U-HAUL HOLDING CO /NV/, 10-Q filed on 07 Feb 24
 | XBRL Documents
v3.24.0.1
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2023
Feb. 02, 2024
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 Q3  
Document Period End Date Dec. 31, 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, $0.001 par value  
Security Exchange Name NYSE  
v3.24.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
ASSETS:    
Cash and cash equivalents $ 1,805,976 $ 2,060,524
Reinsurance recoverables and trade receivables, net 195,930 189,498
Prepaid Expense 240,525 241,711
Inventories, net 155,161 151,474
Investments, fixed maturities and marketable equities 2,474,624 2,709,037
Equity securities, at estimated fair value 59,675 61,357
Investments, other 660,253 575,540
Deferred policy acquisition costs, net 120,834 128,463
Other assets 52,807 51,052
Right of use Assets - Financing 326,244 474,765
Right of use Assets - Operating 65,361 58,917
Related Parties Amounts Due 48,766 48,308
Subtotal assets 6,206,156 6,750,646
Property, plant and equipment, at cost:    
Land 1,649,346 1,537,206
Buildings and improvements 7,943,232 7,088,810
Furniture and equipment 983,683 928,241
Property, plant and equipment (gross) 17,686,592 15,660,293
Less: Accumulated depreciation (4,890,172) (4,310,205)
Total property, plant and equipment 12,796,420 11,350,088
Total assets 19,002,576 18,100,734
Liabilities:    
Accounts payable and accrued expenses 729,344 761,039
Notes, loans and leases payable 6,437,309 6,108,042
Operating lease liability 64,542 58,373
Policy benefits and losses, claims and loss expenses payable 838,945 880,202
Liabilities from investment contracts 2,363,143 2,398,884
Other policyholders' funds and liabilities 8,012 8,232
Deferred income 45,711 52,282
Deferred Income Tax Liabilities, Net 1,427,769 1,329,489
Total liabilities 11,914,775 11,596,543
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 453,643 453,643
Accumulated other comprehensive loss (308,642) (285,623)
Retained earnings 7,609,777 7,003,148
Total stockholders' equity 7,087,801 6,504,191
Total liabilities and stockholders' equity 19,002,576 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 927,038 827,696
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 6,183,293 $ 5,278,340
v3.24.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 1,704 $ 2,101
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,816,481 $ 3,006,587
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 $ 0.25 $ 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 $ 0.25 $ 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 $ 0.25 $ 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 $ 0.001 $ 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
v3.24.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues:        
Self-moving equipment rentals $ 839,801 $ 898,819 $ 2,908,412 $ 3,151,619
Self-storage revenues 210,517 190,483 618,368 549,246
Self moving and self-storage products and service sales 70,344 74,851 262,787 281,066
Property management fees 10,138 10,080 28,582 28,496
Life insurance premiums 22,574 24,399 68,203 75,636
Property and casualty insurance premiums 26,490 26,852 72,383 72,542
Net investment and Interest income 57,457 52,294 186,787 116,376
Other revenue 102,193 97,558 384,160 401,059
Total revenues 1,339,514 1,375,336 4,529,682 4,676,040
Costs and expenses:        
Operating expenses 770,405 733,469 2,368,904 2,278,230
Commission expenses 87,955 95,980 306,843 339,814
Cost of sales 51,536 54,616 188,831 206,912
Benefits and losses 42,495 41,764 130,392 121,033
Amortization of deferred policy acquisition costs 4,155 6,979 19,026 21,623
Lease expense 9,148 7,792 25,181 22,951
Depreciation, net of (gains) losses on disposals 173,648 113,866 465,584 344,980
Net (gains) losses on disposal of real estate 2,584 859 5,320 5,038
Total costs and expenses 1,141,926 1,055,325 3,510,081 3,340,581
Earnings from operations 197,588 320,011 1,019,601 1,335,459
Other components of net periodic benefit costs (365) (304) (1,094) (912)
Interest expense (67,450) (59,041) (191,991) (166,033)
Fees and amortization on early extinguishment of debt 0 (50) 0 (1,009)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 129,773 260,616 826,516 1,167,505
Income tax expense (30,549) (61,764) (196,946) (280,442)
Earnings available to common stockholders 99,224 198,852 629,570 887,063
Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 0 $ 0 $ 0 $ 0
Basic and diluted earnings per common share $ 0.46 $ 0.98 $ 3.09 $ 5.39
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     $ 629,570 $ 887,063
Basic and diluted earnings per common share $ 0.51 $ 1.02 $ 3.22 $ 4.43
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:        
Earnings available to common stockholders $ 0 $ 0 $ 0 $ 0
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.24.0.1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Depreciation:        
Net of (gains) losses on sale of real and personal property $ 36,189 $ 70,506 $ 138,653 $ 199,196
Related party:        
Related party, revenues, net of eliminations 10,138 10,080 28,582 28,496
Related party, costs and expenses, net of eliminations $ 20,400 $ 20,600 $ 69,700 $ 73,100
v3.24.0.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 129,773 $ 260,616 $ 826,516 $ 1,167,505
Comprehensive income (loss) (tax effect):        
Income tax expense (30,549) (61,764) (196,946) (280,442)
Comprehensive income (loss) (net of tax):        
Net Income (Loss) 99,224 198,852 629,570 887,063
Other comprehensive income (loss):        
Foreign currency translation (pretax) 5,268 (215) 2,888 (757)
Foreign currency translation (tax effect) 0 0 0 0
Foreign currency translation (net of tax) 5,268 215 2,888 757
Unrealized gain (loss) on investments (pretax) 41,618 (75,876) 32,942 (386,758)
Unrealized gain (loss) on investments (tax effect) (8,833) 16,082 (7,204) 82,138
Unrealized gain (loss) on investments (net of tax) 32,785 59,794 25,738 304,620
Change in fair value cash flow hedges (pretax) 5,769 153 3,742 8,659
Change in fair value of cash flow hedges (tax effect) (1,417) (38) (919) (2,127)
Change in fair value of cash flow hedges, (net of tax) 4,352 115 2,823 6,532
Amounts reclassified into earnings on hedging activities (pre tax) 1,471 (456) 3,966 134
Amounts reclassified into earnings on hedging activities (tax effect) (362) 111 (974) (33)
Amounts reclassified into earnings on hedging activities (net of tax) 1,109 345 2,992 101
Total other comprehensive income (loss) (pretax) 43,590 (76,394) 30,278 (378,722)
Total other comprehensive income (loss) (tax effect) (10,612) 16,155 (7,259) 79,978
Total other comprehensive income (loss) (net of tax) 32,978 60,239 23,019 298,744
Total comprehensive income (loss) (pretax) 86,183 184,222 796,238 788,783
Total comprehensive income (loss) (tax effect) (19,937) (45,609) (189,687) (200,464)
Total comprehensive income (loss) (net of tax) $ 66,246 $ 138,613 $ 606,551 $ 588,319
v3.24.0.1
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]
Nonvoting Common Stock [Member]
Nonvoting Common Stock [Member]
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                  
Common stock dividend 0 (176) 0 0 0 0   (176)
Foreign currency translation 757 0 0 757 0 0 0   0
Unrealized net gain (loss) on investments, net of tax 304,620 0 0 304,620 0 0 0   0
Change in fair value of cash flow hedges 6,532 0 0 6,532 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 101 0 0 101 0 0 0   0
Net Income (Loss) 887,063 0 0 0 887,063 0 0 $ 887,063 0
Common stock dividends (19,608) 0 0 0 (19,608) 0 0   0
Series N Non-Voting Common Stock dividends paid (7,059) 0 0 0 (7,059) 0 0   0
Net activity 561,652 0 176 298,744 860,396 0 0   176
Balance, end of period at Dec. 31, 2022 6,455,727 10,497 453,643 303,736 6,972,797 525,653 151,997   176
Balance, beginning of period at Sep. 30, 2022 6,324,173 10,497 453,819 243,497 6,781,004 525,653 151,997   0
Cosolidated statement of change in equity                  
Common stock dividend 0 0 (176) 0 0 0 0   (176)
Foreign currency translation 215 0 0 215 0 0 0   0
Unrealized net gain (loss) on investments, net of tax 59,794 0 0 59,794 0 0 0   0
Change in fair value of cash flow hedges 115 0 0 115 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 345 0 0 345 0 0 0   0
Net Income (Loss) 198,852 0 0 0 198,852 0 0   0
Series N Non-Voting Common Stock dividends paid (7,059) 0 0 0 (7,059) 0 0   0
Net activity 131,554 0 (176) 60,239 191,793 0 0   176
Balance, end of period at Dec. 31, 2022 6,455,727 10,497 453,643 303,736 6,972,797 525,653 151,997   176
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 2,888 0 0 2,888 0 0 0   0
Unrealized net gain (loss) on investments, net of tax 25,738 0 0 25,738 0 0 0   0
Change in fair value of cash flow hedges 2,823 0 0 2,823 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 2,992 0 0 2,992 0 0 0   0
Net Income (Loss) 629,570 0 0 0 629,570 0 0 $ 629,570 0
Series N Non-Voting Common Stock dividends paid (22,941) 0 0 0 (22,941) 0 0   0
Net activity 583,610 0 0 23,019 606,629 0 0   0
Balance, end of period at Dec. 31, 2023 7,087,801 10,497 453,643 308,642 7,609,777 525,653 151,997   176
Balance, beginning of period at Sep. 30, 2023 7,030,378 10,497 453,643 275,664 7,519,376 525,653 151,997   176
Cosolidated statement of change in equity                  
Foreign currency translation 5,268 0 0 5,268 0 0 0   0
Unrealized net gain (loss) on investments, net of tax 32,785 0 0 32,785 0 0 0   0
Change in fair value of cash flow hedges 4,352 0 0 4,352 0 0 0   0
Amounts reclassified into earnings on hedging activities, net 1,109 0 0 1,109 0 0 0   0
Net Income (Loss) 99,224 0 0 0 99,224 0 0   0
Common stock dividends (8,823) 0 0 0 (8,823) 0 0   0
Net activity 57,423 0 0 32,978 90,401 0 0   0
Balance, end of period at Dec. 31, 2023 $ 7,087,801 $ 10,497 $ 453,643 $ 308,642 $ 7,609,777 $ 525,653 $ 151,997   $ 176
v3.24.0.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Common Stock, Dividends, Per Share, Declared       $ 1
Nonvoting Common Stock [Member]        
Common Stock, Dividends, Per Share, Declared $ 0.05 $ 0.04 $ 0.13 $ 0.04
v3.24.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flow from operating activities:    
Net Income (Loss) $ 629,570 $ 887,063
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 604,237 544,176
Amortization of premiums and accretion of discounts related to investments, net 12,905 15,232
Amortization of debt issuance costs 5,295 5,694
Interest credited to policyholders 52,099 39,048
Change in allowance for losses on trade receivables 1,155 4,617
Proceeds from Fees Received 11,338 16,417
Net gain on sale of real and personal property (138,653) (199,196)
Net losses on disposal of real estate 5,320 5,038
Gain (Loss) on Investments (662) 8,695
Net (gains) losses on equity securities (174) 10,906
Deferred income taxes 101,999 121,707
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (7,217) (25,853)
Inventories and parts (3,698) (8,673)
Prepaid expenses (1,509) (7,867)
Capitalization of deferred policy acquisition costs (7,629) (1,217)
Other assets (20,627) (13,734)
Related party assets (1,073) (26,775)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 14,216 62,430
Increase (Decrease) in Insurance Liabilities 29,719 1,688
Other policyholders' funds and liabilities 866 1,767
Deferred income 7,046 2,168
Related party liabilities 774 1,301
Net cash provided by operating activities 1,240,043 1,515,680
Cash flow from investing activities:    
Escrow deposits (1,045) (159)
Purchase of:    
Property, plant and equipment (2,400,949) (2,076,424)
Fixed maturity investments (270,383) (491,431)
Equity securities (519) (4,828)
Investments, other (132,963) (205,672)
Proceeds from sales and paydowns of:    
Property, plant and equipment 598,170 533,595
Fixed maturity investments 447,489 148,290
Equity securities 1,417 1,187
Investments, other 46,800 223,354
Net cash used by investing activities (1,709,893) (1,871,770)
Cash flow from financing activities:    
Borrowings from credit facilities 1,037,082 975,966
Principal repayments on credit facilities (625,067) (695,321)
Payment of debt issuance costs (4,072) (4,962)
Finance lease payments (86,166) (95,290)
Securitization deposits 236 137
Common stock dividend paid   19,608
Series N Non-Voting Common Stock dividends paid (22,941) (7,059)
Investment contract deposits 214,312 258,157
Investment contract withdrawals (302,150) (236,742)
Net cash provided by financing activities 211,234 175,278
Effects of exchange rate on cash 4,068 12,706
Increase (decrease) in cash and cash equivalents (254,548) 193,518
Cash and cash equivalents at the beginning of period 2,060,524 2,704,137
Cash and cash equivalents at the end of period $ 1,805,976 $ 2,510,619
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ 99,224 $ 198,852 $ 629,570 $ 887,063
v3.24.0.1
Insider Trading Arrangements
 9 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Basis of Presentation
 9 Months Ended
Dec. 31, 2023
Disclosure Text Block [Abstract]  
Basis of Presentation

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe 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. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. 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.

The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Balance Sheets related to equity securities, at estimated fair value and fixed maturity securities available-for-sale net of allowance for credit loss, at estimated fair market value and amortized cost which was previously reported in investments, fixed maturities and marketable equities. The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Statements of Cash Flows related to (1) amortization of deferred policy acquisition costs which was previously reported separately and is now included in deferred policy acquisition costs, net, (2) provision for allowance for inventories and parts reserves which was previously reported separately and is now included in inventories and parts, net, (3) purchases of short term investments, real estate, and mortgage loans which were previously reported separately and are now included in investments, other, (4) non-cash lease expense which was previously reported in other assets.

Income Tax

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 nine months ended December 31, 2023 and 2022 was a provision of 23.8% and 24.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods. Income taxes paid in cash was $51.6 million for the nine months ended December 31, 2023.

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. These costs are not capitalized until they are incurred. 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. Also recorded within DAC are sales inducements credited to policyholder account balances. 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 $373.1 million of the total liability for future policy benefits of consolidated Policy Benefits and Losses, Claims and Loss Expenses Payable. 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.

Liability from Investment Contracts

Liability from Investment Contracts represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder's account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for annuities and certain other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.
v3.24.0.1
Earnings Per Share
 9 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

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 December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

December 31,

 

 

 

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

 

$

99,224

 

 

$

198,852

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

90,401

 

 

$

191,793

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

9,040

 

 

$

19,179

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.46

 

 

$

0.98

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.46

 

 

$

0.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

99,224

 

 

$

198,852

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

90,401

 

 

$

191,793

 

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

 

$

81,361

 

 

$

172,614

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.46

 

 

$

0.98

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.04

 

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

 

$

0.51

 

 

$

1.02

 

 

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

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

 

$

629,570

 

 

$

887,063

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(22,941

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

606,629

 

 

$

860,396

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

60,663

 

 

$

86,040

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

3.09

 

 

$

4.39

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

1.00

 

Basic and diluted earnings per share of Voting Common Stock

 

$

3.09

 

 

$

5.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

629,570

 

 

$

887,063

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(22,941

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

606,629

 

 

$

860,396

 

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

 

$

545,966

 

 

$

774,356

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

3.09

 

 

$

4.39

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.13

 

 

$

0.04

 

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

 

$

3.22

 

 

$

4.43

 
v3.24.0.1
Investments
 9 Months Ended
Dec. 31, 2023
Investments Debt Equity Securities [Abstract]  
Investments

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 $22.5 million and $23.4 million as of December 31, 2023 and March 31, 2023, respectively.

