U-HAUL HOLDING CO /NV/, 10-Q filed on 07 Aug 24
 | XBRL Documents
v3.24.2.u1
Document and Entity Information - shares
 3 Months Ended
Jun. 30, 2024
Aug. 07, 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 Jun. 30, 2024  
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 Ste 100  
Entity address, City or Town Reno  
Entity address, State or Province NV  
Entity address, postal zip code 89511  
City Area Code 775  
Local Phone Number 688-6300  
Entity 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, $0.001 par value  
Security Exchange Name NYSE  
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
ASSETS:    
Cash and cash equivalents $ 1,153,161 $ 1,534,544
Reinsurance recoverables and trade receivables, net 253,638 215,908
Inventories, net 157,625 150,940
Prepaid Expense 248,147 246,082
Fixed maturities - available for sale 2,395,890 2,442,504
Equity securities, at estimated fair value 74,066 66,274
Investments, other 638,423 633,936
Deferred policy acquisition costs, net 119,806 121,224
Other assets 123,878 111,743
Right of use Assets - Financing 265,744 289,305
Right of use Assets - Operating 53,255 53,712
Related Parties Amounts Due 67,254 57,934
Subtotal assets 18,964,066 18,185,784
Property, plant and equipment, at cost:    
Land 1,727,668 1,670,033
Buildings and improvements 8,591,016 8,237,354
Furniture and equipment 1,014,086 1,003,770
Property, plant and equipment (gross) 5,550,887 5,924,106
Less: Accumulated depreciation (5,209,526) (5,051,132)
Total property, plant and equipment 13,754,540 13,134,652
Total assets 19,305,427 19,058,758
Liabilities:    
Accounts payable and accrued expenses 833,296 783,084
Notes, loans and leases payable 6,280,305 6,271,362
Operating lease liability 54,485 55,032
Policy benefits and losses, claims and loss expenses payable 841,861 849,113
Liabilities from investment contracts 2,406,464 2,411,352
Other policyholders' funds and liabilities 5,832 18,070
Deferred income 62,587 51,175
Deferred Income Tax Liabilities, Net 1,470,156 1,447,125
Total liabilities 11,954,986 11,886,313
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (231,813) (223,216)
Retained earnings 7,786,683 7,600,090
Total stockholders' equity 7,350,441 7,172,445
Total liabilities and stockholders' equity   19,058,758
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 960,853 936,303
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 6,670,443 $ 6,338,324
v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 2,995 $ 1,052
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,631,881 $ 2,660,093
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
v3.24.2.u1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenues:    
Self-moving equipment rentals $ 1,014,332 $ 999,206
Self-storage revenues 215,737 198,961
Self moving and self-storage products and service sales 96,591 100,872
Property management fees 9,495 9,177
Life insurance premiums 20,740 23,131
Property and casualty insurance premiums 21,229 20,322
Net investment and Interest income 37,125 64,592
Other revenue 133,241 124,047
Total revenues 1,548,490 1,540,308
Costs and expenses:    
Operating Costs and Expenses 789,757 763,241
Commission expenses 112,571 106,927
Cost of product sales 66,014 70,675
Benefits and losses 44,006 45,344
Amortization of deferred policy acquisition costs 4,646 8,045
Lease expense 5,605 7,583
Depreciation, net of (gains) losses on disposals 216,545 137,814
Net (gains) losses on disposal of real estate 3,104 1,021
Operating Expenses, Total 1,242,248 1,140,650
Earnings from operations 306,242 399,658
Other components of net periodic benefit costs (372) (365)
Interest Income, Other 18,235  
Interest expense (67,218) (60,598)
Fees and amortization on early extinguishment of debt (495)  
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 256,392 338,695
Income tax expense (60,975) (81,857)
Earnings available to common stockholders $ 195,417 $ 256,838
Common Stock [Member]    
Costs and expenses:    
Basic and diluted earnings per common share $ 0.95 $ 1.27
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788
Nonvoting Common Stock [Member]    
Costs and expenses:    
Basic and diluted earnings per common share $ 1 $ 1.31
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]    
Costs and expenses:    
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880
v3.24.2.u1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Depreciation:    
Net of (gains) losses on sale of real and personal property $ 7,768 $ 55,661
Related party:    
Related party, revenues, net of eliminations 9,495 9,177
Related party, costs and expenses, net of eliminations $ 30,600 $ 23,700
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Comprehensive income (loss) (pretax):    
Pretax earnings (loss) $ 256,392 $ 338,695
Comprehensive income (loss) (tax effect):    
Income tax expense (60,975) (81,857)
Comprehensive income (loss) (net of tax):    
Earnings available to common stockholders 195,417 256,838
Other comprehensive income (loss):    
Foreign currency translation (pretax) 204 469
Foreign currency translation (net of tax) 204 469
Unrealized gain (loss) on investments (pretax) 7,465 25,543
Unrealized gain (loss) on investments (tax effect) (2,052) (5,199)
Unrealized gain (loss) on investments (net of tax) 5,413 20,344
Change in fair value of cash flow hedges (pre-tax) 2,526 5,093
Change in fair value of cash flow hedges (tax effect) (621) (1,251)
Change in fair value of cash flow hedges (net of tax) 1,905 3,842
Amounts reclassified into earnings on hedging activities (pre tax) 1,425 1,150
Amounts reclassified into earnings on hedging activities (tax effect) (350) (282)
Amounts reclassified into earnings on hedging activities (net of tax) 1,075 868
Other Comprehensive Income (Loss), before Tax 11,620 29,955
Other Comprehensive Income (Loss), Tax 3,023 6,168
Total other comprehensive income (loss) (net of tax) 8,597 23,787
Total comprehensive income (loss) (pretax) 244,772 368,650
Total comprehensive income (loss) (tax effect) (57,952) (88,025)
Total comprehensive income (loss) (net of tax) $ 186,820 $ 280,625
v3.24.2.u1
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]
Common Stock [Member]
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 469     469        
Unrealized net gain (loss) on investments, net of tax 20,344     20,344        
Change in fair value of cash flow hedges 3,842     3,842        
Amounts reclassified into earnings on hedging activities, net 868     868        
Net Income (Loss) 256,838       256,838      
Series N Non-Voting Common Stock dividends paid (7,059)       (7,059)      
Net activity 273,566     23,787 249,779      
Balance, end of period at Jun. 30, 2023 6,777,757 10,497 453,643 261,836 7,252,927 525,653 151,997 176
Balance, beginning of period at Mar. 31, 2024 7,172,445 10,497 462,548 223,216 7,600,090 525,653 151,997 176
Cosolidated statement of change in equity                
Foreign currency translation 204     204        
Unrealized net gain (loss) on investments, net of tax 5,413     5,413        
Change in fair value of cash flow hedges 1,905     1,905        
Amounts reclassified into earnings on hedging activities, net 1,075     1,075        
Net Income (Loss) 195,417       195,417      
Common stock dividends (8,824)       (8,824)      
Series N Non-Voting Common Stock dividends paid (8,824)              
Net activity 177,996     8,597 186,593      
Balance, end of period at Jun. 30, 2024 $ 7,350,441 $ 10,497 $ 462,548 $ 231,813 $ 7,786,683 $ 525,653 $ 151,997 $ 176
v3.24.2.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Nonvoting Common Stock [Member]    
Common Stock, Dividends, Per Share, Declared $ 0.05 $ 0.04
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities:    
Net Income (Loss) $ 195,417 $ 256,838
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 224,313 193,475
Amortization of premiums and accretion of discounts related to investments, net 4,253 4,394
Amortization of debt issuance costs 1,550 1,456
Interest credited to policyholders 19,507 17,538
Change in allowance for losses on trade receivables 2,052 592
Proceeds from Fees Received 2,623 4,384
Net gain on sale of real and personal property (7,768) (55,661)
Net losses on disposal of real estate 3,104 1,021
Net (gains) losses on sales of fixed maturity securities (2,240) (1,914)
Net gains on equity securities (1,326) (2,429)
Deferred income taxes 22,927 34,108
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (39,401) (17,435)
Inventories and parts (6,689) (13,395)
Prepaid expenses (2,142) (9,870)
Capitalization of deferred policy acquisition costs (1,418) (4,868)
Other assets (12,865) (14,341)
Related party assets (20,724) (3,132)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 52,770 33,112
Policy benefits and losses, claims and loss expenses payable 2,095 12,098
Other policyholders' funds and liabilities 12,238 3,986
Deferred income 11,434 11,999
Related party liabilities 11,353 2,197
Net cash provided by operating activities 453,903 465,697
Cash flow from investing activities:    
Increase Decrease Escrow Deposits 691 361
Purchase of:    
Property, plant and equipment (963,163) (773,577)
Fixed maturity investments (77,777) (13,208)
Equity securities   (242)
Investments, other (23,430) (52,865)
Proceeds from sales and paydowns of:    
Property, plant and equipment 146,672 193,455
Fixed maturity investments 101,568 348,604
Equity securities 11 236
Investments, other 12,110 9,290
Net cash used by investing activities (803,318) (288,668)
Cash flow from financing activities:    
Borrowings from credit facilities 349,233 445,493
Principal repayments on credit facilities (321,670) (232,824)
Payment of debt issuance costs (248) (2,688)
Finance lease payments (19,260) (34,168)
Securitization deposits 99 79
Series N Non-Voting Common Stock dividends paid (8,824) (7,059)
Investment contract deposits 76,417 51,239
Investment contract withdrawals (107,185) (83,331)
Net cash provided by financing activities (31,438) 136,741
Effects of exchange rate on cash (530) 2,830
Increase (decrease) in cash and cash equivalents (381,383) 316,600
Cash and cash equivalents at the beginning of period 1,534,544 2,060,524
Cash and cash equivalents at the end of period $ 1,153,161 $ 2,377,124
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 195,417 $ 256,838
v3.24.2.u1
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
v3.24.2.u1
Basis of Presentation
 3 Months Ended
Jun. 30, 2024
Disclosure Text Block [Abstract]  
Basis of Presentation

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March 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 2024 and 2023 correspond to fiscal 2025 and 2024 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. 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, 2024, 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, 2024.

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 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.

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 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.
v3.24.2.u1
Earnings Per Share
 3 Months Ended
Jun. 30, 2024
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 June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

 

(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

 

$

195,417

 

 

$

256,838

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

186,593

 

 

$

249,779

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

18,659

 

 

$

24,978

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.95

 

 

$

1.27

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.95

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

195,417

 

 

$

256,838

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

186,593

 

 

$

249,779

 

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

 

$

167,934

 

 

$

224,801

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.95

 

 

$

1.27

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.04

 

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

 

$

1.00

 

 

$

1.31

 

 

 
v3.24.2.u1
Investments
 3 Months Ended
Jun. 30, 2024
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 $20.1 million and $23.1 million as of June 30, 2024 and March 31, 2024, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2024 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

 

$

147,881

 

 

$

235

 

 

$

(9,361

)

 

$

—

 

 

$

138,755

 

U.S. government agency mortgage-backed securities

 

 

47,208

 

 

 

153

 

 

 

(8,044

)

 

 

—

 

 

 

39,317

 

Obligations of states and political subdivisions

 

 

150,396

 

 

 

313

 

 

 

(8,108

)

 

 

—

 

 

 

142,601

 

Corporate securities

 

 

1,987,105

 

 

 

1,318

 

 

 

(165,015

)

 

 

(2,995

)

 

 

1,820,413

 

Mortgage-backed securities

 

 

299,291

 

 

 

33

 

 

 

(44,520

)

 

 

—

 

 

 

254,804

 

 

 

$

2,631,881

 

 

$

2,052

 

 

$

(235,048

)

 

$

(2,995

)

 

$

2,395,890

 

 

 

Available-for-sale investments as of March 31, 2024 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

 

$

191,070

 

 

$

2,123

 

 

$

(8,921

)

 

$

—

 

 

$

184,272

 

U.S. government agency mortgage-backed securities

 

 

48,067

 

 

 

250

 

 

 

(7,664

)

 

 

—

 

 

 

40,653

 

Obligations of states and political subdivisions

 

