

%

–

%

 

Lapses actual experience

 

1.87

%

–

%

 

Lapses expected experience

 

2.65

%

–

%

 

Morbidity actual experience

 

–

%

85.53

%

 

Morbidity expected experience

 

–

%

73.50

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

Gross premiums

$

26,667

$

18,432

$

45,099

Other premiums

 

 

 

 

 

–

Total premiums

 

 

 

 

$

45,099

Interest expense

$

7,612

$

306

$

7,918

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

6.9

 

6.5

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

5.00

%

4.00

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

5.00

%

5.00

%

 

 

Six Months Ended September 30, 2022

 

 

Life Insurance

 

Health Insurance

 

Total

 

(Unaudited)

 

(In thousands, except for percentages and weighted average information)

 

 

 

 

 

 

 

Expected gross premiums

 

 

 

 

 

 

Undiscounted balance

$

427,457

$

434,063

$

861,520

Discounted balance at original discount rate

$

329,233

$

333,001

$

662,234

Discounted balance at current discount rate

$

339,434

$

325,323

$

664,757

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

Undiscounted balance

$

807,725

$

342,371

$

1,150,096

Discounted balance at original discount rate

$

551,153

$

261,081

$

812,234

Discounted balance at current discount rate

$

577,060

$

253,302

$

830,362

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

Mortality actual experience

 

5.07

%

–

%

 

Mortality expected experience

 

4.78

%

–

%

 

Lapses actual experience

 

2.04

%

–

%

 

Lapses expected experience

 

2.53

%

–

%

 

Morbidity actual experience

 

–

%

79.25

%

 

Morbidity expected experience

 

–

%

71.30

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

Gross premiums

$

29,158

$

21,703

$

50,861

Other premiums

 

 

 

 

 

–

Total premiums

 

 

 

 

$

50,861

Interest expense

$

7,677

$

329

$

8,006

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

7.1

 

6.8

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

5.00

%

4.00

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

1.00

%

1.00

%

 

 

 

The following tables present the balances and changes in Liabilities from investment contracts account balances:

 

 

 

Six Months Ended September 30, 2023

 

 

 

 

Deferred Annuities

 

 

(Unaudited)

 

 

(In thousands, except for the average credited rate)

Policyholder contract deposits account balance

 

Beginning of year

$

2,398,884

Deposits received

 

125,122

Surrenders and withdrawals

 

(146,647)

Benefit payments

 

(20,761)

Interest credited

 

36,992

Other

 

–

End of period

$

2,393,590

Weighted average credited rate

 

3.09

Cash surrender value

$

2,062,233

 

 

 

 

Six Months Ended September 30, 2022

 

 

 

 

Deferred Annuities

 

 

(Unaudited)

 

 

(In thousands, except for the average credited rate)

Policyholder contract deposits account balance

 

Beginning of year

$

2,336,238

Deposits received

 

169,008

Surrenders and withdrawals

 

(122,450)

Benefit payments

 

(18,334)

Interest credited

 

25,566

Other

 

–

End of period

$

2,390,028

Weighted average credited rate

 

2.16

Cash surrender value

$

2,082,936
v3.23.3
Earnings Per Share (Table Text Block)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Earnings Per Share [Abstract]    
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block]

 

 

For the Quarters Ended

 

 

September 30,

 

 

2023

2022

 

 

(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

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

–

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

–

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

26,645

$

34,006

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Voting Common Stock

$

–

$

0.50

Basic and diluted earnings per share of Voting Common Stock

$

1.36

$

2.23

 

 

 

 

 

 

 

 

 

 

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

$

273,508

$

349,866

Voting Common Stock dividends declared and paid

 

–

 

(9,804)

Non-Voting Common Stock dividends declared and paid

 

(7,059)

 

–

Undistributed earnings available to common stockholders

$

266,449

$

340,062

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

239,804

$

306,056

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

1.36

$

1.73

Dividends declared per share of Non-Voting Common Stock

$

0.04

$

–

Basic and diluted earnings per share of Non-Voting Common Stock

$

1.40

$

1.73

 

 

For Six Months Ended

 

 

September 30,

 

 

2023

2022

 

 

(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

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

–

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

–

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

51,623

$

66,860

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Voting Common Stock

$

–

$

1.00

Basic and diluted earnings per share of Voting Common Stock

$

2.63

$

4.41

 

 

 

 

 

 

 

 

 

 

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

$

530,346

$

688,211

Voting Common Stock dividends declared and paid

 

–

 

(19,608)

Non-Voting Common Stock dividends declared and paid

 

(14,118)

 

–

Undistributed earnings available to common stockholders

$

516,228

$

668,603

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

464,605

$

601,743

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

2.63

$

3.41

Dividends declared per share of Non-Voting Common Stock

$

0.08

$

–

Basic and diluted earnings per share of Non-Voting Common Stock

$

2.71

$

3.41
v3.23.3
Investments (Table Text Block)
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Investments Debt Equity Securities [Abstract]    
Available for sale investments

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Fair Market

Value

 

 

(Unaudited)

 

 

(In thousands)

U.S. treasury securities and government obligations

$

172,987

$

335

$

(2,315)

$

(116)

$

–

$

170,891

U.S. government agency mortgage-backed securities

 

99,230

 

1

 

(3,703)

 

(5,009)

 

–

 

90,519

Obligations of states and political subdivisions

 

154,547

 

441

 

(4,261)

 

(5,064)

 

–

 

145,663

Corporate securities

 

1,817,003

 

983

 

(154,177)

 

(47,305)

 

(1,697)

 

1,614,807

Mortgage-backed securities

 

514,679

 

206

 

(40,394)

 

(24,243)

 

–

 

450,248

 

$

2,758,446

$

1,966

$

(204,850)

$

(81,737)

$

(1,697)

$

2,472,128

 

 

Amortized

Cost

 

Gross

Unrealized

Gains

 

Gross

Unrealized

Losses More than 12 Months

 

Gross

Unrealized

Losses Less than 12 Months

 

Allowance for Expected Credit Losses

 

Fair Market

Value

 

 

 

 

 

(In thousands)

U.S. treasury securities and government obligations

$

353,189

$

3,061

$

(7,639)

$

(3,935)

$

–

$

344,676

U.S. government agency mortgage-backed securities

 

34,126

 

40

 

(6,707)

 

(228)

 

–

 

27,231

Obligations of states and political subdivisions

 

161,960

 

649

 

(4,014)

 

(8,090)

 

–

 

150,505

Corporate securities

 

2,086,432

 

1,491

 

(60,224)

 

(156,365)

 

(2,101)

 

1,869,233

Mortgage-backed securities

 

370,880

 

78

 

(40,359)

 

(13,207)

 

–

 

317,392

 

$

3,006,587

$

5,319

$

(118,943)

$

(181,825)

$

(2,101)

$

2,709,037
Adjusted Cost and Estimated Market Value of Available-for-sale Investments

 

 

September 30, 2023

 

March 31, 2023

 

 

Amortized

Cost

 

Fair Market

Value

 

Amortized

Cost

 

Fair Market

Value

 

 

(Unaudited)

 

 

 

 

(In thousands)

Due in one year or less

$

251,106

$

249,366

$

354,875

$

354,184

Due after one year through five years

 

599,626

 

569,012

 

754,175

 

717,552

Due after five years through ten years

 

659,400

 

590,567

 

736,089

 

665,708

Due after ten years

 

733,486

 

612,788

 

790,568

 

654,201

 

 

2,243,618

 

2,021,733

 

2,635,707

 

2,391,645

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

514,828

 

450,395

 

370,880

 

317,392

 

$

2,758,446

$

2,472,128

$

3,006,587

$

2,709,037

  
Available for sale equity investments

 

 

September 30, 2023

 

March 31, 2023

 

 

Amortized

Cost

 

Fair Market

Value

 

Amortized

Cost

 

Fair Market

Value

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Common stocks

$

29,602

$

42,045

$

29,577

$

39,375

Non-redeemable preferred stocks

 

25,144

 

19,991

 

26,054

 

21,982

 

$

54,746

$

62,036

$

55,631

$

61,357

  
Carrying value of Investments, other

 

 

September 30,

 

March 31,

 

 

2023

 

2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

 

 

 

 

Mortgage loans, net

$

550,913

$

466,531

Short-term investments

 

–

 

15,921

Real estate

 

72,036

 

72,178

Policy loans

 

10,986

 

10,921

Other equity investments

 

16,216

 

9,989

 

$

650,151

$

575,540

  
v3.23.3
Borrowings (Table Text Block)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Debt Instruments [Abstract]    
Long-Term Debt

 

Fiscal Year 2024 Interest Rates

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

September 30, 2023

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Real estate loans (amortizing term) (a)

4.30

%

-

6.80

%

 

2027

-

2037

 

5.89

%

$

283,707

$

289,647

Senior mortgages

2.70

%

-

5.66

%

 

2024

-

2042

 

4.18

%

 

2,487,320

 

2,371,231

Real estate loans (revolving credit)

-

%

-

-

%

 

-

-

2027

 

-

%

 

–

 

–

Fleet loans (amortizing term)

1.61

%

-

5.68

%

 

2024

-

2029

 

3.76

%

 

90,071

 

111,856

Fleet loans (revolving credit) (b)

2.36

%

-

6.68

%

 

2026

-

2028

 

5.97

%

 

593,889

 

615,000

Finance leases (rental equipment)

2.39

%

-

5.01

%

 

2023

-

2026

 

4.00

%

 

163,453

 

223,205

Finance liabilities (rental equipment)

1.60

%

-

6.48

%

 

2024

-

2031

 

4.38

%

 

1,544,608

 

1,255,763

Private placements

2.43

%

-

2.88

%

 

2029

-

2035

 

2.65

%

 

1,200,000

 

1,200,000

Other obligations

1.50

%

-

8.00

%

 

2023

-

2049

 

6.10

%

 

73,752

 

76,648

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

6,436,800

 

6,143,350

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,901)

 

(35,308)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

$

6,400,899

$

6,108,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.

 

(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.

 

(c) Weighted average rates as of September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  
Annual Maturities of Notes, Loans and Leases Payable

 

 

Year Ending September 30,

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

Total

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

 

Notes, loans and finance leases payable

$

657,998

$

487,551

$

829,219

$

1,023,289

$

513,160

$

2,925,583

$

6,436,800

  
Components of interest expense

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

67,524

$

57,604

Capitalized interest

 

(3,669)

 

(2,248)

Amortization of transaction costs

 

1,432

 

1,814

Interest expense resulting from cash flow hedges

 

(1,344)

 

23

Total interest expense

$

63,943

$

57,193

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

131,924

$

108,009

Capitalized interest

 

(7,732)

 

(4,866)

Amortization of transaction costs

 

2,843

 

3,260

Interest expense resulting from cash flow hedges

 

(2,494)

 

589

Total interest expense

$

124,541

$

106,992
Interest rates and company borrowings

 

 

Revolving Credit Activity

 

 

 

Quarter Ended September 30,

 

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the quarter

 

6.51

%

3.32

%

Interest rate at the end of the quarter

 

6.61

%

3.80

%

Maximum amount outstanding during the quarter

$

605,000

$

1,102,000

 

Average amount outstanding during the quarter

$

596,322

$

877,522

 

Facility fees

$

306

$

111

 

 

 

Revolving Credit Activity

 

 

 

Six Months Ended September 30,

 

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the period

 

6.38

%

2.66

%

Interest rate at the end of the period

 

6.61

%

3.80

%

Maximum amount outstanding during the period

$

715,000

$

1,105,000

 

Average amount outstanding during the period

$

628,151

$

984,464

 

Facility fees

$

571

$

169

 
v3.23.3
Derivatives (Table Text Block)
 3 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

September 30, 2023

 

March 31, 2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

Interest rate swaps designated as cash flow hedges:

Assets

$

12,328

$

5,311

Notional amount

$

302,107

$

206,347
Effect of Interest Rate Contracts on the Statement of Operations

 

 

The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended

 

 

 

 

September 30, 2023

 

September 30, 2022

 

 

(Unaudited)

 

 

(In thousands)

Gain recognized in AOCI on interest rate contracts

$

(3,073)

$

(8,360)

(Gain) loss reclassified from AOCI into income

$

1,345

$

(24)
v3.23.3
Accumulated Other Comprehensive Income (loss) (Table Text Block)
 3 Months Ended
Sep. 30, 2023
Table Text Block Supplement [Abstract]  
Summary of accumulated other comprehensive income (loss) components, net of tax

 

 

Foreign Currency Translation

 

Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates

 

Fair Market Value of Cash Flow Hedges

 

Postretirement Benefit Obligation Net Loss

 

Accumulated Other Comprehensive Loss

 

 

(Unaudited)

 

 

(In thousands)

Balance as of March 31, 2023

$

(56,539)

$

(232,740)

$

4,007

$

(351)

$

(285,623)

Foreign currency translation

 

(2,380)

 

–

 

–

 

–

 

(2,380)

Unrealized net gain on investments

 

–

 

7,047

 

–

 

–

 

7,047

Change in fair value of cash flow hedges

 

–

 

–

 

7,175

 

–

 

7,175

Amounts reclassified into earnings on hedging activities

 

–

 

–

 

(1,883)

 

–

 

(1,883)

Other comprehensive income (loss)

 

(2,380)

 

7,047

 

5,292

 

–

 

9,959

Balance as of September 30, 2023

$

(58,919)

$

(225,693)

$

9,299

$

(351)

$

(275,664)
v3.23.3
Leases (Table Text Block)
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Leases [Abstract]      
Supplemental Balance Sheet Information Related to Leases

 

 

As of September 30, 2023

 

 

Finance

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

Buildings and improvements

$

–

$

142,467

$

142,467

Furniture and equipment

 

7,109

 

–

 

7,109

Rental trailers and other rental equipment

 

115,072

 

–

 

115,072

Rental trucks

 

816,075

 

–

 

816,075

Right-of-use assets, gross

 

938,256

 

142,467

 

1,080,723

Less: Accumulated depreciation

 

(560,523)

 

(77,151)

 

(637,674)

Right-of-use assets, net

$

377,733

$

65,316

$

443,049

  

 

 

As of March 31, 2023

 

 

Finance

 

Operating

 

Total

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

–

$

128,221

$

128,221

Furniture and equipment

 

9,687

 

–

 

9,687

Rental trailers and other rental equipment

 

152,294

 

–

 

152,294

Rental trucks

 

949,838

 

–

 

949,838

Right-of-use assets, gross

 

1,111,819

 

128,221

 

1,240,040

Less: Accumulated depreciation

 

(637,054)

 

(69,304)

 

(706,358)

Right-of-use assets, net

$

474,765

$

58,917

$

533,682
Summary of Weighted-average remaining lease terms and Discount rates

 

 

Finance leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

2

 

2

 

Weighted average discount rate

 

4.0

%

3.8

%

 

 

Operating leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

18.9

 

19.2

 

Weighted average discount rate

 

4.6

%

4.7

%

  
Components of Lease Expense

 

 

Six Months Ended

 

 

September 30, 2023

 

September 30, 2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Operating lease costs

$

16,033

$

16,181

 

 

 

 

 

Finance lease cost:

 

 

 

 

Amortization of right-of-use assets

$

31,465

$

43,173

Interest on lease liabilities

 

4,002

 

6,142

Total finance lease cost

$

35,467

$

49,315

    
Maturities of Lease Liabilities

 

 

Finance leases

 

Operating leases

 

 

(Unaudited)

Year ending March 31,

 

(In thousands)

 

 

 

 

 

2024 (6 months)

$

85,789

$

22,913

2025

 

61,189

 

10,059

2026

 

24,371

 

6,879

2027

 

–

 

6,265

2028

 

–

 

5,708

Thereafter

 

–

 

60,853

Total lease payments

 

171,349

 

112,677

Less: imputed interest

 

(7,896)

 

(48,097)

Present value of lease liabilities

$

163,453

$

64,580

    
v3.23.3
Related Party Transations (Table Text Block)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Related Party Revenue [Abstract]    
Related Party Revenue

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul management fee revenue from Blackwater

$

7,754

$

7,827

U-Haul management fee revenue from Mercury

 

1,513

 

1,450

 

$

9,267

$

9,277

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul management fee revenue from Blackwater

$

15,450

$

15,556

U-Haul management fee revenue from Mercury

 

2,994

 

2,860

 

$

18,444

$

18,416
Related Party costs and expenses

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

604

$

604

U-Haul printing expenses to Blackwater

 

968

 

–

U-Haul commission expenses to Blackwater

 

24,035

 

26,385

 

$

25,607

$

26,989

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

U-Haul lease expenses to Blackwater

$

1,208

$

1,208

U-Haul printing expenses to Blackwater

 

1,317

 

–

U-Haul commission expenses to Blackwater

 

46,738

 

51,267

 

$

49,263

$

52,475
Related party assets

 

 

September 30,

 

March 31,

 

 

2023

 

2023

 

 

(Unaudited)

 

 

 

 

(In thousands)

U-Haul receivable from Blackwater

$

37,791

$

42,141

U-Haul receivable from Mercury

 

6,654

 

8,402

Other (a)

 

(4,305)

 

(2,235)

 

$

40,140

$

48,308

(a)      		 
v3.23.3
Consolidating Financial Information By Industry Segment (Table Text Block)
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Table Text Block Supplement [Abstract]          
Consolidated Balance Sheet by Industry Segment