Available-for-Sale Investments

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

319,497

 

 

$

2,471

 

 

$

(13,023

)

 

$

—

 

 

$

308,945

 

U.S. government agency mortgage-backed securities

 

 

68,501

 

 

 

149

 

 

 

(8,353

)

 

 

—

 

 

$

60,297

 

Obligations of states and political subdivisions

 

 

154,660

 

 

 

102

 

 

 

(16,060

)

 

 

—

 

 

$

138,702

 

Corporate securities

 

 

1,943,321

 

 

 

524

 

 

 

(247,483

)

 

 

(1,704

)

 

$

1,694,658

 

Mortgage-backed securities

 

 

330,502

 

 

 

12

 

 

 

(58,492

)

 

 

—

 

 

$

272,022

 

 

 

$

2,816,481

 

 

$

3,258

 

 

$

(343,411

)

 

$

(1,704

)

 

$

2,474,624

 

 

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

353,189

 

 

$

3,061

 

 

$

(11,574

)

 

$

—

 

 

$

344,676

 

U.S. government agency mortgage-backed securities

 

 

34,126

 

 

 

40

 

 

 

(6,935

)

 

 

—

 

 

$

27,231

 

Obligations of states and political subdivisions

 

 

161,960

 

 

 

649

 

 

 

(12,104

)

 

 

—

 

 

$

150,505

 

Corporate securities

 

 

2,086,432

 

 

 

1,491

 

 

 

(216,589

)

 

 

(2,101

)

 

$

1,869,233

 

Mortgage-backed securities

 

 

370,880

 

 

 

78

 

 

 

(53,566

)

 

 

—

 

 

$

317,392

 

 

 

$

3,006,587

 

 

$

5,319

 

 

$

(300,768

)

 

$

(2,101

)

 

$

2,709,037

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2023 and March 31, 2023 are as follows:

 

 

 

December 31, 2023

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

6,825

 

 

 

$

(66

)

 

 

$

122,372

 

 

 

$

(12,957

)

 

 

$

129,197

 

 

 

$

(13,023

)

U.S. government agency mortgage-backed securities

 

 

 

6,009

 

 

 

 

(52

)

 

 

 

31,756

 

 

 

 

(8,301

)

 

 

 

37,765

 

 

 

 

(8,353

)

Obligations of states and political subdivisions

 

 

 

59,216

 

 

 

 

(3,367

)

 

 

 

82,845

 

 

 

 

(12,693

)

 

 

 

142,061

 

 

 

 

(16,060

)

Corporate securities

 

 

 

213,617

 

 

 

 

(9,277

)

 

 

 

1,682,378

 

 

 

 

(238,206

)

 

 

 

1,895,995

 

 

 

 

(247,483

)

Mortgage-backed securities

 

 

 

16,987

 

 

 

 

(486

)

 

 

 

310,288

 

 

 

 

(58,006

)

 

 

 

327,275

 

 

 

 

(58,492

)

 

 

 

$

302,654

 

 

 

$

(13,248

)

 

 

$

2,229,639

 

 

 

$

(330,163

)

 

 

$

2,532,293

 

 

 

$

(343,411

)

 

 

 

 

March 31, 2023

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

79,846

 

 

 

$

(3,935

)

 

 

$

44,374

 

 

 

$

(7,639

)

 

 

$

124,220

 

 

 

$

(11,574

)

U.S. government agency mortgage-backed securities

 

 

 

2,246

 

 

 

 

(228

)

 

 

 

30,670

 

 

 

 

(6,707

)

 

 

 

32,916

 

 

 

 

(6,935

)

Obligations of states and political subdivisions

 

 

 

108,192

 

 

 

 

(8,090

)

 

 

 

17,079

 

 

 

 

(4,014

)

 

 

 

125,271

 

 

 

 

(12,104

)

Corporate securities

 

 

 

1,697,611

 

 

 

 

(158,038

)

 

 

 

272,256

 

 

 

 

(58,551

)

 

 

 

1,969,867

 

 

 

 

(216,589

)

Mortgage-backed securities

 

 

 

201,962

 

 

 

 

(13,207

)

 

 

 

158,899

 

 

 

 

(40,359

)

 

 

 

360,861

 

 

 

 

(53,566

)

 

 

 

$

2,089,857

 

 

 

$

(183,498

)

 

 

$

523,278

 

 

 

$

(117,270

)

 

 

$

2,613,135

 

 

 

$

(300,768

)

Gross proceeds from matured or redeemed securities were $58.5 million and $448.9 million for the three and nine months ended December 31, 2023, respectively, and $42.1 million and $147.6 million for the three and nine months ended December 31, 2022. Included in the December 31, 2023 proceeds was $225.0 from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $1.5 million and $1.1 million during the first nine months of fiscal 2024 and 2023, respectively. The gross realized losses on these sales totaled $1.1 million and $0.5 million during the first nine months of fiscal 2024 and 2023, respectively.

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 $2.2 million net impairment charge recorded in the first nine months ended December 31, 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 fair value of available-for-sale investments by contractual maturity were as follows:

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

323,343

 

 

$

323,638

 

 

$

354,875

 

 

$

354,184

 

Due after one year through five years

 

 

744,486

 

 

 

705,900

 

 

 

754,175

 

 

 

717,552

 

Due after five years through ten years

 

 

650,412

 

 

 

566,624

 

 

 

736,089

 

 

 

665,708

 

Due after ten years

 

 

767,738

 

 

 

606,440

 

 

 

790,568

 

 

 

654,201

 

 

 

 

2,485,979

 

 

 

2,202,602

 

 

 

2,635,707

 

 

 

2,391,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

330,502

 

 

 

272,022

 

 

 

370,880

 

 

 

317,392

 

 

 

$

2,816,481

 

 

$

2,474,624

 

 

$

3,006,587

 

 

$

2,709,037

 

 

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

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

29,594

 

 

$

39,534

 

 

$

29,577

 

 

$

39,375

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

20,141

 

 

 

26,054

 

 

 

21,982

 

 

 

$

54,738

 

 

$

59,675

 

 

$

55,631

 

 

$

61,357

 

 

Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

567,784

 

 

$

466,531

 

Short-term investments

 

 

993

 

 

 

15,921

 

Real estate

 

 

65,836

 

 

 

72,178

 

Policy loans

 

 

11,155

 

 

 

10,921

 

Other equity investments

 

 

14,485

 

 

 

9,989

 

 

 

$

660,253

 

 

$

575,540

 
v3.24.0.1
Borrowings
 9 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net

4. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2024 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

December 31, 2023

 

 

March 31,
2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.82

 

%

 

2027

 

-

2037

 

 

5.90

 

%

 

$

280,737

 

 

$

289,647

 

Senior mortgages

 

2.70

 

%

-

 

5.66

 

%

 

2024

 

-

2042

 

 

4.19

 

%

 

 

2,435,443

 

 

 

2,371,231

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.68

 

%

 

2024

 

-

2029

 

 

3.79

 

%

 

 

79,874

 

 

 

111,856

 

Fleet loans (revolving credit) (b)

 

2.36

 

%

-

 

6.70

 

%

 

2026

 

-

2028

 

 

6.24

 

%

 

 

605,000

 

 

 

615,000

 

Finance leases (rental equipment)

 

2.49

 

%

-

 

5.01

 

%

 

2024

 

-

2026

 

 

4.06

 

%

 

 

137,039

 

 

 

223,205

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.48

 

%

 

2024

 

-

2031

 

 

4.60

 

%

 

 

1,660,443

 

 

 

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

 

%

 

2024

 

-

2049

 

 

6.16

 

%

 

 

72,869

 

 

 

76,648

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,471,405

 

 

 

6,143,350

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,096

)

 

 

(35,308

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,437,309

 

 

$

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 6.13% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2023.

 

 

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows:

 

 

 

Year Ending December 31,

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

666,155

 

 

$

546,192

 

 

$

941,575

 

 

$

955,008

 

 

$

500,139

 

 

$

2,862,336

 

 

$

6,471,405

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

71,061

 

 

$

60,978

 

Capitalized interest

 

 

(4,006

)

 

 

(3,818

)

Amortization of transaction costs

 

 

1,868

 

 

 

2,336

 

Interest expense resulting from cash flow hedges

 

 

(1,473

)

 

 

(455

)

Total interest expense

 

$

67,450

 

 

$

59,041

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

202,985

 

 

$

168,987

 

Capitalized interest

 

 

(11,738

)

 

 

(8,684

)

Amortization of transaction costs

 

 

4,711

 

 

 

5,596

 

Interest expense resulting from cash flow hedges

 

 

(3,967

)

 

 

134

 

Total interest expense

 

$

191,991

 

 

$

166,033

 

 

Interest paid in cash was $61.8 million and $51.3 million for the third quarter of fiscal 2024 and 2023, respectively, and $191.4 million and $156.8 million for the first nine months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and $0.0 million for the third quarter of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($3.8) million and $0.6 million for the first nine 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 December 31,

 

 

 

 

 

2023

 

 

 

2022

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.64

 

%

 

4.68

 

%

Interest rate at the end of the quarter

 

 

6.63

 

%

 

5.28

 

%

Maximum amount outstanding during the quarter

 

$

710,000

 

 

$

765,000

 

 

Average amount outstanding during the quarter

 

$

669,372

 

 

$

710,109

 

 

Facility fees

 

$

259

 

 

$

270

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2023

 

 

 

2022

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

6.47

 

%

 

3.34

 

%

Interest rate at the end of the period

 

 

6.63

 

%

 

5.28

 

%

Maximum amount outstanding during the period

 

$

715,000

 

 

$

1,105,000

 

 

Average amount outstanding during the period

 

$

641,941

 

 

$

892,680

 

 

Facility fees

 

$

830

 

 

$

439

 

 
v3.24.0.1
Derivatives
 9 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives

5. Derivatives

Cash Flow Hedges

We manage exposure to changes in market interest rates. We use 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 secured overnight financing rate ("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

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

5,086

 

 

$

5,311

 

Notional amount

 

$

299,987

 

 

$

206,347

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $2.8 million and $6.5 million, respectively, net of taxes. During the first nine months of fiscal 2024 and 2023, we reclassified ($3.0) million and $0.1 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 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.

Economic Hedges

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 nine months of December 31, 2023 and 2022 were ($4.6) million and $9.2 million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,795

 

 

$

4,295

 

Notional amount

 

$

535,537

 

 

$

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.
v3.24.0.1
Accumulated Other Comprehensive Loss
 9 Months Ended
Dec. 31, 2023
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Loss

6. Accumulated Other Comprehensive Loss

The following provides the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2023

 

$

(58,919

)

 

$

(225,693

)

 

$

9,299

 

 

$

(351

)

 

$

(275,664

)

Foreign currency translation

 

 

5,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,268

 

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(32,785

)

 

 

—

 

 

 

—

 

 

 

(32,785

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,352

)

 

 

—

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,109

)

 

 

—

 

 

 

(1,109

)

Other comprehensive income (loss)

 

 

5,268

 

 

 

(32,785

)

 

 

(5,461

)

 

 

—

 

 

 

(32,978

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
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

 

 

2,888

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,888

 

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(25,738

)

 

 

—

 

 

 

—

 

 

 

(25,738

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

2,823

 

 

 

—

 

 

 

2,823

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(2,992

)

 

 

—

 

 

 

(2,992

)

Other comprehensive income (loss)

 

 

2,888

 

 

 

(25,738

)

 

 

(169

)

 

 

—

 

 

 

(23,019

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2022

 

$

(56,299

)

 

$

(191,175

)

 

$

6,419

 

 

$

(2,442

)

 

$

(243,497

)

Foreign currency translation

 

 

(215

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(215

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(59,794

)

 

 

—

 

 

 

—

 

 

 

(59,794

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

115

 

 

 

—

 

 

 

115

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(345

)

 

 

—

 

 

 

(345

)

Other comprehensive income (loss)

 

 

(215

)

 

 

(59,794

)

 

 

(230

)

 

 

—

 

 

 

(60,239

)

Balance as of December 31, 2022

 

$

(56,514

)

 

$

(250,969

)

 

$

6,189

 

 

$

(2,442

)

 

$

(303,736

)

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2022

 

$

(55,757

)

 

$

53,651

 

 

$

(444

)

 

$

(2,442

)

 

$

(4,992

)

Foreign currency translation

 

 

(757

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(757

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(304,620

)

 

 

—

 

 

 

—

 

 

 

(304,620

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

6,532

 

 

 

—

 

 

 

6,532

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

Other comprehensive income (loss)

 

 

(757

)

 

 

(304,620

)

 

 

6,633

 

 

 

—

 

 

 

(298,744

)

Balance as of December 31, 2022

 

$

(56,514

)

 

$

(250,969

)

 

$

6,189

 

 

$

(2,442

)

 

$

(303,736

)
v3.24.0.1
Stockholders' Equity
 9 Months Ended
Dec. 31, 2023
Stockholders' Equity [Abstract]  
7. Stockholders' Equity

7. Stockholders’ Equity

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

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 6, 2023

 

$

0.05

 

 

December 18, 2023

 

December 29, 2023

August 17, 2023

 

 

0.04

 

 

September 19, 2023

 

September 29, 2023

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023

December 7, 2022

 

 

0.04

 

 

December 19, 2022

 

December 30, 2022

 

Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

August 18, 2022

 

$

0.50

 

 

September 6, 2022

 

September 20, 2022

April 6, 2022

 

 

0.50

 

 

April 18, 2022

 

April 29, 2022

 

As of December 31, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan.
v3.24.0.1
Leases
 9 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

8. Leases

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

 

 

 

As of December 31, 2023

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

145,958

 

 

$

145,958

 

Furniture and equipment

 

 

1,693

 

 

 

—

 

 

 

1,693

 

Rental trailers and other rental equipment

 

 

114,884

 

 

 

—

 

 

 

114,884

 

Rental trucks

 

 

692,955

 

 

 

—

 

 

 

692,955

 

Right-of-use assets, gross

 

 

809,532

 

 

 

145,958

 

 

 

955,490

 

Less: Accumulated depreciation

 

 

(483,288

)

 

 

(80,597

)

 

 

(563,885

)

Right-of-use assets, net

 

$

326,244

 

 

$

65,361

 

 

$

391,605

 

 

 

 

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 December 31, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $137.0 million and $223.2 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.

 

 

 

Finance leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2023

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

1

 

 

2

 

 

Weighted average discount rate

 

 

4.1

 

%

 

3.8

 

%

 

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2023

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

19.1

 

 

19.2

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.7

 

%

 

For the nine months ended December 31, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $17.5 million and $24.0 million, respectively, and our financing cash flow activities were $86.2 million and $95.3 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $17.9 million and $5.1 million for the first nine months of fiscal 2024 and 2023, respectively.

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

 

 

 

Nine months ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

25,181

 

 

$

24,483

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

44,220

 

 

$

62,782

 

Interest on lease liabilities

 

 

5,600

 

 

 

8,799

 

Total finance lease cost

 

$

49,820

 

 

$

71,581

 

 

The short-term lease costs for the first nine 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 (3 months)

 

$

20,502

 

 

$

6,880

 

2025

 

 

76,714

 

 

 

16,232

 

2026

 

 

46,107

 

 

 

9,527

 

2027

 

 

—

 

 

 

7,455

 

2028

 

 

—

 

 

 

6,501

 

Thereafter

 

 

—

 

 

 

66,126

 

Total lease payments

 

 

143,323

 

 

 

112,721

 

Less: imputed interest

 

 

(6,284

)

 

 

(48,179

)

Present value of lease liabilities

 

$

137,039

 

 

$

64,542

 
v3.24.0.1
Contingencies
 9 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

9. Contingencies

Cybersecurity Incident

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.

Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona. On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The remaining claims will be vigorously defended by the Company; however, the outcome of such lawsuits cannot be predicted or guaranteed with any certainty.

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In our opinion, none of these other matters will have a material effect on our financial position and results of operations.
v3.24.0.1
Related Party Transactions
 9 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

10. Related Party Transactions

U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue

 

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,135

 

 

$

7,170

 

U-Haul management fee revenue from Mercury

 

 

3,003

 

 

 

2,910

 

 

 

$

10,138

 

 

$

10,080

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,585

 

 

$

22,726

 

U-Haul management fee revenue from Mercury

 

 

5,997

 

 

 

5,770

 

 

 

$

28,582

 

 

$

28,496

 

 

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 $25.0 million and $24.9 million from the above-mentioned entities during the first nine 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 December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

877

 

 

 

—

 

U-Haul commission expenses to Blackwater

 

 

18,946

 

 

 

20,016

 

 

 

$

20,427

 

 

$

20,620

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,812

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

2,194

 

 

 

—

 

U-Haul commission expenses to Blackwater

 

 

65,684

 

 

 

71,283

 

 

 

$

69,690

 

 

$

73,095

 

 

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 December 31, 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 $22.6 million and $22.7 million, expenses of $1.8 million and $1.8 million and cash flows of $20.9 million and $21.0 million, respectively, during the first nine months of fiscal 2024 and 2023. Revenues were $305.2 million and $339.5 million and commission expenses were $65.7 million and $71.3 million, respectively, related to the Dealer Agreements, during the first nine months of fiscal 2024 and 2023.

We 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

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

41,674

 

 

$

42,141

 

U-Haul receivable from Mercury

 

 

13,711

 

 

 

8,402

 

Other (a)

 

 

(6,619

)

 

 

(2,235

)

 

 

$

48,766

 

 

$

48,308

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.24.0.1
Consolidating Financial Information by Industry Segment
 9 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

11. Reportable Segment Information:

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.

We track revenues separately, but do 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.The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,260,677

 

 

$

29,303

 

 

$

52,715

 

 

$

(3,181

)

 

$

1,339,514

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

180,467

 

 

$

9,421

 

 

$

8,075

 

 

$

(375

)

 

$

197,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2022 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,296,407

 

 

$

28,466

 

 

$

52,962

 

 

$

(2,499

)

 

$

1,375,336

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

304,717

 

 

$

10,846

 

 

$

4,821

 

 

$

(373

)

 

$

320,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,285,768

 

 

$

88,994

 

 

$

163,918

 

 

$

(8,998

)

 

$

4,529,682

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

968,862

 

 

$

36,822

 

 

$

15,039

 

 

$

(1,122

)

 

$

1,019,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2022 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,456,863

 

 

$

74,911

 

 

$

152,761

 

 

$

(8,495

)

 

$

4,676,040

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

1,301,277

 

 

$

24,883

 

 

$

10,440

 

 

$

(1,141

)

 

$

1,335,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,193,912

 

 

$

480,429

 

 

$

2,806,247

 

 

$

(478,012

)

 

$

19,002,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of March 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

15,211,493

 

 

$

459,897

 

 

$

2,891,574

 

 

$

(462,230

)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.0.1
Geographic Area Data
 9 Months Ended
Dec. 31, 2023
Segments, Geographical Areas [Abstract]  
Geographic Area Data

12. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,273,821

 

 

$

65,693

 

 

$

1,339,514

 

Depreciation and amortization, net of (gains) on disposals

 

 

176,864

 

 

 

3,523

 

 

 

180,387

 

Interest expense

 

 

66,772

 

 

 

678

 

 

 

67,450

 

Pretax earnings

 

 

125,531

 

 

 

4,242

 

 

 

129,773

 

Income tax expense

 

 

29,172

 

 

 

1,377

 

 

 

30,549

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2022

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,311,117

 

 

$

64,219

 

 

$

1,375,336

 

Depreciation and amortization, net of (gains) on disposals

 

 

119,864

 

 

 

1,840

 

 

 

121,704

 

Interest expense

 

 

58,367

 

 

 

674

 

 

 

59,041

 

Pretax earnings

 

 

253,386

 

 

 

7,230

 

 

 

260,616

 

Income tax expense

 

 

59,774

 

 

 

1,990

 

 

 

61,764

 

Identifiable assets

 

 

17,447,581

 

 

 

642,543

 

 

 

18,090,124

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Nine Months Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,294,310

 

 

$

235,372

 

 

$

4,529,682

 

Depreciation and amortization, net of (gains) on disposals

 

 

486,262

 

 

 

3,668

 

 

 

489,930

 

Interest expense

 

 

189,900

 

 

 

2,091

 

 

 

191,991

 

Pretax earnings

 

 

801,045

 

 

 

25,471

 

 

 

826,516

 

Income tax expense

 

 

189,802

 

 

 

7,144

 

 

 

196,946

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,431,570

 

 

$

244,470

 

 

$

4,676,040

 

Depreciation and amortization, net of (gains) on disposals

 

 

365,585

 

 

 

6,056

 

 

 

371,641

 

Interest expense

 

 

163,792

 

 

 

2,241

 

 

 

166,033

 

Pretax earnings

 

 

1,129,487

 

 

 

38,018

 

 

 

1,167,505

 

Income tax expense

 

 

270,641

 

 

 

9,801

 

 

 

280,442

 

Identifiable assets

 

 

17,447,581

 

 

 

642,543

 

 

 

18,090,124

 
v3.24.0.1
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2023
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

13. Employee Benefit Plans

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

 

 

 

Quarter ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

297

 

 

$

332

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

367

 

 

 

287

 

Other components

 

 

(2

)

 

 

17

 

Total other components of net periodic benefit costs

 

 

365

 

 

 

304

 

Net periodic postretirement benefit cost

 

$

662

 

 

$

636

 

 

 

 

Nine months ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

891

 

 

$

995

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,102

 

 

 

861

 

Other components

 

 

(8

)

 

 

51

 

Total other components of net periodic benefit costs

 

 

1,094

 

 

 

912

 

Net periodic postretirement benefit cost

 

$

1,985

 

 

$

1,907

 
v3.24.0.1
Fair Value Measurements
 9 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

14. Fair Value Measurements

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

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

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

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

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

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 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 December 31, 2023

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,474,624

 

 

$

217,917

 

 

$

2,256,648

 

 

$

59

 

Preferred stock

 

 

20,141

 

 

 

20,141

 

 

 

—

 

 

 

—

 

Common stock

 

 

39,534

 

 

 

39,534

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,881

 

 

 

8,795

 

 

 

5,086

 

 

 

—

 

Total

 

$

2,548,180

 

 

$

286,387

 

 

$

2,261,734

 

 

$

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,645

 

 

$

—

 

 

$

—

 

 

$

9,645

 

Total

 

$

9,645

 

 

$

—

 

 

$

—

 

 

$

9,645

 

 

As of March 31, 2023

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,780,000

 

 

$

317,484

 

 

$

2,462,457

 

 

$

59

 

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents include $1,520.0 million and $1,809.4 million as of December 31, 2023 and March 31, 2023, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, 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 following represents our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy.

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of December 31, 2023

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

154,846

 

 

$

—

 

 

$

—

 

 

$

154,846

 

 

$

154,846

 

Mortgage loans, net

 

 

567,784

 

 

 

—

 

 

 

—

 

 

 

531,880

 

 

 

531,880

 

Other investments

 

 

83,674

 

 

 

—

 

 

 

—

 

 

 

83,674

 

 

 

83,674

 

Total

 

$

806,304

 

 

$

—

 

 

$

—

 

 

$

770,400

 

 

$

770,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,471,405

 

 

$

—

 

 

$

6,051,219

 

 

$

—

 

 

$

6,051,219

 

Total

 

$

6,471,405

 

 

$

—

 

 

$

6,051,219

 

 

$

—

 

 

$

6,051,219

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2023

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

 

$

146,736

 

 

$

—

 

 

$

—

 

 

$

146,736

 

 

$

146,736

 

Mortgage loans, net

 

 

466,531

 

 

 

—

 

 

 

—

 

 

 

444,957

 

 

 

444,957

 

Other investments

 

 

109,009

 

 

 

—

 

 

 

—

 

 

 

109,009

 

 

 

109,009

 

Total

 

$

722,276

 

 

$

—

 

 

$

—

 

 

$

700,702

 

 

$

700,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 
v3.24.0.1
Revenue Recognition
 9 Months Ended
Dec. 31, 2023
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

15. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

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

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

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2023, $0.9 million and $50.6 million, respectively, was recognized as revenue for the quarter and nine months ended December 31, 2023.

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:

 

 

 

Year Ending December 31,

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,674

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

21,494

 

 

 

15,040

 

 

 

12,112

 

 

 

8,653

 

 

 

5,666

 

 

 

33,059

 

Total

 

$

27,168

 

 

$

15,040

 

 

$

12,112

 

 

$

8,653

 

 

$

5,666

 

 

$

33,059

 

 

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 December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

73,785

 

 

$

69,797

 

Revenues recognized at a point in time:

 

 

85,732

 

 

 

92,698

 

Total revenues recognized under ASC 606

 

 

159,517

 

 

 

162,495

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,072,028

 

 

 

1,110,247

 

Revenues recognized under ASC 944

 

 

50,512

 

 

 

50,300

 

Revenues recognized under ASC 320

 

 

57,457

 

 

 

52,294

 

Total revenues

 

$

1,339,514

 

 

$

1,375,336

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

283,468

 

 

$

300,082

 

Revenues recognized at a point in time:

 

 

315,084

 

 

 

338,019

 

Total revenues recognized under ASC 606

 

 

598,552

 

 

 

638,101

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,599,867

 

 

 

3,772,203

 

Revenues recognized under ASC 944

 

 

144,476

 

 

 

149,360

 

Revenues recognized under ASC 320

 

 

186,787

 

 

 

116,376

 

Total revenues

 

$

4,529,682

 

 

$

4,676,040

 

 

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.

v3.24.0.1
Allowance For Credit Losses
 9 Months Ended
Dec. 31, 2023
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

16. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from 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 December 31, 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 December 31, 2023 and March 31, 2023 was $4.3 million and $3.8 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $30.8 million and $29.6 million as of December 31, 2023 and March 31, 2023, 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 December 31, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $7.2 million and $4.1 million as of December 31, 2023 and March 31, 2023, 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

 

 

556

 

 

 

(397

)

 

 

300

 

 

 

459

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2023

 

$

4,345

 

 

$

1,704

 

 

$

817

 

 

$

6,866

 
v3.24.0.1
Accounting Pronouncements
 9 Months Ended
Dec. 31, 2023
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Accounting Pronouncements

17. Accounting Pronouncements

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 were 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 were recorded in the Company's results of operations and the effect of changes in discount rate assumptions were 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 adjusted 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

 

 

(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

 

 

(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

 

 

The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12.

 

 

 

 

 

 

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment is effective retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of adopting ASU 2023-07 on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.24.0.1
Deferred Policy Acquisition Costs, Net
 9 Months Ended
Dec. 31, 2023
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs, Net

18. Deferred Policy Acquisition Costs, Net

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the nine-month periods ended December 31, 2023 and 2022.

 

 

 

Nine Months Ended December 31, 2023

 

 

 

Payout Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

8,007

 

 

 

3,213

 

 

 

177

 

 

 

11,397

 

Amortization expense

 

 

(11,461

)

 

 

(6,586

)

 

 

(979

)

 

 

(19,026

)

Balance, end of period

 

$

51,942

 

 

$

63,581

 

 

$

5,311

 

 

$

120,834

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

Payout Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,261

 

 

$

67,573

 

 

$

8,596

 

 

$

131,430

 

Capitalization

 

 

14,403

 

 

 

5,667

 

 

 

336

 

 

 

20,406

 

Amortization expense

 

 

(11,972

)

 

 

(4,722

)

 

 

(1,422

)

 

 

(18,116

)

Balance, end of period

 

$

57,692

 

 

$

68,518

 

 

$

7,510

 

 

$

133,720

 
v3.24.0.1
Policy Benefits and Losses, Claims and Loss Expenses Payable
 9 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable

19. Policy Benefits and Losses, Claims and Loss Expenses Payable

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.

 

 

 

Nine Months Ended December 31, 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

 

 

(584

)

 

 

(9,565

)

 

 

(10,149

)

Adjusted beginning of year balance

 

$

224,487

 

 

$

202,889

 

 

$

427,376

 

Issuances

 

 

6,692

 

 

 

78

 

 

 

6,770

 

Interest accrual

 

 

8,367

 

 

 

6,072

 

 

 

14,439

 

Net premium collected

 

 

(29,812

)

 

 

(19,787

)

 

 

(49,599

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

209,734

 

 

$

189,252

 

 

$

398,986

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(6,878

)

 

 

(19,722

)

 

 

(26,600

)

Balance, end of period

 

$

202,856

 

 

$

169,530

 

 

$

372,386

 

 

 

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

530,983

 

 

$

210,054

 

 

$

741,037

 

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

 

 

(1,621

)

 

 

(8,650

)

 

 

(10,271

)

Adjusted beginning of year balance

 

$

532,067

 

 

$

217,860

 

 

$

749,927

 

Issuances

 

 

6,746

 

 

 

78

 

 

 

6,824

 

Interest accrual

 

 

19,830

 

 

 

6,520

 

 

 

26,350

 

Benefit payments

 

 

(39,544

)

 

 

(22,857

)

 

 

(62,401

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

519,099

 

 

$

201,601

 

 

$

720,700

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(19,397

)

 

 

(20,450

)

 

 

(39,847

)

Balance, end of period

 

$

499,702

 

 

$

181,151

 

 

$

680,853

 

End of period, LFPB net

 

 

 

 

 

 

 

 

308,467

 

Payout annuities and market risk benefits

 

 

 

 

 

 

 

 

31,048

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

 

 

 

 

 

 

9,556

 

Life DPL / Other life and health

 

 

 

 

 

 

 

 

23,724

 

LFPB flooring effect

 

 

 

 

 

 

 

 

274

 

Oxford end of period balance

 

 

 

 

 

 

 

 

373,069

 

Moving and Storage balance

 

 

 

 

 

 

 

 

317,409

 

Property and Casualty balance

 

 

 

 

 

 

 

 

148,467

 

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

 

 

 

 

 

 

 

$

838,945

 

 

 

 

 

Nine Months Ended December 31, 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

 

 

(1,259

)

 

 

1,257

 

 

 

(2

)

Adjusted beginning of year balance

 

$

241,482

 

 

$

254,564

 

 

$

496,046

 

Issuances

 

 

14,101

 

 

 

2,455

 

 

 

16,556

 

Interest accrual

 

 

9,036

 

 

 

7,637

 

 

 

16,673

 

Net premium collected

 

 

(32,270

)

 

 

(22,466

)

 

 

(54,736

)

Other

 

 

0

 

 

 

0

 

 

 

0

 

Ending balance at original discount rate

 

$

232,349

 

 

$

242,190

 

 

$

474,539

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(3,811

)

 

 

(21,059

)

 

 

(24,870

)

Balance, end of period

 

$

228,538

 

 

$

221,131

 

 

$

449,669

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(150

)

 

 

2,051

 

 

 

1,901

 

Adjusted beginning of year balance

 

$

551,959

 

 

$

271,228

 

 

$

823,187

 

Issuances

 

 

14,101

 

 

 

2,454

 

 

 

16,555

 

Interest accrual

 

 

20,654

 

 

 

8,137

 

 

 

28,791

 

Benefit payments

 

 

(43,602

)

 

 

(25,873

)

 

 

(69,475

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

543,112

 

 

$

255,946

 

 

$

799,058

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(9,514

)

 

 

(21,872

)

 

 

(31,386

)