 

151,197

 

 

 

918

 

 

 

(7,533

)

 

 

—

 

 

 

144,582

 

Corporate securities

 

 

1,963,249

 

 

 

2,762

 

 

 

(152,799

)

 

 

(1,052

)

 

 

1,812,160

 

Mortgage-backed securities

 

 

306,510

 

 

 

34

 

 

 

(45,707

)

 

 

—

 

 

 

260,837

 

 

 

$

2,660,093

 

 

$

6,087

 

 

$

(222,624

)

 

$

(1,052

)

 

$

2,442,504

 

 

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 June 30, 2024 and March 31, 2024 were as follows:

 

 

 

June 30, 2024

 

 

 

 

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

 

 

$

35,130

 

 

 

$

(40

)

 

 

$

99,447

 

 

 

$

(9,321

)

 

 

$

134,577

 

 

 

$

(9,361

)

U.S. government agency mortgage-backed securities

 

 

 

—

 

 

 

 

—

 

 

 

 

22,893

 

 

 

 

(8,044

)

 

 

 

22,893

 

 

 

 

(8,044

)

Obligations of states and political subdivisions

 

 

 

31,299

 

 

 

 

(489

)

 

 

 

81,171

 

 

 

 

(7,619

)

 

 

 

112,470

 

 

 

 

(8,108

)

Corporate securities

 

 

 

204,656

 

 

 

 

(1,729

)

 

 

 

1,500,739

 

 

 

 

(163,286

)

 

 

 

1,705,395

 

 

 

 

(165,015

)

Mortgage-backed securities

 

 

 

10,340

 

 

 

 

(43

)

 

 

 

242,491

 

 

 

 

(44,477

)

 

 

 

252,831

 

 

 

 

(44,520

)

 

 

 

$

281,425

 

 

 

$

(2,301

)

 

 

$

1,946,741

 

 

 

$

(232,747

)

 

 

$

2,228,166

 

 

 

$

(235,048

)

 

 

 

 

March 31, 2024

 

 

 

 

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

 

 

$

1,888

 

 

 

$

(13

)

 

 

$

103,336

 

 

 

$

(8,908

)

 

 

$

105,224

 

 

 

$

(8,921

)

U.S. government agency mortgage-backed securities

 

 

 

—

 

 

 

 

—

 

 

 

 

23,711

 

 

 

 

(7,664

)

 

 

 

23,711

 

 

 

 

(7,664

)

Obligations of states and political subdivisions

 

 

 

10,492

 

 

 

 

(222

)

 

 

 

80,082

 

 

 

 

(7,311

)

 

 

 

90,574

 

 

 

 

(7,533

)

Corporate securities

 

 

 

132,513

 

 

 

 

(1,258

)

 

 

 

1,495,167

 

 

 

 

(151,541

)

 

 

 

1,627,680

 

 

 

 

(152,799

)

Mortgage-backed securities

 

 

 

3,008

 

 

 

 

(23

)

 

 

 

248,423

 

 

 

 

(45,684

)

 

 

 

251,431

 

 

 

 

(45,707

)

 

 

 

$

147,901

 

 

 

$

(1,516

)

 

 

$

1,950,719

 

 

 

$

(221,108

)

 

 

$

2,098,620

 

 

 

$

(222,624

)

 

Gross proceeds from matured or redeemed securities were $95.5 million and $338.0 million for the first three months ended June 30, 2024 and June 30, 2023 respectively. Included in the June 30, 2024 and 2023 proceeds were $73.0 million and $225.0 from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $3.6 million and $0.9 million during the first three months of fiscal 2025 and 2024, respectively. The gross realized losses on these sales totaled $1.8 million and $0.5 million during the first three months of fiscal 2025 and 2024, 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 $1.9 million and ($0.5) million net impairment charge recorded in the first three months ended June 30, 2024 and 2023, 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:

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

301,514

 

 

$

299,952

 

 

$

266,357

 

 

$

266,578

 

Due after one year through five years

 

 

608,709

 

 

 

587,286

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

664,240

 

 

 

605,525

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

758,127

 

 

 

648,323

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,332,590

 

 

 

2,141,086

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

299,291

 

 

 

254,804

 

 

 

306,510

 

 

 

260,837

 

 

 

$

2,631,881

 

 

$

2,395,890

 

 

$

2,660,093

 

 

$

2,442,504

 

 

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

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

35,284

 

 

$

51,999

 

 

$

29,604

 

 

$

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,067

 

 

 

25,144

 

 

 

21,260

 

 

 

$

60,428

 

 

$

74,066

 

 

$

54,748

 

 

$

66,274

 

 

Investments, other

The carrying value of the other investments was as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

617,230

 

 

$

604,481

 

Short-term investments

 

 

—

 

 

 

997

 

Policy loans

 

 

11,390

 

 

 

11,229

 

Other investments

 

 

9,803

 

 

 

17,229

 

 

 

$

638,423

 

 

$

633,936

 
v3.24.2.u1
Accounts Payable and Accrued Expense
 3 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses were as follows:

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(In thousands)

 

Accounts payable

$

 

248,127

 

$

 

240,053

 

Accrued expenses

 

 

585,169

 

 

 

543,031

 

 

$

 

833,296

 

$

 

783,084

 
v3.24.2.u1
Borrowings
 3 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net . Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2025 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2024

 

 

March 31,
2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.80

 

%

 

2027

 

-

2037

 

 

5.89

 

%

 

$

274,797

 

 

$

277,767

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.16

 

%

 

 

2,222,442

 

 

 

2,284,853

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.68

 

%

 

2024

 

-

2029

 

 

3.89

 

%

 

 

59,744

 

 

 

70,454

 

Fleet loans (revolving credit) (b)

 

6.57

 

%

-

 

6.68

 

%

 

2027

 

-

2029

 

 

6.62

 

%

 

 

585,000

 

 

 

573,889

 

Finance leases (rental equipment)

 

2.86

 

%

-

 

5.01

 

%

 

2024

 

-

2026

 

 

4.16

 

%

 

 

98,382

 

 

 

117,641

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2024

 

-

2031

 

 

4.88

 

%

 

 

1,801,109

 

 

 

1,708,619

 

Private placements

 

2.43

 

%

-

 

2.88

 

%

 

2029

 

-

2035

 

 

2.65

 

%

 

 

1,200,000

 

 

 

1,200,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2024

 

-

2049

 

 

6.26

 

%

 

 

70,202

 

 

 

70,815

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,311,676

 

 

 

6,304,038

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,371

)

 

 

(32,676

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,280,305

 

 

$

6,271,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 for $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.51% using the swap adjusted interest rate.

 

(c) Weighted average rates as of June 30, 2024.

 

 

 

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

71,147

 

 

$

64,400

 

Capitalized interest

 

 

(4,013

)

 

 

(4,063

)

Amortization of transaction costs

 

 

1,509

 

 

 

1,411

 

Interest expense resulting from cash flow hedges

 

 

(1,425

)

 

 

(1,150

)

Total interest expense

 

$

67,218

 

 

$

60,598

 

 

Interest paid in cash was $62.8 million and $55.4 million for the first quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and ($1.0) million for the first quarter of fiscal 2025 and 2024, respectively.

Interest Rates

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.63

 

%

 

6.26

 

%

Interest rate at the end of the quarter

 

 

6.61

 

%

 

6.41

 

%

Maximum amount outstanding during the quarter

 

$

735,000

 

 

$

715,000

 

 

Average amount outstanding during the quarter

 

$

665,861

 

 

$

660,330

 

 

Facility fees

 

$

263

 

 

$

265

 

 
v3.24.2.u1
Derivatives
 3 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives . 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

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

8,386

 

 

$

8,392

 

Notional amount

 

$

295,747

 

 

$

297,867

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first three months of fiscal 2025 and 2024, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($1.9) million and $3.8 million, respectively, net of taxes. During the first three months of fiscal 2025 and 2024, we reclassified ($1.1) million and ($0.9) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2024, we expect to reclassify $5.5 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 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 losses recognized in net investment and interest income for the first three months of June 30, 2024 and 2023 were $1.4 million and $1.6 million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,804

 

 

$

10,538

 

Notional amount

 

$

466,445

 

 

$

526,449

 

 

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.
v3.24.2.u1
Accumulated Other Comprehensive Loss
 3 Months Ended
Jun. 30, 2024
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Loss . Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(204

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(204

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(5,413

)

 

 

—

 

 

 

—

 

 

 

(5,413

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,905

)

 

 

—

 

 

 

(1,905

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,075

)

 

 

—

 

 

 

(1,075

)

Other comprehensive income (loss)

 

 

(204

)

 

 

(5,413

)

 

 

(2,980

)

 

 

—

 

 

 

(8,597

)

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

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

 

 

469

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

469

 

Unrealized net gain on investments and impact of LFBP discount rates

 

 

—

 

 

 

20,344

 

 

 

—

 

 

 

—

 

 

 

20,344

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

3,842

 

 

 

—

 

 

 

3,842

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(868

)

 

 

—

 

 

 

(868

)

Other comprehensive income (loss)

 

 

469

 

 

 

20,344

 

 

 

2,974

 

 

 

—

 

 

 

23,787

 

Balance as of June 30, 2023

 

$

(56,070

)

 

$

(212,396

)

 

$

6,981

 

 

$

(351

)

 

$

(261,836

)

(a) Liability for future policy benefits
v3.24.2.u1
Stockholders' Equity
 3 Months Ended
Jun. 30, 2024
Stockholders' Equity [Abstract]  
7. Stockholders' Equity . Dividends

The following table lists the dividends that have been declared and issued for the first three months of fiscal years 2025 and 2024:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

June 5, 2024

 

$

0.05

 

 

June 17, 2024

 

June 28, 2024

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023

 

As of June 30, 2024, no awards had been issued under the 2016 AMERCO Stock Option Plan.
v3.24.2.u1
Leases
 3 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases . Leases

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

 

 

 

As of June 30, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

81,571

 

 

$

81,571

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

104,092

 

 

 

—

 

 

 

104,092

 

Rental trucks

 

 

585,415

 

 

 

—

 

 

 

585,415

 

Right-of-use assets, gross

 

 

689,568

 

 

 

81,571

 

 

 

771,139

 

Less: Accumulated depreciation

 

 

(423,824

)

 

 

(28,316

)

 

 

(452,140

)

Right-of-use assets, net

 

$

265,744

 

 

$

53,255

 

 

$

318,999

 

 

 

 

As of March 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

79,317

 

 

$

79,317

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

114,607

 

 

 

—

 

 

 

114,607

 

Rental trucks

 

 

607,521

 

 

 

—

 

 

 

607,521

 

Right-of-use assets, gross

 

 

722,189

 

 

 

79,317

 

 

 

801,506

 

Less: Accumulated depreciation

 

 

(432,884

)

 

 

(25,605

)

 

 

(458,489

)

Right-of-use assets, net

 

$

289,305

 

 

$

53,712

 

 

$

343,017

 

 

As of June 30, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $98.4 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.

 

 

 

Finance leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

1

 

 

1

 

 

Weighted average discount rate

 

 

4.2

 

%

 

4.1

 

%

 

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

22

 

 

21.9

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.6

 

%

 

For the three months ended June 30, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $5.5 million and $8.9 million, respectively, and our financing cash flow activities were $19.3 million and $34.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $2.3 million and $5.0 million for the first three months of fiscal 2025 and 2024, respectively.

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

 

 

 

Three months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

5,605

 

 

$

8,102

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

9,833

 

 

$

16,754

 

Interest on lease liabilities

 

 

1,207

 

 

 

2,146

 

Total finance lease cost

 

$

11,040

 

 

$

18,900

 

 

The short-term lease costs for the first three months of fiscal 2025 and 2024 were not material.