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Assets:

 

Cash and cash equivalents

$

2,068,790

$

44,272

$

32,069

$

–

 

$

2,145,131

Reinsurance recoverables and trade receivables, net

 

130,372

 

50,525

 

31,668

 

–

 

 

212,565

Inventories and parts

 

161,535

 

–

 

–

 

–

 

 

161,535

Prepaid expenses

 

263,541

 

–

 

–

 

–

 

 

263,541

Investments, fixed maturities and marketable equities

 

97,372

 

268,769

 

2,168,023

 

–

 

 

2,534,164

Investments, other

 

23,330

 

115,583

 

511,238

 

–

 

 

650,151

Deferred policy acquisition costs, net

 

–

 

–

 

121,365

 

–

 

 

121,365

Other assets

 

46,667

 

800

 

5,302

 

–

 

 

52,769

Right of use assets - financing, net

 

377,733

 

–

 

–

 

–

 

 

377,733

Right of use assets - operating, net

 

64,378

 

785

 

153

 

–

 

 

65,316

Related party assets

 

62,931

 

1,223

 

11,808

 

(35,822)

(c)

 

40,140

 

 

3,296,649

 

481,957

 

2,881,626

 

(35,822)

 

 

6,624,410

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

462,493

 

–

 

–

 

(462,493)

(b)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

1,613,871

 

–

 

–

 

–

 

 

1,613,871

Buildings and improvements

 

7,649,849

 

–

 

–

 

–

 

 

7,649,849

Furniture and equipment

 

966,211

 

–

 

–

 

–

 

 

966,211

Rental trailers and other rental equipment

 

912,046

 

–

 

–

 

–

 

 

912,046

Rental trucks

 

5,921,507

 

–

 

–

 

–

 

 

5,921,507

 

 

17,063,484

 

–

 

–

 

–

 

 

17,063,484

Less:  Accumulated depreciation

 

(4,666,444)

 

–

 

–

 

–

 

 

(4,666,444)

Total property, plant and equipment, net

 

12,397,040

 

–

 

–

 

–

 

 

12,397,040

Total assets

$

16,156,182

$

481,957

$

2,881,626

$

(498,315)

 

$

19,021,450

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating balance sheets by operating segment as of September 30, 2023, continued:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

745,606

$

4,472

$

7,910

$

–

 

$

757,988

Notes, loans and finance leases payable, net

 

6,400,899

 

–

 

–

 

–

 

 

6,400,899

Operating lease liabilities

 

63,627

 

800

 

153

 

–

 

 

64,580

Policy benefits and losses, claims and loss expenses payable

 

324,642

 

150,148

 

390,607

 

–

 

 

865,397

Liabilities from investment contracts

 

–

 

–

 

2,393,590

 

–

 

 

2,393,590

Other policyholders' funds and liabilities

 

–

 

2,126

 

5,551

 

–

 

 

7,677

Deferred income

 

56,821

 

–

 

–

 

–

 

 

56,821

Deferred income taxes, net

 

1,514,732

 

3,973

 

(74,585)

 

–

 

 

1,444,120

Related party liabilities

 

25,754

 

2,969

 

13,376

 

(42,099)

(c)

 

–

Total liabilities

 

9,132,081

 

164,488

 

2,736,602

 

(42,099)

 

 

11,991,072

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

–

 

–

 

–

 

–

 

 

–

Series B preferred stock

 

–

 

–

 

–

 

–

 

 

–

Series A common stock

 

–

 

–

 

–

 

–

 

 

–

Voting Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Non-Voting Common stock

 

176

 

–

 

–

 

–

 

 

176

Additional paid-in capital

 

453,853

 

91,120

 

26,271

 

(117,601)

(b)

 

453,643

Accumulated other comprehensive income (loss)

 

(281,941)

 

(13,532)

 

(218,470)

 

238,279

(b)

 

(275,664)

Retained earnings

 

7,519,166

 

236,580

 

334,723

 

(571,093)

(b)

 

7,519,376

Cost of common stock in treasury, net

 

(525,653)

 

–

 

–

 

–

 

 

(525,653)

Cost of preferred stock in treasury, net

 

(151,997)

 

–

 

–

 

–

 

 

(151,997)

Total stockholders' equity

 

7,024,101

 

317,469

 

145,024

 

(456,216)

 

 

7,030,378

Total liabilities and stockholders' equity

$

16,156,182

$

481,957

$

2,881,626

$

(498,315)

 

$

19,021,450

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

      

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

 

Assets:

 

(In thousands)

Cash and cash equivalents

$

2,034,242

$

11,276

$

15,006

$

–

 

$

2,060,524

Reinsurance recoverables and trade receivables, net

 

107,823

 

48,344

 

33,331

 

–

 

 

189,498

Inventories and parts

 

151,474

 

–

 

–

 

–

 

 

151,474

Prepaid expenses

 

241,711

 

–

 

–

 

–

 

 

241,711

Investments, fixed maturities and marketable equities

 

227,737

 

271,156

 

2,271,501

 

–

 

 

2,770,394

Investments, other

 

23,314

 

125,130

 

427,096

 

–

 

 

575,540

Deferred policy acquisition costs, net

 

–

 

–

 

128,463

 

–

 

 

128,463

Other assets

 

46,438

 

730

 

3,884

 

–

 

 

51,052

Right of use assets - financing, net

 

474,765

 

–

 

–

 

–

 

 

474,765

Right of use assets - operating, net

 

57,978

 

914

 

25

 

–

 

 

58,917

Related party assets

 

69,144

 

2,347

 

12,268

 

(35,451)

(c)

 

48,308

 

 

3,434,626

 

459,897

 

2,891,574

 

(35,451)

 

 

6,750,646

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

426,779

 

–

 

–

 

(426,779)

(b)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

1,537,206

 

–

 

–

 

–

 

 

1,537,206

Buildings and improvements

 

7,088,810

 

–

 

–

 

–

 

 

7,088,810

Furniture and equipment

 

928,241

 

–

 

–

 

–

 

 

928,241

Rental trailers and other rental equipment

 

827,696

 

–

 

–

 

–

 

 

827,696

Rental trucks

 

5,278,340

 

–

 

–

 

–

 

 

5,278,340

 

 

15,660,293

 

–

 

–

 

–

 

 

15,660,293

Less:  Accumulated depreciation

 

(4,310,205)

 

–

 

–

 

–

 

 

(4,310,205)

Total property, plant and equipment, net

 

11,350,088

 

–

 

–

 

–

 

 

11,350,088

Total assets

$

15,211,493

$

459,897

$

2,891,574

$

(462,230)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating balance sheets by operating segment as of March 31, 2023, continued:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

729,679

$

4,470

$

26,890

$

–

 

$

761,039

Notes, loans and finance leases payable, net

 

6,108,042

 

–

 

–

 

–

 

 

6,108,042

Operating lease liabilities

 

57,418

 

928

 

27

 

–

 

 

58,373

Policy benefits and losses, claims and loss expenses payable

 

335,227

 

153,007

 

391,968

 

–

 

 

880,202

Liabilities from investment contracts

 

–

 

–

 

2,398,884

 

–

 

 

2,398,884

Other policyholders' funds and liabilities

 

–

 

2,702

 

5,530

 

–

 

 

8,232

Deferred income

 

52,282

 

–

 

–

 

–

 

 

52,282

Deferred income taxes, net

 

1,405,391

 

1,713

 

(77,615)

 

–

 

 

1,329,489

Related party liabilities

 

25,082

 

2,544

 

13,644

 

(41,270)

(c)

 

–

Total liabilities

 

8,713,121

 

165,364

 

2,759,328

 

(41,270)

 

 

11,596,543

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

–

 

–

 

–

 

–

 

 

–

Series B preferred stock

 

–

 

–

 

–

 

–

 

 

–

Series A common stock

 

–

 

–

 

–

 

–

 

 

–

Voting Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Non-Voting Common Stock

 

176

 

–

 

–

 

–

 

 

176

Additional paid-in capital

 

453,853

 

91,120

 

26,271

 

(117,601)

(b)

 

453,643

Accumulated other comprehensive income (loss)

 

(291,442)

 

(14,720)

 

(225,904)

 

246,443

(b)

 

(285,623)

Retained earnings

 

7,002,938

 

214,832

 

329,379

 

(544,001)

(b)

 

7,003,148

Cost of common shares in treasury, net

 

(525,653)

 

–

 

–

 

–

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

–

 

–

 

–

 

 

(151,997)

Total stockholders' equity

 

6,498,372

 

294,533

 

132,246

 

(420,960)

 

 

6,504,191

Total liabilities and stockholders' equity

$

15,211,493

$

459,897

$

2,891,574

$

(462,230)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 
Consolidated Statement of Operations by Industry Segment

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,070,688

$

–

$

–

$

(1,283)

(c)

$

1,069,405

Self-storage revenues

 

208,890

 

–

 

–

 

–

 

 

208,890

Self-moving and self-storage products and service sales

 

91,571

 

–

 

–

 

–

 

 

91,571

Property management fees

 

9,267

 

–

 

–

 

–

 

 

9,267

Life insurance premiums

 

–

 

–

 

22,498

 

–

 

 

22,498

Property and casualty insurance premiums

 

–

 

26,371

 

–

 

(800)

(c)

 

25,571

Net investment and interest income

 

28,520

 

5,481

 

31,621

 

(884)

(b)

 

64,738

Other revenue

 

156,642

 

–

 

1,403

 

(125)

(b)

 

157,920

Total revenues

 

1,565,578

 

31,852

 

55,522

 

(3,092)

 

 

1,649,860

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

820,617

 

12,113

 

4,731

 

(2,203)

(b,c)

 

835,258

Commission expenses

 

111,961

 

–

 

–

 

–

 

 

111,961

Cost of sales

 

66,620

 

–

 

–

 

–

 

 

66,620

Benefits and losses

 

–

 

4,229

 

38,324

 

–

 

 

42,553

Amortization of deferred policy acquisition costs

 

–

 

–

 

6,826

 

–

 

 

6,826

Lease expense

 

8,839

 

91

 

33

 

(513)

(b)

 

8,450

Depreciation, net of gains on disposals

 

154,122

 

–

 

–

 

–

 

 

154,122

Net losses on disposal of real estate

 

1,715

 

–

 

–

 

–

 

 

1,715

Total costs and expenses

 

1,163,874

 

16,433

 

49,914

 

(2,716)

 

 

1,227,505

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

401,704

 

15,419

 

5,608

 

(376)

 

 

422,355

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

16,862

 

–

 

–

 

(16,862)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

418,566

 

15,419

 

5,608

 

(17,238)

 

 

422,355

Other components of net periodic benefit costs

 

(364)

 

–

 

–

 

–

 

 

(364)

Interest expense

 

(64,199)

 

–

 

(120)

 

376

(b)

 

(63,943)

Pretax earnings

 

354,003

 

15,419

 

5,488

 

(16,862)

 

 

358,048

Income tax expense

 

(80,495)

 

(3,181)

 

(864)

 

–

 

 

(84,540)

Net earnings available to common stockholders

$

273,508

$

12,238

$

4,624

$

(16,862)

 

$

273,508

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,163,376

$

–

$

–

$

(1,351)

(c)

$

1,162,025

Self-storage revenues

 

185,586

 

–

 

–

 

–

 

 

185,586

Self-moving and self-storage products and service sales

 

96,864

 

–

 

–

 

–

 

 

96,864

Property management fees

 

9,277

 

–

 

–

 

–

 

 

9,277

Life insurance premiums

 

–

 

–

 

25,456

 

–

 

 

25,456

Property and casualty insurance premiums

 

–

 

25,960

 

–

 

(242)

(c)

 

25,718

Net investment and interest income (loss)

 

15,077

 

(2,597)

 

19,041

 

(1,012)

(b)

 

30,509

Other revenue

 

166,678

 

–

 

1,199

 

(448)

(b)

 

167,429

Total revenues

 

1,636,858

 

23,363

 

45,696

 

(3,053)

 

 

1,702,864

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

796,498

 

11,576

 

5,558

 

(2,038)

(b,c)

 

811,594

Commission expenses

 

125,341

 

–

 

–

 

–

 

 

125,341

Cost of sales

 

72,625

 

–

 

–

 

–

 

 

72,625

Benefits and losses

 

–

 

6,075

 

33,437

 

–

 

 

39,512

Amortization of deferred policy acquisition costs

 

–

 

–

 

6,972

 

–

 

 

6,972

Lease expense

 

8,261

 

26

 

26

 

(629)

(b)

 

7,684

Depreciation, net of gains on disposals

 

117,318

 

–

 

–

 

–

 

 

117,318

Net losses on disposal of real estate

 

1,872

 

–

 

–

 

–

 

 

1,872

Total costs and expenses

 

1,121,915

 

17,677

 

45,993

 

(2,667)

 

 

1,182,918

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

514,943

 

5,686

 

(297)

 

(386)

 

 

519,946

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

3,906

 

–

 

–

 

(3,906)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from operations

 

518,849

 

5,686

 

(297)

 

(4,292)

 

 

519,946

Other components of net periodic benefit costs

 

(304)

 

–

 

–

 

–

 

 

(304)

Interest expense

 

(57,459)

 

–

 

(120)

 

386

(b)

 

(57,193)

Fees on early extinguishment of debt

 

(959)

 

–

 

–

 

–

 

 

(959)

Pretax earnings (losses)

 

460,127

 

5,686

 

(417)

 

(3,906)

 

 

461,490

Income tax expense

 

(110,261)

 

(1,167)

 

(196)

 

–

 

 

(111,624)

Net earnings (losses) available to common stockholders

$

349,866

$

4,519

$

(613)

$

(3,906)

 

$

349,866

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,070,767

$

–

$

–

$

(2,156)

(c)

$

2,068,611

Self-storage revenues

 

407,851

 

–

 

–

 

–

 

 

407,851

Self-moving and self-storage products and service sales

 

192,443

 

–

 

–

 

–

 

 

192,443

Property management fees

 

18,444

 

–

 

–

 

–

 

 

18,444

Life insurance premiums

 

–

 

–

 

45,629

 

–

 

 

45,629

Property and casualty insurance premiums

 

–

 

47,418

 

–

 

(1,525)

(c)

 

45,893

Net investment and interest income

 

55,815

 

12,273

 

63,132

 

(1,890)

(b)

 

129,330

Other revenue

 

279,771

 

–

 

2,442

 

(246)

(b)

 

281,967

Total revenues

 

3,025,091

 

59,691

 

111,203

 

(5,817)

 

 

3,190,168

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,568,900

 

23,420

 

10,097

 

(3,918)

(b,c)

 

1,598,499

Commission expenses

 

218,888

 

–

 

–

 

–

 

 

218,888

Cost of sales

 

137,295

 

–

 

–

 

–

 

 

137,295

Benefits and losses

 

–

 

8,687

 

79,210

 

–

 

 

87,897

Amortization of deferred policy acquisition costs

 

–

 

–

 

14,871

 

–

 

 

14,871

Lease expense

 

16,941

 

183

 

61

 

(1,152)

(b)

 

16,033

Depreciation, net of gains on disposals

 

291,936

 

–

 

–

 

–

 

 

291,936

Net losses on disposal of real estate

 

2,736

 

–

 

–

 

–

 

 

2,736

Total costs and expenses

 

2,236,696

 

32,290

 

104,239

 

(5,070)

 

 

2,368,155

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

788,395

 

27,401

 

6,964

 

(747)

 

 

822,013

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

27,092

 

–

 

–

 

(27,092)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

815,487

 

27,401

 

6,964

 

(27,839)

 

 

822,013

Other components of net periodic benefit costs

 

(729)

 

–

 

–

 

–

 

 

(729)

Interest expense

 

(125,048)

 

–

 

(240)

 

747

(b)

 

(124,541)

Pretax earnings

 

689,710

 

27,401

 

6,724

 

(27,092)

 

 

696,743

Income tax expense

 

(159,364)

 

(5,653)

 

(1,380)

 

–

 

 

(166,397)

Net earnings available to common stockholders

$

530,346

$

21,748

$

5,344

$

(27,092)

 

$

530,346

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,255,086

$

–

$

–

$

(2,286)

(c)

$

2,252,800

Self-storage revenues

 

358,763

 

–

 

–

 

–

 

 

358,763

Self-moving and self-storage products and service sales

 

206,215

 

–

 

–

 

–

 

 

206,215

Property management fees

 

18,416

 

–

 

–

 

–

 

 

18,416

Life insurance premiums

 

–

 

–

 

51,237

 

–

 

 

51,237

Property and casualty insurance premiums

 

–

 

46,790

 

–

 

(1,100)

(c)

 

45,690

Net investment and interest income (loss)

 

20,017

 

(345)

 

46,429

 

(2,019)

(b)

 

64,082

Other revenue

 

301,959

 

–

 

2,133

 

(591)

(b)

 

303,501

Total revenues

 

3,160,456

 

46,445

 

99,799

 

(5,996)

 

 

3,300,704

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,516,292

 

21,770

 

10,667

 

(3,968)

(b,c)

 

1,544,761

Commission expenses

 

243,834

 

–

 

–

 

–

 

 

243,834

Cost of sales

 

152,296

 

–

 

–

 

–

 

 

152,296

Benefits and losses

 

–

 

10,454

 

68,815

 

–

 

 

79,269

Amortization of deferred policy acquisition costs

 