Balance, end of period

 

$

533,598

 

 

$

234,074

 

 

$

767,672

 

End of period, LFPB net

 

 

 

 

 

 

 

 

318,003

 

Payout annuities and market risk benefits

 

 

 

 

 

 

 

 

33,049

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

 

 

 

 

 

 

10,387

 

Life DPL / Other life and health

 

 

 

 

 

 

 

 

35,276

 

LFPB flooring effect

 

 

 

 

 

 

 

 

451

 

Oxford end of period balance

 

 

 

 

 

 

 

 

397,166

 

Moving and Storage balance

 

 

 

 

 

 

 

 

342,645

 

Property and Casualty balance

 

 

 

 

 

 

 

 

156,259

 

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

 

 

 

 

 

 

 

$

896,070

 

 

 

 

 

Nine Months Ended December 31, 2023

 

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

(Unaudited)

 

 

 

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

 

Expected gross premiums

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

377,068

 

 

$

319,922

 

 

$

696,990

 

Discounted balance at original discount rate

 

$

291,900

 

 

$

248,221

 

 

$

540,121

 

Discounted balance at current discount rate

 

$

281,927

 

 

$

224,406

 

 

$

506,333

 

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

752,194

 

 

$

260,683

 

 

$

1,012,877

 

Discounted balance at original discount rate

 

$

519,099

 

 

$

201,601

 

 

$

720,700

 

Discounted balance at current discount rate

 

$

499,702

 

 

$

181,151

 

 

$

680,853

 

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.57

 

%

 

0.00

 

%

 

 

Mortality expected experience

 

 

5.07

 

%

 

0.00

 

%

 

 

Lapses actual experience

 

 

2.18

 

%

 

0.00

 

%

 

 

Lapses expected experience

 

 

2.64

 

%

 

0.00

 

%

 

 

Morbidity actual experience

 

 

0.00

 

%

 

81.17

 

%

 

 

Morbidity expected experience

 

 

0.00

 

%

 

73.65

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

 

 

Gross premiums

 

$

39,979

 

 

$

27,397

 

 

$

67,376

 

Other premiums

 

 

 

 

 

 

 

 

—

 

Total premiums

 

 

 

 

 

 

 

$

67,376

 

Interest expense

 

$

11,463

 

 

$

448

 

 

$

11,911

 

 

 

 

 

 

 

 

 

 

 

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

 

%

 

4.01

 

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

4.80

 

%

 

4.80

 

%

 

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

(Unaudited)

 

 

 

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

 

Expected gross premiums

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

413,315

 

 

$

423,366

 

 

$

836,681

 

Discounted balance at original discount rate

 

$

318,749

 

 

$

325,605

 

 

$

644,354

 

Discounted balance at current discount rate

 

$

313,083

 

 

$

300,463

 

 

$

613,546

 

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

793,511

 

 

$

334,704

 

 

$

1,128,215

 

Discounted balance at original discount rate

 

$

543,111

 

 

$

255,947

 

 

$

799,058

 

Discounted balance at current discount rate

 

$

533,597

 

 

$

234,075

 

 

$

767,672

 

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.85

 

%

 

0.00

 

%

 

 

Mortality expected experience

 

 

4.80

 

%

 

0.00

 

%

 

 

Lapses actual experience

 

 

2.08

 

%

 

0.00

 

%

 

 

Lapses expected experience

 

 

2.52

 

%

 

0.00

 

%

 

 

Morbidity actual experience

 

 

0.00

 

%

 

77.94

 

%

 

 

Morbidity expected experience

 

 

0.00

 

%

 

71.41

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

 

 

Gross premiums

 

$

42,977

 

 

$

32,108

 

 

$

75,085

 

Other premiums

 

 

 

 

 

 

 

 

—

 

Total premiums

 

 

 

 

 

 

 

$

75,085

 

Interest expense

 

$

11,618

 

 

$

500

 

 

$

12,118

 

 

 

 

 

 

 

 

 

 

 

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

 

 

7.0

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5.02

 

%

 

4.02

 

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1.52

 

%

 

1.51

 

%

 

 

 

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

 

 

 

Nine Months Ended December 31, 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

 

 

206,800

 

Surrenders and withdrawals

 

 

(265,999

)

Benefit payments

 

 

(29,136

)

Interest credited

 

 

52,594

 

Other

 

 

—

 

End of period

 

$

2,363,143

 

Weighted average credited rate

 

 

2.96

 

Cash surrender value

 

$

2,025,409

 

 

 

 

Nine Months Ended December 31, 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

 

 

243,144

 

Surrenders and withdrawals

 

 

(195,801

)

Benefit payments

 

 

(27,207

)

Interest credited

 

 

40,328

 

Other

 

 

—

 

End of period

 

$

2,396,702

 

Weighted average credited rate

 

 

2.27

 

Cash surrender value

 

$

2,062,711

 
v3.24.0.1
Earnings Per Share (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

The calculation of basic and diluted earnings per share for the quarters ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

December 31,

 

 

 

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

 

$

99,224

 

 

$

198,852

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

90,401

 

 

$

191,793

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

9,040

 

 

$

19,179

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.46

 

 

$

0.98

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.46

 

 

$

0.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

99,224

 

 

$

198,852

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

90,401

 

 

$

191,793

 

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

 

$

81,361

 

 

$

172,614

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.46

 

 

$

0.98

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.04

 

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

 

$

0.51

 

 

$

1.02

 

 

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

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

 

$

629,570

 

 

$

887,063

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(22,941

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

606,629

 

 

$

860,396

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

60,663

 

 

$

86,040

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

3.09

 

 

$

4.39

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

1.00

 

Basic and diluted earnings per share of Voting Common Stock

 

$

3.09

 

 

$

5.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

629,570

 

 

$

887,063

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(22,941

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

606,629

 

 

$

860,396

 

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

 

$

545,966

 

 

$

774,356

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

3.09

 

 

$

4.39

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.13

 

 

$

0.04

 

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

 

$

3.22

 

 

$

4.43

 
v3.24.0.1
Investments (Table Text Block)
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Investments Debt Equity Securities [Abstract]    
Available for sale investments

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

319,497

 

 

$

2,471

 

 

$

(13,023

)

 

$

—

 

 

$

308,945

 

U.S. government agency mortgage-backed securities

 

 

68,501

 

 

 

149

 

 

 

(8,353

)

 

 

—

 

 

$

60,297

 

Obligations of states and political subdivisions

 

 

154,660

 

 

 

102

 

 

 

(16,060

)

 

 

—

 

 

$

138,702

 

Corporate securities

 

 

1,943,321

 

 

 

524

 

 

 

(247,483

)

 

 

(1,704

)

 

$

1,694,658

 

Mortgage-backed securities

 

 

330,502

 

 

 

12

 

 

 

(58,492

)

 

 

—

 

 

$

272,022

 

 

 

$

2,816,481

 

 

$

3,258

 

 

$

(343,411

)

 

$

(1,704

)

 

$

2,474,624

 

 

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

353,189

 

 

$

3,061

 

 

$

(11,574

)

 

$

—

 

 

$

344,676

 

U.S. government agency mortgage-backed securities

 

 

34,126

 

 

 

40

 

 

 

(6,935

)

 

 

—

 

 

$

27,231

 

Obligations of states and political subdivisions

 

 

161,960

 

 

 

649

 

 

 

(12,104

)

 

 

—

 

 

$

150,505

 

Corporate securities

 

 

2,086,432

 

 

 

1,491

 

 

 

(216,589

)

 

 

(2,101

)

 

$

1,869,233

 

Mortgage-backed securities

 

 

370,880

 

 

 

78

 

 

 

(53,566

)

 

 

—

 

 

$

317,392

 

 

 

$

3,006,587

 

 

$

5,319

 

 

$

(300,768

)

 

$

(2,101

)

 

$

2,709,037

 
 
Available for sale investments, unrealized losses, fair value

 

 

 

December 31, 2023

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

6,825

 

 

 

$

(66

)

 

 

$

122,372

 

 

 

$

(12,957

)

 

 

$

129,197

 

 

 

$

(13,023

)

U.S. government agency mortgage-backed securities

 

 

 

6,009

 

 

 

 

(52

)

 

 

 

31,756

 

 

 

 

(8,301

)

 

 

 

37,765

 

 

 

 

(8,353

)

Obligations of states and political subdivisions

 

 

 

59,216

 

 

 

 

(3,367

)

 

 

 

82,845

 

 

 

 

(12,693

)

 

 

 

142,061

 

 

 

 

(16,060

)

Corporate securities

 

 

 

213,617

 

 

 

 

(9,277

)

 

 

 

1,682,378

 

 

 

 

(238,206

)

 

 

 

1,895,995

 

 

 

 

(247,483

)

Mortgage-backed securities

 

 

 

16,987

 

 

 

 

(486

)

 

 

 

310,288

 

 

 

 

(58,006

)

 

 

 

327,275

 

 

 

 

(58,492

)

 

 

 

$

302,654

 

 

 

$

(13,248

)

 

 

$

2,229,639

 

 

 

$

(330,163

)

 

 

$

2,532,293

 

 

 

$

(343,411

)

 

 

 

March 31, 2023

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

79,846

 

 

 

$

(3,935

)

 

 

$

44,374

 

 

 

$

(7,639

)

 

 

$

124,220

 

 

 

$

(11,574

)

U.S. government agency mortgage-backed securities

 

 

 

2,246

 

 

 

 

(228

)

 

 

 

30,670

 

 

 

 

(6,707

)

 

 

 

32,916

 

 

 

 

(6,935

)

Obligations of states and political subdivisions

 

 

 

108,192

 

 

 

 

(8,090

)

 

 

 

17,079

 

 

 

 

(4,014

)

 

 

 

125,271

 

 

 

 

(12,104

)

Corporate securities

 

 

 

1,697,611

 

 

 

 

(158,038

)

 

 

 

272,256

 

 

 

 

(58,551

)

 

 

 

1,969,867

 

 

 

 

(216,589

)

Mortgage-backed securities

 

 

 

201,962

 

 

 

 

(13,207

)

 

 

 

158,899

 

 

 

 

(40,359

)

 

 

 

360,861

 

 

 

 

(53,566

)

 

 

 

$

2,089,857

 

 

 

$

(183,498

)

 

 

$

523,278

 

 

 

$

(117,270

)

 

 

$

2,613,135

 

 

 

$

(300,768

)
Adjusted Cost and Estimated Market Value of Available-for-sale Investments

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

323,343

 

 

$

323,638

 

 

$

354,875

 

 

$

354,184

 

Due after one year through five years

 

 

744,486

 

 

 

705,900

 

 

 

754,175

 

 

 

717,552

 

Due after five years through ten years

 

 

650,412

 

 

 

566,624

 

 

 

736,089

 

 

 

665,708

 

Due after ten years

 

 

767,738

 

 

 

606,440

 

 

 

790,568

 

 

 

654,201

 

 

 

 

2,485,979

 

 

 

2,202,602

 

 

 

2,635,707

 

 

 

2,391,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

330,502

 

 

 

272,022

 

 

 

370,880

 

 

 

317,392

 

 

 

$

2,816,481

 

 

$

2,474,624

 

 

$

3,006,587

 

 

$

2,709,037

 
 
Available for sale equity investments

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

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

29,594

 

 

$

39,534

 

 

$

29,577

 

 

$

39,375

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

20,141

 

 

 

26,054

 

 

 

21,982

 

 

 

$

54,738

 

 

$

59,675

 

 

$

55,631

 

 

$

61,357

 
 
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

567,784

 

 

$

466,531

 

Short-term investments

 

 

993

 

 

 

15,921

 

Real estate

 

 

65,836

 

 

 

72,178

 

Policy loans

 

 

11,155

 

 

 

10,921

 

Other equity investments

 

 

14,485

 

 

 

9,989

 

 

 

$

660,253

 

 

$

575,540

 
 
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2024 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

December 31, 2023

 

 

March 31,
2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.82

 

%

 

2027

 

-

2037

 

 

5.90

 

%

 

$

280,737

 

 

$

289,647

 

Senior mortgages

 

2.70

 

%

-

 

5.66

 

%

 

2024

 

-

2042

 

 

4.19

 

%

 

 

2,435,443

 

 

 

2,371,231

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.68

 

%

 

2024

 

-

2029

 

 

3.79

 

%

 

 

79,874

 

 

 

111,856

 

Fleet loans (revolving credit) (b)

 

2.36

 

%

-

 

6.70

 

%

 

2026

 

-

2028

 

 

6.24

 

%

 

 

605,000

 

 

 

615,000

 

Finance leases (rental equipment)

 

2.49

 

%

-

 

5.01

 

%

 

2024

 

-

2026

 

 

4.06

 

%

 

 

137,039

 

 

 

223,205

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.48

 

%

 

2024

 

-

2031

 

 

4.60

 

%

 

 

1,660,443

 

 

 

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

 

%

 

2024

 

-

2049

 

 

6.16

 

%

 

 

72,869

 

 

 

76,648

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,471,405

 

 

 

6,143,350

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,096

)

 

 

(35,308

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,437,309

 

 

$

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 6.13% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2023.

 
Annual Maturities of Notes, Loans and Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows:

 

 

 

Year Ending December 31,

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

666,155

 

 

$

546,192

 

 

$

941,575

 

 

$

955,008

 

 

$

500,139

 

 

$

2,862,336

 

 

$

6,471,405

 
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

71,061

 

 

$

60,978

 

Capitalized interest

 

 

(4,006

)

 

 

(3,818

)

Amortization of transaction costs

 

 

1,868

 

 

 

2,336

 

Interest expense resulting from cash flow hedges

 

 

(1,473

)

 

 

(455

)

Total interest expense

 

$

67,450

 

 

$

59,041

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

202,985

 

 

$

168,987

 

Capitalized interest

 

 

(11,738

)

 

 

(8,684

)

Amortization of transaction costs

 

 

4,711

 

 

 

5,596

 

Interest expense resulting from cash flow hedges

 

 

(3,967

)

 

 

134

 

Total interest expense

 

$

191,991

 

 

$

166,033

 
Interest rates and company borrowings

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2023

 

 

 

2022

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.64

 

%

 

4.68

 

%

Interest rate at the end of the quarter

 

 

6.63

 

%

 

5.28

 

%

Maximum amount outstanding during the quarter

 

$

710,000

 

 

$

765,000

 

 

Average amount outstanding during the quarter

 

$

669,372

 

 

$

710,109

 

 

Facility fees

 

$

259

 

 

$

270

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2023

 

 

 

2022

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

6.47

 

%

 

3.34

 

%

Interest rate at the end of the period

 

 

6.63

 

%

 

5.28

 

%

Maximum amount outstanding during the period

 

$

715,000

 

 

$

1,105,000

 

 

Average amount outstanding during the period

 

$

641,941

 

 

$

892,680

 

 

Facility fees

 

$

830

 

 

$

439

 

 
v3.24.0.1
Derivatives (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

5,086

 

 

$

5,311

 

Notional amount

 

$

299,987

 

 

$

206,347

 
Equity Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2023

 

 

March 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,795

 

 

$

4,295

 

Notional amount

 

$

535,537

 

 

$

465,701

 
v3.24.0.1
Accumulated Other Comprehensive Loss (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Table Text Block Supplement [Abstract]  
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2023

 

$

(58,919

)

 

$

(225,693

)

 

$

9,299

 

 

$

(351

)

 

$

(275,664

)

Foreign currency translation

 

 

5,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,268

 

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(32,785

)

 

 

—

 

 

 

—

 

 

 

(32,785

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,352

)

 

 

—

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,109

)

 

 

—

 

 

 

(1,109

)

Other comprehensive income (loss)

 

 

5,268

 

 

 

(32,785

)

 

 

(5,461

)

 

 