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2025 (9 months)

 

$

67,577

 

 

$

9,850

 

2026

 

 

34,473

 

 

 

10,029

 

2027

 

 

—

 

 

 

7,941

 

2028

 

 

—

 

 

 

6,792

 

2029

 

 

—

 

 

 

5,203

 

Thereafter

 

 

—

 

 

 

61,754

 

Total lease payments

 

 

102,050

 

 

 

101,569

 

Less: imputed interest

 

 

(3,668

)

 

 

(47,084

)

Present value of lease liabilities

 

$

98,382

 

 

$

54,485

 
v3.24.2.u1
Contingencies
 3 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies . 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 (the "Court"). 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. The parties have reached a settlement agreement, which remains subject to approval by the Court.

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.
v3.24.2.u1
Related Party Transactions
 3 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

11. 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 June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,715

 

 

$

7,696

 

U-Haul management fee revenue from Mercury

 

 

1,780

 

 

 

1,481

 

 

 

$

9,495

 

 

$

9,177

 

 

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 $9.3 million and $8.2 million from the above-mentioned entities during the first three months of fiscal 2025 and 2024, 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.

During the fourth quarter of fiscal 2024, Mercury exercised its option to purchase 78 U-Haul branded self-storage locations from W.P. Carey. The self-storage component of these properties was previously leased by Mercury from W.P. Carey and managed by U-Haul, while the non-self-storage portions of these properties were leased by U-Haul. Post acquisition, Mercury now owns all of these properties and U-Haul acts as property manager.

There were several changes recognized in the first quarter of fiscal 2025 and will continue to be going forward as a result of this transaction. Retail sales revenues along with the associated cost of goods sold previously recognized by U-Haul will now be with Mercury. U-Move and U-Box related revenue will remain unchanged; however, Mercury will earn standard commissions for the transactions at these locations. Management fees earned by U-Haul will increase as a result of the increased revenues attributable to Mercury and certain operating expenses at these locations that were formerly the responsibility of U-Haul will now be reimbursed by Mercury. The net effect of all of these changes is not expected to result in a material change to operating earnings.

Related Party Costs and Expenses

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,103

 

 

 

349

 

U-Haul commission expenses to Blackwater

 

 

22,695

 

 

 

22,703

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

6,128

 

 

 

—

 

 

 

$

30,568

 

 

$

23,656

 

 

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides 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 June 30, 2024, subsidiaries of Blackwater and Mercury 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 and Mercury, excluding Dealer Agreements, provided revenues of $9.5 million and $7.7 million, expenses of $0.6 million and $0.6 million and we received cash flows of $8.6 million and $6.6 million, respectively, during the first three months of fiscal 2025 and 2024. Revenues were $138.9 million and $103.5 million and commission expenses were $28.8 million and $22.7 million, respectively, related to the Dealer Agreements, during the first three months of fiscal 2025 and 2024.

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 and Mercury.

Related Party Assets

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

33,643

 

 

$

31,950

 

U-Haul receivable from Mercury

 

 

39,105

 

 

 

24,536

 

Other (a)

 

 

(5,494

)

 

 

1,448

 

 

 

$

67,254

 

 

$

57,934

 

 

(a)
Timing differences for intercompany receivables and payable with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.24.2.u1
Consolidating Financial Information by Industry Segment
 3 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

12. 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. 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 June 30, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,469,161

 

 

$

28,178

 

 

$

53,749

 

 

$

(2,598

)

 

$

1,548,490

 

Total earnings (losses) from operations before equity in earnings of subsidiaries

 

$

295,058

 

 

$

11,483

 

 

$

(47

)

 

$

(252

)

 

$

306,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended June 30, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,459,513

 

 

$

27,839

 

 

$

55,681

 

 

$

(2,725

)

 

$

1,540,308

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

386,691

 

 

$

11,982

 

 

$

1,356

 

 

$

(371

)

 

$

399,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of June 30, 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,447,193

 

 

$

502,814

 

 

$

2,957,781

 

 

$

(602,361

)

 

$

19,305,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of March 31, 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.2.u1
Geographic Area Data
 3 Months Ended
Jun. 30, 2024
Segments, Geographical Areas [Abstract]  
Geographic Area Data

13. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,467,693

 

 

$

80,797

 

 

$

1,548,490

 

Depreciation and amortization, net of gains on disposals

 

 

219,412

 

 

 

4,883

 

 

 

224,295

 

Interest expense

 

 

66,749

 

 

 

469

 

 

 

67,218

 

Pretax earnings

 

 

247,318

 

 

 

9,074

 

 

 

256,392

 

Income tax expense

 

 

58,377

 

 

 

2,598

 

 

 

60,975

 

Identifiable assets

 

 

18,454,865

 

 

 

850,562

 

 

 

19,305,427

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,461,284

 

 

$

79,024

 

 

$

1,540,308

 

Depreciation and amortization, net of gains (losses) on disposals

 

 

148,313

 

 

 

(1,433

)

 

 

146,880

 

Interest expense

 

 

59,946

 

 

 

652

 

 

 

60,598

 

Pretax earnings

 

 

327,072

 

 

 

11,623

 

 

 

338,695

 

Income tax expense

 

 

78,595

 

 

 

3,262

 

 

 

81,857

 

Identifiable assets

 

 

17,892,739

 

 

 

721,295

 

 

 

18,614,034

 
v3.24.2.u1
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2024
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

14. Employee Benefit Plans

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

 

 

 

Quarter ended June 30,

 

 

 

 

2024

 

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

245

 

 

$

297

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

375

 

 

 

367

 

Other components

 

 

(3

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

372

 

 

 

365

 

Net periodic postretirement benefit cost

 

$

617

 

 

$

662

 
v3.24.2.u1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. 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 June 30, 2024 and March 31, 2024, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

 

As of June 30, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,395,890

 

 

$

—

 

 

$

2,395,832

 

 

$

58

 

Preferred stock

 

 

22,067

 

 

 

22,067

 

 

 

—

 

 

 

—

 

Common stock

 

 

51,999

 

 

 

51,999

 

 

 

—

 

 

 

—

 

Derivatives

 

 

17,190

 

 

 

8,804

 

 

 

8,386

 

 

 

—

 

Total

 

$

2,487,146

 

 

$

82,870

 

 

$

2,404,218

 

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,880

 

 

$

—

 

 

$

—

 

 

$

9,880

 

Liabilities from investment contracts

 

 

2,295,851

 

 

 

—

 

 

 

—

 

 

 

2,295,851

 

Market risk benefits

 

 

13,447

 

 

 

—

 

 

 

—

 

 

 

13,447

 

Total

 

$

2,319,178

 

 

$

—

 

 

$

—

 

 

$

2,319,178

 

 

As of March 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

 

$

2,442,504

 

 

$

—

 

 

$

2,442,446

 

 

$

58

 

Preferred stock

 

 

21,260

 

 

 

21,260

 

 

 

—

 

 

 

—

 

Common stock

 

 

45,014

 

 

 

45,014

 

 

 

—

 

 

 

—

 

Derivatives

 

 

18,930

 

 

 

10,538

 

 

 

8,392

 

 

 

—

 

Total

 

$

2,527,708

 

 

$

76,812

 

 

$

2,450,838

 

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,300

 

 

$

—

 

 

$

—

 

 

$

9,300

 

Liabilities from investment contracts

 

 

2,290,096

 

 

 

—

 

 

 

—

 

 

 

2,290,096

 

Market risk benefits

 

 

13,400

 

 

 

—

 

 

 

—

 

 

 

13,400

 

Total

 

$

2,312,796

 

 

$

—

 

 

$

—

 

 

$

2,312,796

 

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 were $870.5 million and $1,173.6 million as of June 30, 2024 and March 31, 2024, 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 June 30, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

215,735

 

 

$

—

 

 

$

—

 

 

$

215,735

 

 

$

215,735

 

Mortgage loans, net

 

 

617,230

 

 

 

—

 

 

 

—

 

 

 

589,880

 

 

 

589,880

 

Other investments

 

 

12,389

 

 

 

—

 

 

 

—

 

 

 

12,389

 

 

 

12,389

 

Total

 

$

845,354

 

 

$

—

 

 

$

—

 

 

$

818,004

 

 

$

818,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,311,676

 

 

$

—

 

 

$

5,888,119

 

 

$

—

 

 

$

5,888,119

 

Total

 

$

6,311,676

 

 

$

—

 

 

$

5,888,119

 

 

$

—

 

 

$

5,888,119

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

 

$

177,602

 

 

$

—

 

 

$

—

 

 

$

177,602

 

 

$

177,602

 

Mortgage loans, net

 

 

604,481

 

 

 

—

 

 

 

—

 

 

 

579,767

 

 

 

579,767

 

Other investments

 

 

18,917

 

 

 

—

 

 

 

—

 

 

 

18,917

 

 

 

18,917

 

Total

 

$

801,000

 

 

$

—

 

 

$

—

 

 

$

776,286

 

 

$

776,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

 

6,304,038

 

 

 

—

 

 

 

5,850,346

 

 

 

—

 

 

 

5,850,346

 

Total

 

$

6,304,038

 

 

$

—

 

 

$

5,850,346

 

 

$

—

 

 

$

5,850,346

 

 

 
v3.24.2.u1
Revenue Recognition
 3 Months Ended
Jun. 30, 2024
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

16. 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 June 30, 2024 and March 31, 2024.

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 first quarter of fiscal 2025 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. Operating lease income recognized under Topic 842 within other revenue was $24.2 million and $24.1 million for the quarters ended June 30, 2024 and 2023, respectively.

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, 2024, $47.0 million was recognized as revenue for the quarter ended June 30, 2024.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases 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 9, 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. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

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

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

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

 

 

 

Years Ending June 30,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

8,095

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

15,462

 

 

 

15,356

 

 

 

12,142

 

 

 

8,772

 

 

 

6,150

 

 

 

27,261

 

Total

 

$

23,557

 

 

$

15,356

 

 

$

12,142

 

 

$

8,772

 

 

$

6,150

 

 

$

27,261

 

 

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 June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

100,175

 

 

$

91,315

 

Revenues recognized at a point in time:

 

 

113,725

 

 

 

117,593

 

Total revenues recognized under ASC 606

 

 

213,900

 

 

 

208,908

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,254,317

 

 

 

1,222,316

 

Insurance premium revenues recognized under ASC 944

 

 

43,148

 

 

 

44,492

 

Net investment and interest income recognized under other topics

 

 

37,125

 

 

 

64,592

 

Total revenues

 

$

1,548,490

 

 

$

1,540,308

 

 

In the above table, 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 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.

v3.24.2.u1
Allowance For Credit Losses
 3 Months Ended
Jun. 30, 2024
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

17. 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 for 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.

We believe 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 5% as of June 30, 2024 and March 31, 2024, 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 June 30, 2024 and March 31, 2024 was $8.3 million and $6.2 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $30.4 million and $29.3 million as of June 30, 2024 and March 31, 2024, 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 that is 90 days or more past due. 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.

There were no delinquent commercial mortgage loans as of June 30, 2024 and March 31, 2024. As of June 30, 2024 and March 31, 2024, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of June 30, 2024.

Reinsurance Recoverables

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

Premium Receivables

Premium receivables were $1.1 million and $1.1 million as of June 30, 2024 and March 31, 2024, 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, 2023

 

$

3,789

 

 

$

2,101

 

 

$

517

 

 

$

6,407

 

Provision for (reversal of) credit losses

 

 

2,447

 

 

 

(1,049

)

 

 

300

 

 

 

1,698

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2024

 

$

6,236

 

 

$

1,052

 

 

$

817

 

 

$

8,105

 

Provision for (reversal of) credit losses

 

 

2,047

 

 

 

1,943

 

 

 

(369

)

 

 

3,621

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2024

 

$

8,283

 

 

$

2,995

 

 

$

448

 

 

$

11,726

 
v3.24.2.u1
Income Taxes
 3 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax

18. 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 three months ended June 30, 2024 and 2023 was a provision of 23.8% and 24.2%, 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, net paid in cash was $3.6 million and $3.8 million for the three months ended June 30, 2024 and 2023, respectively.