–

 

–

 

14,644

 

–

 

 

14,644

Lease expense

 

16,181

 

184

 

54

 

(1,260)

(b)

 

15,159

Depreciation, net of gains on disposals

 

231,114

 

–

 

–

 

–

 

 

231,114

Net gains on disposal of real estate

 

4,179

 

–

 

–

 

–

 

 

4,179

Total costs and expenses

 

2,163,896

 

32,408

 

94,180

 

(5,228)

 

 

2,285,256

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

996,560

 

14,037

 

5,619

 

(768)

 

 

1,015,448

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

15,915

 

–

 

–

 

(15,915)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

1,012,475

 

14,037

 

5,619

 

(16,683)

 

 

1,015,448

Other components of net periodic benefit costs

 

(608)

 

–

 

–

 

–

 

 

(608)

Interest expense

 

(107,520)

 

–

 

(240)

 

768

(b)

 

(106,992)

Fees on early extinguishment of debt

 

(959)

 

–

 

–

 

–

 

 

(959)

Pretax earnings

 

903,388

 

14,037

 

5,379

 

(15,915)

 

 

906,889

Income tax expense

 

(215,177)

 

(2,922)

 

(579)

 

–

 

 

(218,678)

Net earnings available to common stockholders

$

688,211

$

11,115

$

4,800

$

(15,915)

 

$

688,211

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

  
Consolidated Cash Flow Statement by Industry Segment    

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$

530,346

$

21,748

$

5,344

$

(27,092)

 

$

530,346

Earnings from consolidated entities

 

(27,092)

 

–

 

–

 

27,092

 

 

–

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

394,400

 

–

 

–

 

–

 

 

394,400

Amortization of deferred policy acquisition costs

 

–

 

–

 

14,871

 

–

 

 

14,871

Amortization of premiums and accretion of discounts related to investments, net

 

–

 

794

 

7,647

 

–

 

 

8,441

Amortization of debt issuance costs

 

3,427

 

–

 

–

 

–

 

 

3,427

Interest credited to policyholders

 

–

 

–

 

36,329

 

–

 

 

36,329

Provision for allowance (recoveries) for losses on trade receivables, net

 

646

 

(68)

 

–

 

–

 

 

578

Provision for allowance for inventories and parts reserve

 

3,461

 

–

 

–

 

–

 

 

3,461

Net gains on disposal of personal property

 

(102,464)

 

–

 

–

 

–

 

 

(102,464)

Net losses on disposal of real estate

 

2,736

 

–

 

–

 

–

 

 

2,736

Net gains on sales of investments

 

–

 

(9)

 

(908)

 

–

 

 

(917)

Net gains on equity securities

 

–

 

(2,745)

 

–

 

–

 

 

(2,745)

Deferred income taxes

 

108,291

 

501

 

(1,041)

 

–

 

 

107,751

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(23,200)

 

(1,865)

 

1,663

 

–

 

 

(23,402)

Inventories and parts

 

(13,520)

 

–

 

–

 

–

 

 

(13,520)

Prepaid expenses

 

(21,824)

 

–

 

–

 

–

 

 

(21,824)

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(7,773)

 

–

 

 

(7,773)

Other assets and right of use assets - operating, net

 

(7,339)

 

134

 

(1,546)

 

–

 

 

(8,751)

Related party assets

 

6,279

 

1,124

 

–

 

–

 

 

7,403

Accounts payable and accrued expenses and operating lease liabilities

 

38,562

 

1,446

 

(16,760)

 

–

 

 

23,248

Policy benefits and losses, claims and loss expenses payable

 

(10,609)

 

(2,859)

 

(5,085)

 

–

 

 

(18,553)

Other policyholders' funds and liabilities

 

–

 

(576)

 

22

 

–

 

 

(554)

Deferred income

 

4,532

 

–

 

(417)

 

–

 

 

4,115

Related party liabilities

 

671

 

425

 

(268)

 

–

 

 

828

Net cash provided by operating activities

 

887,303

 

18,050

 

32,078

 

–

 

 

937,431

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

573

 

–

 

–

 

–

 

 

573

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,664,387)

 

–

 

–

 

–

 

 

(1,664,387)

Short term investments

 

–

 

–

 

(44,903)

 

–

 

 

(44,903)

Fixed maturities investments

 

(97,331)

 

(2,216)

 

(7,230)

 

–

 

 

(106,777)

Equity securities

 

–

 

(308)

 

(1)

 

–

 

 

(309)

Real estate investments

 

(16)

 

–

 

(521)

 

–

 

 

(537)

Mortgage loans

 

–

 

(7,300)

 

(90,402)

 

–

 

 

(97,702)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

408,279

 

–

 

–

 

–

 

 

408,279

Short term investments

 

–

 

15,959

 

–

 

–

 

 

15,959

Fixed maturities investments

 

224,999

 

7,180

 

157,037

 

–

 

 

389,216

Equity securities

 

–

 

296

 

4

 

–

 

 

300

Preferred stock

 

–

 

913

 

–

 

–

 

 

913

Mortgage loans

 

–

 

422

 

12,627

 

–

 

 

13,049

Net cash used by investing activities

 

(1,127,883)

 

14,946

 

26,611

 

–

 

 

(1,086,326)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

704,960

 

–

 

–

 

–

 

 

704,960

Principal repayments on credit facilities

 

(351,893)

 

–

 

–

 

–

 

 

(351,893)

Payments of debt issuance costs

 

(4,018)

 

–

 

–

 

–

 

 

(4,018)

Finance lease payments

 

(59,752)

 

–

 

–

 

–

 

 

(59,752)

Securitization deposits

 

151

 

–

 

–

 

–

 

 

151

Series N Non-Voting Common Stock dividends paid

 

(14,118)

 

–

 

–

 

–

 

 

(14,118)

Investment contract deposits

 

–

 

–

 

132,630

 

–

 

 

132,630

Investment contract withdrawals

 

–

 

–

 

(174,256)

 

–

 

 

(174,256)

Net cash provided by financing activities

 

275,330

 

–

 

(41,626)

 

–

 

 

233,704

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(202)

 

–

 

–

 

–

 

 

(202)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

34,548

 

32,996

 

17,063

 

–

 

 

84,607

Cash and cash equivalents at beginning of period

 

2,034,242

 

11,276

 

15,006

 

–

 

 

2,060,524

Cash and cash equivalents at end of period

$

2,068,790

$

44,272

$

32,069

$

–

 

$

2,145,131

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$

688,211

$

11,115

$

4,800

$

(15,915)

 

$

688,211

Earnings from consolidated entities

 

(15,915)

 

–

 

–

 

15,915

 

 

–

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

359,804

 

–

 

–

 

–

 

 

359,804

Amortization of deferred policy acquisition costs

 

–

 

–

 

14,644

 

–

 

 

14,644

Amortization of premiums and accretion of discounts related to investments, net

 

–

 

857

 

9,392

 

–

 

 

10,249

Amortization of debt issuance costs

 

3,356

 

–

 

–

 

–

 

 

3,356

Interest credited to policyholders

 

–

 

–

 

24,690

 

–

 

 

24,690

Provision for allowance (recoveries) for losses on trade receivables, net

 

(5,404)

 

(90)

 

–

 

–

 

 

(5,494)

Provision for allowance for inventories and parts reserve

 

7,125

 

–

 

–

 

–

 

 

7,125

Net gains on disposal of personal property

 

(128,690)

 

–

 

–

 

–

 

 

(128,690)

Net losses on disposal of real estate

 

4,179

 

–

 

–

 

–

 

 

4,179

Net (gains) losses on sales of investments

 

–

 

(58)

 

7,265

 

–

 

 

7,207

Net gains on equity securities

 

–

 

7,963

 

–

 

–

 

 

7,963

Deferred income taxes

 

107,281

 

(1,119)

 

(2,334)

 

–

 

 

103,828

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

30,678

 

(1,088)

 

2,752

 

–

 

 

32,342

Inventories and parts

 

(14,416)

 

–

 

–

 

–

 

 

(14,416)

Prepaid expenses

 

3

 

–

 

–

 

–

 

 

3

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(14,900)

 

–

 

 

(14,900)

Other assets

 

2,877

 

(169)

 

(276)

 

–

 

 

2,432

Related party assets

 

(2,479)

 

839

 

–

 

–

 

 

(1,640)

Accounts payable and accrued expenses

 

65,366

 

1,396

 

(2,465)

 

–

 

 

64,297

Policy benefits and losses, claims and loss expenses payable

 

19,640

 

(3,381)

 

(4,799)

 

–

 

 

11,460

Other policyholders' funds and liabilities

 

–

 

112

 

1,202

 

–

 

 

1,314

Deferred income

 

7,809

 

–

 

1,649

 

–

 

 

9,458

Related party liabilities

 

460

 

(183)

 

465

 

–

 

 

742

Net cash provided by operating activities

 

1,129,885

 

16,194

 

42,085

 

–

 

 

1,188,164

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

9,688

 

–

 

–

 

–

 

 

9,688

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,335,528)

 

–

 

–

 

–

 

 

(1,335,528)

Short term investments

 

–

 

(35,975)

 

(198)

 

–

 

 

(36,173)

Fixed maturities investments

 

–

 

(18,573)

 

(183,692)

 

–

 

 

(202,265)

Equity securities

 

–

 

(2,705)

 

(1,651)

 

–

 

 

(4,356)

Real estate investments

 

–

 

(4,920)

 

(11)

 

–

 

 

(4,931)

Mortgage loans

 

–

 

(12,715)

 

(62,920)

 

–

 

 

(75,635)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

329,611

 

–

 

–

 

–

 

 

329,611

Short term investments

 

–

 

33,373

 

–

 

–

 

 

33,373

Fixed maturities investments

 

–

 

10,587

 

95,940

 

–

 

 

106,527

Equity securities

 

–

 

711

 

6

 

–

 

 

717

Mortgage loans

 

–

 

14,419

 

59,746

 

–

 

 

74,165

Net cash used by investing activities

 

(996,229)

 

(15,798)

 

(92,780)

 

–

 

 

(1,104,807)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

792,654

 

–

 

–

 

–

 

 

792,654

Principal repayments on credit facilities

 

(441,019)

 

–

 

–

 

–

 

 

(441,019)

Payment of debt issuance costs

 

(3,942)

 

–

 

–

 

–

 

 

(3,942)

Finance lease payments

 

(65,831)

 

–

 

–

 

–

 

 

(65,831)

Securitization deposits

 

49

 

–

 

–

 

–

 

 

49

Common stock dividends paid

 

(19,608)

 

–

 

–

 

–

 

 

(19,608)

Investment contract deposits

 

–

 

–

 

169,017

 

–

 

 

169,017

Investment contract withdrawals

 

–

 

–

 

(139,917)

 

–

 

 

(139,917)

Net cash provided by financing activities

 

262,303

 

–

 

29,100

 

–

 

 

291,403

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(13,782)

 

–

 

–

 

–

 

 

(13,782)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

382,177

 

396

 

(21,595)

 

–

 

 

360,978

Cash and cash equivalents at beginning of period

 

2,643,213

 

10,800

 

50,124

 

–

 

 

2,704,137

Cash and cash equivalents at end of period

$

3,025,390

$

11,196

$

28,529

$

–

 

$

3,065,115

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

  
v3.23.3
Industry Segment and Geographic Area Data (Table Text Block)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Geographic Areas, Long-Lived Assets [Abstract]    
Industry Segment and Geographic Area Data

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Quarter Ended September 30, 2023

 

 

 

 

 

 

Total revenues

$

1,559,205

$

90,655

$

1,649,860

Depreciation and amortization, net of (gains) on disposals

 

161,085

 

1,578

 

162,663

Interest expense

 

63,182

 

761

 

63,943

Pretax earnings

 

348,442

 

9,606

 

358,048

Income tax expense

 

82,035

 

2,505

 

84,540

Identifiable assets

 

18,279,234

 

742,216

 

19,021,450

 

 

 

 

 

 

 

Quarter Ended September 30, 2022

 

 

 

 

 

 

Total revenues

$

1,610,067

$

92,797

$

1,702,864

Depreciation and amortization, net of (gains) on disposals

 

124,735

 

1,427

 

126,162

Interest expense

 

56,477

 

716

 

57,193

Pretax earnings

 

444,220

 

17,270

 

461,490

Income tax expense

 

107,254

 

4,370

 

111,624

Identifiable assets

 

17,515,009

 

628,334

 

18,143,343

 

 

United States

 

Canada

 

Consolidated

 

 

(Unaudited)

 

 

(All amounts are in thousands of U.S. $'s)

Six Months Ended September 30, 2023

 

 

 

 

 

 

Total revenues

$

3,020,489

$

169,679

$

3,190,168

Depreciation and amortization, net of (gains) on disposals

 

309,398

 

145

 

309,543

Interest expense

 

123,128

 

1,413

 

124,541

Pretax earnings

 

675,514

 

21,229

 

696,743

Income tax expense

 

160,630

 

5,767

 

166,397

Identifiable assets

 

18,279,234

 

742,216

 

19,021,450

 

 

 

 

 

 

 

Six Months Ended September 30, 2022

 

 

 

 

 

 

Total revenues

$

3,120,453

$

180,251

$

3,300,704

Depreciation and amortization, net of (gains) on disposals

 

245,721

 

4,216

 

249,937

Interest expense

 

105,425

 

1,567

 

106,992

Pretax earnings

 

876,101

 

30,788

 

906,889

Income tax expense

 

210,867

 

7,811

 

218,678

Identifiable assets

 

17,515,009

 

628,334

 

18,143,343
v3.23.3
Employee Benefit Plans (Table Text Block)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Compensation and Retirement Disclosure [Abstract]    
Components of Net Periodic Post Retirement Benefit Cost

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

297

$

331

Other components of net periodic benefit costs:

 

 

 

 

Interest cost on accumulated postretirement benefit

 

368

 

287

Other components

 

(4)

 

17

Total other components of net periodic benefit costs

 

364

 

304

Net periodic postretirement benefit cost

$

661

$

635

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Service cost for benefits earned during the period

$

594

$

663

Other components of net periodic benefit costs:

 

 

 

 

Interest cost on accumulated postretirement benefit

 

735

 

574

Other components

 

(6)

 

34

Total other components of net periodic benefit costs

 

729

 

608

Net periodic postretirement benefit cost

$

1,323

$

1,271
v3.23.3
Fair Value Measurements (Table Text Block)
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Financial Instruments, Carrying and Estimated fair values

 

 

Fair Value Hierarchy

 

 

Carrying

 

 

 

 

 

 

 

Total Estimated

As of September 30, 2023

 

Value

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

 

 

(Unaudited)

Assets

 

(In thousands)

Reinsurance recoverables and trade receivables, net

$

212,565

$

–

$

–

$

212,565

$

212,565

Mortgage loans, net

 

550,913

 

–

 

–

 

521,831

 

521,831

Other investments

 

88,712

 

–

 

–

 

88,712

 

88,712

Total

$

852,190

$

–

$

–

$

823,108

$

823,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

$

6,436,800

$

–

$

5,961,511

$

–

$

5,961,511

Total

$

6,436,800

$

–

$

5,961,511

$

–

$

5,961,511

 

 

Fair Value Hierarchy

 

 

Carrying

 

 

 

 

 

 

 

Total Estimated

As of March 31, 2023

 

Value

 

Level 1

 

Level 2

 

Level 3

 

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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of September 30, 2023

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

(Unaudited)

Assets

 

(In thousands)

Short-term investments

$

1,808,130

$

1,807,142

$

988

$

–

Fixed maturities - available for sale

 

2,472,128

 

168,287

 

2,303,782

 

59

Preferred stock

 

19,991

 

19,991

 

–

 

–

Common stock

 

42,045

 

42,045

 

–

 

–

Derivatives

 

22,854

 

10,526

 

12,328

 

–

Total

$

4,365,148

$

2,047,991

$

2,317,098

$

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Embedded derivatives

$

9,630

$

–

$

–

$

9,630

Total

$

9,630

$

–

$

–

$

9,630

  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  

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
v3.23.3
Revenue Recognition (Table Text Block)
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Mar. 31, 2023
Revenue From Contract With Customer [Abstract]      
Disaggregation Of Revenue    

 

 

Years Ending September 30,

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

7,139

$

–

$

–

$

–

$

–

$

–

Property lease revenues

 

20,722

 

14,491

 

11,509

 

8,275

 

5,678

 

37,972

Total

$

27,861

$

14,491

$

11,509

$

8,275

$

5,678

$

37,972
Next five years and thereafter revenue

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Revenues recognized over time:

$

118,368

$

127,091

Revenues recognized at a point in time:

 

111,759

 

118,966

Total revenues recognized under ASC 606

 

230,127

 

246,057

 

 

 

 

 

Revenues recognized under ASC 842

 

1,305,523

 

1,373,925

Revenues recognized under ASC 944

 

49,472

 

52,373

Revenues recognized under ASC 320

 

64,738

 

30,509

Total revenues

$

1,649,860

$

1,702,864

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Revenues recognized over time:

$

209,683

$

230,285

Revenues recognized at a point in time:

 

229,352

 

245,321

Total revenues recognized under ASC 606

 

439,035

 

475,606

 

 

 

 

 

Revenues recognized under ASC 842

 

2,527,839

 

2,661,956

Revenues recognized under ASC 944

 

93,964

 

99,060

Revenues recognized under ASC 320

 