—

 

 

 

(32,978

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
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

 

 

2,888

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,888

 

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(25,738

)

 

 

—

 

 

 

—

 

 

 

(25,738

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

2,823

 

 

 

—

 

 

 

2,823

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(2,992

)

 

 

—

 

 

 

(2,992

)

Other comprehensive income (loss)

 

 

2,888

 

 

 

(25,738

)

 

 

(169

)

 

 

—

 

 

 

(23,019

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2022

 

$

(56,299

)

 

$

(191,175

)

 

$

6,419

 

 

$

(2,442

)

 

$

(243,497

)

Foreign currency translation

 

 

(215

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(215

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(59,794

)

 

 

—

 

 

 

—

 

 

 

(59,794

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

115

 

 

 

—

 

 

 

115

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(345

)

 

 

—

 

 

 

(345

)

Other comprehensive income (loss)

 

 

(215

)

 

 

(59,794

)

 

 

(230

)

 

 

—

 

 

 

(60,239

)

Balance as of December 31, 2022

 

$

(56,514

)

 

$

(250,969

)

 

$

6,189

 

 

$

(2,442

)

 

$

(303,736

)

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2022

 

$

(55,757

)

 

$

53,651

 

 

$

(444

)

 

$

(2,442

)

 

$

(4,992

)

Foreign currency translation

 

 

(757

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(757

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(304,620

)

 

 

—

 

 

 

—

 

 

 

(304,620

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

6,532

 

 

 

—

 

 

 

6,532

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

Other comprehensive income (loss)

 

 

(757

)

 

 

(304,620

)

 

 

6,633

 

 

 

—

 

 

 

(298,744

)

Balance as of December 31, 2022

 

$

(56,514

)

 

$

(250,969

)

 

$

6,189

 

 

$

(2,442

)

 

$

(303,736

)
v3.24.0.1
Stockholders' Equity (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

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

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 6, 2023

 

$

0.05

 

 

December 18, 2023

 

December 29, 2023

August 17, 2023

 

 

0.04

 

 

September 19, 2023

 

September 29, 2023

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023

December 7, 2022

 

 

0.04

 

 

December 19, 2022

 

December 30, 2022

 

Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

August 18, 2022

 

$

0.50

 

 

September 6, 2022

 

September 20, 2022

April 6, 2022

 

 

0.50

 

 

April 18, 2022

 

April 29, 2022
v3.24.0.1
Leases (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

 

 

As of December 31, 2023

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

145,958

 

 

$

145,958

 

Furniture and equipment

 

 

1,693

 

 

 

—

 

 

 

1,693

 

Rental trailers and other rental equipment

 

 

114,884

 

 

 

—

 

 

 

114,884

 

Rental trucks

 

 

692,955

 

 

 

—

 

 

 

692,955

 

Right-of-use assets, gross

 

 

809,532

 

 

 

145,958

 

 

 

955,490

 

Less: Accumulated depreciation

 

 

(483,288

)

 

 

(80,597

)

 

 

(563,885

)

Right-of-use assets, net

 

$

326,244

 

 

$

65,361

 

 

$

391,605

 

 

 

 

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

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2023

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

1

 

 

2

 

 

Weighted average discount rate

 

 

4.1

 

%

 

3.8

 

%

 

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2023

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

19.1

 

 

19.2

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.7

 

%
Components of Lease Expense

 

 

Nine months ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

25,181

 

 

$

24,483

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

44,220

 

 

$

62,782

 

Interest on lease liabilities

 

 

5,600

 

 

 

8,799

 

Total finance lease cost

 

$

49,820

 

 

$

71,581

 
Maturities of Lease Liabilities

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2024 (3 months)

 

$

20,502

 

 

$

6,880

 

2025

 

 

76,714

 

 

 

16,232

 

2026

 

 

46,107

 

 

 

9,527

 

2027

 

 

—

 

 

 

7,455

 

2028

 

 

—

 

 

 

6,501

 

Thereafter

 

 

—

 

 

 

66,126

 

Total lease payments

 

 

143,323

 

 

 

112,721

 

Less: imputed interest

 

 

(6,284

)

 

 

(48,179

)

Present value of lease liabilities

 

$

137,039

 

 

$

64,542

 
v3.24.0.1
Related Party Transations (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Related Party Revenue [Abstract]  
Related Party Revenue

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,135

 

 

$

7,170

 

U-Haul management fee revenue from Mercury

 

 

3,003

 

 

 

2,910

 

 

 

$

10,138

 

 

$

10,080

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,585

 

 

$

22,726

 

U-Haul management fee revenue from Mercury

 

 

5,997

 

 

 

5,770

 

 

 

$

28,582

 

 

$

28,496

 
Related Party costs and expenses

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

877

 

 

 

—

 

U-Haul commission expenses to Blackwater

 

 

18,946

 

 

 

20,016

 

 

 

$

20,427

 

 

$

20,620

 

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,812

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

2,194

 

 

 

—

 

U-Haul commission expenses to Blackwater

 

 

65,684

 

 

 

71,283

 

 

 

$

69,690

 

 

$

73,095

 
Related party assets

 

 

December 31,

 

 

March 31,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

41,674

 

 

$

42,141

 

U-Haul receivable from Mercury

 

 

13,711

 

 

 

8,402

 

Other (a)

 

 

(6,619

)

 

 

(2,235

)

 

 

$

48,766

 

 

$

48,308

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.24.0.1
Consolidating Financial Information by Industry Segment (Table Text Block)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Table Text Block Supplement [Abstract]    
Revenues and earnings by segment

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,260,677

 

 

$

29,303

 

 

$

52,715

 

 

$

(3,181

)

 

$

1,339,514

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

180,467

 

 

$

9,421

 

 

$

8,075

 

 

$

(375

)

 

$

197,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2022 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,296,407

 

 

$

28,466

 

 

$

52,962

 

 

$

(2,499

)

 

$

1,375,336

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

304,717

 

 

$

10,846

 

 

$

4,821

 

 

$

(373

)

 

$

320,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,285,768

 

 

$

88,994

 

 

$

163,918

 

 

$

(8,998

)

 

$

4,529,682

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

968,862

 

 

$

36,822

 

 

$

15,039

 

 

$

(1,122

)

 

$

1,019,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2022 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,456,863

 

 

$

74,911

 

 

$

152,761

 

 

$

(8,495

)

 

$

4,676,040

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

1,301,277

 

 

$

24,883

 

 

$

10,440

 

 

$

(1,141

)

 

$

1,335,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment  

Total assets by operating segment as of December 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,193,912

 

 

$

480,429

 

 

$

2,806,247

 

 

$

(478,012

)

 

$

19,002,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of March 31, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

15,211,493

 

 

$

459,897

 

 

$

2,891,574

 

 

$

(462,230

)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.0.1
Geographic Area Data (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Geographic Areas, Long-Lived Assets [Abstract]  
Summary of Geographic Area Data

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,273,821

 

 

$

65,693

 

 

$

1,339,514

 

Depreciation and amortization, net of (gains) on disposals

 

 

176,864

 

 

 

3,523

 

 

 

180,387

 

Interest expense

 

 

66,772

 

 

 

678

 

 

 

67,450

 

Pretax earnings

 

 

125,531

 

 

 

4,242

 

 

 

129,773

 

Income tax expense

 

 

29,172

 

 

 

1,377

 

 

 

30,549

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2022

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,311,117

 

 

$

64,219

 

 

$

1,375,336

 

Depreciation and amortization, net of (gains) on disposals

 

 

119,864

 

 

 

1,840

 

 

 

121,704

 

Interest expense

 

 

58,367

 

 

 

674

 

 

 

59,041

 

Pretax earnings

 

 

253,386

 

 

 

7,230

 

 

 

260,616

 

Income tax expense

 

 

59,774

 

 

 

1,990

 

 

 

61,764

 

Identifiable assets

 

 

17,447,581

 

 

 

642,543

 

 

 

18,090,124

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Nine Months Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,294,310

 

 

$

235,372

 

 

$

4,529,682

 

Depreciation and amortization, net of (gains) on disposals

 

 

486,262

 

 

 

3,668

 

 

 

489,930

 

Interest expense

 

 

189,900

 

 

 

2,091

 

 

 

191,991

 

Pretax earnings

 

 

801,045

 

 

 

25,471

 

 

 

826,516

 

Income tax expense

 

 

189,802

 

 

 

7,144

 

 

 

196,946

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,431,570

 

 

$

244,470

 

 

$

4,676,040

 

Depreciation and amortization, net of (gains) on disposals

 

 

365,585

 

 

 

6,056

 

 

 

371,641

 

Interest expense

 

 

163,792

 

 

 

2,241

 

 

 

166,033

 

Pretax earnings

 

 

1,129,487

 

 

 

38,018

 

 

 

1,167,505

 

Income tax expense

 

 

270,641

 

 

 

9,801

 

 

 

280,442

 

Identifiable assets

 

 

17,447,581

 

 

 

642,543

 

 

 

18,090,124

 
v3.24.0.1
Employee Benefit Plans (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Post Retirement Benefit Cost

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

 

 

 

Quarter ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

297

 

 

$

332

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

367

 

 

 

287

 

Other components

 

 

(2

)

 

 

17

 

Total other components of net periodic benefit costs

 

 

365

 

 

 

304

 

Net periodic postretirement benefit cost

 

$

662

 

 

$

636

 

 

 

 

Nine months ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

891

 

 

$

995

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,102

 

 

 

861

 

Other components

 

 

(8

)

 

 

51

 

Total other components of net periodic benefit costs

 

 

1,094

 

 

 

912

 

Net periodic postretirement benefit cost

 

$

1,985

 

 

$

1,907

 
v3.24.0.1
Fair Value Measurements (Table Text Block)
 9 Months Ended
Dec. 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

 

As of December 31, 2023

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

154,846

 

 

$

—

 

 

$

—

 

 

$

154,846

 

 

$

154,846

 

Mortgage loans, net

 

 

567,784

 

 

 

—

 

 

 

—

 

 

 

531,880

 

 

 

531,880

 

Other investments

 

 

83,674

 

 

 

—

 

 

 

—

 

 

 

83,674

 

 

 

83,674

 

Total

 

$

806,304

 

 

$

—

 

 

$

—

 

 

$

770,400

 

 

$

770,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,471,405

 

 

$

—

 

 

$

6,051,219

 

 

$

—

 

 

$

6,051,219

 

Total

 

$

6,471,405

 

 

$

—

 

 

$

6,051,219

 

 

$

—

 

 

$

6,051,219

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2023

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

 

$

146,736

 

 

$

—

 

 

$

—

 

 

$

146,736

 

 

$

146,736

 

Mortgage loans, net

 

 

466,531

 

 

 

—

 

 

 

—

 

 

 

444,957

 

 

 

444,957

 

Other investments

 

 

109,009

 

 

 

—

 

 

 

—

 

 

 

109,009

 

 

 

109,009

 

Total

 

$

722,276

 

 

$

—

 

 

$

—

 

 

$

700,702

 

 

$

700,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 
v3.24.0.1
Revenue Recognition (Table Text Block)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Revenue From Contract With Customer [Abstract]    
Next five years and thereafter revenue  

 

 

Year Ending December 31,

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,674

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

21,494

 

 

 

15,040

 

 

 

12,112

 

 

 

8,653

 

 

 

5,666

 

 

 

33,059

 

Total

 

$

27,168

 

 

$

15,040

 

 

$

12,112

 

 

$

8,653

 

 

$

5,666

 

 

$

33,059

 
Disaggregation Of Revenue

 

 

Quarter ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

73,785

 

 

$

69,797

 

Revenues recognized at a point in time:

 

 

85,732

 

 

 

92,698

 

Total revenues recognized under ASC 606

 

 

159,517

 

 

 

162,495

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,072,028

 

 

 

1,110,247

 

Revenues recognized under ASC 944

 

 

50,512

 

 

 

50,300

 

Revenues recognized under ASC 320

 

 

57,457

 

 

 

52,294

 

Total revenues

 

$

1,339,514

 

 

$

1,375,336

 

 

 

Nine months ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

283,468

 

 

$

300,082

 

Revenues recognized at a point in time:

 

 

315,084

 

 

 

338,019

 

Total revenues recognized under ASC 606

 

 

598,552

 

 

 

638,101

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,599,867

 

 

 

3,772,203

 

Revenues recognized under ASC 944

 

 

144,476

 

 

 

149,360

 

Revenues recognized under ASC 320

 

 

186,787

 

 

 

116,376

 

Total revenues

 

$

4,529,682

 

 

$

4,676,040

 
v3.24.0.1
Allowance For Credit Losses (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Allowance For Credit Loss [Abstract]  
Reserve Allowance for Various Credit Loss

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

 

 

556

 

 

 

(397

)

 

 

300

 

 

 

459

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2023

 

$

4,345

 

 

$

1,704

 

 

$

817

 

 

$

6,866

 
v3.24.0.1
Accounting Pronouncements (Table Text Block)
 9 Months Ended
Dec. 31, 2023
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables

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

 

 

(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

 

 

(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

 

 

The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12.

 

 

 

 

 

 

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

)
v3.24.0.1
Deferred Policy Acquisition Costs, Net (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Compensation and Retirement Disclosure [Abstract]  
Schedule of Deferred Policy Acquisition Costs

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the nine-month periods ended December 31, 2023 and 2022.

 

 

 

Nine Months Ended December 31, 2023

 

 

 

Payout Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

8,007

 

 

 

3,213

 

 

 

177

 

 

 

11,397

 

Amortization expense

 

 

(11,461

)

 

 

(6,586

)

 

 

(979

)

 

 

(19,026

)

Balance, end of period

 

$

51,942

 

 

$

63,581

 

 

$

5,311

 

 

$

120,834

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

Payout Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,261

 

 

$

67,573

 

 

$

8,596

 

 

$

131,430

 

Capitalization

 

 

14,403

 

 

 

5,667

 

 

 

336

 

 

 

20,406

 

Amortization expense

 

 

(11,972

)

 

 

(4,722

)

 

 

(1,422

)

 

 

(18,116

)

Balance, end of period

 

$

57,692

 

 

$

68,518

 

 

$

7,510

 

 

$

133,720

 
v3.24.0.1
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 9 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Present Value Expected Net Premiums and Expected Future Policy Benefits

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.