The Organisation for Economic Co-Operation and Development ("OECD") released a framework, referred to as Pillar Two, to implement a global minimum corporate tax rate of 15% on certain multinational enterprises. Certain countries have enacted legislation to adopt the Pillar Two framework while several countries are considering or still announcing changes to their tax laws to implement the minimum tax directive. While we do not currently estimate Pillar Two to have a material impact on our effective tax rate, our analysis will continue as the OECD continues to release additional guidance and countries implement legislation.
v3.24.2.u1
Deferred Policy Acquisition Costs, Net
 3 Months Ended
Jun. 30, 2024
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs, Net . Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the three-month periods ended June 30, 2024 and 2023.

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

2,318

 

 

 

876

 

 

 

34

 

 

 

3,228

 

Amortization expense

 

 

(2,187

)

 

 

(2,200

)

 

 

(259

)

 

 

(4,646

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

54,878

 

 

$

61,102

 

 

$

3,826

 

 

$

119,806

 

 

 

 

Quarter ended June 30, 2023

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

1,951

 

 

 

1,166

 

 

 

61

 

 

 

3,178

 

Amortization expense

 

 

(3,384

)

 

 

(1,944

)

 

 

(190

)

 

 

(5,518

)

Other, including Experience Adjustment

 

 

(1,632

)

 

 

(327

)

 

 

(568

)

 

 

(2,527

)

Balance, end of period

 

$

52,331

 

 

$

65,849

 

 

$

5,416

 

 

$

123,596

 
v3.24.2.u1
Policy Benefits and Losses, Claims and Loss Expenses Payable
 3 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

 

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

205,389

 

 

$

223,118

 

Beginning balance at original discount rate

 

$

204,306

 

 

$

225,071

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(367

)

 

 

246

 

Adjusted beginning of year balance

 

$

203,939

 

 

$

225,317

 

Issuances

 

 

2,002

 

 

 

2,353

 

Interest accrual

 

 

2,493

 

 

 

2,574

 

Net premium collected

 

 

(9,221

)

 

 

(9,769

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

199,213

 

 

$

220,475

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(2,480

)

 

 

2,166

 

Balance, end of period

 

$

196,733

 

 

$

222,641

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

522,122

 

 

$

530,983

 

Beginning balance at original discount rate

 

$

514,113

 

 

$

533,688

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

(464

)

 

 

355

 

Adjusted beginning of year balance

 

$

513,649

 

 

$

534,043

 

Issuances

 

 

2,002

 

 

 

2,398

 

Interest accrual

 

 

6,279

 

 

 

6,534

 

Benefit payments

 

 

(14,142

)

 

 

(14,311

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

507,788

 

 

$

528,664

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(4,331

)

 

 

10,786

 

Balance, end of period

 

$

503,457

 

 

$

539,450

 

End of period, LFPB net

 

 

306,724

 

 

 

316,809

 

Payout annuities and market risk benefits

 

 

24,569

 

 

 

31,375

 

Health insurance

 

 

13,189

 

 

 

14,178

 

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

 

 

30,916

 

 

 

28,910

 

Life DPL / Other life and health

 

 

9,408

 

 

 

10,195

 

LFPB flooring effect

 

 

69

 

 

 

—

 

Life Insurance end of period balance

 

 

384,875

 

 

 

401,467

 

Moving and Storage balance

 

 

327,497

 

 

 

328,009

 

Property and Casualty balance

 

 

129,489

 

 

 

148,960

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

 

841,861

 

 

$

878,436

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

358,097

 

 

$

395,641

 

 

Discounted balance at original discount rate

 

$

278,118

 

 

$

305,166

 

 

Discounted balance at current discount rate

 

$

274,345

 

 

$

307,763

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

732,006

 

 

$

770,210

 

 

Discounted balance at original discount rate

 

$

507,787

 

 

$

528,663

 

 

Discounted balance at current discount rate

 

$

503,456

 

 

$

539,449

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

5.49

 

%

 

5.29

 

%

Mortality expected experience

 

 

5.35

 

%

 

4.93

 

%

Lapses actual experience

 

 

1.92

 

%

 

1.71

 

%

Lapses expected experience

 

 

2.73

 

%

 

2.64

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

12,538

 

 

$

13,414

 

 

Interest expense (2)

 

$

3,786

 

 

$

3,960

 

 

 

 

 

 

 

 

 

 

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

 

 

6.8

 

 

 

8.2

 

 

 

 

 

 

 

 

 

 

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

 

 

4.98

 

%

 

5.23

 

%

 

 

 

 

 

 

 

 

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

 

 

4.97

 

%

 

4.87

 

%

 

(1) Gross premiums are related to life insurance and are included in Life insurance premiums.

(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

 

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

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

76,417

 

Surrenders and withdrawals

 

 

(94,440

)

Benefit payments

 

 

(12,745

)

Interest credited

 

 

19,507

 

Other

 

 

6,373

 

End of period

 

$

2,406,464

 

Weighted average credited rate

 

 

3.27

 

Cash surrender value

 

$

2,084,896

 

 

 

 

Quarter ended June 30, 2023

 

 

 

Deferred Annuities

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,398,884

 

Deposits received

 

 

43,944

 

Surrenders and withdrawals

 

 

(64,445

)

Benefit payments

 

 

(10,813

)

Interest credited

 

 

16,760

 

Other

 

 

—

 

End of period

 

$

2,384,330

 

Weighted average credited rate

 

 

2.79

 

Cash surrender value

 

$

2,069,292

 
v3.24.2.u1
Accounting Pronouncements
 3 Months Ended
Jun. 30, 2024
Text Block [Abstract]  
Accounting Pronouncements

21. Accounting Pronouncements

Adoption of New 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 was effective for fiscal years beginning after December 15, 2023. The adoption of the standard did not have a material impact on our consolidated financial statements and disclosures.

Recent Accounting Pronouncements

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.

In March 2024, the United States Securities and Exchange Commission ("SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and REC balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. The Company cannot predict what, if any, changes in scope or timing may occur as a result of the pending litigation. The Company continues its assessment to prepare for the new rule. If the rule ultimately goes into effect as adopted, the Company would be required to comply with financial statement disclosure requirements, other than disclosure of material impacts on estimates and assumptions, with respect to the fiscal year beginning April 1, 2025.
v3.24.2.u1
Earnings Per Share (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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 June 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

 

(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

 

$

195,417

 

 

$

256,838

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

186,593

 

 

$

249,779

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

18,659

 

 

$

24,978

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.95

 

 

$

1.27

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.95

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

195,417

 

 

$

256,838

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(7,059

)

Undistributed earnings available to common stockholders

 

$

186,593

 

 

$

249,779

 

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

 

$

167,934

 

 

$

224,801

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.95

 

 

$

1.27

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.04

 

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

 

$

1.00

 

 

$

1.31

 

 

 
v3.24.2.u1
Investments (Table Text Block)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Investments Debt Equity Securities [Abstract]    
Available for sale investments

Available-for-sale investments as of June 30, 2024 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

 

$

147,881

 

 

$

235

 

 

$

(9,361

)

 

$

—

 

 

$

138,755

 

U.S. government agency mortgage-backed securities

 

 

47,208

 

 

 

153

 

 

 

(8,044

)

 

 

—

 

 

 

39,317

 

Obligations of states and political subdivisions

 

 

150,396

 

 

 

313

 

 

 

(8,108

)

 

 

—

 

 

 

142,601

 

Corporate securities

 

 

1,987,105

 

 

 

1,318

 

 

 

(165,015

)

 

 

(2,995

)

 

 

1,820,413

 

Mortgage-backed securities

 

 

299,291

 

 

 

33

 

 

 

(44,520

)

 

 

—

 

 

 

254,804

 

 

 

$

2,631,881

 

 

$

2,052

 

 

$

(235,048

)

 

$

(2,995

)

 

$

2,395,890

 

 

 

Available-for-sale investments as of March 31, 2024 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

 

$

191,070

 

 

$

2,123

 

 

$

(8,921

)

 

$

—

 

 

$

184,272

 

U.S. government agency mortgage-backed securities

 

 

48,067

 

 

 

250

 

 

 

(7,664

)

 

 

—

 

 

 

40,653

 

Obligations of states and political subdivisions

 

 

151,197

 

 

 

918

 

 

 

(7,533

)

 

 

—

 

 

 

144,582

 

Corporate securities

 

 

1,963,249

 

 

 

2,762

 

 

 

(152,799

)

 

 

(1,052

)

 

 

1,812,160

 

Mortgage-backed securities

 

 

306,510

 

 

 

34

 

 

 

(45,707

)

 

 

—

 

 

 

260,837

 

 

 

$

2,660,093

 

 

$

6,087

 

 

$

(222,624

)

 

$

(1,052

)

 

$

2,442,504

 
 
Available for sale investments, unrealized losses, fair value

 

 

 

June 30, 2024

 

 

 

 

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

 

 

$

35,130

 

 

 

$

(40

)

 

 

$

99,447

 

 

 

$

(9,321

)

 

 

$

134,577

 

 

 

$

(9,361

)

U.S. government agency mortgage-backed securities

 

 

 

—

 

 

 

 

—

 

 

 

 

22,893

 

 

 

 

(8,044

)

 

 

 

22,893

 

 

 

 

(8,044

)

Obligations of states and political subdivisions

 

 

 

31,299

 

 

 

 

(489

)

 

 

 

81,171

 

 

 

 

(7,619

)

 

 

 

112,470

 

 

 

 

(8,108

)

Corporate securities

 

 

 

204,656

 

 

 

 

(1,729

)

 

 

 

1,500,739

 

 

 

 

(163,286

)

 

 

 

1,705,395

 

 

 

 

(165,015

)

Mortgage-backed securities

 

 

 

10,340

 

 

 

 

(43

)

 

 

 

242,491

 

 

 

 

(44,477

)

 

 

 

252,831

 

 

 

 

(44,520

)

 

 

 

$

281,425

 

 

 

$

(2,301

)

 

 

$

1,946,741

 

 

 

$

(232,747

)

 

 

$

2,228,166

 

 

 

$

(235,048

)

 

 

 

March 31, 2024

 

 

 

 

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

 

 

$

1,888

 

 

 

$

(13

)

 

 

$

103,336

 

 

 

$

(8,908

)

 

 

$

105,224

 

 

 

$

(8,921

)

U.S. government agency mortgage-backed securities

 

 

 

—

 

 

 

 

—

 

 

 

 

23,711

 

 

 

 

(7,664

)

 

 

 

23,711

 

 

 

 

(7,664

)

Obligations of states and political subdivisions

 

 

 

10,492

 

 

 

 

(222

)

 

 

 

80,082

 

 

 

 

(7,311

)

 

 

 

90,574

 

 

 

 

(7,533

)

Corporate securities

 

 

 

132,513

 

 

 

 

(1,258

)

 

 

 

1,495,167

 

 

 

 

(151,541

)

 

 

 

1,627,680

 

 

 

 

(152,799

)

Mortgage-backed securities

 

 

 

3,008

 

 

 

 

(23

)

 

 

 

248,423

 

 

 

 

(45,684

)

 

 

 

251,431

 

 

 

 

(45,707

)

 

 

 

$

147,901

 

 

 

$

(1,516

)

 

 

$

1,950,719

 

 

 

$

(221,108

)

 

 

$

2,098,620

 

 

 

$

(222,624

)

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

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

301,514

 

 

$

299,952

 

 

$

266,357

 

 

$

266,578

 

Due after one year through five years

 

 

608,709

 

 

 

587,286

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

664,240

 

 

 

605,525

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

758,127

 

 

 

648,323

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,332,590

 

 

 

2,141,086

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

299,291

 

 

 

254,804

 

 

 

306,510

 

 

 

260,837

 

 

 

$

2,631,881

 

 

$

2,395,890

 

 

$

2,660,093

 

 

$

2,442,504

 
 
Available for sale equity investments

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

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

35,284

 

 

$

51,999

 

 

$

29,604

 

 

$

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,067

 

 

 

25,144

 

 

 

21,260

 

 

 

$

60,428

 

 

$

74,066

 

 

$

54,748

 

 

$

66,274

 
 
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

617,230

 

 

$

604,481

 

Short-term investments

 

 

—

 

 

 

997

 

Policy loans

 

 

11,390

 

 

 

11,229

 

Other investments

 

 

9,803

 

 

 

17,229

 

 

 

$

638,423

 

 

$

633,936

 
 
v3.24.2.u1
Accounts Payable and Accrued Expense (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(In thousands)

 

Accounts payable

$

 

248,127

 

$

 

240,053

 

Accrued expenses

 

 

585,169

 

 

 

543,031

 

 

$

 

833,296

 

$

 

783,084

 
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2025 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2024

 

 

March 31,
2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.80

 

%

 

2027

 

-

2037

 

 

5.89

 

%

 

$

274,797

 

 

$

277,767

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.16

 

%

 

 

2,222,442

 

 

 

2,284,853

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.68

 

%

 

2024

 

-

2029

 

 

3.89

 

%

 

 

59,744

 

 

 

70,454

 

Fleet loans (revolving credit) (b)

 

6.57

 

%

-

 

6.68

 

%

 

2027

 

-

2029

 

 

6.62

 

%

 

 

585,000

 

 

 

573,889

 

Finance leases (rental equipment)

 

2.86

 

%

-

 

5.01

 

%

 

2024

 

-

2026

 

 

4.16

 

%

 

 

98,382

 

 

 

117,641

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2024

 

-

2031

 

 

4.88

 

%

 

 

1,801,109

 

 

 

1,708,619

 

Private placements

 

2.43

 

%

-

 

2.88

 

%

 

2029

 

-

2035

 

 

2.65

 

%

 

 

1,200,000

 

 

 

1,200,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2024

 

-

2049

 

 

6.26

 

%

 

 

70,202

 

 

 

70,815

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,311,676

 

 

 

6,304,038

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,371

)

 

 

(32,676

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,280,305

 

 

$

6,271,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 for $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.51% using the swap adjusted interest rate.