129,330

 

64,082

Total revenues

$

3,190,168

$

3,300,704

  
v3.23.3
Allowance For Credit Losses (Table Text Block)
 3 Months Ended
Sep. 30, 2023
Allowance For Credit Loss [Abstract]  
Accounts Receivable Allowance For Credit Loss [Table Text Block]

 

 

Allowance for Credit Losses

 

 

Trade Receivables

 

Investments, Fixed Maturities

 

Investments, other

 

Total

 

 

(Unaudited)

 

 

(in thousands)

Balance as of March 31, 2022

$

8,649

$

60

$

501

$

9,210

Provision for (reversal of) credit losses

 

(4,860)

 

2,041

 

16

 

(2,803)

Write-offs against allowance

 

–

 

–

 

–

 

–

Recoveries

 

–

 

–

 

–

 

–

Balance as of March 31, 2023

$

3,789

$

2,101

$

517

$

6,407

Provision for (reversal of) credit losses

 

578

 

(429)

 

300

 

449

Write-offs against allowance

 

–

 

–

 

–

 

–

Recoveries

 

–

 

–

 

–

 

–

Balance as of September 30, 2023

$

4,367

$

1,672

$

817

$

6,856
v3.23.3
Basis of Presentation (Narratives) (Details)
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]    
Number of reportable segments 3  
Effective tax rates, state and local 23.90% 24.17%
Effective tax rate, federal 21.00%  
v3.23.3
Earnings Per Share (Narratives) (Details) - د.إ / shares
Sep. 30, 2023
Mar. 31, 2023
Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Allocation of common stock available to share holders 10.00%  
Nonvoting Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share د.إ 0.001 د.إ 0.001
Allocation of common stock available to share holders 90.00%  
v3.23.3
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share Diluted Other Disclosures [Abstract]        
Net earnings available to common shareholders $ 273,508 $ 349,866 $ 530,346 $ 688,211
Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 19,607,788 19,607,788 19,607,788 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00% 10.00% 10.00%
Net earnings available to common shareholders $ 0 $ 0 $ 0 $ 0
Voting Common Stock dividends declared 0 (9,804) 0 (19,608)
Non-Voting Common Stock dividends declared (7,059) 0 (14,118) 0
Non-Voting Common Stock dividends declared (266,449) (340,062) (516,228) (668,603)
Undistributed earnings available to common stockholders, participating securities $ 26,645 $ 34,006 $ 51,623 $ 66,860
Undistributed earnings per share, common stock $ 1.36 $ 1.73 $ 2.63 $ 3.41
Dividends declared per share, distributed 0 0.50 0 1.00
Basic and diluted earnings per share Common Stock $ 1.36 $ 2.23 $ 2.63 $ 4.41
Nonvoting Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 176,470,092 176,470,092 176,470,092 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00% 90.00% 90.00%
Net earnings available to common shareholders $ 0 $ 0 $ 0 $ 0
Voting Common Stock dividends declared 0 (9,804) 0 (19,608)
Non-Voting Common Stock dividends declared (7,059) 0 (14,118) 0
Non-Voting Common Stock dividends declared (266,449) (340,062) (516,228) (668,603)
Undistributed earnings available to common stockholders, participating securities $ 239,804 $ 306,056 $ 464,605 $ 601,743
Undistributed earnings per share, common stock $ 1.36 $ 1.73 $ 2.63 $ 3.41
Dividends declared per share, distributed 0.04 0 0.08 0
Basic and diluted earnings per share Common Stock $ 1.40 $ 1.73 $ 2.71 $ 3.41
Nonvoting Common Stock [Member] | Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 196,077,880 196,077,880 196,077,880 196,077,880
v3.23.3
Investments (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Insurance Regulatory Authorites:      
Assets held by insurance regulators $ 21.2   $ 23.4
Available for sale securities:      
Fair value of sold available for sale securites 165.4 $ 105.5  
Available for sale securities, realized gains 1.5 0.8  
Available for sale securities, gross realized losses 1.1 $ 0.3  
Other-than-temporary impairments $ 225.0    
v3.23.3
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Available-for-sale Securities [Abstract]    
Amortized cost $ 2,758,446 $ 3,006,587
Gross unrealized gain 1,966 5,319
Gross unrealized losses more than 12 months (204,850) (118,943)
Gross unrealized losses less than 12 months (81,737) (181,825)
Allowance for expected credit loss (1,697) (2,101)
Estimated market value 2,472,128 2,709,037
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 172,987 353,189
Gross unrealized gain 335 3,061
Gross unrealized losses more than 12 months (2,315) (7,639)
Gross unrealized losses less than 12 months (116) (3,935)
Allowance for expected credit loss 0 0
Estimated market value 170,891 344,676
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 99,230 34,126
Gross unrealized gain 1 40
Gross unrealized losses more than 12 months (3,703) (6,707)
Gross unrealized losses less than 12 months (5,009) (228)
Allowance for expected credit loss 0 0
Estimated market value 90,519 27,231
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 154,547 161,960
Gross unrealized gain 441 649
Gross unrealized losses more than 12 months (4,261) (4,014)
Gross unrealized losses less than 12 months (5,064) (8,090)
Allowance for expected credit loss 0 0
Estimated market value 145,663 150,505
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 1,817,003 2,086,432
Gross unrealized gain 983 1,491
Gross unrealized losses more than 12 months (154,177) (60,224)
Gross unrealized losses less than 12 months (47,305) (156,365)
Allowance for expected credit loss (1,697) (2,101)
Estimated market value 1,614,807 1,869,233
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Amortized cost 514,679 370,880
Gross unrealized gain 206 78
Gross unrealized losses more than 12 months (40,394) (40,359)
Gross unrealized losses less than 12 months (24,243) (13,207)
Allowance for expected credit loss 0 0
Estimated market value $ 450,248 $ 317,392
v3.23.3
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,758,446 $ 3,006,587
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,472,128 2,709,037
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 251,106 354,875
Due after one year through five years 599,626 754,175
Due after five years through ten years 659,400 736,089
Due after ten years 733,486 790,568
Amortized cost 2,243,618 2,635,707
Available-for-sale securities, fair value:    
Due in one year or less 249,366 354,184
Due after one year through five years 569,012 717,552
Due after five years through ten years 590,567 665,708
Due after ten years 612,788 654,201
Available for sale investments, estimated market value 2,021,733 2,391,645
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 514,679 370,880
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 450,248 $ 317,392
v3.23.3
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 54,746 $ 55,631
Estimated market value, equity investments 62,036 61,357
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 29,602 29,577
Estimated market value, equity investments 42,045 39,375
Nonredeemable Preferred Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 25,144 26,054
Estimated market value, equity investments $ 19,991 $ 21,982
v3.23.3
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 521,831 $ 444,957
Investments other, amount 650,151 575,540
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 550,913 466,531
Short-term investments 0 15,921
Real estate, other 72,036 72,178
Policy loans 10,986 10,921
Other equity investments 16,216 9,989
Investments other, amount $ 650,151 $ 575,540
v3.23.3
Borrowings (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Mar. 31, 2022
Debt instruments, face, payment, and remaining balance amount:            
Notes, loans and leases payable $ 6,400,899   $ 6,400,899   $ 6,108,042  
Debt instruments, issuance and maturity dates:            
Remaining Lease Term Finance Lease Weighted Average 2       2  
Interest paid related to derivative contracts [Abstract]            
Interest paid in cash $ 74,200 $ 63,100 129,700 $ 104,800    
Federal Home Loan Bank, Advances, Activity for the year [Abstract]            
Aggregate deposit amount $ 1,300 0 $ 1,300 $ 0 $ 2,300 $ 600
Real estate loan [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 5.89%   5.89%      
Senior Mortgages [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 4.18%   4.18%      
Real estate loans (revolving credit) [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 0.00%   0.00%      
Rental Truck (amortizing loans) First Loan [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 3.76%   3.76%      
Finance Lease [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 4.38%   4.38%      
Capital Lease Obligations [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 4.00%   4.00%      
Private Placement            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 2.65%   2.65%      
Other Obligations [Member]            
Debt instruments, interest rate, effective percentage:            
Debt Weighted Average Interest Rate 6.10%   6.10%      
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 5.33%   5.33%      
Debt instruments, interest rate, effective percentage:            
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 4.30%   4.30%      
LIBOR - highest rate 0.10%   0.10%      
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, face amount $ 81,600   $ 81,600      
Debt instrument, original face amount $ 202,100   $ 202,100      
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Minimum [Member]            
Debt instruments, interest rate, effective percentage:            
Applicable margin interest rate 0.65%   0.65%      
Debt instrument, interest rate at period end 6.08%          
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Maximum [Member]            
Debt instruments, interest rate, effective percentage:            
Applicable margin interest rate 1.38%   1.38%      
Debt instrument, interest rate at period end 6.80%          
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member]            
Debt instruments, interest rate, effective percentage:            
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 5.33%   5.33%      
LIBOR - highest rate 1.55%   1.55%      
Applicable margin interest rate 6.88%   6.88%      
Unused capacity fee 0.30%          
Debt instruments, face, payment, and remaining balance amount:            
Line of credit facility, maximum borrowing capacity $ 465,000   $ 465,000      
Amerco Real Estate Company [Member] | Private Placement            
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, face amount 600,000   600,000      
Debt instrument, original face amount $ 150,000   $ 150,000      
Amerco Real Estate Company [Member] | Private Placement | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.43%   2.43%      
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity year 2029          
Amerco Real Estate Company [Member] | Private Placement | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.78%   2.78%      
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity year 2033          
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck (amortizing loans) First Loan [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Capitalized assets, net book value $ 202,600   $ 202,600   213,100  
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 0.10%   0.10%      
Debt instruments, interest rate, effective percentage:            
Applicable margin, per loan agreement, maximum rate 2.36%   2.36%      
Debt instruments, face, payment, and remaining balance amount:            
Debt instrument, face amount $ 615,000   $ 615,000      
Line of credit facility, maximum borrowing capacity 593,900   593,900      
Line of credit, current borrowing capacity 88,900   88,900      
Capitalized assets, net book value $ 772,300   $ 772,300   822,000  
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Minimum [Member]            
Debt instruments, interest rate, effective percentage:            
Applicable margin interest rate 5.31%   5.31%      
Debt instrument, interest rate at period end 1.15%          
Sum of LIBOR and margin, maximum rate 6.56%   6.56%      
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Maximum [Member]            
Debt instruments, interest rate, effective percentage:            
Applicable margin interest rate 5.33%   5.33%      
Debt instrument, interest rate at period end 1.25%          
Sum of LIBOR and margin, maximum rate 6.68%   6.68%      
Uhaul Intl and Subsidiaries [Member] | Finance Lease [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Capitalized assets, net book value $ 377,700   $ 377,700   474,800  
Lease Cost [Abstract]            
Sale Leaseback Transaction Lease Terms seven (7) year terms          
Uhaul Intl and Subsidiaries [Member] | Capital Lease Obligations [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Capitalized assets, net book value $ 1,815,200   1,815,200   $ 1,499,100  
Lease Cost [Abstract]            
Sale Leaseback Transaction Lease Terms seven (7) years          
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member]            
Debt instruments, face, payment, and remaining balance amount:            
Line of credit facility, maximum borrowing capacity $ 600,000   600,000      
Line of credit, current borrowing capacity 100,000   100,000      
Line of credit facility, remaining borrowing capacity $ 150,000   $ 150,000      
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member] | Minimum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.55%   2.55%      
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity year 2030          
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member] | Maximum [Member]            
Debt instruments, interest rate, stated percentage:            
Debt instrument, interest rate, stated percentage 2.88%   2.88%      
Debt instruments, issuance and maturity dates:            
Debt instrument, maturity year 2035          
Life Insurance [Member] | Other Obligations [Member]            
Debt instruments, face, payment, and remaining balance amount:            
New capital lease obligiations, amount $ 75,400 $ 1,700        
v3.23.3
Borrowings (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Mar. 31, 2023
Debt instrument, maturities:      
Debt Instrument Carrying Amount $ 5,961,511 $ 5,961,511 $ 5,710,735
Notes, loans and finance/capital leases payable 6,436,800 6,436,800 6,143,350
Less: Debt issuance costs (35,901) (35,901) (35,308)
Total notes, loans and finance/capital leases payable, net $ 6,400,899 $ 6,400,899 6,108,042
Real estate loan (amortizing term) [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 5.89% 5.89%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2027    
Debt instrument, maturity year range, end 2037    
Debt Instrument Carrying Amount $ 283,707 $ 283,707 289,647
Real estate loan (amortizing term) [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 4.30% 4.30%  
Real estate loan (amortizing term) [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 6.80% 6.80%  
Senior Mortgages [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 4.18% 4.18%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2024    
Debt instrument, maturity year range, end 2042    
Debt Instrument Carrying Amount $ 2,487,320 $ 2,487,320 2,371,231
Senior Mortgages [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.70% 2.70%  
Senior Mortgages [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 5.66% 5.66%  
Real estate loans (revolving credit) [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 0.00% 0.00%  
Debt instrument, maturities:      
Debt instrument, maturity year range, end 2027    
Debt Instrument Carrying Amount $ 0 $ 0 0
Real estate loans (revolving credit) [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 0.00% 0.00%  
Real estate loans (revolving credit) [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 0.00% 0.00%  
Fleet loans (amortizing term) [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 3.76% 3.76%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2024    
Debt instrument, maturity year range, end 2029    
Debt Instrument Carrying Amount $ 90,071 $ 90,071 111,856
Fleet loans (amortizing term) [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 1.61% 1.61%  
Fleet loans (amortizing term) [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 5.68% 5.68%  
Fleet loans (revolving credit) [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 5.97% 5.97%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2026    
Debt instrument, maturity year range, end 2028    
Debt Instrument Carrying Amount $ 593,889 $ 593,889 615,000
Fleet loans (revolving credit) [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.36% 2.36%  
Fleet loans (revolving credit) [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 6.68% 6.68%  
Capital Leases (rental equipment) [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 4.00% 4.00%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2023    
Debt instrument, maturity year range, end 2026    
Debt Instrument Carrying Amount $ 163,453 $ 163,453 223,205
Capital Leases (rental equipment) [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.39% 2.39%  
Capital Leases (rental equipment) [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 5.01% 5.01%  
Finance capital lease [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 4.38% 4.38%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start   2024  
Debt instrument, maturity year range, end 2031    
Debt Instrument Carrying Amount $ 1,544,608 $ 1,544,608 1,255,763
Finance capital lease [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 1.60% 1.60%  
Finance capital lease [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 6.48% 6.48%  
Private Placement      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 2.65% 2.65%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2029    
Debt instrument, maturity year range, end 2035    
Debt Instrument Carrying Amount $ 1,200,000 $ 1,200,000 1,200,000
Private Placement | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.43% 2.43%  
Private Placement | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 2.88% 2.88%  
Other Obligations [Member]      
Debt instruments, interest rate, stated percentage:      
Debt Weighted Average Interest Rate 6.10% 6.10%  
Debt instrument, maturities:      
Debt instrument, maturity year range, start 2023    
Debt instrument, maturity year range, end 2049    
Debt Instrument Carrying Amount $ 73,752 $ 73,752 $ 76,648
Other Obligations [Member] | Minimum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 1.50% 1.50%  
Other Obligations [Member] | Maximum [Member]      
Debt instruments, interest rate, stated percentage:      
Debt instrument, interest rate, stated percentage 8.00% 8.00%  
v3.23.3
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Long-term debt, by Maturity:  
2023 $ 657,998
2024 487,551
2025 829,219
2026 1,023,289
2027 513,160
Thereafter 2,925,583