 

 

 

Nine Months Ended December 31, 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

 

 

(584

)

 

 

(9,565

)

 

 

(10,149

)

Adjusted beginning of year balance

 

$

224,487

 

 

$

202,889

 

 

$

427,376

 

Issuances

 

 

6,692

 

 

 

78

 

 

 

6,770

 

Interest accrual

 

 

8,367

 

 

 

6,072

 

 

 

14,439

 

Net premium collected

 

 

(29,812

)

 

 

(19,787

)

 

 

(49,599

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

209,734

 

 

$

189,252

 

 

$

398,986

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(6,878

)

 

 

(19,722

)

 

 

(26,600

)

Balance, end of period

 

$

202,856

 

 

$

169,530

 

 

$

372,386

 

 

 

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

530,983

 

 

$

210,054

 

 

$

741,037

 

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

 

 

(1,621

)

 

 

(8,650

)

 

 

(10,271

)

Adjusted beginning of year balance

 

$

532,067

 

 

$

217,860

 

 

$

749,927

 

Issuances

 

 

6,746

 

 

 

78

 

 

 

6,824

 

Interest accrual

 

 

19,830

 

 

 

6,520

 

 

 

26,350

 

Benefit payments

 

 

(39,544

)

 

 

(22,857

)

 

 

(62,401

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

519,099

 

 

$

201,601

 

 

$

720,700

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(19,397

)

 

 

(20,450

)

 

 

(39,847

)

Balance, end of period

 

$

499,702

 

 

$

181,151

 

 

$

680,853

 

End of period, LFPB net

 

 

 

 

 

 

 

 

308,467

 

Payout annuities and market risk benefits

 

 

 

 

 

 

 

 

31,048

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

 

 

 

 

 

 

9,556

 

Life DPL / Other life and health

 

 

 

 

 

 

 

 

23,724

 

LFPB flooring effect

 

 

 

 

 

 

 

 

274

 

Oxford end of period balance

 

 

 

 

 

 

 

 

373,069

 

Moving and Storage balance

 

 

 

 

 

 

 

 

317,409

 

Property and Casualty balance

 

 

 

 

 

 

 

 

148,467

 

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

 

 

 

 

 

 

 

$

838,945

 

 

 

 

 

Nine Months Ended December 31, 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

 

 

(1,259

)

 

 

1,257

 

 

 

(2

)

Adjusted beginning of year balance

 

$

241,482

 

 

$

254,564

 

 

$

496,046

 

Issuances

 

 

14,101

 

 

 

2,455

 

 

 

16,556

 

Interest accrual

 

 

9,036

 

 

 

7,637

 

 

 

16,673

 

Net premium collected

 

 

(32,270

)

 

 

(22,466

)

 

 

(54,736

)

Other

 

 

0

 

 

 

0

 

 

 

0

 

Ending balance at original discount rate

 

$

232,349

 

 

$

242,190

 

 

$

474,539

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(3,811

)

 

 

(21,059

)

 

 

(24,870

)

Balance, end of period

 

$

228,538

 

 

$

221,131

 

 

$

449,669

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(150

)

 

 

2,051

 

 

 

1,901

 

Adjusted beginning of year balance

 

$

551,959

 

 

$

271,228

 

 

$

823,187

 

Issuances

 

 

14,101

 

 

 

2,454

 

 

 

16,555

 

Interest accrual

 

 

20,654

 

 

 

8,137

 

 

 

28,791

 

Benefit payments

 

 

(43,602

)

 

 

(25,873

)

 

 

(69,475

)

Other

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

543,112

 

 

$

255,946

 

 

$

799,058

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(9,514

)

 

 

(21,872

)

 

 

(31,386

)

Balance, end of period

 

$

533,598

 

 

$

234,074

 

 

$

767,672

 

End of period, LFPB net

 

 

 

 

 

 

 

 

318,003

 

Payout annuities and market risk benefits

 

 

 

 

 

 

 

 

33,049

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

 

 

 

 

 

 

10,387

 

Life DPL / Other life and health

 

 

 

 

 

 

 

 

35,276

 

LFPB flooring effect

 

 

 

 

 

 

 

 

451

 

Oxford end of period balance

 

 

 

 

 

 

 

 

397,166

 

Moving and Storage balance

 

 

 

 

 

 

 

 

342,645

 

Property and Casualty balance

 

 

 

 

 

 

 

 

156,259

 

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

 

 

 

 

 

 

 

$

896,070

 

 

 

 

 

Nine Months Ended December 31, 2023

 

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

(Unaudited)

 

 

 

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

 

Expected gross premiums

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

377,068

 

 

$

319,922

 

 

$

696,990

 

Discounted balance at original discount rate

 

$

291,900

 

 

$

248,221

 

 

$

540,121

 

Discounted balance at current discount rate

 

$

281,927

 

 

$

224,406

 

 

$

506,333

 

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

752,194

 

 

$

260,683

 

 

$

1,012,877

 

Discounted balance at original discount rate

 

$

519,099

 

 

$

201,601

 

 

$

720,700

 

Discounted balance at current discount rate

 

$

499,702

 

 

$

181,151

 

 

$

680,853

 

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.57

 

%

 

0.00

 

%

 

 

Mortality expected experience

 

 

5.07

 

%

 

0.00

 

%

 

 

Lapses actual experience

 

 

2.18

 

%

 

0.00

 

%

 

 

Lapses expected experience

 

 

2.64

 

%

 

0.00

 

%

 

 

Morbidity actual experience

 

 

0.00

 

%

 

81.17

 

%

 

 

Morbidity expected experience

 

 

0.00

 

%

 

73.65

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

 

 

Gross premiums

 

$

39,979

 

 

$

27,397

 

 

$

67,376

 

Other premiums

 

 

 

 

 

 

 

 

—

 

Total premiums

 

 

 

 

 

 

 

$

67,376

 

Interest expense

 

$

11,463

 

 

$

448

 

 

$

11,911

 

 

 

 

 

 

 

 

 

 

 

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

 

%

 

4.01

 

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

4.80

 

%

 

4.80

 

%

 

 

 

 

 

 

Nine Months Ended December 31, 2022

 

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

(Unaudited)

 

 

 

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

 

Expected gross premiums

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

413,315

 

 

$

423,366

 

 

$

836,681

 

Discounted balance at original discount rate

 

$

318,749

 

 

$

325,605

 

 

$

644,354

 

Discounted balance at current discount rate

 

$

313,083

 

 

$

300,463

 

 

$

613,546

 

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

 

 

Undiscounted balance

 

$

793,511

 

 

$

334,704

 

 

$

1,128,215

 

Discounted balance at original discount rate

 

$

543,111

 

 

$

255,947

 

 

$

799,058

 

Discounted balance at current discount rate

 

$

533,597

 

 

$

234,075

 

 

$

767,672

 

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.85

 

%

 

0.00

 

%

 

 

Mortality expected experience

 

 

4.80

 

%

 

0.00

 

%

 

 

Lapses actual experience

 

 

2.08

 

%

 

0.00

 

%

 

 

Lapses expected experience

 

 

2.52

 

%

 

0.00

 

%

 

 

Morbidity actual experience

 

 

0.00

 

%

 

77.94

 

%

 

 

Morbidity expected experience

 

 

0.00

 

%

 

71.41

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

 

 

Gross premiums

 

$

42,977

 

 

$

32,108

 

 

$

75,085

 

Other premiums

 

 

 

 

 

 

 

 

—

 

Total premiums

 

 

 

 

 

 

 

$

75,085

 

Interest expense

 

$

11,618

 

 

$

500

 

 

$

12,118

 

 

 

 

 

 

 

 

 

 

 

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

 

 

7.0

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5.02

 

%

 

4.02

 

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1.52

 

%

 

1.51

 

%

 

 
Balance Changes Liabilities Investment Contracts

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

 

 

 

Nine Months Ended December 31, 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

 

 

206,800

 

Surrenders and withdrawals

 

 

(265,999

)

Benefit payments

 

 

(29,136

)

Interest credited

 

 

52,594

 

Other

 

 

—

 

End of period

 

$

2,363,143

 

Weighted average credited rate

 

 

2.96

 

Cash surrender value

 

$

2,025,409

 

 

 

 

Nine Months Ended December 31, 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

 

 

243,144

 

Surrenders and withdrawals

 

 

(195,801

)

Benefit payments

 

 

(27,207

)

Interest credited

 

 

40,328

 

Other

 

 

—

 

End of period

 

$

2,396,702

 

Weighted average credited rate

 

 

2.27

 

Cash surrender value

 