 

(c) Weighted average rates as of June 30, 2024.

 
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

71,147

 

 

$

64,400

 

Capitalized interest

 

 

(4,013

)

 

 

(4,063

)

Amortization of transaction costs

 

 

1,509

 

 

 

1,411

 

Interest expense resulting from cash flow hedges

 

 

(1,425

)

 

 

(1,150

)

Total interest expense

 

$

67,218

 

 

$

60,598

 
Interest rates and company borrowings

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.63

 

%

 

6.26

 

%

Interest rate at the end of the quarter

 

 

6.61

 

%

 

6.41

 

%

Maximum amount outstanding during the quarter

 

$

735,000

 

 

$

715,000

 

 

Average amount outstanding during the quarter

 

$

665,861

 

 

$

660,330

 

 

Facility fees

 

$

263

 

 

$

265

 

 
v3.24.2.u1
Derivatives (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

8,386

 

 

$

8,392

 

Notional amount

 

$

295,747

 

 

$

297,867

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

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,804

 

 

$

10,538

 

Notional amount

 

$

466,445

 

 

$

526,449

 
v3.24.2.u1
Accumulated Other Comprehensive Loss (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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 (a)

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(204

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(204

)

Unrealized net loss on investments and impact of LFBP discount rates

 

 

—

 

 

 

(5,413

)

 

 

—

 

 

 

—

 

 

 

(5,413

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,905

)

 

 

—

 

 

 

(1,905

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,075

)

 

 

—

 

 

 

(1,075

)

Other comprehensive income (loss)

 

 

(204

)

 

 

(5,413

)

 

 

(2,980

)

 

 

—

 

 

 

(8,597

)

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

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

 

 

469

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

469

 

Unrealized net gain on investments and impact of LFBP discount rates

 

 

—

 

 

 

20,344

 

 

 

—

 

 

 

—

 

 

 

20,344

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

3,842

 

 

 

—

 

 

 

3,842

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(868

)

 

 

—

 

 

 

(868

)

Other comprehensive income (loss)

 

 

469

 

 

 

20,344

 

 

 

2,974

 

 

 

—

 

 

 

23,787

 

Balance as of June 30, 2023

 

$

(56,070

)

 

$

(212,396

)

 

$

6,981

 

 

$

(351

)

 

$

(261,836

)

(a) Liability for future policy benefits
v3.24.2.u1
Stockholders' Equity (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

The following table lists the dividends that have been declared and issued for the first three months of fiscal years 2025 and 2024:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

June 5, 2024

 

$

0.05

 

 

June 17, 2024

 

June 28, 2024

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023
v3.24.2.u1
Leases (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

 

 

As of June 30, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

81,571

 

 

$

81,571

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

104,092

 

 

 

—

 

 

 

104,092

 

Rental trucks

 

 

585,415

 

 

 

—

 

 

 

585,415

 

Right-of-use assets, gross

 

 

689,568

 

 

 

81,571

 

 

 

771,139

 

Less: Accumulated depreciation

 

 

(423,824

)

 

 

(28,316

)

 

 

(452,140

)

Right-of-use assets, net

 

$

265,744

 

 

$

53,255

 

 

$

318,999

 

 

 

 

As of March 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

79,317

 

 

$

79,317

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

114,607

 

 

 

—

 

 

 

114,607

 

Rental trucks

 

 

607,521

 

 

 

—

 

 

 

607,521

 

Right-of-use assets, gross

 

 

722,189

 

 

 

79,317

 

 

 

801,506

 

Less: Accumulated depreciation

 

 

(432,884

)

 

 

(25,605

)

 

 

(458,489

)

Right-of-use assets, net

 

$

289,305

 

 

$

53,712

 

 

$

343,017

 
Summary of Weighted-average remaining lease terms and Discount rates

 

 

Finance leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

1

 

 

1

 

 

Weighted average discount rate

 

 

4.2

 

%

 

4.1

 

%

 

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

 

Weighted average remaining lease term (years)

 

22

 

 

21.9

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.6

 

%
Components of Lease Expense

 

 

Three months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

5,605

 

 

$

8,102

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

9,833

 

 

$

16,754

 

Interest on lease liabilities

 

 

1,207

 

 

 

2,146

 

Total finance lease cost

 

$

11,040

 

 

$

18,900

 
Maturities of Lease Liabilities

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2025 (9 months)

 

$

67,577

 

 

$

9,850

 

2026

 

 

34,473

 

 

 

10,029

 

2027

 

 

—

 

 

 

7,941

 

2028

 

 

—

 

 

 

6,792

 

2029

 

 

—

 

 

 

5,203

 

Thereafter

 

 

—

 

 

 

61,754

 

Total lease payments

 

 

102,050

 

 

 

101,569

 

Less: imputed interest

 

 

(3,668

)

 

 

(47,084

)

Present value of lease liabilities

 

$

98,382

 

 

$

54,485

 
v3.24.2.u1
Related Party Transations (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Related Party Revenue [Abstract]  
Related Party Revenue

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,715

 

 

$

7,696

 

U-Haul management fee revenue from Mercury

 

 

1,780

 

 

 

1,481

 

 

 

$

9,495

 

 

$

9,177

 
Related Party costs and expenses

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,103

 

 

 

349

 

U-Haul commission expenses to Blackwater

 

 

22,695

 

 

 

22,703

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

6,128

 

 

 

—

 

 

 

$

30,568

 

 

$

23,656

 
Related party assets

 

 

June 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

33,643

 

 

$

31,950

 

U-Haul receivable from Mercury

 

 

39,105

 

 

 

24,536

 

Other (a)

 

 

(5,494

)

 

 

1,448

 

 

 

$

67,254

 

 

$

57,934

 

 

(a)
Timing differences for intercompany receivables and payable with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.24.2.u1
Consolidating Financial Information by Industry Segment (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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 June 30, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,469,161

 

 

$

28,178

 

 

$

53,749

 

 

$

(2,598

)

 

$

1,548,490

 

Total earnings (losses) from operations before equity in earnings of subsidiaries

 

$

295,058

 

 

$

11,483

 

 

$

(47

)

 

$

(252

)

 

$

306,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended June 30, 2023 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,459,513

 

 

$

27,839

 

 

$

55,681

 

 

$

(2,725

)

 

$

1,540,308

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

386,691

 

 

$

11,982

 

 

$

1,356

 

 

$

(371

)

 

$

399,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment

Total assets by operating segment as of June 30, 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,447,193

 

 

$

502,814

 

 

$

2,957,781

 

 

$

(602,361

)

 

$

19,305,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by operating segment as of March 31, 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.2.u1
Geographic Area Data (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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 June 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,467,693

 

 

$

80,797

 

 

$

1,548,490

 

Depreciation and amortization, net of gains on disposals

 

 

219,412

 

 

 

4,883

 

 

 

224,295

 

Interest expense

 

 

66,749

 

 

 

469

 

 

 

67,218

 

Pretax earnings

 

 

247,318

 

 

 

9,074

 

 

 

256,392

 

Income tax expense

 

 

58,377

 

 

 

2,598

 

 

 

60,975

 

Identifiable assets

 

 

18,454,865

 

 

 

850,562

 

 

 

19,305,427

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,461,284

 

 

$

79,024

 

 

$

1,540,308

 

Depreciation and amortization, net of gains (losses) on disposals

 

 

148,313

 

 

 

(1,433

)

 

 

146,880

 

Interest expense

 

 

59,946

 

 

 

652

 

 

 

60,598

 

Pretax earnings

 

 

327,072

 

 

 

11,623

 

 

 

338,695

 

Income tax expense

 

 

78,595

 

 

 

3,262

 

 

 

81,857

 

Identifiable assets

 

 

17,892,739

 

 

 

721,295

 

 

 

18,614,034

 
v3.24.2.u1
Employee Benefit Plans (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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 June 30,

 

 

 

 

2024

 

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

245

 

 

$

297

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

375

 

 

 

367

 

Other components

 

 

(3

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

372

 

 

 

365

 

Net periodic postretirement benefit cost

 

$

617

 

 

$

662

 
v3.24.2.u1
Fair Value Measurements (Table Text Block)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of June 30, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,395,890

 

 

$

—

 

 

$

2,395,832

 

 

$

58

 

Preferred stock

 

 

22,067

 

 

 

22,067

 

 

 

—

 

 

 

—

 

Common stock

 

 

51,999

 

 

 

51,999

 

 

 

—

 

 

 

—

 

Derivatives

 

 

17,190

 

 

 

8,804

 

 

 

8,386

 

 

 

—

 

Total

 

$

2,487,146

 

 

$

82,870

 

 

$

2,404,218

 

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,880

 

 

$

—

 

 

$

—

 

 

$

9,880

 

Liabilities from investment contracts

 

 

2,295,851

 

 

 

—

 

 

 

—

 

 

 

2,295,851

 

Market risk benefits

 

 

13,447

 

 

 

—

 

 

 

—

 

 

 

13,447

 

Total

 

$

2,319,178

 

 

$

—

 

 

$

—

 

 

$

2,319,178

 

As of March 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

 

$

2,442,504

 

 

$

—

 

 

$

2,442,446

 

 

$

58

 

Preferred stock

 

 

21,260

 

 

 

21,260

 

 

 

—

 

 

 

—

 

Common stock

 

 

45,014

 

 

 

45,014

 

 

 

—

 

 

 

—

 

Derivatives

 

 

18,930

 

 

 

10,538

 

 

 

8,392

 

 

 

—

 

Total

 

$

2,527,708

 

 

$

76,812

 

 

$

2,450,838

 

 

$

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,300

 

 

$

—

 

 

$

—

 

 

$

9,300

 

Liabilities from investment contracts

 

 

2,290,096

 

 

 

—

 

 

 

—

 

 

 

2,290,096

 

Market risk benefits

 

 

13,400

 

 

 

—

 

 

 

—

 

 

 

13,400

 

Total

 

$

2,312,796

 

 

$

—

 

 

$

—

 

 

$

2,312,796

 
Financial Instruments, Carrying and Estimated fair values

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of June 30, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

215,735

 

 

$

—

 

 

$

—

 

 

$

215,735

 

 

$

215,735

 

Mortgage loans, net

 

 

617,230

 

 

 

—

 

 

 

—

 

 

 

589,880

 

 

 

589,880

 

Other investments

 

 

12,389

 

 

 

—

 

 

 

—

 

 

 

12,389

 