Notes, loans and finance leases payable, sum $ 6,436,800
v3.23.3
Borrowings (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest expense, borrowings:        
Interest expense $ 67,524 $ 57,604 $ 131,924 $ 108,009
Capitalized interest (3,669) (2,248) (7,732) (4,866)
Amortization of transaction costs 1,432 1,814 2,843 3,260
Interest expense resulting from derivatives (1,344) 23 (2,494) 589
Total interest expense $ 63,943 $ 57,193 $ 124,541 $ 106,992
v3.23.3
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and debt expense:        
Weighted average interest rate during the quarter 6.51% 3.32% 6.38% 2.66%
Interest rate at quarter end 6.61% 3.80% 6.61% 3.80%
Maximum amount outstanding during the quarter $ 605,000 $ 1,102,000 $ 715,000 $ 1,105,000
Average amount outstanding during the quarter 596,322 877,522 628,151 984,464
Facility fees $ 306 $ 111 $ 571 $ 169
v3.23.3
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
AOCI Attributable To Parent [Abstract]              
Interest expense $ 63,943 $ 57,193 $ 124,541 $ 106,992      
Derivative Fair Value Of Derivative Net [Abstract]              
Derivative hedges, net market value $ 7,200 $ 6,400 7,200 6,400      
Amounts reclassified from AOCI to interest expense     $ 1,900 $ 5,700 $ 400    
Other Investments [Member]              
Derivative Fair Value Of Derivative Net [Abstract]              
Notional amount (lease)           $ 4,700 $ 7,800
v3.23.3
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 12,328 $ 5,311
Derivative Notional Amount $ 302,107 $ 206,347
v3.23.3
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Gain Loss On Derivative Net [Abstract]        
(Gain) loss reclassified from AOCI into Income $ (1,344) $ 23 $ (2,494) $ 589
Interest rate contracts        
Derivative Gain Loss On Derivative Net [Abstract]        
(Gain) loss reclassified from AOCI into Income 3,073 8,360    
AOCI into Income        
Derivative Gain Loss On Derivative Net [Abstract]        
(Gain) loss reclassified from AOCI into Income $ (1,345) $ 24    
v3.23.3
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 10,526 $ 4,295
Derivative Notional Amount $ 509,519 $ 465,701
v3.23.3
Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     $ (285,623)  
Foreign currency translation $ (2,849) $ (739) (2,380) $ (542)
Unrealized net gain on investments (13,297) (108,444) 7,047 (244,826)
Change in fair value of cash flow hedges 3,333 6,289 7,175 6,417
Amount reclassified from AOCI (1,015) 19 (1,883) 446
Other comprehensive income (loss) (13,828) (102,875) 9,959 (238,505)
Balance as of September 30, 2023 (275,664)   (275,664)  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     (56,539)  
Foreign currency translation     (2,380)  
Unrealized net gain on investments     0  
Change in fair value of cash flow hedges     0  
Amount reclassified from AOCI     0  
Other comprehensive income (loss)     (2,380)  
Balance as of September 30, 2023 (58,919)   (58,919)  
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     (232,740)  
Foreign currency translation     0  
Unrealized net gain on investments     7,047  
Change in fair value of cash flow hedges     0  
Amount reclassified from AOCI     0  
Other comprehensive income (loss)     7,047  
Balance as of September 30, 2023 (225,693)   (225,693)  
Fair Market Value of Cash Flow Hedges [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     4,007  
Foreign currency translation     0  
Unrealized net gain on investments     0  
Change in fair value of cash flow hedges     7,175  
Amount reclassified from AOCI     (1,883)  
Other comprehensive income (loss)     5,292  
Balance as of September 30, 2023 9,299   9,299  
Postretirement Benefit Obligation Gain [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     (351)  
Foreign currency translation     0  
Unrealized net gain on investments     0  
Change in fair value of cash flow hedges     0  
Amount reclassified from AOCI     0  
Other comprehensive income (loss)     0  
Balance as of September 30, 2023 (351)   (351)  
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     (285,623)  
Foreign currency translation (2,849) (739) (2,380) (542)
Unrealized net gain on investments (13,297) (108,444) 7,047 (244,826)
Change in fair value of cash flow hedges 3,333 6,289 7,175 6,417
Amount reclassified from AOCI (1,015) $ 19 (1,883) $ 446
Other comprehensive income (loss)     9,959  
Balance as of September 30, 2023 $ (275,664)   $ (275,664)  
v3.23.3
Stockholders' Equity (Narratives) (Details) - $ / shares
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Common Stock [Member] | Dividends Declared Two [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared   Aug. 18, 2022
Dividend paid, amount per share   $ 0.50
Dividends Payable, Date of Record   Sep. 06, 2022
Dividends Payable, Date to be Paid   Sep. 20, 2022
Common Stock [Member] | Dividends Declared Three [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared   Apr. 06, 2022
Dividend paid, amount per share   $ 0.50
Dividends Payable, Date of Record   Apr. 18, 2022
Dividends Payable, Date to be Paid   Apr. 29, 2022
Nonvoting Common Stock [Member] | Dividends Declared Two [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Aug. 17, 2023  
Dividend paid, amount per share $ 0.04  
Dividends Payable, Date of Record Sep. 19, 2023  
Dividends Payable, Date to be Paid Sep. 29, 2023  
Nonvoting Common Stock [Member] | Dividends Declared Three [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Jun. 07, 2023  
Dividend paid, amount per share $ 0.04  
Dividends Payable, Date of Record Jun. 20, 2023  
Dividends Payable, Date to be Paid Jun. 30, 2023  
v3.23.3
Leases (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]    
Right Of Use Asset Obtained In Exchange For Operating Lease Liability $ 163.5 $ 223.2
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 64.6 58.4
Cash paid for operating leases 17.4 16.0
Cash paid for finance leases 59.8 65.8
Operating Lease Payments $ 14.4 $ 3.6
v3.23.3
Leases (Components of our right-of-use assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Finance Lease [Abstract]    
Buildings and Improvements $ 142,467 $ 128,221
Furniture and equipment 7,109 9,687
Rental trailers and other rental equipment 115,072 152,294
Rental trucks 816,075 949,838
Right-of-use assets, gross 1,080,723 1,240,040
Less: Accumulated depreciation (637,674) (706,358)
Right of use assets, net 443,049 533,682
Finance Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 0 0
Furniture and equipment 7,109 9,687
Rental trailers and other rental equipment 115,072 152,294
Rental trucks 816,075 949,838
Right-of-use assets, gross 938,256 1,111,819
Less: Accumulated depreciation (560,523) (637,054)
Right of use assets, net 377,733 474,765
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 142,467 128,221
Furniture and equipment 0 0
Rental trailers and other rental equipment 0 0
Rental trucks 0 0
Right-of-use assets, gross 142,467 128,221
Less: Accumulated depreciation (77,151) (69,304)
Right of use assets, net $ 65,316 $ 58,917
v3.23.3
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 2 2
Finance Lease Weighted Average Discount Rate Percent 4.00% 3.80%
v3.23.3
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 18.9 19.2
Operating Lease Weighted Average Discount Rate Percent 4.60% 4.70%
v3.23.3
Leases (Components Of Lease Expense) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Lease cost:    
Operating lease costs $ 16,033 $ 16,181
Finance lease cost:    
Amortization of right of use assets 31,465 43,173
Interest on lease liabilities 4,002 6,142
Lease cost, financed $ 35,467 $ 49,315
v3.23.3
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Finance Lease Liabilities Payments Due [Abstract]    
2022 $ 85,789  
2023 61,189  
2024 24,371  
2025 0  
2026 0  
Thereafter 0  
Total lease payments 171,349  
Less: imputed interest (7,896)  
Financing lease liability 163,453  
Operating Lease Liabilities Payments Due [Abstract]    
2022 22,913  
2023 10,059  
2024 6,879  
2025 6,265  
2026 5,708  
Thereafter 60,853  
Total lease payments 112,677  
Less: inputed interest (48,097)  
Operating lease liability $ 64,580 $ 58,373
v3.23.3
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Sac Holdings [Member]        
Related party notes receivable:        
Cash interest payments $ 15.4 $ 15.6    
Related party costs and expenses:        
Cash flow, related party 1.2 1.2    
Revenue generated by the dealer agreement from related parties $ 14.3 14.3    
Private Mini [Member]        
Related party costs and expenses:        
Commission expenses, generated from dealer agreement with related parties     $ 46.7 $ 51.3
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]        
Property Management Fee [Abstract]        
Property Management Fee Revenue     $ 17.0 $ 16.9
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]        
Property Management Fee [Abstract]        
Management fee rate 4.00%      
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]        
Property Management Fee [Abstract]        
Management fee rate 10.00%      
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]        
Related party costs and expenses:        
Payments For Purchase Of Other Assets 1 $ 214.5 $ 245.0    
v3.23.3
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Related party transactions:        
Management fee revenue $ 9,267 $ 9,277 $ 18,444 $ 18,416
Blackwater [Member]        
Related party transactions:        
Management fee revenue 7,754 7,827 15,450 15,556
Mercury [Member]        
Related party transactions:        
Management fee revenue $ 1,513 $ 1,450 $ 2,994 $ 2,860
v3.23.3
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Related party cost and expense:        
Related party expenses, total $ 25,607 $ 26,989 $ 49,263 $ 52,475
Blackwater [Member]        
Related party cost and expense:        
Operating Leases Rent Expense Net 604 604 1,208 1,208
U-Haul printing expenses to Blackwater 968 0 1,317 0
U-Haul commission expenses $ 24,035 $ 26,385 $ 46,738 $ 51,267
v3.23.3
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Related party assets:    
Related party assets $ 40,140 $ 48,308
Blackwater [Member]    
Related party assets:    
Amounts due to related parties 37,791 42,141
Mercury [Member]    
Related party assets:    
Amounts due to related parties 6,654 8,402
Insurance Group [Member]    
Related party assets:    
Amounts due to related parties $ (4,305) $ (2,235)
v3.23.3
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
ASSETS:      
Cash and cash equivalents $ 2,145,131 $ 2,060,524  
Reinsurance recoverables and trade receivables, net 212,565 189,498  
Inventories, net 161,535 151,474  
Prepaid expenses 263,541 241,711  
Investments, fixed maturities and marketable equities 2,534,164 2,770,394  
Investments, other 650,151 575,540  
Deferred policy acquisition costs, net 121,365 128,463  
Other assets 52,769 51,052  
Right of use Assets - Financing 377,733 474,765  
Right of use Assets - Operating 65,316 58,917  
Related Parties Amounts Due 40,140 48,308  
Subtotal assets 6,624,410 6,750,646  
Investments in subsidiaries 0 0  
Property, plant and equipment, at cost:      
Land 1,613,871 1,537,206  
Buildings and improvements 7,649,849 7,088,810  
Furniture and equipment 966,211 928,241  
Property, plant and equipment (gross) 17,063,484 15,660,293  
Less: Accumulated depreciation (4,666,444) (4,310,205)  
Total property, plant and equipment 12,397,040 11,350,088  
Total assets 19,021,450 18,100,734 $ 18,143,343
Liabilities:      
Accounts payable and accrued expenses 757,988 761,039  
Notes, loans and leases payable 6,400,899 6,108,042  
Operating lease liability 64,580 58,373  
Policy benefits and losses, claims and loss expenses payable 865,397 880,202  
Liabilities from investment contracts 2,393,590 2,398,884  
Other policyholders' funds and liabilities 7,677 8,232  
Deferred income 56,821 52,282  
Deferred income taxes, net 1,444,120 1,329,489  
Related party liabilities 0 0  
Total liabilities 11,991,072 11,596,543  
Stockholders' equity:      
Common stock, value, issued   176  
Additional paid-in capital 453,643 453,643  
Accumulated other comprehensive loss (275,664) (285,623)  
Retained earnings 7,519,376 7,003,148  
Total stockholders' equity 7,030,378 6,504,191  
Total liabilities and stockholders' equity 19,021,450 18,100,734  
Rental Trailers and Other Rental Equipment [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 912,046 827,696  
Rental Trucks [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 5,921,507 5,278,340  
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 176 176  
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)  
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
ASSETS:      
Cash and cash equivalents 2,068,790 2,034,242  
Reinsurance recoverables and trade receivables, net 130,372 107,823  
Inventories, net 161,535 151,474  
Prepaid expenses 263,541 241,711  
Investments, fixed maturities and marketable equities 97,372 227,737  
Investments, other 23,330 23,314  
Deferred policy acquisition costs, net 0 0  
Other assets 46,667 46,438  
Right of use Assets - Financing 377,733 474,765  
Right of use Assets - Operating 64,378 57,978  
Related Parties Amounts Due 62,931 69,144  
Subtotal assets 3,296,649 3,434,626  
Investments in subsidiaries 462,493 426,779  
Property, plant and equipment, at cost:      
Land 1,613,871 1,537,206  
Buildings and improvements 7,649,849 7,088,810  
Furniture and equipment 966,211 928,241  
Property, plant and equipment (gross) 17,063,484 15,660,293  
Less: Accumulated depreciation (4,666,444) (4,310,205)  
Total property, plant and equipment 12,397,040 11,350,088  
Total assets 16,156,182 15,211,493  
Liabilities:      
Accounts payable and accrued expenses 745,606 729,679  
Notes, loans and leases payable 6,400,899 6,108,042  
Operating lease liability 63,627 57,418  
Policy benefits and losses, claims and loss expenses payable 324,642 335,227  
Liabilities from investment contracts 0 0  
Other policyholders' funds and liabilities 0 0  
Deferred income 56,821 52,282  
Deferred income taxes, net 1,514,732 1,405,391  
Related party liabilities 25,754 25,082  
Total liabilities 9,132,081 8,713,121  
Stockholders' equity:      
Common stock, value, issued   176  
Additional paid-in capital 453,853 453,853  
Accumulated other comprehensive loss (281,941) (291,442)  
Retained earnings 7,519,166 7,002,938  
Total stockholders' equity 7,024,101 6,498,372  
Total liabilities and stockholders' equity 16,156,182 15,211,493  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 912,046 827,696  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 5,921,507 5,278,340  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0 0  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 10,497 10,497  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Nonvoting Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 176    
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value (525,653) (525,653)  
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value (151,997) (151,997)  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
ASSETS:      
Cash and cash equivalents 44,272 11,276  
Reinsurance recoverables and trade receivables, net 50,525 48,344  
Inventories, net 0 0  
Prepaid expenses 0 0  
Investments, fixed maturities and marketable equities 268,769 271,156  
Investments, other 115,583 125,130  
Deferred policy acquisition costs, net 0 0  
Other assets 800 730  
Right of use Assets - Financing 0 0  
Right of use Assets - Operating 785 914  
Related Parties Amounts Due 1,223 2,347  
Subtotal assets 481,957 459,897  
Investments in subsidiaries 0 0  
Property, plant and equipment, at cost:      
Land 0 0  
Buildings and improvements 0 0  
Furniture and equipment 0 0  
Property, plant and equipment (gross) 0 0  
Less: Accumulated depreciation 0 0  
Total property, plant and equipment 0 0  
Total assets 481,957 459,897  
Liabilities:      
Accounts payable and accrued expenses 4,472 4,470  
Notes, loans and leases payable 0 0  
Operating lease liability 800 928  
Policy benefits and losses, claims and loss expenses payable 150,148 153,007  
Liabilities from investment contracts 0 0  
Other policyholders' funds and liabilities 2,126 2,702  
Deferred income 0 0  
Deferred income taxes, net 3,973 1,713  
Related party liabilities 2,969 2,544  
Total liabilities 164,488 165,364  
Stockholders' equity:      
Common stock, value, issued   0  
Additional paid-in capital 91,120 91,120  
Accumulated other comprehensive loss (13,532) (14,720)  
Retained earnings 236,580 214,832  
Total stockholders' equity 317,469 294,533  
Total liabilities and stockholders' equity 481,957 459,897  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 3,301 3,301  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Nonvoting Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0    
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value 0 0  
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value 0 0  
Operating Segments [Member] | Life Insurance [Member]      
ASSETS:      
Cash and cash equivalents 32,069 15,006  
Reinsurance recoverables and trade receivables, net 31,668 33,331  
Inventories, net 0 0  
Prepaid expenses 0 0  
Investments, fixed maturities and marketable equities 2,168,023 2,271,501  
Investments, other 511,238 427,096  
Deferred policy acquisition costs, net 121,365 128,463  
Other assets 5,302 3,884  
Right of use Assets - Financing 0 0  
Right of use Assets - Operating 153 25  
Related Parties Amounts Due 11,808 12,268  
Subtotal assets 2,881,626 2,891,574  
Investments in subsidiaries 0 0  
Property, plant and equipment, at cost:      
Land 0 0  
Buildings and improvements 0 0  
Furniture and equipment 0 0  
Property, plant and equipment (gross) 0 0  
Less: Accumulated depreciation 0 0  
Total property, plant and equipment 0 0  
Total assets 2,881,626 2,891,574  
Liabilities:      
Accounts payable and accrued expenses 7,910 26,890  
Notes, loans and leases payable 0 0  
Operating lease liability 153 27  
Policy benefits and losses, claims and loss expenses payable 390,607 391,968  
Liabilities from investment contracts 2,393,590 2,398,884  
Other policyholders' funds and liabilities 5,551 5,530  
Deferred income 0 0  
Deferred income taxes, net (74,585) (77,615)  
Related party liabilities 13,376 13,644  
Total liabilities 2,736,602 2,759,328  
Stockholders' equity:      
Common stock, value, issued   0  
Additional paid-in capital 26,271 26,271  
Accumulated other comprehensive loss (218,470) (225,904)  
Retained earnings 334,723 329,379  
Total stockholders' equity 145,024 132,246  
Total liabilities and stockholders' equity 2,881,626 2,891,574  
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0 0  
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 2,500 2,500  