$

2,062,711

 
v3.24.0.1
Basis of Presentation - (Narratives) (Details)
$ in Millions
 9 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]    
Number of reportable segments | Segment 3  
Effective tax rates, state and local 23.80% 24.10%
Effective tax rate, federal 21.00%  
Liability For Future Policy Benefits Life Insurance Subsidiary $ 373.1  
Income Taxes Paid $ 51.6  
v3.24.0.1
Earnings Per Share (Narratives) (Details) - $ / shares
Dec. 31, 2023
Mar. 31, 2023
Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.25  
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 $ 0.001 $ 0.001
Allocation of common stock available to share holders 90.00%  
v3.24.0.1
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share Diluted Other Disclosures [Abstract]        
Net earnings available to common shareholders $ 99,224 $ 198,852 $ 629,570 $ 887,063
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 0 0 (19,608)
Non-Voting Common Stock dividends declared (8,823) (7,059) (22,941) (7,059)
Undistributed earnings available to common stockholders 90,401 191,793 606,629 860,396
Undistributed earnings available to common stockholders, participating securities $ 9,040 $ 19,179 $ 60,663 $ 86,040
Undistributed earnings per share, common stock $ 0.46 $ 0.98 $ 3.09 $ 4.39
Dividends declared per share, distributed 0 0 0 1
Income Loss From Continuing Operations Per Basic Share, Total $ 0.46 $ 0.98 $ 3.09 $ 5.39
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     $ 629,570 $ 887,063
Voting Common Stock dividends declared $ 0 $ 0 0 (19,608)
Non-Voting Common Stock dividends declared (8,823) (7,059) (22,941) (7,059)
Undistributed earnings available to common stockholders 90,401 191,793 606,629 860,396
Undistributed earnings available to common stockholders, participating securities $ 81,361 $ 172,614 $ 545,966 $ 774,356
Undistributed earnings per share, common stock $ 0.46 $ 0.98 $ 3.09 $ 4.39
Dividends declared per share, distributed 0.05 0.04 0.13 0.04
Income Loss From Continuing Operations Per Basic Share, Total $ 0.51 $ 1.02 $ 3.22 $ 4.43
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
Net earnings available to common shareholders $ 0 $ 0 $ 0 $ 0
v3.24.0.1
Investments (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Available-for-sale Securities [Abstract]        
Available for sale securities, gross realized losses   $ 1.1 $ 0.5  
Gross realized gains on sales of Treasuries   1.5 1.1  
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]        
Assets Held by Insurance Regulators $ 22.5 22.5   $ 23.4
Provision for Loan, Lease, and Other Losses [Abstract]        
Financing Receivable, Credit Loss, Expense (Reversal)   0.4 $ 2.2  
Matured or Redeemed Securities        
Available-for-sale Securities [Abstract]        
Available for sale securities, realized gains 58.5 448.9    
Corporate securities [Member]        
Available-for-sale Securities [Abstract]        
Available for sale securities, realized gains $ 42.1 147.6    
Moving and Storage Treasuries        
Available-for-sale Securities [Abstract]        
Available for sale securities, realized gains   $ 225.0    
v3.24.0.1
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,816,481 $ 3,006,587
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 3,258 5,319
Gross unrealized losses more than 12 months 343,411 300,768
Allowance for expected credit loss (1,704) (2,101)
Available for sale investments, estimated market value 2,474,624 2,709,037
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 319,497 353,189
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 2,471 3,061
Gross unrealized losses more than 12 months 13,023 11,574
Allowance for expected credit loss 0 0
Available for sale investments, estimated market value 308,945 344,676
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 68,501 34,126
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 149 40
Gross unrealized losses more than 12 months 8,353 6,935
Allowance for expected credit loss 0 0
Available for sale investments, estimated market value 60,297 27,231
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 154,660 161,960
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 102 649
Gross unrealized losses more than 12 months 16,060 12,104
Allowance for expected credit loss 0 0
Available for sale investments, estimated market value 138,702 150,505
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,943,321 2,086,432
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 524 1,491
Gross unrealized losses more than 12 months 247,483 216,589
Allowance for expected credit loss (1,704) (2,101)
Available for sale investments, estimated market value 1,694,658 1,869,233
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 330,502 370,880
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 12 78
Gross unrealized losses more than 12 months 58,492 53,566
Allowance for expected credit loss 0 0
Available for sale investments, estimated market value $ 272,022 $ 317,392
v3.24.0.1
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 302,654  
External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   $ 2,089,857
Fair Value, Twelve Months or Longer 2,229,639 523,278
Fair Value, Total 2,532,293 2,613,135
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (13,248) (183,498)
Unrealized Loss, Twelve Months or Longer (330,163) (117,270)
Unrealized Loss, Total (343,411) (300,768)
US Treasury, Government and Corporate Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 6,825 79,846
Fair Value, Twelve Months or Longer 122,372 44,374
Fair Value, Total 129,197 124,220
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (66) (3,935)
Unrealized Loss, Twelve Months or Longer (12,957) (7,639)
Unrealized Loss, Total (13,023) (11,574)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 6,009 2,246
Fair Value, Twelve Months or Longer 31,756 30,670
Fair Value, Total 37,765 32,916
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (52) (228)
Unrealized Loss, Twelve Months or Longer (8,301) (6,707)
Unrealized Loss, Total (8,353) (6,935)
US States and Political Subdivisions Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 59,216 108,192
Fair Value, Twelve Months or Longer 82,845 17,079
Fair Value, Total 142,061 125,271
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (3,367) (8,090)
Unrealized Loss, Twelve Months or Longer (12,693) (4,014)
Unrealized Loss, Total (16,060) (12,104)
Corporate Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 213,617 1,697,611
Fair Value, Twelve Months or Longer 1,682,378 272,256
Fair Value, Total 1,895,995 1,969,867
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (9,277) (158,038)
Unrealized Loss, Twelve Months or Longer (238,206) (58,551)
Unrealized Loss, Total (247,483) (216,589)
Collateralized Mortgage Backed Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 16,987 201,962
Fair Value, Twelve Months or Longer 310,288 158,899
Fair Value, Total 327,275 360,861
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (486) (13,207)
Unrealized Loss, Twelve Months or Longer (58,006) (40,359)
Unrealized Loss, Total $ (58,492) $ (53,566)
v3.24.0.1
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,816,481 $ 3,006,587
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,474,624 2,709,037
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 323,343 354,875
Due after one year through five years 744,486 754,175
Due after five years through ten years 650,412 736,089
Due after ten years 767,738 790,568
Amortized cost 2,485,979 2,635,707
Available-for-sale securities, fair value:    
Due in one year or less 323,638 354,184
Due after one year through five years 705,900 717,552
Due after five years through ten years 566,624 665,708
Due after ten years 606,440 654,201
Available for sale investments, estimated market value 2,202,602 2,391,645
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 330,502 370,880
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 272,022 $ 317,392
v3.24.0.1
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 54,738 $ 55,631
Estimated market value, equity investments 59,675 61,357
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 29,594 29,577
Estimated market value, equity investments 39,534 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 $ 20,141 $ 21,982
v3.24.0.1
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 531,880 $ 444,957
Investments other, amount 660,253 575,540
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 567,784 466,531
Short-term investments 993 15,921
Real estate, other 65,836 72,178
Policy loans 11,155 10,921
Other equity investments 14,485 9,989
Investments other, amount $ 660,253 $ 575,540
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]        
Interest paid in cash $ 61.8 $ 51.3 $ 191.4 $ 156.8
Interest paid (received) in cash on derivative contracts $ 1.5 $ 0.0 $ 3.8 $ 0.6
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 6,051,219 $ 5,710,735
Notes, loans and finance/capital leases payable 6,471,405 6,143,350
Less: Debt issuance costs (34,096) (35,308)
Total notes, loans and finance/capital leases payable, net $ 6,437,309 6,108,042
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.90%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 280,737 289,647
Real estate loan (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.30%  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.82%  
Senior mortgages    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.19%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 2,435,443 2,371,231
Senior mortgages | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.70%  
Senior mortgages | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.66%  
Real estate loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 0.00%  
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Debt Instrument Carrying Amount $ 0 0
Fleet loans (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 3.79%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2029  
Debt Instrument Carrying Amount $ 79,874 111,856
Fleet loans (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.61%  
Fleet loans (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.68%  
Fleet loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.24%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2028  
Debt Instrument Carrying Amount $ 605,000 615,000
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.36%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.70%  
Capital Leases (rental equipment) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.06%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2026  
Debt Instrument Carrying Amount $ 137,039 223,205
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.49%  
Capital Leases (rental equipment) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.01%  
Finance capital lease [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.60%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 1,660,443 1,255,763
Finance capital lease [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.60%  
Finance capital lease [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.48%  
Private Placement    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 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
Private Placement | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.43%  
Private Placement | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.88%  
Other obligations    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.16%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 72,869 $ 76,648
Other obligations | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.50%  
Other obligations | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 6,051,219 $ 5,710,735
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 5.90%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 280,737 $ 289,647
Real estate loan (amortizing term) [Member] | Interest Rate Swaps [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 4.10% 4.10%
Real estate loan (amortizing term) [Member] | Minimum [Member] | Interest Rate Swaps [Member]    
Debt instruments, interest rate, effective percentage:    
Interest rate 2.72% 2.72%
Real estate loan (amortizing term) [Member] | Maximum [Member] | Interest Rate Swaps [Member]    
Debt instruments, interest rate, effective percentage:    
Interest rate 2.86% 2.86%
Fleet Loans Revolving Credit [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 6.24%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 605,000 $ 615,000
Fleet Loans Revolving Credit [Member] | Interest Rate Swaps [Member]    
Debt instruments, interest rate, effective percentage:    
Interest rate 4.71% 4.71%
Weighted average interest rate 6.13% 6.13%
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 100,000 $ 100,000
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Long-term debt, by Maturity:  
2024 $ 666,155
2025 546,192
2026 941,575
2027 955,008
2028 500,139
Thereafter 2,862,336
Notes, loans and finance leases payable, sum $ 6,471,405
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Interest expense, borrowings:        
Interest expense $ 71,061 $ 60,978 $ 202,985 $ 168,987
Capitalized interest (4,006) (3,818) (11,738) (8,684)
Amortization of transaction costs 1,868 2,336 4,711 5,596
Interest expense resulting from derivatives 1,473 (455) 3,967 134
Total interest expense $ 67,450 $ 59,041 $ 191,991 $ 166,033
v3.24.0.1
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Interest and debt expense:        
Weighted average interest rate during the quarter 6.64% 4.68% 6.47% 3.34%
Interest rate at quarter end 6.63% 5.28% 6.63% 5.28%
Maximum amount outstanding during the quarter $ 710,000 $ 765,000 $ 715,000 $ 1,105,000
Average amount outstanding during the quarter 669,372 710,109 641,941 892,680
Facility fees $ 259 $ 270 $ 830 $ 439
v3.24.0.1
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent [Abstract]        
Interest expense $ 67,450 $ 59,041 $ 191,991 $ 166,033
Investment Income, Net     4,600 9,200
Decrease, fair value, cash flow hedges        
AOCI Attributable to Parent [Abstract]        
Interest expense     2,800 6,500
Reclassified AOCI        
AOCI Attributable to Parent [Abstract]        
Interest expense     3,000 $ 100
Reclassification net gains Interest Rate Contracts        
AOCI Attributable to Parent [Abstract]        
Interest expense     $ 5,700  
v3.24.0.1
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 5,086 $ 5,311
Derivative Notional Amount $ 299,987 $ 206,347
v3.24.0.1
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 8,795 $ 4,295
Derivative Notional Amount $ 535,537 $ 465,701
v3.24.0.1
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023     $ 285,623  
Foreign currency translation $ 5,268 $ 215 2,888 $ 757
Unrealized net gain on investments 32,785 59,794 25,738 304,620
Change in fair value of cash flow hedges 4,352 115 2,823 6,532
Amount reclassified from AOCI 1,109 345 2,992 101
Other comprehensive income (loss) 32,978 60,239 23,019 298,744
Balance as of December 31, 2023 308,642   308,642  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023 58,919 56,299 56,539 55,757
Foreign currency translation 5,268 215 2,888 757
Other comprehensive income (loss) 5,268 215 2,888 757
Balance as of December 31, 2023 53,651 56,514 53,651 56,514
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023 225,693 191,175 232,740 53,651
Unrealized net gain on investments 32,785 59,794 25,738 304,620
Other comprehensive income (loss) 32,785 59,794 25,738 304,620
Balance as of December 31, 2023 258,478 250,969 258,478 250,969
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 9,299 6,419 4,007 444
Change in fair value of cash flow hedges (4,352) 115 2,823 6,532
Amount reclassified from AOCI (1,109) 345 2,992 101
Other comprehensive income (loss) (5,461) 230 169 6,633
Balance as of December 31, 2023 3,838 6,189 3,838 6,189
Postretirement Benefit Obligation Gain [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023 351 2,442 351 2,442
Balance as of December 31, 2023 351 2,442 351 2,442
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2023 275,664 243,497 285,623 4,992
Foreign currency translation 5,268 215 2,888 757
Unrealized net gain on investments 32,785 59,794 25,738 304,620
Change in fair value of cash flow hedges 4,352 115 2,823 6,532
Amount reclassified from AOCI 1,109 345 2,992 101
Other comprehensive income (loss) (32,978) 60,239 23,019 298,744
Balance as of December 31, 2023 $ 308,642 $ 303,736 $ 308,642 $ 303,736
v3.24.0.1
Stockholders' Equity - Summary of Dividends Declared (Details) - $ / shares
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Common Stock [Member] | Dividends Declared Two [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Aug. 18, 2022 Aug. 18, 2022
Dividend paid, amount per share $ 0.5 $ 0.5
Dividends Payable, Date of Record Sep. 06, 2022 Sep. 06, 2022
Dividends Payable, Date to be Paid Sep. 20, 2022 Sep. 20, 2022
Common Stock [Member] | Dividends Declared Three [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Apr. 06, 2022 Apr. 06, 2022
Dividend paid, amount per share $ 0.5 $ 0.5
Dividends Payable, Date of Record Apr. 18, 2022 Apr. 18, 2022
Dividends Payable, Date to be Paid Apr. 29, 2022 Apr. 29, 2022
Nonvoting Common Stock [Member] | Dividend Declared One [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Dec. 06, 2023 Dec. 06, 2023
Dividend paid, amount per share $ 0.05 $ 0.05
Dividends Payable, Date of Record Dec. 18, 2023 Dec. 18, 2023
Dividends Payable, Date to be Paid Dec. 29, 2023 Dec. 29, 2023
Nonvoting Common Stock [Member] | Dividends Declared Two [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Aug. 17, 2023 Aug. 17, 2023
Dividend paid, amount per share $ 0.04 $ 0.04
Dividends Payable, Date of Record Sep. 19, 2023 Sep. 19, 2023
Dividends Payable, Date to be Paid Sep. 29, 2023 Sep. 29, 2023
Nonvoting Common Stock [Member] | Dividends Declared Three [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Jun. 07, 2023 Jun. 07, 2023
Dividend paid, amount per share $ 0.04 $ 0.04
Dividends Payable, Date of Record Jun. 20, 2023 Jun. 20, 2023
Dividends Payable, Date to be Paid Jun. 30, 2023 Jun. 30, 2023
Nonvoting Common Stock [Member] | Dividends Declared Four [Member]    
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Dec. 07, 2022 Dec. 07, 2022
Dividend paid, amount per share $ 0.04 $ 0.04
Dividends Payable, Date of Record Dec. 19, 2022 Dec. 19, 2022
Dividends Payable, Date to be Paid Dec. 30, 2022 Dec. 30, 2022
v3.24.0.1
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Right Of Use Asset Obtained In Exchange For Operating Lease Liability $ 223,200 $ 137,000  
Right Of Use Asset Obtained In Exchange For Finance Lease Liability   17,900  
Cash paid for operating leases   17,500 $ 24,000
Cash paid for finance leases   $ 86,166 95,290
Operating Lease Payments     $ 5,100
v3.24.0.1
Leases (Components of our right-of-use assets) (Details) - USD ($)
Dec. 31, 2023
Mar. 31, 2023
Finance Lease [Abstract]    
Buildings and Improvements $ 145,958 $ 128,221,000
Furniture and equipment 1,693 9,687,000
Rental trailers and other rental equipment 114,884 152,294,000
Rental trucks 692,955 949,838,000
Right-of-use assets, gross 955,490 1,240,040,000
Less: Accumulated depreciation (563,885) (706,358,000)
Right of use assets, net 391,605 533,682,000
Finance Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 0 0
Furniture and equipment 1,693 9,687,000
Rental trailers and other rental equipment 114,884 152,294,000
Rental trucks 692,955 949,838,000
Right-of-use assets, gross 809,532 1,111,819,000
Less: Accumulated depreciation (483,288) (637,054,000)
Right of use assets, net 326,244 474,765,000
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 145,958 128,221,000
Furniture and equipment 0 0
Rental trailers and other rental equipment 0 0
Rental trucks 0 0
Right-of-use assets, gross 145,958 128,221,000
Less: Accumulated depreciation (80,597) (69,304,000)
Right of use assets, net $ 65,361 $ 58,917,000
v3.24.0.1
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 1 2
Finance Lease Weighted Average Discount Rate Percent 4.10% 3.80%
v3.24.0.1
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 19.1 19.2
Operating Lease Weighted Average Discount Rate Percent 4.60% 4.70%
v3.24.0.1
Leases (Components Of Lease Expense) (Details) - USD ($)
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lease cost:    
Operating lease costs $ 25,181 $ 24,483,000
Finance lease cost:    
Amortization of right of use assets 44,220 62,782,000
Interest on lease liabilities 5,600 8,799,000
Total finance lease cost $ 49,820 $ 71,581,000
v3.24.0.1
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Finance Lease Liabilities Payments Due [Abstract]    
2024 (3 months)   $ 20,502
2025 $ 76,714  
2026 46,107  
2027   0
2028   0
Thereafter   0
Total lease payments   143,323
Less: imputed interest   (6,284)
Financing lease liability 137,039  
Operating Lease Liabilities Payments Due [Abstract]    
2024 (3 months) 27,168 6,880
2025 15,040 16,232
2026 12,112 9,527
2027 8,653 7,455
2028 5,666 6,501
Thereafter 33,059 66,126
Total lease payments   112,721
Less: imputed interest   (48,179)
Operating lease liability $ 64,542 $ 58,373
v3.24.0.1
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Sac Holdings [Member]    
Related party notes receivable:    
Interest paid (received) in cash on derivative contracts $ 22.6 $ 22.7
Related party costs and expenses:    
Cash flow, related party 20.9 1.8
Revenue generated by the dealer agreement from related parties   21.0
Commission expenses, generated from dealer agreement with related parties 1.8  
Private Mini [Member]    
Related party costs and expenses:    
Commission expenses, generated from dealer agreement with related parties 65.7 71.3
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]    
Property Management Fee [Abstract]    
Property Management Fee Revenue $ 25.0 24.9
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 $ 305.2 $ 339.5
v3.24.0.1
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Related party transactions:        
Management fee revenue $ 10,138 $ 10,080 $ 28,582 $ 28,496
Blackwater [Member]        
Related party transactions:        
Management fee revenue 7,135 7,170 22,585 22,726
Mercury [Member]        
Related party transactions:        
Management fee revenue $ 3,003 $ 2,910 $ 5,997 $ 5,770
v3.24.0.1
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Related party cost and expense:        
Costs and Expenses, Related Party $ 20,400 $ 20,600 $ 69,700 $ 73,100
Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 20,427 20,620 69,690 73,095
Lease expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 604 604 1,812 1,812