 

 

12,389

 

Total

 

$

845,354

 

 

$

—

 

 

$

—

 

 

$

818,004

 

 

$

818,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,311,676

 

 

$

—

 

 

$

5,888,119

 

 

$

—

 

 

$

5,888,119

 

Total

 

$

6,311,676

 

 

$

—

 

 

$

5,888,119

 

 

$

—

 

 

$

5,888,119

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

 

$

177,602

 

 

$

—

 

 

$

—

 

 

$

177,602

 

 

$

177,602

 

Mortgage loans, net

 

 

604,481

 

 

 

—

 

 

 

—

 

 

 

579,767

 

 

 

579,767

 

Other investments

 

 

18,917

 

 

 

—

 

 

 

—

 

 

 

18,917

 

 

 

18,917

 

Total

 

$

801,000

 

 

$

—

 

 

$

—

 

 

$

776,286

 

 

$

776,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

 

6,304,038

 

 

 

—

 

 

 

5,850,346

 

 

 

—

 

 

 

5,850,346

 

Total

 

$

6,304,038

 

 

$

—

 

 

$

5,850,346

 

 

$

—

 

 

$

5,850,346

 
v3.24.2.u1
Revenue Recognition (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Revenue From Contract With Customer [Abstract]  
Next five years and thereafter revenue

 

 

Years Ending June 30,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

8,095

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

15,462

 

 

 

15,356

 

 

 

12,142

 

 

 

8,772

 

 

 

6,150

 

 

 

27,261

 

Total

 

$

23,557

 

 

$

15,356

 

 

$

12,142

 

 

$

8,772

 

 

$

6,150

 

 

$

27,261

 
Disaggregation Of Revenue

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

100,175

 

 

$

91,315

 

Revenues recognized at a point in time:

 

 

113,725

 

 

 

117,593

 

Total revenues recognized under ASC 606

 

 

213,900

 

 

 

208,908

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,254,317

 

 

 

1,222,316

 

Insurance premium revenues recognized under ASC 944

 

 

43,148

 

 

 

44,492

 

Net investment and interest income recognized under other topics

 

 

37,125

 

 

 

64,592

 

Total revenues

 

$

1,548,490

 

 

$

1,540,308

 
v3.24.2.u1
Allowance For Credit Losses (Table Text Block)
 3 Months Ended
Jun. 30, 2024
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, 2023

 

$

3,789

 

 

$

2,101

 

 

$

517

 

 

$

6,407

 

Provision for (reversal of) credit losses

 

 

2,447

 

 

 

(1,049

)

 

 

300

 

 

 

1,698

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2024

 

$

6,236

 

 

$

1,052

 

 

$

817

 

 

$

8,105

 

Provision for (reversal of) credit losses

 

 

2,047

 

 

 

1,943

 

 

 

(369

)

 

 

3,621

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2024

 

$

8,283

 

 

$

2,995

 

 

$

448

 

 

$

11,726

 
v3.24.2.u1
Accounting Pronouncements (Table Text Block)
 3 Months Ended
Jun. 30, 2024
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables

21. Accounting Pronouncements

Adoption of New 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 was effective for fiscal years beginning after December 15, 2023. The adoption of the standard did not have a material impact on our consolidated financial statements and disclosures.

Recent Accounting Pronouncements

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.

In March 2024, the United States Securities and Exchange Commission ("SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and REC balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. The Company cannot predict what, if any, changes in scope or timing may occur as a result of the pending litigation. The Company continues its assessment to prepare for the new rule. If the rule ultimately goes into effect as adopted, the Company would be required to comply with financial statement disclosure requirements, other than disclosure of material impacts on estimates and assumptions, with respect to the fiscal year beginning April 1, 2025.
v3.24.2.u1
Deferred Policy Acquisition Costs, Net (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Compensation and Retirement Disclosure [Abstract]  
Schedule of Deferred Policy Acquisition Costs

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the three-month periods ended June 30, 2024 and 2023.

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

2,318

 

 

 

876

 

 

 

34

 

 

 

3,228

 

Amortization expense

 

 

(2,187

)

 

 

(2,200

)

 

 

(259

)

 

 

(4,646

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

54,878

 

 

$

61,102

 

 

$

3,826

 

 

$

119,806

 

 

 

 

Quarter ended June 30, 2023

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

1,951

 

 

 

1,166

 

 

 

61

 

 

 

3,178

 

Amortization expense

 

 

(3,384

)

 

 

(1,944

)

 

 

(190

)

 

 

(5,518

)

Other, including Experience Adjustment

 

 

(1,632

)

 

 

(327

)

 

 

(568

)

 

 

(2,527

)

Balance, end of period

 

$

52,331

 

 

$

65,849

 

 

$

5,416

 

 

$

123,596

 
v3.24.2.u1
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 3 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Present Value Expected Net Premiums and Expected Future Policy Benefits

The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

 

 

 

Quarter ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

205,389

 

 

$

223,118

 

Beginning balance at original discount rate

 

$

204,306

 

 

$

225,071

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(367

)

 

 

246

 

Adjusted beginning of year balance

 

$

203,939

 

 

$

225,317

 

Issuances

 

 

2,002

 

 

 

2,353

 

Interest accrual

 

 

2,493

 

 

 

2,574

 

Net premium collected

 

 

(9,221

)

 

 

(9,769

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

199,213

 

 

$

220,475

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(2,480

)

 

 

2,166

 

Balance, end of period

 

$

196,733

 

 

$

222,641

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

522,122

 

 

$

530,983

 

Beginning balance at original discount rate

 

$

514,113

 

 

$

533,688

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

(464

)

 

 

355

 

Adjusted beginning of year balance

 

$

513,649

 

 

$

534,043

 

Issuances

 

 

2,002

 

 

 

2,398

 

Interest accrual

 

 

6,279

 

 

 

6,534

 

Benefit payments

 

 

(14,142

)

 

 

(14,311

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

507,788

 

 

$

528,664

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(4,331

)

 

 

10,786

 

Balance, end of period

 

$

503,457

 

 

$

539,450

 

End of period, LFPB net

 

 

306,724

 

 

 

316,809

 

Payout annuities and market risk benefits

 

 

24,569

 

 

 

31,375

 

Health insurance

 

 

13,189

 

 

 

14,178

 

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

 

 

30,916

 

 

 

28,910

 

Life DPL / Other life and health

 

 

9,408

 

 

 

10,195

 

LFPB flooring effect

 

 

69

 

 

 

—

 

Life Insurance end of period balance

 

 

384,875

 

 

 

401,467

 

Moving and Storage balance

 

 

327,497

 

 

 

328,009

 

Property and Casualty balance

 

 

129,489

 

 

 

148,960

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

 

841,861

 

 

$

878,436

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

358,097

 

 

$

395,641

 

 

Discounted balance at original discount rate

 

$

278,118

 

 

$

305,166

 

 

Discounted balance at current discount rate

 

$

274,345

 

 

$

307,763

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

732,006

 

 

$

770,210

 

 

Discounted balance at original discount rate

 

$

507,787

 

 

$

528,663

 

 

Discounted balance at current discount rate

 

$

503,456

 

 

$

539,449

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

5.49

 

%

 

5.29

 

%

Mortality expected experience

 

 

5.35

 

%

 

4.93

 

%

Lapses actual experience

 

 

1.92

 

%

 

1.71

 

%

Lapses expected experience

 

 

2.73

 

%

 

2.64

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

12,538

 

 

$

13,414

 

 

Interest expense (2)

 

$

3,786

 

 

$

3,960

 

 

 

 

 

 

 

 

 

 

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

 

 

6.8

 

 

 

8.2

 

 

 

 

 

 

 

 

 

 

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

 

 

4.98

 

%

 

5.23

 

%

 

 

 

 

 

 

 

 

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

 

 

4.97

 

%

 

4.87

 

%
Balance Changes Liabilities Investment Contracts

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

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

76,417

 

Surrenders and withdrawals

 

 

(94,440

)

Benefit payments

 

 

(12,745

)

Interest credited

 

 

19,507

 

Other

 

 

6,373

 

End of period

 

$

2,406,464

 

Weighted average credited rate

 

 

3.27

 

Cash surrender value

 

$

2,084,896

 

 

 

 

Quarter ended June 30, 2023

 

 

 

Deferred Annuities

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,398,884

 

Deposits received

 

 

43,944

 

Surrenders and withdrawals

 

 

(64,445

)

Benefit payments

 

 

(10,813

)

Interest credited

 

 

16,760

 

Other

 

 

—

 

End of period

 

$

2,384,330

 

Weighted average credited rate

 

 

2.79

 

Cash surrender value

 