Operating Segments [Member] | Life Insurance [Member] | Nonvoting Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0    
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value 0 0  
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value 0 0  
Consolidation, Eliminations [Member]      
ASSETS:      
Cash and cash equivalents 0 0  
Reinsurance recoverables and trade receivables, net 0 0  
Inventories, net 0 0  
Prepaid expenses 0 0  
Investments, fixed maturities and marketable equities 0 0  
Investments, other 0 0  
Deferred policy acquisition costs, net 0 0  
Other assets 0 0  
Right of use Assets - Financing 0 0  
Right of use Assets - Operating 0 0  
Related Parties Amounts Due (35,822) (35,451)  
Subtotal assets (35,822) (35,451)  
Investments in subsidiaries (462,493) (426,779)  
Property, plant and equipment, at cost:      
Land 0 0  
Buildings and improvements 0 0  
Furniture and equipment 0 0  
Property, plant and equipment (gross) 0 0  
Less: Accumulated depreciation 0 0  
Total property, plant and equipment 0 0  
Total assets (498,315) (462,230)  
Liabilities:      
Accounts payable and accrued expenses 0 0  
Notes, loans and leases payable 0 0  
Operating lease liability 0 0  
Policy benefits and losses, claims and loss expenses payable 0 0  
Liabilities from investment contracts 0 0  
Other policyholders' funds and liabilities 0 0  
Deferred income 0 0  
Deferred income taxes, net 0 0  
Related party liabilities (42,099) (41,270)  
Total liabilities (42,099) (41,270)  
Stockholders' equity:      
Common stock, value, issued   0  
Additional paid-in capital (117,601) (117,601)  
Accumulated other comprehensive loss 238,279 246,443  
Retained earnings (571,093) (544,001)  
Total stockholders' equity (456,216) (420,960)  
Total liabilities and stockholders' equity (498,315) (462,230)  
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Consolidation, Eliminations [Member] | Rental Trucks [Member]      
Property, plant and equipment, at cost:      
Property subject to or available for operating lease, gross 0 0  
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]      
Stockholders' equity:      
Preferred stock, value, issued 0 0  
Consolidation, Eliminations [Member] | Serial Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0 0  
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued (5,801) (5,801)  
Consolidation, Eliminations [Member] | Nonvoting Common Stock [Member]      
Stockholders' equity:      
Common stock, value, issued 0    
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value 0 0  
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]      
Stockholders' equity:      
Treasury stock, value $ 0 $ 0  
v3.23.3
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Self-moving equipment rentals $ 1,069,405 $ 1,162,025 $ 2,068,611 $ 2,252,800
Self-storage revenues 208,890 185,586 407,851 358,763
Self moving and self-storage products and service sales 91,571 96,864 192,443 206,215
Property management fees 9,267 9,277 18,444 18,416
Life insurance premiums 22,498 25,456 45,629 51,237
Property and casualty insurance premiums 25,571 25,718 45,893 45,690
Net investment and Interest income 64,738 30,509 129,330 64,082
Other revenue 157,920 167,429 281,967 303,501
Total revenues 1,649,860 1,702,864 3,190,168 3,300,704
Costs and expenses:        
Operating expenses 835,258 811,594 1,598,499 1,544,761
Commission expenses 111,961 125,341 218,888 243,834
Cost of sales 66,620 72,625 137,295 152,296
Benefits and losses 42,553 39,512 87,897 79,269
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Lease expense 8,450 7,684 16,033 15,159
Depreciation, net of (gains) losses on disposals 154,122 117,318 291,936 231,114
Net (gains) losses on disposal of real estate 1,715 1,872 2,736 4,179
Total costs and expenses 1,227,505 1,182,918 2,368,155 2,285,256
Earnings (loss) from operations before equity in earnings of subsidiaries 422,355 519,946 822,013 1,015,448
Equity in earnings of subsidiaries 0 0 0 0
Earnings from operations 422,355 519,946 822,013 1,015,448
Other components of net periodic benefit costs (364) (304) (729) (608)
Interest expense (63,943) (57,193) (124,541) (106,992)
Fees and amortization on early extinguishment of debt 0 (959) 0 (959)
Pretax earnings 358,048 461,490 696,743 906,889
Income tax expense (84,540) (111,624) (166,397) (218,678)
Earnings available to common stockholders 273,508 349,866 530,346 688,211
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues:        
Self-moving equipment rentals 1,070,688 1,163,376 2,070,767 2,255,086
Self-storage revenues 208,890 185,586 407,851 358,763
Self moving and self-storage products and service sales 91,571 96,864 192,443 206,215
Property management fees 9,267 9,277 18,444 18,416
Life insurance premiums 0 0 0 0
Property and casualty insurance premiums 0 0 0 0
Net investment and Interest income 28,520 15,077 55,815 20,017
Other revenue 156,642 166,678 279,771 301,959
Total revenues 1,565,578 1,636,858 3,025,091 3,160,456
Costs and expenses:        
Operating expenses 820,617 796,498 1,568,900 1,516,292
Commission expenses 111,961 125,341 218,888 243,834
Cost of sales 66,620 72,625 137,295 152,296
Benefits and losses 0 0 0 0
Amortization of deferred policy acquisition costs 0 0 0 0
Lease expense 8,839 8,261 16,941 16,181
Depreciation, net of (gains) losses on disposals 154,122 117,318 291,936 231,114
Net (gains) losses on disposal of real estate 1,715 1,872 2,736 4,179
Total costs and expenses 1,163,874 1,121,915 2,236,696 2,163,896
Earnings (loss) from operations before equity in earnings of subsidiaries 401,704 514,943 788,395 996,560
Equity in earnings of subsidiaries 16,862 3,906 27,092 15,915
Earnings from operations 418,566 518,849 815,487 1,012,475
Other components of net periodic benefit costs (364) (304) (729) (608)
Interest expense (64,199) (57,459) (125,048) (107,520)
Fees and amortization on early extinguishment of debt   (959)   (959)
Pretax earnings 354,003 460,127 689,710 903,388
Income tax expense (80,495) (110,261) (159,364) (215,177)
Earnings available to common stockholders 273,508 349,866 530,346 688,211
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues:        
Self-moving equipment rentals 0 0 0 0
Self-storage revenues 0 0 0 0
Self moving and self-storage products and service sales 0 0 0 0
Property management fees 0 0 0 0
Life insurance premiums 0 0 0 0
Property and casualty insurance premiums 26,371 25,960 47,418 46,790
Net investment and Interest income 5,481 (2,597) 12,273 (345)
Other revenue 0 0 0 0
Total revenues 31,852 23,363 59,691 46,445
Costs and expenses:        
Operating expenses 12,113 11,576 23,420 21,770
Commission expenses 0 0 0 0
Cost of sales 0 0 0 0
Benefits and losses 4,229 6,075 8,687 10,454
Amortization of deferred policy acquisition costs 0 0 0 0
Lease expense 91 26 183 184
Depreciation, net of (gains) losses on disposals 0 0 0 0
Net (gains) losses on disposal of real estate 0 0 0 0
Total costs and expenses 16,433 17,677 32,290 32,408
Earnings (loss) from operations before equity in earnings of subsidiaries 15,419 5,686 27,401 14,037
Equity in earnings of subsidiaries 0 0 0 0
Earnings from operations 15,419 5,686 27,401 14,037
Other components of net periodic benefit costs 0 0 0 0
Interest expense 0 0 0 0
Fees and amortization on early extinguishment of debt   0   0
Pretax earnings 15,419 5,686 27,401 14,037
Income tax expense (3,181) (1,167) (5,653) (2,922)
Earnings available to common stockholders 12,238 4,519 21,748 11,115
Operating Segments [Member] | Life Insurance [Member]        
Revenues:        
Self-moving equipment rentals 0 0 0 0
Self-storage revenues 0 0 0 0
Self moving and self-storage products and service sales 0 0 0 0
Property management fees 0 0 0 0
Life insurance premiums 22,498 25,456 45,629 51,237
Property and casualty insurance premiums 0 0 0 0
Net investment and Interest income 31,621 19,041 63,132 46,429
Other revenue 1,403 1,199 2,442 2,133
Total revenues 55,522 45,696 111,203 99,799
Costs and expenses:        
Operating expenses 4,731 5,558 10,097 10,667
Commission expenses 0 0 0 0
Cost of sales 0 0 0 0
Benefits and losses 38,324 33,437 79,210 68,815
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Lease expense 33 26 61 54
Depreciation, net of (gains) losses on disposals 0 0 0 0
Net (gains) losses on disposal of real estate 0 0 0 0
Total costs and expenses 49,914 45,993 104,239 94,180
Earnings (loss) from operations before equity in earnings of subsidiaries 5,608 (297) 6,964 5,619
Equity in earnings of subsidiaries 0 0 0 0
Earnings from operations 5,608 (297) 6,964 5,619
Other components of net periodic benefit costs 0 0 0 0
Interest expense (120) (120) (240) (240)
Fees and amortization on early extinguishment of debt   0   0
Pretax earnings 5,488 (417) 6,724 5,379
Income tax expense (864) (196) (1,380) (579)
Earnings available to common stockholders 4,624 (613) 5,344 4,800
Consolidation, Eliminations [Member]        
Revenues:        
Self-moving equipment rentals (1,283) (1,351) (2,156) (2,286)
Self-storage revenues 0 0 0 0
Self moving and self-storage products and service sales 0 0 0 0
Property management fees 0 0 0 0
Life insurance premiums 0 0 0 0
Property and casualty insurance premiums (800) (242) (1,525) (1,100)
Net investment and Interest income (884) (1,012) (1,890) (2,019)
Other revenue (125) (448) (246) (591)
Total revenues (3,092) (3,053) (5,817) (5,996)
Costs and expenses:        
Operating expenses (2,203) (2,038) (3,918) (3,968)
Commission expenses 0 0 0 0
Cost of sales 0 0 0 0
Benefits and losses 0 0 0 0
Amortization of deferred policy acquisition costs 0 0 0 0
Lease expense (513) (629) (1,152) (1,260)
Depreciation, net of (gains) losses on disposals 0 0 0 0
Net (gains) losses on disposal of real estate 0 0 0 0
Total costs and expenses (2,716) (2,667) (5,070) (5,228)
Earnings (loss) from operations before equity in earnings of subsidiaries (376) (386) (747) (768)
Equity in earnings of subsidiaries (16,862) (3,906) (27,092) (15,915)
Earnings from operations (17,238) (4,292) (27,839) (16,683)
Other components of net periodic benefit costs 0 0 0 0
Interest expense 376 386 747 768
Fees and amortization on early extinguishment of debt   0   0
Pretax earnings (16,862) (3,906) (27,092) (15,915)
Income tax expense 0 0 0 0
Earnings available to common stockholders $ (16,862) $ (3,906) $ (27,092) $ (15,915)
v3.23.3
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flow from operating activities:        
Net earnings $ 273,508 $ 349,866 $ 530,346 $ 688,211
Earnings from consolidated entities     0 0
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     394,400 359,804
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Amortization of premiums and accretion of discounts related to investments, inc     8,441 10,249
Amortization of debt issuance costs     3,427 3,356
Interest credited to policyholders     36,329 24,690
Change in allowance for losses on trade receivables     578 (5,494)
Change in allowance for inventory reserves     3,461 7,125
Net gain on sale of real and personal property (46,803) (64,342) (102,464) (128,690)
Net losses on disposal of real estate 1,715 1,872 2,736 4,179
Net (gain) loss on sale of investments     (917) 7,207
Net losses on equity investments     (2,745) 7,963
Deferred income tax     107,751 103,828
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (23,402) 32,342
Inventories     (13,520) (14,416)
Prepaid expenses     (21,824) 3
Capitalization of deferred policy acquisition costs     (7,773) (14,900)
Other assets     (8,751) 2,432
Related party assets     7,403 (1,640)
Accounts payable and accrued expenses     23,248 64,297
Policy benefits and losses, claims and loss expenses payable     (18,553) 11,460
Other policyholders' funds and liabilities     (554) 1,314
Deferred income     4,115 9,458
Related party liabilities     828 742
Net cash provided by operating activities     937,431 1,188,164
Cash flow from investing activities:        
Escrow deposits     573 9,688
Purchase of:        
Property, plant and equipment     (1,664,387) (1,335,528)
Short term investments     (44,903) (36,173)
Fixed maturity investments     (106,777) (202,265)
Equity securities     (309) (4,356)
Real estate     (537) (4,931)
Mortgage loans     (97,702) (75,635)
Proceeds from sale of:        
Property, plant and equipment     408,279 329,611
Short term investments     15,959 33,373
Fixed maturity investments     389,216 106,527
Equity securities     300 717
Preferred stock     913 717
Mortgage loans     13,049 74,165
Net cash used by investing activities     (1,086,326) (1,104,807)
Cash flow from financing activities:        
Borrowings from credit facilities     704,960 792,654
Principal repayments on credit facilities     (351,893) (441,019)
Payment of debt issuance costs     (4,018) (3,942)
Capital lease payments     (59,752) (65,831)
Securitization deposits     151 49
Common stock dividends paid     (14,118) (19,608)
Investment contract deposits     132,630 169,017
Investment contract withdrawals     (174,256) (139,917)
Net cash provided by (used in) financing activities     233,704 291,403
Effects on exchange rate on cash     (202) (13,782)
Increase (decrease) in cash and cash equivalents     84,607 360,978
Cash and cash equivalents at the beginning of period     2,060,524 2,704,137
Cash and cash equivalents at the end of period 2,145,131 3,065,115 2,145,131 3,065,115
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Cash flow from operating activities:        
Net earnings 273,508 349,866 530,346 688,211
Earnings from consolidated entities     (27,092) (15,915)
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     394,400 359,804
Amortization of deferred policy acquisition costs 0 0 0 0
Amortization of premiums and accretion of discounts related to investments, inc     0 0
Amortization of debt issuance costs     3,427 3,356
Interest credited to policyholders     0 0
Change in allowance for losses on trade receivables     646 (5,404)
Change in allowance for inventory reserves     3,461 7,125
Net gain on sale of real and personal property     (102,464) (128,690)
Net losses on disposal of real estate 1,715 1,872 2,736 4,179
Net (gain) loss on sale of investments     0 0
Net losses on equity investments     0 0
Deferred income tax     108,291 107,281
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (23,200) 30,678
Inventories     (13,520) (14,416)
Prepaid expenses     (21,824) 3
Capitalization of deferred policy acquisition costs     0 0
Other assets     (7,339) 2,877
Related party assets     6,279 (2,479)
Accounts payable and accrued expenses     38,562 65,366
Policy benefits and losses, claims and loss expenses payable     (10,609) 19,640
Other policyholders' funds and liabilities     0 0
Deferred income     4,532 7,809
Related party liabilities     671 460
Net cash provided by operating activities     887,303 1,129,885
Cash flow from investing activities:        
Escrow deposits     573 9,688
Purchase of:        
Property, plant and equipment     (1,664,387) (1,335,528)
Short term investments     0 0
Fixed maturity investments     (97,331) 0
Equity securities     0 0
Real estate     (16) 0
Mortgage loans     0 0
Proceeds from sale of:        
Property, plant and equipment     408,279 329,611
Short term investments     0 0
Fixed maturity investments     224,999 0
Equity securities     0  
Preferred stock     0 0
Mortgage loans     0 0
Net cash used by investing activities     (1,127,883) (996,229)
Cash flow from financing activities:        
Borrowings from credit facilities     704,960 792,654
Principal repayments on credit facilities     (351,893) (441,019)
Payment of debt issuance costs     (4,018) (3,942)
Capital lease payments     (59,752) (65,831)
Securitization deposits     151 49
Common stock dividends paid     (14,118) (19,608)
Investment contract deposits     0 0
Investment contract withdrawals     0 0
Net cash provided by (used in) financing activities     275,330 262,303
Effects on exchange rate on cash     (202) (13,782)
Increase (decrease) in cash and cash equivalents     34,548 382,177
Cash and cash equivalents at the beginning of period     2,034,242 2,643,213
Cash and cash equivalents at the end of period 2,068,790 3,025,390 2,068,790 3,025,390
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Cash flow from operating activities:        
Net earnings 12,238 4,519 21,748 11,115
Earnings from consolidated entities     0 0
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     0 0
Amortization of deferred policy acquisition costs 0 0 0 0
Amortization of premiums and accretion of discounts related to investments, inc     794 857
Amortization of debt issuance costs     0 0
Interest credited to policyholders     0 0
Change in allowance for losses on trade receivables     (68) (90)
Change in allowance for inventory reserves     0 0
Net gain on sale of real and personal property     0 0
Net losses on disposal of real estate 0 0 0 0
Net (gain) loss on sale of investments     (9) (58)
Net losses on equity investments     (2,745) 7,963
Deferred income tax     501 (1,119)
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     (1,865) (1,088)
Inventories     0 0
Prepaid expenses     0 0
Capitalization of deferred policy acquisition costs     0 0
Other assets     134 (169)
Related party assets     1,124 839
Accounts payable and accrued expenses     1,446 1,396
Policy benefits and losses, claims and loss expenses payable     (2,859) (3,381)
Other policyholders' funds and liabilities     (576) 112
Deferred income     0 0
Related party liabilities     425 (183)
Net cash provided by operating activities     18,050 16,194
Cash flow from investing activities:        
Escrow deposits     0 0
Purchase of:        
Property, plant and equipment     0 0
Short term investments     0 (35,975)
Fixed maturity investments     (2,216) (18,573)
Equity securities     (308) (2,705)
Real estate     0 (4,920)
Mortgage loans     (7,300) (12,715)
Proceeds from sale of:        
Property, plant and equipment     0 0
Short term investments     15,959 33,373
Fixed maturity investments     7,180 10,587
Equity securities     296  
Preferred stock     913 711
Mortgage loans     422 14,419
Net cash used by investing activities     14,946 (15,798)
Cash flow from financing activities:        
Borrowings from credit facilities     0 0
Principal repayments on credit facilities     0 0
Payment of debt issuance costs     0 0
Capital lease payments     0 0
Securitization deposits     0 0
Common stock dividends paid     0 0
Investment contract deposits     0 0
Investment contract withdrawals     0 0
Net cash provided by (used in) financing activities     0 0
Effects on exchange rate on cash     0 0
Increase (decrease) in cash and cash equivalents     32,996 396
Cash and cash equivalents at the beginning of period     11,276 10,800
Cash and cash equivalents at the end of period 44,272 11,196 44,272 11,196