Printing expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 877 0 2,194 0
Commission expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party $ 18,946 $ 20,016 $ 65,684 $ 71,283
v3.24.0.1
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Related Party Transaction [Line Items]    
Related party assets $ 48,766 $ 48,308
Blackwater [Member]    
Related Party Transaction [Line Items]    
Related party assets 41,674 42,141
Mercury [Member]    
Related Party Transaction [Line Items]    
Related party assets 13,711 8,402
Insurance Group [Member]    
Related Party Transaction [Line Items]    
Related party assets $ 6,619 $ (2,235)
v3.24.0.1
Consolidating Financial Information by Operating Segment - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues [Abstract]        
Revenues $ 1,339,514 $ 1,375,336 $ 4,529,682 $ 4,676,040
Earnings from operations before equity in earnings of subsidiaries, total 197,588 320,011 1,019,601 1,335,459
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues [Abstract]        
Revenues 1,260,677 1,296,407 4,285,768 4,456,863
Earnings from operations before equity in earnings of subsidiaries, total 180,467 304,717 968,862 1,301,277
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues [Abstract]        
Revenues 29,303 28,466 88,994 74,911
Earnings from operations before equity in earnings of subsidiaries, total 9,421 10,846 36,822 24,883
Operating Segments [Member] | Life Insurance [Member]        
Revenues [Abstract]        
Revenues 52,715 52,962 163,918 152,761
Earnings from operations before equity in earnings of subsidiaries, total 8,075 4,821 15,039 10,440
Intersegment Eliminations [Member]        
Revenues [Abstract]        
Revenues 3,181 (2,499) (8,998) (8,495)
Earnings from operations before equity in earnings of subsidiaries, total $ 375 $ (373) $ (1,122) $ (1,141)
v3.24.0.1
Consolidating Financial Information by Operating Segment - (Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets [Abstract]      
Total assets $ 19,002,576 $ 18,100,734 $ 18,090,124
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 16,193,912 15,211,493  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 480,429 459,897  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 2,806,247 2,891,574  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ (478,012) $ (462,230)  
v3.24.0.1
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Quarter ended:          
Total revenues $ 1,339,514 $ 1,375,336 $ 4,529,682 $ 4,676,040  
Depreciation and amortization, net of (gains) losses on disposals 180,387 121,704 489,930 371,641  
Interest expense 67,450 59,041 191,991 166,033  
Pretax earnings 129,773 260,616 826,516 1,167,505  
Income tax expense 30,549 61,764 196,946 280,442  
Identifiable assets 19,002,576 18,090,124 19,002,576 18,090,124 $ 18,100,734
United States [Member]          
Quarter ended:          
Total revenues 1,273,821 1,311,117 4,294,310 4,431,570  
Depreciation and amortization, net of (gains) losses on disposals 176,864 119,864 486,262 365,585  
Interest expense 66,772 58,367 189,900 163,792  
Pretax earnings 125,531 253,386 801,045 1,129,487  
Income tax expense 29,172 59,774 189,802 270,641  
Identifiable assets 18,225,204 17,447,581 18,225,204 17,447,581  
Canada [Member]          
Quarter ended:          
Total revenues 65,693 64,219 235,372 244,470  
Depreciation and amortization, net of (gains) losses on disposals 3,523 1,840 3,668 6,056  
Interest expense 678 674 2,091 2,241  
Pretax earnings 4,242 7,230 25,471 38,018  
Income tax expense 1,377 1,990 7,144 9,801  
Identifiable assets $ 777,372 $ 642,543 $ 777,372 $ 642,543  
v3.24.0.1
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 297 $ 332 $ 891 $ 995
Other components of net periodic benefit costs:        
Interest cost on accumulated postretirement benefit 367 287 1,102 861
Other components 2 17 8 51
Total other components of net periodic benefit costs 365 304 1,094 912
Net periodic postretirement benefit cost $ 662 $ 636 $ 1,985 $ 1,907
v3.24.0.1
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value $ 1,805,976 $ 2,060,524
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 6,051,219 5,710,735
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value 1,520,000 1,809,400
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value $ 6,471,405 $ 6,143,350
v3.24.0.1
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Assets    
Receivables, Fair Value Disclosure $ 154,846 $ 146,736
Mortgage loans, net 531,880 444,957
Other investments 83,674 109,009
Total 770,400 700,702
Liabilities    
Notes, loans and leases payable, gross 6,051,219 5,710,735
Total 6,051,219 5,710,735
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 6,051,219 5,710,735
Total 6,051,219 5,710,735
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure 154,846 146,736
Mortgage loans, net 531,880 444,957
Other investments 83,674 109,009
Total 770,400 700,702
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 154,846 146,736
Mortgage loans, net 567,784 466,531
Other investments 83,674 109,009
Total 806,304 722,276
Liabilities    
Notes, loans and leases payable, gross 6,471,405 6,143,350
Total $ 6,471,405 $ 6,143,350
v3.24.0.1
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Assets:    
Fixed maturities - available for sale $ 2,474,624 $ 2,709,037
Preferred stock 20,141 21,982
Common stock 39,534 39,375
Derivatives 13,881 9,606
Total 2,548,180 2,780,000
Liabilities:    
Guaranteed residual values of TRAC leases 9,645  
Total 9,645  
Level 1 [Member]    
Assets:    
Fixed maturities - available for sale 217,917 251,832
Preferred stock 20,141 21,982
Common stock 39,534 39,375
Derivatives 8,795 4,295
Total 286,387 317,484
Liabilities:    
Guaranteed residual values of TRAC leases 0  
Total 0  
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,256,648 2,457,146
Preferred stock 0 0
Common stock 0 0
Derivatives 5,086 5,311
Total 2,261,734 2,462,457
Liabilities:    
Guaranteed residual values of TRAC leases 0  
Total 0  
Level 3 [Member]    
Assets:    
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 9,645  
Total $ 9,645  
v3.24.0.1
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenue From Contract With Customer [Abstract]        
Revenues Recognized Over Time $ 73,785 $ 69,797 $ 283,468 $ 300,082
Revenues recognized at a point in time 85,732 92,698 315,084 338,019
Total revenues recognized under ASC 606 159,517 162,495 598,552 638,101
Revenues recognized under ASC 840 1,072,028 1,110,247 3,599,867 3,772,203
Revenues recognized under ASC 944 50,512 50,300 144,476 149,360
Revenues recognized under ASC 320 57,457 52,294 186,787 116,376
Total revenues $ 1,339,514 $ 1,375,336 $ 4,529,682 $ 4,676,040
v3.24.0.1
Revenue Recognition (Revenue over time) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Operating Lease Liabilities Payments Due [Abstract]    
2024 $ 27,168 $ 6,880
2025 15,040 16,232
2026 12,112 9,527
2027 8,653 7,455
2028 5,666 6,501
Thereafter 33,059 $ 66,126
Self-moving equipment rentals    
Operating Lease Liabilities Payments Due [Abstract]    
2024 5,674  
2027 0  
2028 0  
Thereafter 0  
Property lease revenues    
Operating Lease Liabilities Payments Due [Abstract]    
2024 21,494  
2025 15,040  
2026 12,112  
2027 8,653  
2028 5,666  
Thereafter $ 33,059  
v3.24.0.1
Allowance for Credit Losses (Narratives) (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Financing Receivable Impaired [Line Items]      
Trade receivable components | Segment 2    
Percentage of estimated gain loss 4.00% 4.00%  
Paid and unpaid percentage 1.00%    
Allowance for expected credit losses $ 4.3 $ 3.8  
Available for sale securities, accrued interest receivable 30.8   $ 29.6
Premiums Receivable Gross $ 7.2    
Commercial Real Estate Portfolio Segment [Member]      
Financing Receivable Impaired [Line Items]      
Premiums Receivable Gross     $ 4.1
Credit card receivables      
Financing Receivable Impaired [Line Items]      
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      
Financing Receivable Impaired [Line Items]      
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.    
v3.24.0.1
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 6,407 $ 9,210
Transition adjustment current expected credit losses 459 (2,803)
Write-offs against allowance 0 0
Recoveries 0 0
December 31, 2023 6,866 6,407
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,789 8,649
Transition adjustment current expected credit losses 556 (4,860)
Write-offs against allowance 0 0
Recoveries 0 0
December 31, 2023 4,345 3,789
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 2,101 60
Transition adjustment current expected credit losses 397 2,041
Write-offs against allowance 0 0
Recoveries 0 0
December 31, 2023 1,704 2,101
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
December 31, 2023 $ 817 $ 517
v3.24.0.1
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Statements Adjusted [Abstract]            
Assets $ 18,100,734   $ 19,002,576   $ 18,090,124  
Liabilities 11,596,543   11,914,775      
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,504,191 $ 5,894,075 $ 7,087,801 $ 7,030,378 $ 6,455,727 $ 6,324,173
Scenario Previously Reported [Member]            
Statements Adjusted [Abstract]            
Assets 18,124,648 17,299,581        
Liabilities 11,596,313 11,347,089        
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 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        
v3.24.0.1
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2021
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net $ 120,834 $ 128,463    
Assets 19,002,576 18,100,734 $ 18,090,124  
Policy benefits and losses, claims and loss expenses payable 838,945 880,202    
Deferred Income Tax Liabilities, Net 1,427,769 1,329,489    
Total liabilities 11,914,775 11,596,543    
Accumulated other comprehensive loss 308,642 285,623    
Retained earnings 7,609,777 7,003,148    
Stockholders' Equity Attributable to Parent 7,087,801 6,504,191    
Liabilities and Equity $ 19,002,576 $ 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 Tax Liabilities, 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 Tax Liabilities, 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
v3.24.0.1
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net $ 120,834 $ 128,463    
Assets 19,002,576 18,100,734 $ 18,090,124  
Policy benefits and losses, claims and loss expenses payable 838,945 880,202    
Deferred Income Tax Liabilities, Net 1,427,769 1,329,489    
Total liabilities 11,914,775 11,596,543    
Accumulated other comprehensive loss (308,642) (285,623)    
Retained earnings 7,609,777 7,003,148    
Stockholders' Equity Attributable to Parent 7,087,801 6,504,191    
Liabilities and Equity 19,002,576 18,100,734    
Operating Segments [Member] | Life Insurance [Member]        
Statements Adjusted [Abstract]        
Assets $ 2,806,247 2,891,574    
Previously Reported        
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net   152,377    
Assets   18,124,648   $ 17,299,581
Policy benefits and losses, claims and loss expenses payable   875,034    
Deferred Income Tax Liabilities, Net   1,334,427    
Total liabilities   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 Tax Liabilities, 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)    
v3.24.0.1
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
v3.24.0.1
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  
v3.24.0.1
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
v3.24.0.1
Accounting Pronouncements (Transition Adjustment Stockholders' Equity) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Mar. 31, 2022
Liability For Future Policy Benefits [Abstract]            
Deferred acquisition costs and related asset balances $ 120,834   $ 128,463 $ 133,720   $ 131,430
Tax effect 308,642   285,623      
Stockholders' Equity Attributable to Parent 7,087,801   6,504,191      
Accumulated Other Comprehensive Income (Loss) [Member]            
Liability For Future Policy Benefits [Abstract]            
Tax effect 308,642 $ 275,664 $ 285,623 $ 303,736 $ 243,497 $ 4,992
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)          
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)          
Deferred acquisition costs and related asset balances 41,438          
Tax effect 17,156          
Stockholders' Equity Attributable to Parent $ (64,538)          
v3.24.0.1
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 128,463 $ 131,430
Capitalization 11,397 20,406
Amortization expense (19,026) (18,116)
Balance, end of year 120,834 133,720
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 55,396 55,261
Capitalization 8,007 14,403
Amortization expense (11,461) (11,972)
Balance, end of year 51,942 57,692
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 66,954 67,573
Capitalization 3,213 5,667
Amortization expense (6,586) (4,722)
Balance, end of year 63,581 68,518
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 6,113 8,596
Capitalization 177 336
Amortization expense (979) (1,422)
Balance, end of year $ 5,311 $ 7,510
v3.24.0.1
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Net Premiums) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Apr. 01, 2021
Dec. 31, 2023
Dec. 31, 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
Life Insurance [Member]            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year   $ 419,687 $ 561,103      
Beginning balance at original discount rate   437,525 496,048      
Effect of actual variances from expected variances         $ 2  
Adjust beginning of year balance       $ 427,376 496,046  
Issuances   6,770 16,556      
Interest accrual   14,439 16,673      
Net premium collected   49,599 54,736      
Ending balance at original discount rate   398,986 474,539      
Effect of changes in discount rate assumptions (AOCI)   26,600 24,870      
Balance, end of period   372,386 449,669      
Life Insurance Segment [Member] | Oxford            
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]            
Balance, beginning of the year   223,118 280,371      
Beginning balance at original discount rate   225,071 242,741      
Effect of actual variances from expected variances       1,621 1,259  
Adjust beginning of year balance       224,487 241,482  
Issuances   6,692 14,101      
Interest accrual   8,367 9,036      
Net premium collected   29,812 32,270      
Ending balance at original discount rate   209,734 232,349      
Effect of changes in discount rate assumptions (AOCI)   6,878 3,811      
Balance, end of period   202,856 228,538      
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   196,569 280,732      
Beginning balance at original discount rate   212,454 253,307      
Effect of actual variances from expected variances       8,650 1,257  
Adjust beginning of year balance       $ 202,889 $ 254,564  
Issuances   78 2,455      
Interest accrual   6,072 7,637      
Net premium collected   19,787 22,466      
Ending balance at original discount rate   189,252 242,190      
Effect of changes in discount rate assumptions (AOCI)   19,722 21,059      
Balance, end of period   $ 169,530 $ 221,131      
v3.24.0.1
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 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 $ 2,363,143   $ 2,398,884    
Life and annuity ICOS and IBNR / Reinsurance losses payable         $ 41,438
End of period balance, Oxford 373,100        
Policy benefit and losses, claims and loss expense balance, end of period 838,945   880,202    
Life Insurance [Member]          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Balance, beginning of year 741,037 $ 971,882 971,882    
Beginning balance at original discount rate 760,198 821,286 821,286    
Effect of actual variances from expected experience 10,149   10,271 $ 1,901  
Adjusted beginning of year balance     749,927 823,187  
Issuances 6,824 16,555      
Interest accrual 26,350 28,791      
Net premium collected 62,401 69,475      
Ending balance at original discount rate 720,700 799,058 760,198 821,286  
Effect of changes in discount rate assumptions (AOCI) 39,847 31,386      
Balance, end of the year 680,853 767,672 741,037 971,882  
End of period, LFPB, net 308,467 318,003      
Payout annuities and market risk benefits 31,048 33,049      
Life and annuity ICOS and IBNR / Reinsurance losses payable 9,556 10,387      
Life DPL/Other life and health 23,724 35,276      
End of period balance, Oxford 373,069 397,166      
Balance, Moving and Storage 317,409 342,645      
Balance, Property and Casualty 148,467 156,259      
Policy benefit and losses, claims and loss expense balance, end of period 838,945 896,070      
Life Insurance Segment [Member] | Oxford          
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]          
Balance, beginning of year 530,983 672,254 672,254    
Beginning balance at original discount rate 533,688 552,109 552,109    
Effect of actual variances from expected experience     584 150  
Adjusted beginning of year balance     532,067 551,959  
Issuances 6,746 14,101      
Interest accrual 19,830 20,654      
Net premium collected 39,544 43,602      
Ending balance at original discount rate 519,099 543,112 533,688 552,109  
Effect of changes in discount rate assumptions (AOCI) 19,397 9,514      
Balance, end of the year 499,702 533,598 530,983 672,254  
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 210,054 299,628 299,628    
Beginning balance at original discount rate 226,510 269,177 269,177    
Effect of actual variances from expected experience     9,565 2,051  
Adjusted beginning of year balance     217,860 271,228  
Issuances 78 2,454      
Interest accrual 6,520 8,137      
Net premium collected 22,857 25,873      
Ending balance at original discount rate 201,601 255,946 226,510 269,177  
Effect of changes in discount rate assumptions (AOCI) 20,450 21,872      
Balance, end of the year $ 181,151 $ 234,074 $ 210,054 $ 299,628  
v3.24.0.1
Policy Benefits And Losses Claims And Loss Expenses Payable (Sensitive Life Insurance Type Products) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 67,376 $ 75,085 $ 67,376 $ 75,085
Gross premiums 67,376 75,085 67,376 75,085
Interest expense 67,450 59,041 191,991 166,033
Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 696,990 836,681 696,990 836,681
Discounted balance at original discount rate 540,121 644,354 540,121 644,354
Discounted balance at current discount rate 506,333 613,546 506,333 613,546
Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 1,012,877 1,128,215 1,012,877 1,128,215
Discounted balance at original discount rate 720,700 799,058 720,700 799,058
Discounted balance at current discount rate 680,853 767,672 680,853 767,672
Life Insurance [Member]        
Liability For Future Policy Benefits [Abstract]        
Interest expense     11,911 12,118
Oxford | Life Insurance [Member]        
Liability For Future Policy Benefits [Abstract]        
Interest expense     11,463  
Life Insurance Segment [Member]        
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 39,979 $ 42,977 $ 39,979 $ 42,977
Expected future lifetime (persistency) of policies in force (years) 6 years 10 months 24 days 7 years 6 years 10 months 24 days 7 years
Weighted average original interest rate of the liability for future policy benefits 5.00% 5.02% 5.00% 5.02%
Weighted average current interest rate of the liability for future policy benefits 4.80% 1.52% 4.80% 1.52%
Life Insurance Segment [Member] | Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance $ 377,068 $ 413,315 $ 377,068 $ 413,315
Discounted balance at original discount rate 291,900 318,749 291,900 318,749
Discounted balance at current discount rate 281,927 313,083 281,927 313,083
Life Insurance Segment [Member] | Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 752,194 793,511 752,194 793,511
Discounted balance at original discount rate 519,099 543,111 519,099 543,111
Discounted balance at current discount rate $ 499,702 $ 533,597 $ 499,702 $ 533,597
Life Insurance Segment [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0457 0.0485 0.0457 0.0485
Life Insurance Segment [Member] | Mortality expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0507 0.048 0.0507 0.048
Life Insurance Segment [Member] | Lapses actual experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0218 0.0208 0.0218 0.0208
Life Insurance Segment [Member] | Lapses expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.0264 0.0252 0.0264 0.0252
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       $ 11,618
Health Insurance Product Line [Member]        
Liability For Future Policy Benefits [Abstract]        
Gross premiums $ 27,397 $ 32,108 $ 27,397 $ 32,108
Expected future lifetime (persistency) of policies in force (years) 6 years 6 months 6 years 8 months 12 days 6 years 6 months 6 years 8 months 12 days
Weighted average original interest rate of the liability for future policy benefits 4.01% 4.02% 4.01% 4.02%
Weighted average current interest rate of the liability for future policy benefits 4.80% 1.51% 4.80% 1.51%
Health Insurance Product Line [Member] | Expected gross premiums:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance $ 319,922 $ 423,366 $ 319,922 $ 423,366
Discounted balance at original discount rate 248,221 325,605 248,221 325,605
Discounted balance at current discount rate 224,406 300,463 224,406 300,463
Health Insurance Product Line [Member] | Expected policy benefits:        
Liability For Future Policy Benefits [Abstract]        
Undiscounted balance 260,683 334,704 260,683 334,704
Discounted balance at original discount rate 201,601 255,947 201,601 255,947
Discounted balance at current discount rate $ 181,151 $ 234,075 $ 181,151 $ 234,075
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 0.8117 0.7794 0.8117 0.7794
Health Insurance Product Line [Member] | Morbidity expected experience        
Liability For Future Policy Benefits [Abstract]        
Market Risk Benefit Measurement Input 0.7365 0.7141 0.7365 0.7141
Health Insurance Product Line [Member] | Oxford        
Liability For Future Policy Benefits [Abstract]        
Interest expense     $ 448 $ 500
v3.24.0.1
Policy Benefits And Losses Claims And Loss Expenses Payable (Balance Changes Liabilities Investment Contracts) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 8,232  
End of period 8,012  
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 206,800 243,144
Surrenders and withdrawals (265,999) (195,801)
Benefit payments (29,136) (27,207)
Interest credited 52,594 40,328
End of period $ 2,363,143 $ 2,396,702
Weighted average credited rate 2.96% 2.27%
Cash surrender value $ 2,025,409 $ 2,062,711