$

2,069,292

 
v3.24.2.u1
Earnings Per Share (Narratives) (Details) - $ / shares
Jun. 30, 2024
Mar. 31, 2024
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%  
v3.24.2.u1
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share Diluted Other Disclosures [Abstract]    
Net earnings available to common shareholders $ 195,417 $ 256,838
Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 19,607,788 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (7,059)
Undistributed earnings available to common stockholders 186,593 249,779
Undistributed earnings available to common stockholders, participating securities $ 18,659 $ 24,978
Undistributed earnings per share, common stock $ 0.95 $ 1.27
Income Loss From Continuing Operations Per Basic Share, Total $ 0.95 $ 1.27
Nonvoting Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 176,470,092 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (7,059)
Undistributed earnings available to common stockholders 186,593 249,779
Undistributed earnings available to common stockholders, participating securities $ 167,934 $ 224,801
Undistributed earnings per share, common stock $ 0.95 $ 1.27
Dividends declared per share, distributed 0.05 0.04
Income Loss From Continuing Operations Per Basic Share, Total $ 1 $ 1.31
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
v3.24.2.u1
Investments (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 20.1   $ 23.1
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) 1.9 $ 0.5  
Matured or Redeemed Securities      
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 95.5 338.0  
Moving and Storage Treasuries      
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 73.0 225.0  
Corporate securities [Member]      
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 3.6 0.9  
Available for sale securities, gross realized losses $ 1.8 $ 0.5  
v3.24.2.u1
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,631,881 $ 2,660,093
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 2,052 6,087
Gross unrealized losses more than 12 months (235,048) (222,624)
Allowance for expected credit loss (2,995) (1,052)
Available for sale investments, estimated market value 2,395,890 2,442,504
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 147,881 191,070
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 235 2,123
Gross unrealized losses more than 12 months (9,361) (8,921)
Available for sale investments, estimated market value 138,755 184,272
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 47,208 48,067
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 153 250
Gross unrealized losses more than 12 months (8,044) (7,664)
Available for sale investments, estimated market value 39,317 40,653
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 150,396 151,197
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 313 918
Gross unrealized losses more than 12 months (8,108) (7,533)
Available for sale investments, estimated market value 142,601 144,582
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,987,105 1,963,249
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,318 2,762
Gross unrealized losses more than 12 months (165,015) (152,799)
Allowance for expected credit loss (2,995) (1,052)
Available for sale investments, estimated market value 1,820,413 1,812,160
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 299,291 306,510
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 33 34
Gross unrealized losses more than 12 months (44,520) (45,707)
Available for sale investments, estimated market value $ 254,804 $ 260,837
v3.24.2.u1
Investments - (Available-for-sale investments with unrealized losses) (Details) - External Credit Rating, Investment Grade [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 281,425 $ 147,901
Fair Value, Twelve Months or Longer 1,946,741 1,950,719
Fair Value, Total 2,228,166 2,098,620
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (2,301) (1,516)
Unrealized Loss, Twelve Months or Longer (232,747) (221,108)
Unrealized Loss, Total (235,048) (222,624)
US Treasury, Government and Corporate Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 35,130 1,888
Fair Value, Twelve Months or Longer 99,447 103,336
Fair Value, Total 134,577 105,224
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (40) (13)
Unrealized Loss, Twelve Months or Longer (9,321) (8,908)
Unrealized Loss, Total (9,361) (8,921)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Twelve Months or Longer 22,893 23,711
Fair Value, Total 22,893 23,711
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Twelve Months or Longer (8,044) (7,664)
Unrealized Loss, Total (8,044) (7,664)
US States and Political Subdivisions Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 31,299 10,492
Fair Value, Twelve Months or Longer 81,171 80,082
Fair Value, Total 112,470 90,574
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (489) (222)
Unrealized Loss, Twelve Months or Longer (7,619) (7,311)
Unrealized Loss, Total (8,108) (7,533)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 204,656 132,513
Fair Value, Twelve Months or Longer 1,500,739 1,495,167
Fair Value, Total 1,705,395 1,627,680
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (1,729) (1,258)
Unrealized Loss, Twelve Months or Longer (163,286) (151,541)
Unrealized Loss, Total (165,015) (152,799)
Collateralized Mortgage Backed Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 10,340 3,008
Fair Value, Twelve Months or Longer 242,491 248,423
Fair Value, Total 252,831 251,431
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (43) (23)
Unrealized Loss, Twelve Months or Longer (44,477) (45,684)
Unrealized Loss, Total $ (44,520) $ (45,707)
v3.24.2.u1
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,631,881 $ 2,660,093
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,395,890 2,442,504
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 301,514 266,357
Due after one year through five years 608,709 748,338
Due after five years through ten years 664,240 614,890
Due after ten years 758,127 723,998
Amortized cost 2,332,590 2,353,583
Available-for-sale securities, fair value:    
Due in one year or less 299,952 266,578
Due after one year through five years 587,286 723,903
Due after five years through ten years 605,525 564,422
Due after ten years 648,323 626,764
Available for sale investments, estimated market value 2,141,086 2,181,667
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 299,291 306,510
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 254,804 $ 260,837
v3.24.2.u1
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 60,428 $ 54,748
Estimated market value, equity investments 74,066 66,274
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 35,284 29,604
Estimated market value, equity investments 51,999 45,014
Nonredeemable Preferred Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 25,144 25,144
Estimated market value, equity investments $ 22,067 $ 21,260
v3.24.2.u1
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 589,880 $ 579,767
Investments other, amount 638,423 633,936
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 617,230 604,481
Short-term investments   997
Policy loans 11,390 11,229
Other equity investments 9,803 17,229
Investments other, amount $ 638,423 $ 633,936
v3.24.2.u1
Accounts Payable and Accrued Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Payables and Accruals [Abstract]    
Accounts payable $ 248,127 $ 240,053
Accrued expenses 585,169 543,031
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 833,296 $ 783,084
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]    
Interest paid in cash $ 62.8 $ 55.4
Interest paid (received) in cash on derivative contracts $ 1.5 $ 0.0
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 5,888,119 $ 5,850,346
Notes, loans and finance/capital leases payable 6,311,676 6,304,038
Less: Debt issuance costs (31,371) (32,676)
Total notes, loans and finance/capital leases payable, net $ 6,280,305 6,271,362
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.89%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 274,797 277,767
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 6.80%  
Senior mortgages    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.16%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 2,222,442 2,284,853
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 6.05%  
Real estate loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 3.89%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2029  
Debt Instrument Carrying Amount $ 59,744 $ 70,454
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 6.62% 6.51%
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2029  
Debt Instrument Carrying Amount $ 585,000 $ 573,889
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.57%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.68%  
Capital Leases (rental equipment) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.16%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2026  
Debt Instrument Carrying Amount $ 98,382 117,641
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.86%  
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 4.88%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 1,801,109 1,708,619
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 6.80%  
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 6.26%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2024  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 70,202 $ 70,815
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%  
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 5,888,119 $ 5,850,346
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 5.89%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 274,797 $ 277,767
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:    
Interest rate   4.71%
Weighted average interest rate 6.62% 6.51%
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 585,000 $ 573,889
Fleet Loans Revolving Credit [Member] | Interest Rate Swaps [Member]    
Debt instruments, interest rate, effective percentage:    
Interest rate 4.71%  
Weighted average interest rate 6.51%  
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 100,000 $ 100,000
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Interest expense, borrowings:    
Interest expense $ 71,147 $ 64,400
Capitalized interest (4,013) (4,063)
Amortization of transaction costs 1,509 1,411
Interest expense resulting from derivatives 1,425 1,150
Total interest expense $ 67,218 $ 60,598
v3.24.2.u1
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Interest and debt expense:    
Weighted average interest rate during the quarter 6.63% 6.26%
Interest rate at quarter end 6.61% 6.41%
Maximum amount outstanding during the quarter $ 735,000 $ 715,000
Average amount outstanding during the quarter 665,861 660,330
Facility fees $ 263 $ 265
v3.24.2.u1
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent [Abstract]    
Interest expense $ 67,218 $ 60,598
Investment Income, Net 1,400 1,600
Decrease, fair value, cash flow hedges    
AOCI Attributable to Parent [Abstract]    
Interest expense 1,900 3,800
Reclassified AOCI    
AOCI Attributable to Parent [Abstract]    
Interest expense 1,100 $ 900
Reclassification net gains Interest Rate Contracts    
AOCI Attributable to Parent [Abstract]    
Interest expense $ 5,500  
v3.24.2.u1
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 8,386 $ 8,392
Derivative Notional Amount $ 295,747 $ 297,867
v3.24.2.u1
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 8,804 $ 10,538
Derivative Notional Amount $ 466,445 $ 526,449
v3.24.2.u1
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2023 $ 223,216  
Foreign currency translation 204 $ 469
Unrealized net gain on investments 5,413 20,344
Change in fair value of cash flow hedges 1,905 3,842
Amount reclassified from AOCI 1,075 868
Other comprehensive income (loss) 8,597 23,787
Balance as of June 30, 2024 231,813  
Foreign Currency Translation [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2023 53,707 56,539
Foreign currency translation 204 469
Other comprehensive income (loss) 204 469
Balance as of June 30, 2024 53,911 56,070
Unrealized Net Gain on Investments [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2023 176,883 232,740
Unrealized net gain on investments 5,413 20,344
Other comprehensive income (loss) 5,413 20,344
Balance as of June 30, 2024 182,296 212,396
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 6,330 4,007
Change in fair value of cash flow hedges 1,905 3,842
Amount reclassified from AOCI 1,075 868
Other comprehensive income (loss) 2,980 2,974
Balance as of June 30, 2024 3,350 6,981
Postretirement Benefit Obligation Gain [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2023 1,044 351
Balance as of June 30, 2024 1,044 351
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Balance as of March 31, 2023 223,216 285,623
Foreign currency translation 204 469
Unrealized net gain on investments 5,413 20,344
Change in fair value of cash flow hedges 1,905 3,842
Amount reclassified from AOCI 1,075 868
Other comprehensive income (loss) 8,597 23,787
Balance as of June 30, 2024 $ 231,813 $ 261,836
v3.24.2.u1
Stockholders' Equity - Summary of Dividends Declared (Details) - Nonvoting Common Stock [Member] - $ / shares
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dividends Stock [Abstract]    
Dividends Payable, Date Declared Jun. 05, 2024 Jun. 05, 2024
Dividend paid, amount per share $ 0.05 $ 0.05
Dividends Payable, Date of Record Jun. 17, 2024 Jun. 17, 2024
Dividends Payable, Date to be Paid Jun. 28, 2024 Jun. 28, 2024
Dividends Declared Two [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
v3.24.2.u1
Leases (Narratives) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Leases [Abstract]      
Right Of Use Asset Obtained In Exchange For Finance Lease Liability $ 98,400,000   $ 117,600,000
Cash paid for operating leases 5,500 $ 8,900,000  
Cash paid for finance leases 19,260,000 34,168,000  
Operating Lease Payments $ 2,300,000 $ 5,000,000  
v3.24.2.u1
Leases (Components of our right-of-use assets) (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Finance Lease [Abstract]    
Buildings and Improvements $ 81,571 $ 79,317,000
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 104,092 114,607,000
Rental trucks 585,415 607,521,000
Right-of-use assets, gross 771,139 801,506,000
Less: Accumulated depreciation (452,140) (458,489,000)
Right of use assets, net 318,999 343,017,000
Finance Lease [Member]    
Finance Lease [Abstract]    
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 104,092 114,607,000
Rental trucks 585,415 607,521,000
Right-of-use assets, gross 689,568 722,189,000
Less: Accumulated depreciation (423,824) (432,884,000)
Right of use assets, net 265,744 289,305,000
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 81,571 79,317,000
Right-of-use assets, gross 81,571 79,317,000
Less: Accumulated depreciation (28,316) (25,605,000)
Right of use assets, net $ 53,255 $ 53,712,000
v3.24.2.u1
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 1 1
Finance Lease Weighted Average Discount Rate Percent 4.20% 4.10%
v3.24.2.u1
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 22 21.9
Operating Lease Weighted Average Discount Rate Percent 4.60% 4.60%
v3.24.2.u1
Leases (Components Of Lease Expense) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Lease cost:    
Operating lease costs $ 5,605 $ 8,102,000
Finance lease cost:    
Amortization of right of use assets 9,833 16,754,000
Interest on lease liabilities 1,207 2,146,000
Total finance lease cost $ 11,040 $ 18,900,000
v3.24.2.u1
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Operating Lease Liabilities Payments Due [Abstract]    
Operating lease liability $ 54,485 $ 55,032
Finance Leases    
Finance Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 67,577  
2026 34,473  
Total lease payments 102,050  
Less: imputed interest (3,668)  
Financing lease liability 98,382  
Operating Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 23,557  
2026 15,356  
2027 12,142  
2028 8,772  
2029 6,150  
Thereafter 27,261  
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 9,850  
2026 10,029  
2027 7,941  
2028 6,792  
2029 5,203  
Thereafter 61,754  
Total lease payments 101,569  
Less: imputed interest (47,084)  
Operating lease liability $ 54,485  
v3.24.2.u1
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Property Management Fee [Abstract]    