Operating Segments [Member] | Life Insurance [Member]        
Cash flow from operating activities:        
Net earnings 4,624 (613) 5,344 4,800
Earnings from consolidated entities     0 0
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     0 0
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Amortization of premiums and accretion of discounts related to investments, inc     7,647 9,392
Amortization of debt issuance costs     0 0
Interest credited to policyholders     36,329 24,690
Change in allowance for losses on trade receivables     0 0
Change in allowance for inventory reserves     0 0
Net gain on sale of real and personal property     0 0
Net losses on disposal of real estate 0 0 0 0
Net (gain) loss on sale of investments     (908) 7,265
Net losses on equity investments     0 0
Deferred income tax     (1,041) (2,334)
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     1,663 2,752
Inventories     0 0
Prepaid expenses     0 0
Capitalization of deferred policy acquisition costs     (7,773) (14,900)
Other assets     (1,546) (276)
Related party assets     0 0
Accounts payable and accrued expenses     (16,760) (2,465)
Policy benefits and losses, claims and loss expenses payable     (5,085) (4,799)
Other policyholders' funds and liabilities     22 1,202
Deferred income     (417) 1,649
Related party liabilities     (268) 465
Net cash provided by operating activities     32,078 42,085
Cash flow from investing activities:        
Escrow deposits     0 0
Purchase of:        
Property, plant and equipment     0 0
Short term investments     (44,903) (198)
Fixed maturity investments     (7,230) (183,692)
Equity securities     (1) (1,651)
Real estate     (521) (11)
Mortgage loans     (90,402) (62,920)
Proceeds from sale of:        
Property, plant and equipment     0 0
Short term investments     0 0
Fixed maturity investments     157,037 95,940
Equity securities     4  
Preferred stock     0 6
Mortgage loans     12,627 59,746
Net cash used by investing activities     26,611 (92,780)
Cash flow from financing activities:        
Borrowings from credit facilities     0 0
Principal repayments on credit facilities     0 0
Payment of debt issuance costs     0 0
Capital lease payments     0 0
Securitization deposits     0 0
Common stock dividends paid     0 0
Investment contract deposits     132,630 169,017
Investment contract withdrawals     (174,256) (139,917)
Net cash provided by (used in) financing activities     (41,626) 29,100
Effects on exchange rate on cash     0 0
Increase (decrease) in cash and cash equivalents     17,063 (21,595)
Cash and cash equivalents at the beginning of period     15,006 50,124
Cash and cash equivalents at the end of period 32,069 28,529 32,069 28,529
Consolidation, Eliminations [Member]        
Cash flow from operating activities:        
Net earnings (16,862) (3,906) (27,092) (15,915)
Earnings from consolidated entities     27,092 15,915
Adjustments to reconcile net earnings to cash provided by operations:        
Depreciation     0 0
Amortization of deferred policy acquisition costs 0 0 0 0
Amortization of premiums and accretion of discounts related to investments, inc     0 0
Amortization of debt issuance costs     0 0
Interest credited to policyholders     0 0
Change in allowance for losses on trade receivables     0 0
Change in allowance for inventory reserves     0 0
Net gain on sale of real and personal property     0 0
Net losses on disposal of real estate 0 0 0 0
Net (gain) loss on sale of investments     0 0
Net losses on equity investments     0 0
Deferred income tax     0 0
Net change in other operating assets and liabilities:        
Reinsurance recoverables and trade receivables     0 0
Inventories     0 0
Prepaid expenses     0 0
Capitalization of deferred policy acquisition costs     0 0
Other assets     0 0
Related party assets     0 0
Accounts payable and accrued expenses     0 0
Policy benefits and losses, claims and loss expenses payable     0 0
Other policyholders' funds and liabilities     0 0
Deferred income     0 0
Related party liabilities     0 0
Net cash provided by operating activities     0 0
Cash flow from investing activities:        
Escrow deposits     0 0
Purchase of:        
Property, plant and equipment     0 0
Short term investments     0 0
Fixed maturity investments     0 0
Equity securities     0 0
Real estate     0 0
Mortgage loans     0 0
Proceeds from sale of:        
Property, plant and equipment     0 0
Short term investments     0 0
Fixed maturity investments     0 0
Equity securities     0  
Preferred stock     0 0
Mortgage loans     0 0
Net cash used by investing activities     0 0
Cash flow from financing activities:        
Borrowings from credit facilities     0 0
Principal repayments on credit facilities     0 0
Payment of debt issuance costs     0 0
Capital lease payments     0 0
Securitization deposits     0 0
Common stock dividends paid     0 0
Investment contract deposits     0 0
Investment contract withdrawals     0 0
Net cash provided by (used in) financing activities     0 0
Effects on exchange rate on cash     0 0
Increase (decrease) in cash and cash equivalents     0 0
Cash and cash equivalents at the beginning of period     0 0
Cash and cash equivalents at the end of period $ 0 $ 0 $ 0 $ 0
v3.23.3
Industry Segment and Geographic Area Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Quarter ended:          
Total revenues $ 1,649,860 $ 1,702,864 $ 3,190,168 $ 3,300,704  
Depreciation and amortization, net of (gains) losses on disposals 162,663 126,162 309,543 249,937  
Interest expense 63,943 57,193 124,541 106,992  
Pretax earnings (loss) 358,048 461,490 696,743 906,889  
Income tax expense 84,540 111,624 166,397 218,678  
Identifiable assets 19,021,450 18,143,343 19,021,450 18,143,343 $ 18,100,734
United States [Member]          
Quarter ended:          
Total revenues 1,559,205 1,610,067 3,020,489 3,120,453  
Depreciation and amortization, net of (gains) losses on disposals 161,085 124,735 309,398 245,721  
Interest expense 63,182 56,477 123,128 105,425  
Pretax earnings (loss) 348,442 444,220 675,514 876,101  
Income tax expense 82,035 107,254 160,630 210,867  
Identifiable assets 18,279,234 17,515,009 18,279,234 17,515,009  
Canada [Member]          
Quarter ended:          
Total revenues 90,655 92,797 169,679 180,251  
Depreciation and amortization, net of (gains) losses on disposals 1,578 1,427 145 4,216  
Interest expense 761 716 1,413 1,567  
Pretax earnings (loss) 9,606 17,270 21,229 30,788  
Income tax expense 2,505 4,370 5,767 7,811  
Identifiable assets $ 742,216 $ 628,334 $ 742,216 $ 628,334  
v3.23.3
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 297 $ 331 $ 594 $ 663
Other components of net periodic benefit costs:        
Interest cost on accumulated postretirement benefit 368 287 735 574
Other components (4) 17 (6) 34
Total other components of net periodic benefit costs 364 304 729 608
Net periodic postretirement benefit cost $ 661 $ 635 $ 1,323 $ 1,271
v3.23.3
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Assets    
Reinsurance recoverables and trade receivables, net $ 212,565 $ 189,498
Mortgage loans, net 521,831 444,957
Other investments 88,712 109,009
Total 823,108 743,464
Liabilities    
Notes, loans and leases payable, gross 5,961,511 5,710,735
Total 5,961,511 5,710,735
Level 1 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 0 0
Mortgage loans, net 0 0
Other investments 0 0
Total 0 0
Liabilities    
Notes, loans and leases payable, gross 0 0
Total 0 0
Level 2 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 0 0
Mortgage loans, net 0 0
Other investments 0 0
Total 0 0
Liabilities    
Notes, loans and leases payable, gross 5,961,511 5,710,735
Total 5,961,511 5,710,735
Level 3 [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 212,565 189,498
Mortgage loans, net 521,831 444,957
Other investments 88,712 109,009
Total 823,108 743,464
Liabilities    
Notes, loans and leases payable, gross 0 0
Total 0 0
Carrying Value [Member]    
Assets    
Reinsurance recoverables and trade receivables, net 212,565 189,498
Mortgage loans, net 550,913 466,531
Other investments 88,712 109,009
Total 852,190 765,038
Liabilities    
Notes, loans and leases payable, gross 6,436,800 6,143,350
Total $ 6,436,800 $ 6,143,350
v3.23.3
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Assets:    
Short-term investments $ 1,808,130 $ 1,809,441
Fixed maturities - available for sale 2,472,128 2,709,037
Preferred stock 19,991 21,982
Common stock 42,045 39,375
Derivatives 22,854 9,606
Total 4,365,148 4,589,441
Liabilities:    
Guaranteed residual values of TRAC leases 9,630  
Total 9,630  
Level 1 [Member]    
Assets:    
Short-term investments 1,807,142 1,808,797
Fixed maturities - available for sale 168,287 251,832
Preferred stock 19,991 21,982
Common stock 42,045 39,375
Derivatives 10,526 4,295
Total 2,047,991 2,126,281
Liabilities:    
Guaranteed residual values of TRAC leases 0  
Total 0  
Level 2 [Member]    
Assets:    
Short-term investments 988 644
Fixed maturities - available for sale 2,303,782 2,457,146
Preferred stock 0 0
Common stock 0 0
Derivatives 12,328 5,311
Total 2,317,098 2,463,101
Liabilities:    
Guaranteed residual values of TRAC leases 0  
Total 0  
Level 3 [Member]    
Assets:    
Short-term investments 0 0
Fixed maturities - available for sale 59 59
Preferred stock 0 0
Common stock 0 0
Derivatives 0 0
Total 59 $ 59
Liabilities:    
Guaranteed residual values of TRAC leases 9,630  
Total $ 9,630  
v3.23.3
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue From Contract With Customer [Abstract]        
Revenues Recognized Over Time $ 118,368 $ 127,091 $ 209,683 $ 230,285
Revenues recognized at a point in time 111,759 118,966 229,352 245,321
Total revenues recognized under ASC 606 230,127 246,057 439,035 475,606
Revenues recognized under ASC 840 1,305,523 1,373,925 2,527,839 2,661,956
Revenues recognized under ASC 944 49,472 52,373 93,964 99,060
Revenues recognized under ASC 320 64,738 30,509 129,330 64,082
Total revenues $ 1,649,860 $ 1,702,864 $ 3,190,168 $ 3,300,704
v3.23.3
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Contract With Customer Liability [Abstract]  
2020 $ 27,861
2021 14,491
2022 11,509
2023 8,275
2024 5,678
Thereafter 37,972
Self Moving Equipment [Member]  
Contract With Customer Liability [Abstract]  
2020 7,139
2021 0
2022 0
2023 0
2024 0
Thereafter 0
Property Lease Revenue [Member]  
Contract With Customer Liability [Abstract]  
2020 20,722
2021 14,491
2022 11,509
2023 8,275
2024 5,678
Thereafter $ 37,972
v3.23.3
Allowance for Credit Losses (Narratives) (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Receivables [Abstract]    
Trade receivable components 2  
Historical loss rate 1.00%  
Allowance for expected credit losses $ 4.4 $ 3.8
Available for sale securites, accrued interest receivable $ 28.7 29.6
Credit card receivables    
Receivables [Abstract]    
Average Historical Chargeback Term For credit card receivables, the Company uses a trailing 13 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.  
Accrued interest receivables    
Receivables [Abstract]    
Average Historical Chargeback Term Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.  Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.  
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]    
Premiums Receivable Gross $ 7.0 $ 4.1
v3.23.3
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 6,407 $ 9,210
Transition adjustment current expected credit losses 449 (2,803)
Write-offs against allowance 0 0
Recoveries 0 0
September 30, 2022 6,856  
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,789 8,649
Transition adjustment current expected credit losses 578 (4,860)
Write-offs against allowance 0 0
Recoveries 0 0
September 30, 2022 4,367  
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 2,101 60
Transition adjustment current expected credit losses (429) 2,041
Write-offs against allowance 0 0
Recoveries 0 0
September 30, 2022 1,672  
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 517 501
Transition adjustment current expected credit losses 300 16
Write-offs against allowance 0 0
Recoveries 0 $ 0
September 30, 2022 $ 817  
v3.23.3
Subsequent Events (Narratives) (Details)
 3 Months Ended 6 Months Ended
Sep. 30, 2023
$ / shares
shares
Sep. 30, 2022
$ / shares
Sep. 30, 2023
$ / shares
shares
Sep. 30, 2022
$ / shares
Sep. 30, 2023
د.إ / shares
shares
Mar. 31, 2023
د.إ / shares
shares
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]            
Common Stock, Dividends, Per Share, Declared | $ / shares $ 0.04 $ 0.50 $ 0.08 $ 1.00    
Nonvoting Common Stock [Member]            
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]            
Common Stock, Par or Stated Value Per Share | د.إ / shares         د.إ 0.001 د.إ 0.001
Common Stock, Shares Authorized | shares 250,000,000   250,000,000   250,000,000 250,000,000
Amerco Common Stock [Member]            
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]            
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.25   $ 0.25      
Common Stock, Shares Authorized | shares 250,000,000   250,000,000   250,000,000  
v3.23.3
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Statements Adjusted [Abstract]            
Assets $ 19,021,450 $ 18,143,343   $ 18,100,734    
Liabilities 11,991,072     11,596,543    
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 7,030,378 6,324,173 $ 6,777,757 6,504,191 $ 6,086,986 $ 5,894,075
Scenario Previously Reported [Member]            
Statements Adjusted [Abstract]            
Assets 18,124,648 17,299,581   18,124,648    
Liabilities 11,596,313 11,347,089   $ 11,596,313    
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,528,335 5,952,492        
Cumulative Effect Period Of Adoption Adjustment [Member] | Life And Annuity Insurance Product Line [Member]            
Statements Adjusted [Abstract]            
Derecognition of shadow reserves (25,141) 26,131        
Re-measurement due to discount rate 0 0        
Other adjustments 1,227 1,471        
Subtotal (23,914) 27,602        
After adoption 18,100,734 17,327,183        
Cumulative Effect Of Adoption Liabilities [Member] | Life And Annuity Insurance Product Line [Member]            
Statements Adjusted [Abstract]            
Derecognition of FIT on shadow reserves (5,280) 5,488        
Re-measurement due to discount rate (1,626) 87,258        
Re-measurement due to discount rate FIT 342 (18,324)        
Other adjustments 6,794 8,511        
Subtotal 230 82,933        
After adoption 11,596,543 11,430,022        
Cumulative Effect Of Adoption Comprehensive Income [Member]            
Statements Adjusted [Abstract]            
Stockholders Equity Including Portion Attributable To Noncontrolling Interest (267,046) 46,384        
Cumulative Effect Of Adoption Comprehensive Income [Member] | Life And Annuity Insurance Product Line [Member]            
Statements Adjusted [Abstract]            
Derecognition of FIT on shadow reserves (19,861) 20,644        
Re-measurement due to discount rate 1,626 (87,258)        
Re-measurement due to discount rate FIT (342) 18,324        
Other adjustments 0 0        
Subtotal (18,577) (48,290)        
After adoption (285,623) (1,906)        
Cumulative Effect Of Adoption Stockholders Equity [Member] | Life And Annuity Insurance Product Line [Member]            
Statements Adjusted [Abstract]            
Derecognition of FIT on shadow reserves (19,861) 20,644        
Re-measurement due to discount rate FIT 1,284 (68,934)        
Other adjustments (5,567) (7,042)        
Subtotal (24,144) (55,332)        
After adoption $ 6,504,191 $ 5,897,160        
v3.23.3
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2021
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net $ 121,365 $ 128,463    
Assets 19,021,450 18,100,734 $ 18,143,343  
Policy benefits and losses, claims and loss expenses payable 865,397 880,202    
Deferred income taxes, net 1,444,120 1,329,489    
Total liabilities 11,991,072 11,596,543    
Accumulated other comprehensive loss (275,664) (285,623)    
Retained earnings 7,519,376 7,003,148    
Stockholders' Equity Attributable to Parent 7,030,378 6,504,191    
Liabilities and Equity $ 19,021,450 $ 18,100,734    
Before Transition Date [Member]        
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net       $ 89,749
Assets       14,651,606
Policy benefits and losses, claims and loss expenses payable       909,701
Deferred income taxes, net       1,199,280
Total liabilities       9,732,515
Accumulated other comprehensive loss       106,857
Retained earnings       5,025,568
Stockholders' Equity Attributable to Parent       4,919,091
Liabilities and Equity       14,651,606
After Transition Date [Member]        
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net       131,187
Assets       14,693,044
Policy benefits and losses, claims and loss expenses payable       1,040,951
Deferred income taxes, net       1,182,123
Total liabilities       9,846,608
Accumulated other comprehensive loss       42,319
Retained earnings       5,017,451
Stockholders' Equity Attributable to Parent       4,846,436
Liabilities and Equity       $ 14,693,044
v3.23.3
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net $ 121,365 $ 128,463  
Assets 19,021,450 18,100,734 $ 18,143,343
Policy benefits and losses, claims and loss expenses payable 865,397 880,202  
Deferred income taxes, net 1,444,120 1,329,489  
Total liabilities 11,991,072 11,596,543  
Accumulated other comprehensive loss (275,664) (285,623)  
Retained earnings 7,519,376 7,003,148  
Stockholders' Equity Attributable to Parent 7,030,378 6,504,191  
Liabilities and Equity 19,021,450 18,100,734  
Operating Segments [Member] | Life Insurance [Member]      
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net 121,365 128,463  
Assets 2,881,626 2,891,574  
Policy benefits and losses, claims and loss expenses payable 390,607 391,968  
Deferred income taxes, net (74,585) (77,615)  
Total liabilities 2,736,602 2,759,328  
Accumulated other comprehensive loss (218,470) (225,904)  
Retained earnings 334,723 329,379  
Stockholders' Equity Attributable to Parent 145,024 132,246  
Liabilities and Equity 2,881,626 2,891,574  
Previously Reported      
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net   152,377  
Assets 18,124,648 18,124,648 17,299,581
Policy benefits and losses, claims and loss expenses payable   875,034  
Deferred income taxes, net   1,334,427  
Total liabilities $ 11,596,313 11,596,313 $ 11,347,089
Accumulated other comprehensive loss   (267,046)  
Retained earnings   7,008,715  
Stockholders' Equity Attributable to Parent   6,528,335  
Liabilities and Equity   18,124,648  
Effect of adoption      
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net   (23,914)  
Assets   (23,914)  
Policy benefits and losses, claims and loss expenses payable   5,168  
Deferred income taxes, net   (4,938)  
Total liabilities   230  
Accumulated other comprehensive loss   (18,577)  
Retained earnings   (5,567)  
Stockholders' Equity Attributable to Parent   (24,144)  
Liabilities and Equity   $ (23,914)  
v3.23.3
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Statement Of Operations) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statements Adjusted [Abstract]        
Benefits and losses $ 42,553 $ 39,512 $ 87,897 $ 79,269
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Pretax earnings 358,048 461,490 696,743 906,889
Net earnings available to common shareholders 273,508 349,866 530,346 688,211
Common Stock [Member]        
Statements Adjusted [Abstract]        
Net earnings available to common shareholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per share Common Stock $ 1.36 $ 2.23 $ 2.63 $ 4.41
Nonvoting Common Stock [Member]        
Statements Adjusted [Abstract]        
Net earnings available to common shareholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per share Common Stock $ 1.40 $ 1.73 $ 2.71 $ 3.41
Operating Segments [Member] | Life Insurance [Member]        
Statements Adjusted [Abstract]        
Benefits and losses $ 38,324 $ 33,437 $ 79,210 $ 68,815
Amortization of deferred policy acquisition costs 6,826 6,972 14,871 14,644
Pretax earnings 5,488 (417) 6,724 5,379
Net earnings available to common shareholders 4,624 $ (613) 5,344 $ 4,800
Previously Reported        
Statements Adjusted [Abstract]        
Benefits and losses 37,363   81,463  
Pretax earnings 463,639   904,695  
Net earnings available to common shareholders $ 352,015   $ 686,017  
Basic and diluted earnings per share Common Stock $ 2.25   $ 4.4  
Previously Reported | Nonvoting Common Stock [Member]        
Statements Adjusted [Abstract]        
Basic and diluted earnings per share Common Stock $ 1.75   $ 3.4  
Effect of adoption        
Statements Adjusted [Abstract]        
Benefits and losses $ 2,149   $ (2,194)  
Pretax earnings (2,149)   2,194  
Net earnings available to common shareholders $ (2,149)   $ 2,194  
Basic and diluted earnings per share Common Stock $ (0.02)   $ 0.01  
Effect of adoption | Nonvoting Common Stock [Member]        
Statements Adjusted [Abstract]        
Basic and diluted earnings per share Common Stock $ (0.02)   $ 0.01  
v3.23.3
Accounting Pronouncements (Deferred Acquisition Costs) (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]  
Balance, end of year March 31, 2021 $ 89,749
Adjustments for removal of related balances in accumulated other comprehensive income 41,438
Adjusted balance, beginning of year April 1, 2021 131,187
Deferred Fixed Annuity [Member]  
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]  
Balance, end of year March 31, 2021 15,654
Adjustments for removal of related balances in accumulated other comprehensive income 41,438
Adjusted balance, beginning of year April 1, 2021 57,092
Life And Annuity Insurance Product Line [Member]  
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]  
Balance, end of year March 31, 2021 64,552
Adjustments for removal of related balances in accumulated other comprehensive income 0
Adjusted balance, beginning of year April 1, 2021 64,552
Health Insurance Product Line [Member]  
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]  
Balance, end of year March 31, 2021 9,543
Adjustments for removal of related balances in accumulated other comprehensive income 0
Adjusted balance, beginning of year April 1, 2021 $ 9,543
v3.23.3
Accounting Pronouncements (Deferred Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Apr. 01, 2021
Mar. 31, 2021
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Balance, end of year March 31, 2021 $ 337,022  
Change in discount rate assumptions   $ 123,132
Change in cash flow assumptions, net of premiums exceeding gross premiums   1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability   2,580
Adjusted balance, beginning of year April 1, 2021 464,481  
Deferred Fixed Annuity [Member]    
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Balance, end of year March 31, 2021 8,370  
Change in discount rate assumptions   2,307
Change in cash flow assumptions, net of premiums exceeding gross premiums   0
Change in cash flow assumptions, effect of decrease of the deferred profit liability   0
Adjusted balance, beginning of year April 1, 2021 10,677  
Life And Annuity Insurance Product Line [Member]    
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Balance, end of year March 31, 2021 310,311  
Change in discount rate assumptions   115,978
Change in cash flow assumptions, net of premiums exceeding gross premiums   1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability   2,580
Adjusted balance, beginning of year April 1, 2021 430,616  
Health Insurance Product Line [Member]    
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Balance, end of year March 31, 2021 18,341  
Change in discount rate assumptions   4,847
Change in cash flow assumptions, net of premiums exceeding gross premiums   0
Change in cash flow assumptions, effect of decrease of the deferred profit liability   $ 0
Adjusted balance, beginning of year April 1, 2021 $ 23,188  
v3.23.3
Accounting Pronouncements (Market Risk Benefits) (Details) - Deferred Fixed Annuity [Member]
$ in Thousands
Mar. 31, 2021
USD ($)
Market Risk Benefit After Increase Decrease From Instrument Specific Credit Risk Alternative [Abstract]  
Balance, end of year March 31, 2021 $ 7,339
Adjustment for difference between carrying amount and fair value, excepts for the difference due to instrument specific credit risk 3,791
Adjusted balance, beginning of year April 1, 2021 $ 11,130
v3.23.3
Accounting Pronouncements (Transition Adjustment Stockholders' Equity) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Liability For Future Policy Benefits [Abstract]        
Deferred acquisition costs and related asset balances $ 121,365 $ 128,463 $ 133,825 $ 133,569
Tax effect (275,664) (285,623)    
Stockholders' Equity Attributable to Parent 7,030,378 6,504,191    
Accumulated Other Comprehensive Income (Loss) [Member]        
Liability For Future Policy Benefits [Abstract]        
Tax effect (275,664) $ (285,623)    
Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member]        
Liability For Future Policy Benefits [Abstract]        
Liability For Future Policy Benefits (4,327)      
Market risk benefits (3,791)      
Deferred acquisition costs and related asset balances 0      
Tax effect 0      
Stockholders' Equity Attributable to Parent (8,118)      
Cumulative Effect Period Of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member]        
Liability For Future Policy Benefits [Abstract]        
Liability For Future Policy Benefits (123,132)      
Market risk benefits 0      
Deferred acquisition costs and related asset balances 41,438      
Tax effect 17,156      
Stockholders' Equity Attributable to Parent $ (64,538)      
v3.23.3
Deferred Policy Acquisition Costs Net Long Duration Contracts (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 128,463 $ 133,569
Capitalization 7,773 14,900
Amortization expense (14,871) (14,644)
Balance, end of year 121,365 133,825
Deferred liabilities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 55,396 56,175
Capitalization 5,441 10,468
Amortization expense (9,631) (9,457)
Balance, end of year 51,206 57,186
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 66,954 68,676
Capitalization 2,212 4,212
Amortization expense (4,515) (3,872)
Balance, end of year 64,651 69,016
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 6,113 8,718
Capitalization 120 220
Amortization expense (725) (1,315)
Balance, end of year $ 5,508 $ 7,623
v3.23.3
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Net Premiums) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Apr. 01, 2021
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year           $ 123,132
Effect of actual variances from expected variances           2,580
Other $ 464,481          
Effect of changes in discount rate assumptions (AOCI)           337,022
Oxford            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year   $ 397,316 $ 488,325 $ 419,687 $ 561,103  
Beginning balance at original discount rate   413,303 488,470 437,525 496,048  
Effect of changes in cash flow assumptions       0 0  
Effect of actual variances from expected variances       (5,831) 1,774  
Adjust beginning of year balance       431,694 497,822  
Issuances   5,149 16,536      
Interest accrual   9,650 11,099      
Net premium collected   (33,190) (36,987)      
Other   0 0      
Ending balance at original discount rate   413,303 488,470      
Effect of changes in discount rate assumptions (AOCI)   (15,987) (145)      
Balance, end of period   397,316 488,325      
Life Insurance Segment [Member] | Oxford            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year   214,027 249,477 223,118 280,371  
Beginning balance at original discount rate   215,677 241,663 225,071 242,741  
Effect of changes in cash flow assumptions       0 0  
Effect of actual variances from expected variances       (187) 748  
Adjust beginning of year balance       224,884 243,489  
Issuances   5,072 14,083      
Interest accrual   5,554 6,037      
Net premium collected   (19,833) (21,946)      
Other   0 0      
Ending balance at original discount rate   215,677 241,663      
Effect of changes in discount rate assumptions (AOCI)   (1,650) 7,814      
Balance, end of period   214,027 249,477      
Health Insurance Product Line [Member]            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year           4,847
Effect of actual variances from expected variances           0
Other $ 23,188          
Effect of changes in discount rate assumptions (AOCI)           $ 18,341
Health Insurance Product Line [Member] | Oxford            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year   183,289 238,848 196,569 280,732  
Beginning balance at original discount rate   197,626 246,807 212,454 253,307  
Effect of changes in cash flow assumptions       0 0  
Effect of actual variances from expected variances       (5,644) 1,026  
Adjust beginning of year balance       $ 206,810 $ 254,333  
Issuances   77 2,453      
Interest accrual   4,096 5,062      
Net premium collected   (13,357) (15,041)      
Other   0 0      
Ending balance at original discount rate   197,626 246,807      
Effect of changes in discount rate assumptions (AOCI)   (14,337) (7,959)      
Balance, end of period   $ 183,289 $ 238,848      
v3.23.3
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Payout annuities and market risk benefits $ 2,393,590   $ 2,398,884    
Life and annuity ICOS and IBNR / Reinsurance losses payable         $ 41,438
Policy benefit and losses, claims and loss expense balance, end of period 865,397   880,202    
Oxford          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Balance, beginning of year 720,581 $ 830,363 740,992 $ 971,882  
Beginning balance at original discount rate 734,392 812,235 760,198 821,286  
Effect of changes in cash flow assumptions     0 0  
Effect of actual variances from expected experience     (4,780) 2,744  
Adjusted beginning of year balance     755,418 824,030  
Issuances 5,288 16,536      
Interest accrual 17,568 19,105      
Net premium collected (43,882) (47,436)      
Other 0 0      
Ending balance at original discount rate 734,392 812,235      
Effect of changes in discount rate assumptions (AOCI) (13,811) 18,128      
Balance, end of the year 720,581 830,363      
End of period, LFPB, net 323,265 342,038      
Payout annuities and market risk benefits 30,685 33,157      
Life and annuity ICOS and IBNR / Reinsurance losses payable 10,101 11,226      
Life DPL/Other life and health 26,556 37,130      
End of period balance, Oxford 390,607 423,551      
Balance, Moving and Storage 324,642 348,854      
Balance, Property and Casualty 150,148 156,998      
Policy benefit and losses, claims and loss expense balance, end of period 865,397 929,403      
Life Insurance Segment [Member] | Oxford          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Balance, beginning of year 524,729 577,061 530,938 672,254  
Beginning balance at original discount rate 523,780 551,154 533,688 552,109  
Effect of changes in cash flow assumptions     0 0  
Effect of actual variances from expected experience     (565) 1,031  
Adjusted beginning of year balance     533,123 553,140  
Issuances 5,211 14,083      
Interest accrual 13,166 13,714      
Net premium collected (27,720) (29,783)      
Other 0 0      
Ending balance at original discount rate 523,780 551,154      
Effect of changes in discount rate assumptions (AOCI) 949 25,907      
Balance, end of the year 524,729 577,061      
Health Insurance Product Line [Member]          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Life and annuity ICOS and IBNR / Reinsurance losses payable         $ 0
Health Insurance Product Line [Member] | Oxford          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Balance, beginning of year 195,852 253,302 210,054 299,628  
Beginning balance at original discount rate 210,612 261,081 226,510 269,177  
Effect of changes in cash flow assumptions     0 0  
Effect of actual variances from expected experience     (4,215) 1,713  
Adjusted beginning of year balance     $ 222,295 $ 270,890  
Issuances 77 2,453      
Interest accrual 4,402 5,391      
Net premium collected (16,162) (17,653)      
Other 0 0      
Ending balance at original discount rate 210,612 261,081      
Effect of changes in discount rate assumptions (AOCI) (14,760) (7,779)      
Balance, end of the year $ 195,852 $ 253,302      
v3.23.3
Policy Benefits And Losses Claims And Loss Expenses Payable (Sensitive Life Insurance Type Products) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 45,099 $ 50,861 $ 45,099 $ 50,861
Other premiums 0 0 0 0
Gross premiums 45,099 50,861 45,099 50,861
Interest expense 63,943 57,193 124,541 106,992
Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 718,993 861,520 718,993 861,520
Discounted balance at original discount rate 555,819 662,234 555,819 662,234
Discounted balance at current discount rate 536,444 664,757 536,444 664,757
Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 1,034,340 1,150,096 1,034,340 1,150,096
Discounted balance at original discount rate 734,389 812,234 734,389 812,234
Discounted balance at current discount rate 720,578 830,362 720,578 830,362
Oxford        
Liability For Future Policy Benefits [Abstract]        
Interest expense     7,918 8,006
Life Insurance Segment [Member]        
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 26,667 $ 29,158 $ 26,667 $ 29,158
Expected future lifetime (persistency) of policies in force (years) 6 years 10 months 24 days 7 years 1 month 6 days 6 years 10 months 24 days 7 years 1 month 6 days
Weighted average original interest rate of the liability for future policy benefits 5.00% 5.00% 5.00% 5.00%
Weighted average current interest rate of the liability for future policy benefits 5.00% 1.00% 5.00% 1.00%
Life Insurance Segment [Member] | Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance $ 387,141 $ 427,457 $ 387,141 $ 427,457
Discounted balance at original discount rate 299,161 329,233 299,161 329,233
Discounted balance at current discount rate 296,505 339,434 296,505 339,434
Life Insurance Segment [Member] | Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 761,261 807,725 761,261 807,725
Discounted balance at original discount rate 523,777 551,153 523,777 551,153
Discounted balance at current discount rate $ 524,726 $ 577,060 $ 524,726 $ 577,060
Life Insurance Segment [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0502 0.0507 0.0502 0.0507
Life Insurance Segment [Member] | Mortality expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0506 0.0478 0.0506 0.0478
Life Insurance Segment [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0187 0.0204 0.0187 0.0204
Life Insurance Segment [Member] | Lapses expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0265 0.0253 0.0265 0.0253
Life Insurance Segment [Member] | Morbidity actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Life Insurance Segment [Member] | Morbidity expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Life Insurance Segment [Member] | Oxford        
Liability For Future Policy Benefits [Abstract]        
Interest expense     $ 7,612 $ 7,677
Health Insurance Product Line [Member]        
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 18,432 $ 21,703 $ 18,432 $ 21,703
Expected future lifetime (persistency) of policies in force (years) 6 years 6 months 6 years 9 months 18 days 6 years 6 months 6 years 9 months 18 days
Weighted average original interest rate of the liability for future policy benefits 4.00% 4.00% 4.00% 4.00%
Weighted average current interest rate of the liability for future policy benefits 5.00% 1.00% 5.00% 1.00%
Health Insurance Product Line [Member] | Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance $ 331,852 $ 434,063 $ 331,852 $ 434,063
Discounted balance at original discount rate 256,658 333,001 256,658 333,001
Discounted balance at current discount rate 239,939 325,323 239,939 325,323
Health Insurance Product Line [Member] | Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 273,079 342,371 273,079 342,371
Discounted balance at original discount rate 210,612 261,081 210,612 261,081
Discounted balance at current discount rate $ 195,852 $ 253,302 $ 195,852 $ 253,302
Health Insurance Product Line [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Health Insurance Product Line [Member] | Mortality expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Health Insurance Product Line [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Health Insurance Product Line [Member] | Lapses expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0 0 0 0
Health Insurance Product Line [Member] | Morbidity actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.8553 0.7925 0.8553 0.7925
Health Insurance Product Line [Member] | Morbidity expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.7350 0.7130 0.7350 0.7130
Health Insurance Product Line [Member] | Oxford        
Liability For Future Policy Benefits [Abstract]        
Interest expense     $ 306 $ 329
v3.23.3
Policy Benefits And Losses Claims And Loss Expenses Payable (Balance Changes Liabilities Investment Contracts) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 8,232  
End of period 7,677  
Deferred Fixed Annuity [Member]    
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year 2,398,884 $ 2,336,238
Deposits received 125,122 169,008
Surrenders and withdrawals (146,647) (122,450)
Benefit payments (20,761) (18,334)
Interest credited 36,992 25,566
Other 0 0
End of period $ 2,393,590 $ 2,390,028
Weighted average credited rate 3.09% 2.16%
Cash surrender value $ 2,062,233 $ 2,082,936