Property Management Fee Revenue $ 9.3 $ 8.2
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 138.9 103.5
Payments For Purchase Of Other Assets 1 28.8 22.7
Sac Holdings [Member]    
Related party notes receivable:    
Interest paid (received) in cash on derivative contracts 9.5 0.7
Private Mini [Member]    
Related party costs and expenses:    
Commission expenses, generated from dealer agreement with related parties $ 0.6 0.6
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:    
Cash flow, related party $ 8.6 $ 6.6
v3.24.2.u1
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Related party transactions:    
Management fee revenue $ 9,495 $ 9,177
Blackwater [Member]    
Related party transactions:    
Management fee revenue 7,715 7,696
Mercury [Member]    
Related party transactions:    
Management fee revenue $ 1,780 $ 1,481
v3.24.2.u1
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Related party cost and expense:    
Costs and Expenses, Related Party $ 30,600 $ 23,700
Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 30,568 23,656
Lease expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 604 604
Lease expenses | Mercury [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 38  
Printing expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 1,103 349
Commission expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 22,695 $ 22,703
Commission expenses | Mercury [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party $ 6,128  
v3.24.2.u1
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Related Party Transaction [Line Items]    
Related party assets $ 67,254 $ 57,934
Blackwater [Member]    
Related Party Transaction [Line Items]    
Related party assets 33,643 31,950
Mercury [Member]    
Related Party Transaction [Line Items]    
Related party assets 39,105 24,536
Insurance Group [Member]    
Related Party Transaction [Line Items]    
Related party assets $ 5,494 $ 1,448
v3.24.2.u1
Consolidating Financial Information by Operating Segment - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenues [Abstract]    
Revenues $ 1,548,490 $ 1,540,308
Earnings from operations before equity in earnings of subsidiaries, total 306,242 399,658
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Revenues [Abstract]    
Revenues 1,469,161 1,459,513
Earnings from operations before equity in earnings of subsidiaries, total 295,058 386,691
Operating Segments [Member] | Property and Casualty Insurance [Member]    
Revenues [Abstract]    
Revenues 28,178 27,839
Earnings from operations before equity in earnings of subsidiaries, total 11,483 11,982
Operating Segments [Member] | Life Insurance [Member]    
Revenues [Abstract]    
Revenues 53,749 55,681
Earnings from operations before equity in earnings of subsidiaries, total 47 1,356
Intersegment Eliminations [Member]    
Revenues [Abstract]    
Revenues 2,598 2,725
Earnings from operations before equity in earnings of subsidiaries, total $ 252 $ 371
v3.24.2.u1
Consolidating Financial Information by Operating Segment - (Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Assets [Abstract]      
Total assets $ 19,305,427 $ 19,058,758 $ 18,614,034
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 16,447,193 16,149,748  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 502,814 501,566  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 2,957,781 2,990,903  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ 602,361 $ 583,459  
v3.24.2.u1
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Quarter ended:      
Total revenues $ 1,548,490 $ 1,540,308  
Depreciation and amortization, net of (gains) losses on disposals 224,295 146,880  
Interest expense 67,218 60,598  
Pretax earnings 256,392 338,695  
Income tax expense 60,975 81,857  
Identifiable assets 19,305,427 18,614,034 $ 19,058,758
United States [Member]      
Quarter ended:      
Total revenues 1,467,693 1,461,284  
Depreciation and amortization, net of (gains) losses on disposals 219,412 148,313  
Interest expense 66,749 59,946  
Pretax earnings 247,318 327,072  
Income tax expense 58,377 78,595  
Identifiable assets 18,454,865 17,892,739  
Canada [Member]      
Quarter ended:      
Total revenues 80,797 79,024  
Depreciation and amortization, net of (gains) losses on disposals 4,883 1,433  
Interest expense 469 652  
Pretax earnings 9,074 11,623  
Income tax expense 2,598 3,262  
Identifiable assets $ 850,562 $ 721,295  
v3.24.2.u1
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Postemployment Benefits [Abstract]    
Service cost for benefits earned during the period $ 245 $ 297
Other components of net periodic benefit costs:    
Interest cost on accumulated postretirement benefit 375 367
Other components 3 2
Total other components of net periodic benefit costs 372 365
Net periodic postretirement benefit cost $ 617 $ 662
v3.24.2.u1
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value $ 1,153,161 $ 1,534,544
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 5,888,119 5,850,346
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value 870,500 1,173,600
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value $ 6,311,676 $ 6,304,038
v3.24.2.u1
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Assets:    
Fixed maturities - available for sale $ 2,395,890 $ 2,442,504
Preferred stock 22,067 21,260
Common stock 51,999 45,014
Derivatives 17,190 18,930
Total 2,319,178 2,527,708
Liabilities:    
Guaranteed residual values of TRAC leases 9,880 9,300
Liabilities from investment contracts 2,295,851 2,290,096
Market risk benefits 13,447 13,400
Total 2,487,146 2,312,796
Level 1 [Member]    
Assets:    
Preferred stock 22,067 21,260
Common stock 51,999 45,014
Derivatives 8,804 10,538
Total   76,812
Liabilities:    
Total 82,870  
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,395,832 2,442,446
Derivatives 8,386 8,392
Total   2,450,838
Liabilities:    
Total 2,404,218  
Level 3 [Member]    
Assets:    
Fixed maturities - available for sale 58 58
Total 2,319,178 58
Liabilities:    
Guaranteed residual values of TRAC leases 9,880 9,300
Liabilities from investment contracts 2,295,851 2,290,096
Market risk benefits 13,447 13,400
Total $ 58 $ 2,312,796
v3.24.2.u1
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Assets    
Receivables, Fair Value Disclosure $ 215,735 $ 177,602
Mortgage loans, net 589,880 579,767
Other investments 12,389 18,917
Total 818,004 776,286
Liabilities    
Notes, loans and leases payable, gross 5,888,119 5,850,346
Total 5,888,119 5,850,346
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 5,888,119 5,850,346
Total 5,888,119 5,850,346
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure 215,735 177,602
Mortgage loans, net 589,880 579,767
Other investments 12,389 18,917
Total 818,004 776,286
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 215,735 177,602
Mortgage loans, net 617,230 604,481
Other investments 12,389 18,917
Total 845,354 801,000
Liabilities    
Notes, loans and leases payable, gross 6,311,676 6,304,038
Total $ 6,311,676 $ 6,304,038
v3.24.2.u1
Revenue Recognition (Narratives) (Details) - Self-moving equipment rentals - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Lessee Lease Description [Line Items]      
Operating lease income $ 24.2 $ 24.1  
Payments received from customers, income recognized     $ 47.0
v3.24.2.u1
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) $ 8,095
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) 15,462
2026 15,356
2027 12,142
2028 8,772
2029 6,150
Thereafter 27,261
Customer and Property Tenant Revenue Long Term  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) 23,557
2026 15,356
2027 12,142
2028 8,772
2029 6,150
Thereafter $ 27,261
v3.24.2.u1
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenues [Abstract]    
Total revenues $ 1,548,490 $ 1,540,308
Insurance premium revenues recognized under ASC 944    
Revenues [Abstract]    
Total revenues 43,148 44,492
Net investment and interest income recognized under other topics    
Revenues [Abstract]    
Total revenues 37,125 64,592
Revenues recognized under ASC 842    
Revenues [Abstract]    
Total revenues 1,254,317 1,222,316
Revenues recognized under ASC 606    
Revenues [Abstract]    
Total revenues 213,900 208,908
Revenues recognized over time:    
Revenues [Abstract]    
Total revenues 100,175 91,315
Revenues recognized at a point in time:    
Revenues [Abstract]    
Total revenues $ 113,725 $ 117,593
v3.24.2.u1
Allowance for Credit Losses (Narratives) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Segment
Mar. 31, 2024
USD ($)
Financing Receivable Impaired [Line Items]    
Trade receivable components | Segment 2  
Percentage of estimated gain loss 5.00%  
Paid and unpaid percentage 1.00%  
Allowance for expected credit losses $ 8.3 $ 6.2
Available for sale securities, accrued interest receivable 30.4 29.3
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable Impaired [Line Items]    
Premiums Receivable Gross $ 1.1 $ 0.1
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 for 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.  
v3.24.2.u1
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 8,105 $ 6,407
Transition adjustment current expected credit losses 3,621 1,698
December 31, 2023 11,726 8,105
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 6,236 3,789
Transition adjustment current expected credit losses 2,047 2,447
December 31, 2023 8,283 6,236
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 1,052 2,101
Transition adjustment current expected credit losses 1,943 1,049
December 31, 2023 2,995 1,052
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 817 517
Transition adjustment current expected credit losses 369 300
December 31, 2023 $ 448 $ 817
v3.24.2.u1
Income Taxes (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]    
Income taxes paid, federal 23.80% 24.20%
Income Taxes paid, state and local 21.00% 21.00%
Income Taxes Paid, cash $ 3.6 $ 3.8
v3.24.2.u1
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Statements Adjusted [Abstract]        
Assets $ 19,305,427 $ 19,058,758 $ 18,614,034  
Liabilities 11,954,986 11,886,313    
Stockholders Equity Including Portion Attributable To Noncontrolling Interest $ 7,350,441 $ 7,172,445 $ 6,777,757 $ 6,504,191
v3.24.2.u1
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net $ 119,806 $ 121,224    
Assets 19,305,427 19,058,758   $ 18,614,034
Policy benefits and losses, claims and loss expenses payable 841,861 849,113    
Deferred Income Tax Liabilities, Net 1,470,156 1,447,125    
Total liabilities 11,954,986 11,886,313    
Accumulated other comprehensive loss 231,813 223,216    
Retained earnings 7,786,683 7,600,090    
Stockholders' Equity Attributable to Parent $ 7,350,441 7,172,445    
Liabilities and Equity   $ 19,058,758 $ 19,305,427  
v3.24.2.u1
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Statements Adjusted [Abstract]        
Deferred policy acquisition costs, net $ 119,806 $ 121,224    
Assets 19,305,427 19,058,758   $ 18,614,034
Policy benefits and losses, claims and loss expenses payable 841,861 849,113    
Deferred Income Tax Liabilities, Net 1,470,156 1,447,125    
Total liabilities 11,954,986 11,886,313    
Accumulated other comprehensive loss (231,813) (223,216)    
Retained earnings 7,786,683 7,600,090    
Stockholders' Equity Attributable to Parent 7,350,441 7,172,445    
Liabilities and Equity   19,058,758 $ 19,305,427  
Operating Segments [Member] | Life Insurance [Member]        
Statements Adjusted [Abstract]        
Assets $ 2,957,781 $ 2,990,903    
v3.24.2.u1
Accounting Pronouncements (Deferred Acquisition Costs) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Adjusted balance, beginning of year April 1, 2021 $ 841,861 $ 878,436
v3.24.2.u1
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 121,224 $ 128,463
Capitalization 3,228 3,178
Amortization expense (4,646) (5,518)
Other, including experience   2,527
Balance, end of year 119,806 123,596
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 54,747 55,396
Capitalization 2,318 1,951
Amortization expense (2,187) (3,384)
Other, including experience   1,632
Balance, end of year 54,878 52,331
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 62,426 66,954
Capitalization 876 1,166
Amortization expense (2,200) (1,944)
Other, including experience   327
Balance, end of year 61,102 65,849
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 4,051 6,113
Capitalization 34 61
Amortization expense (259) (190)
Other, including experience   568
Balance, end of year $ 3,826 $ 5,416
v3.24.2.u1
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - Life Insurance Segment [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Mar. 31, 2023
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 205,389 $ 223,118    
Beginning balance at original discount rate 204,306 225,071    
Effect of actual variances from expected variances     $ 367 $ 246
Adjust beginning of year balance     $ 203,939 $ 225,317
Issuances 2,002 2,353    
Interest accrual 2,493 2,574    
Net premium collected 9,221 9,769    
Ending balance at original discount rate 199,213 220,475    
Effect of changes in discount rate assumptions (AOCI) 2,480 2,166    
Balance, end of period $ 196,733 $ 222,641    
v3.24.2.u1
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Mar. 31, 2023
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense $ 841,861 $ 878,436    
Oxford | Life Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 384,875 401,467    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 327,497 328,009    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 129,489 148,960    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 522,122 530,983    
Beginning balance at original discount rate 514,113 533,688    
Effect of actual variances from expected experience     $ 464 $ 355
Adjusted beginning of year balance     $ 513,649 $ 534,043
Issuances 2,002 2,398    
Interest accrual 6,279 6,534    
Net premium collected 14,142 14,311    
Ending balance at original discount rate 507,788 528,664    
Effect of changes in discount rate assumptions (AOCI) 4,331 10,786    
Balance, end of the year 503,457 539,450    
End of period, LFPB, net 306,724 316,809    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 24,569 31,375    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 13,189 14,178    
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 30,916 28,910    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 9,408 $ 10,195    
LFPB flooring effect        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits $ 69      
v3.24.2.u1
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Interest expense $ 67,218,000 $ 60,598,000
Life Insurance Segment [Member] | Oxford    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Gross premiums 12,538,000 13,414,000
Interest expense $ 3,786,000 $ 3,960,000
Expected future lifetime (persistency) of policies in force (years) 6 years 9 months 18 days 8 years 2 months 12 days
Weighted average original interest rate of the liability for future policy benefits 4.98% 5.23%
Weighted average current interest rate of the liability for future policy benefits 4.97% 4.87%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance $ 358,097,000 $ 395,641,000
Discounted balance at original discount rate 278,118,000 305,166,000
Discounted balance at current discount rate 274,345,000 307,763,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance 732,006,000 770,210,000
Discounted balance at original discount rate 507,787,000 528,663,000
Discounted balance at current discount rate $ 503,456,000 $ 539,449,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0549 0.0529
Life Insurance Segment [Member] | Oxford | Mortality expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0535 0.0493
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0192 0.0171
Life Insurance Segment [Member] | Oxford | Lapses expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0273 0.0264
v3.24.2.u1
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Deferred Fixed Annuity [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,411,352 $ 2,398,884
Deposits received 76,417 43,944
Surrenders and withdrawals (94,440) (64,445)
Benefit payments (12,745) (10,813)
Interest credited 19,507 16,760
End of period $ 2,406,464 $ 2,384,330
Weighted average credited rate 3.27% 2.79%
Cash surrender value $ 2,084,896 $ 2,069,292